Hippo Insurance raises $100m in funding
Who’s involved: California-headquartered insurtech Hippo and Bond, a technology investment firm.
What’s happening: Hippo has raised $100m in series D funding led by Bond.
Significance of development: The financing will be used to fuel the expansion of Hippo to more than 80% of the US homeowner population by the end of the year. It will also deepen Hippo’s direct-to-consumer product portfolio and grow Hippo’s distribution network of industry partners.
Timeline: With immediate effect.
FWD partners with Pacific Life Re on automated underwriting technology
Who’s involved: FWD Singapore, part of the Asian insurance group FWD; and UnderwriteMe, a subsidiary of Pacific Life Re that supplies automated underwriting systems.
What’s happening: FWD Singapore has partnered with Pacific Life Re to implement UnderwriteMe technology.
Significance of development: FWD said the adoption of the technology would improve its real-time risk assessment on policy applications and deliver improved underwriting decisions for customers.
Timeline: With immediate effect
PwC announces cohort of Scale Insurtech 2019 programme
Who’s involved: PricewaterhouseCoopers and insurtechs: Artesian Risk & Compliance Hub; Artificial; Atidot; Data-XL; Innovative Applications; Phinsys; Reg; and Squirro.
What’s happening: PwC has announced the newest firms to have completed its Scale Insurtech 2019 programme. The scheme supported the eight international insurtech businesses with their growth plans.
Significance of development: The programme focused on the UK insurance market, and saw a number of connections generated between industry leaders and scale-up firms, with the aim to build mutually beneficial commercial opportunities and relationships.
Timeline: The Scale Insurtech 2019 programme ran for 11 weeks with support from the UK PwC insurtech team.
Axa XL and Vindati offer ocean cargo insurance online
Who’s involved: Axa XL’s US marine insurance business and Vindati, an insurtech managing general underwriter.
What’s happening: Axa XL and Vindati are teaming up to offer ocean cargo insurance for small and middle-sized businesses via Vindati’s online platform.
Significance of development: “With this partnership, we’re extending availability of our cargo coverage to a broader business base,” said Andrew D’Alessio, head of ocean cargo for Axa XL’s US Marine insurance team. The collaboration will focus on US cargo risks with an international exposure of $25m and less.
Timeline: With immediate effect
Hokodo receives €2m in EU funding
Who’s involved: Insurtech Hokodo and the European Union’s Innovation Council.
What’s happening: Hokodo has been awarded a €2m ($2.2m) Horizon 2020 grant from the European Union’s Innovation Council.
Significance of development: Awarded to Hokodo's Paris office, the funds will help the insurtech roll-out its technology including invoice protection insurance and its credit algorithm, Hokoscore.
Timeline: Hokodo is now joining the EIC Accelerator pilot’s SME Instrument Phase 2.