Insurtech weekly: Lemonade, Zurich, The Co-operators, Insurdata, Portabl, Plug and Play, Wrisk

Published in: Risk, Risk management, Risk Models, Corporate strategy, UK, US - Canada - Bermuda

Companies: Lemonade, Zurich, The Co-operators, Insurdata, Portabl, Plug and Play

Lemonade generates $300M in series D funding

Who’s involved: US property & casualty insurer Lemonade and Japanese conglomerate SoftBank Group

What’s happening: Lemonade has raised $300m in a series D funding round led by SoftBank Group. Also participating in the funding round were Allianz; General Catalyst; GV (formerly known as Google Ventures); OurCrowd; and Thrive Capital

Significance of development:  The investment will fuel the AI-powered insurance company’s global expansion, bringing total funding to date to $480m

Timeline: The transaction, which is subject to customary closing conditions including regulatory approvals, is targeted to close in Q2 2019

 

Zurich Insurance Group and CoverWallet target SME sector

Who’s involved: Zurich Insurance Group and US insurtech CoverWallet

What’s happening:  Zurich Insurance Group and CoverWallet have launched an online platform for small and medium-sized enterprise (SME) insurance in Switzerland

Significance of development: The expansion marks the second European country where the online platform is available, building on the momentum of the release in Spain in 2018. Through the platform, SMEs can learn about the types of coverage they need and get real-time quotes

Timeline: With immediate effect

 

Wrisk passes £750k crowdfunding target

Who’s involved: Wrisk, a UK-based smartphone app offering subscription-style insurance for home contents and cars

What’s happening: Wrisk has exceeded its crowdfunding goal, reaching £832,704 or 111% of the £750,000 target as of 15 April

Significance of development: The crowdfunding will combine with £2.25m of institutional investment to create a £3m series A funding round that will value the company at £13m. The funds will be used to expand the business, which includes an Android app for contents insurance to be released in early May and a planned push into motor insurance

Timeline: The fund raising is due to close by early May

 

The Co-operators launches insurtech investment fund

Who’s involved: The Co-operators Group, a Canadian multi-line insurance and financial services co-operative with more than $41bn in assets under administration

What’s happening: The Co-operators is further expanding its insurtech investment by introducing a fund to facilitate partnerships with insurtech firms

Significance of development: The fund focuses on investment priorities aligned with three key themes: meeting emerging and underserved insurance needs, enriching the resiliency of Canadians, and adapting to the changing nature of transportation

Timeline: The Co-operators entered into its first insurtech partnership in 2018, teaming up US-based insurance cloud platform provider Slice Labs

 

Insurdata raises $3m in seed funding

Who’s involved: Insurdata, which provides re/insurers with high resolution, peril specific and risk-level exposure data via its exposure engine platform

What’s happening:  Insurdata has secured $3m from a group of investors, led by Anthemis and Menlo Ventures

Significance of development:  By providing access to precise data, Insurdata aims to give underwriters greater confidence in modelled loss estimates and accumulation analyses. The extra funding will further enhance that process

Timeline: With immediate effect

 

Portabl picked for Plug and Play’s insurtech programme

Who’s involved:  Portabl, a UK insurtech startup designed for freelance, gig and self-employed workers around the world; and US-based global innovation platform Plug and Play

What’s happening:  Portabl has been picked by the Plug and Play innovation accelerator platform to join its insurtech batch of innovative companies

Significance of development: The accelerator identifies high-potential startups and supports their growth and success through introductions to mentors, potential business partners and investors

Timeline: With immediate effect

Ronan McCaughey