Insurtech weekly: Hannover Re, Axa XL, Shift Technology, Wefox

Published in: Risk, Risk management, Corporate strategy, UK, Rest of Europe, US - Canada - Bermuda, ROW, Software - IT

Companies: Hannover Re, Axa XL, Shift Technology, Wefox

Hannover Re launches insurtech innovation pool

Who’s involved: Hannover Re and HR Equarium, Hannover Re’s insurtech innovation platform

What’s happening: Hannover Re has launched HR Equarium as an innovation pool exclusive to Hannover Re’s global network of insurance clients

Significance of development: By facilitating connections with insurtech partners, Hannover Re says HR Equarium bridges the gap between insurtechs and insurers

Timeline: With immediate effect

 

Axa XL collaborates with Assurely in online capital formation risks

Who’s involved: Axa XL and Assurely, a US-based insurtech company

What’s happening: In collaboration with Axa XL, Assurely has launched CrowdProtector, an insurance product for issuers and investors that safeguards new online capital formation strategies, including equity crowdfunding and security token offerings (STOs)

Significance of development: With the proliferation of crowdfunding as a means of raising capital, the CrowdProtector product aims to protect issuers against investor complaints and lawsuits, as well as communicating to investors that they may get their principal investment returned should the issuer misuse the funds, purposefully misrepresent information in their offering documents, or steal the money

Timeline:  With immediate effect

 

Shift Technology lands $60m in funding

Who’s involved: Shift Technology, a Paris-headquartered provider of artificial intelligence services for the insurance industry best known for its fraud detection solution, Force.

What’s happening:  Shift Technology has closed a C-round investment of $60m bringing total investment in the company to $100m. Bessemer Venture Partners led the round and was joined by previous investors including Accel, General Catalyst and Iris Capital

Significance of development:  The investment will support the company’s expansion, bolstering Shift’s existing global presence, particularly in the US and Japanese markets, as well as research and development

Timeline: With immediate effect

 

German insurtech Wefox Group raises $125m

Who’s involved:  Wefox Group, a Berlin-based insurtech startup offering pensions, liability, pet and health insurance via an app

What’s happening:  Wefox Group has raised $125m in Series B funding from investors including the Abu Dhabi government-owned Mubadala Ventures and Chinese investor Creditease

Significance of development:  The investmentwill be used for expansion into the European broker market. The company will also grow its product and engineering teams, specifically in relation to applying “advanced data analytics”

Timeline: With immediate effect. The start-up already raised $28m in series A funding in late 2016

Ronan McCaughey