Insurtech weekly: Inshur; Root Insurance; Meteo Protect; LMG

Published in: Risk, Corporate strategy, Software - IT

Companies: Inshur, Root Insurance, Meteo Protect, LMG

Munich Re-backed insurtech secures additional funding

Who's involved: Inshur, an Anglo-American digital commercial auto insurance provider; and Viola FinTech, a cross-stage venture fund focusing on financial technology companies.

What's happening: Inshur has raised a further $1.5m to its series A funding round from Viola FinTech bringing its total investment to date to $9.6m, with a $2m credit facility. In February, Munich Re Ventures led a $7m investment into Inshur.

Significance of development: Inshur is a "100% digital provider of commercial auto insurance" as it targets a sector predominantly still reliant on analogue operations. In its first year of operations, Inshur said it has wrote $24m of premiums.

Root Insurance completes video security partnership

Who's involved: Root Insurance, a digital-only auto insurer based in Columbus, Ohio; and Owlcam, a video security and safety system provider.

What's happening: Root Insurance and Owlcam have completed a partnership and pilot programme designed to deploy Owlcam's video offerings in a bid to streamline insurance claims.

Significance of development: As part of the pilot programme, selected Root customers will test how Owlcam services can impact driver safety and car security while concurrently attempting to simplify the claims process.
The results of the programme could lead to future Root discounts for customers using Owlcam.

Meteo Protect launches open insurance platform

Who's involved: French re/ insurance underwriting agency Meteo Protect.

What's happening: Meteo Protect has launched ParametricAPI.com, an open insurance platform designed to allow start-ups and insurtechs to launch their own parametric insurance programme.

Significance of development: ParametricAPI.com provides access to 300 preconfigured parametric or index insurance products designed to cover weather-related risks.
Primarily aimed at small to medium sized enterprises and corporate clients, other businesses can also use the service to integrate the benefit of weather insurance into their own product offerings.

LMG launches disruptive events app

Who's involved: The London Market Group (LMG), a body representing the commercial underwriting and reinsurance communities in London.

What's happening: LMG has launched EventWatch, a global alert monitoring app that collects data from over 100,000 online sources to provide information on major disruptive events across the world.

Significance of development: The information provided will aid market participants to proactively reach out to affected clients, improve response time to events as they unfold and give clients greater insight outside of the renewal cycle or claims process.

Paul Walsh