Insurtech weekly: Munich Re; Willis Towers Watson; OneDegree; Axis; The Floow

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

Companies: Munich Re, Willis Towers Watson, OneDegree, Axis, The Floow

Munich Re and The Floow sign telematics deal

Who’s involved: Munich Re and UK-headquartered telematics provider The Floow

What’s happening: Munich Re and The Floow have agreed a global partnership

Significance of development: Munich Re believes combining The Floow’s data collection, scoring solutions with Munich Re’s insurance product and actuarial expertise will strengthen the reinsurer’s offering for insurance clients globally. It will also strengthen Munich Re’s telematics consulting offering

Timeline: With immediate effect

 

Highest number of insurtech deals in Q1

Who’s involved: Willis Towers Watson

What’s happening:  Q1 2019 saw the highest number of property and casualty (P&C) insurtech transactions, at 56, since Willis Towers Watson's quarterly insurtech briefing publication started recording

Significance of development: The 56 P&C insurtech deals in Q1 marked a 37% increase from Q4 2018’s deal count. There was a 27% decrease in funding volume from Q4 2018, but a 160% rise from Q1 2018

Timeline: The data is available in Willis Towers Watson’s latest quarterly insurtech briefing

 

OneDegree’s funding tops $30m after extension round

Who’s involved: Hong Kong-based insurance technology start-up, OneDegree; fund manager BitRock Capital; and investors Cyberport Macro Fund and Cathay Venture

What’s happening: OneDegree has extended its series A funding round to above $30m, in a fundraising led by BitRock with backing from Cyberport, Cathay Venture and others.

Significance of development: OneDegree intends to use the funds to accelerate efforts to scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong, and explore growth opportunities including the “Greater Bay Area” initiative.

Timeline: With immediate effect

 

Axis partners with cyber security start-up accelerator

Who’s involved: Speciality re/insurer Axis Capital and London-based cyber security start-up accelerator Cylon

What’s happening:  Axis has partnered with Cylon to help educate cyber security start-ups on the opportunities and challenges in the cyber insurance market

Significance of development: Axis and Cylon will also co-host industry events and produce industry research and reports on the cyber security market

Timeline: With immediate effect

Ronan McCaughey