Insurtech weekly: Ping An, Friday, BriteCo

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

Companies: Ping An, Friday, BriteCo

German insurtech raises €114m

Who’s involved:  German digital insurer, Friday; investors SevenVentures and German Media Pool; and the Baloise Group, Friday’s founder and majority shareholder

What’s happening: SevenVentures and German Media Pool are investing €39m ($44m) in Friday, while the Baloise Group is investing €75m

Significance of development:  The investment round will support further development of Friday’s pay-per-mile car insurance proposition. Friday is risk carrier regulated Luxembourg and German authorities, and has acquired 45,000 customers since it was founded in 2017.

Timeline: With immediate effect

 

China’s Ping An Insurance partners with AI player

Who’s involved: Ping An Insuranceand SingularityNet, which offers an open network of AI services

What’s happening:  Ping An is discussing how to integrateSingularityNet infrastructure with Ping An’s IT infrastructure in order to analyse the different types of data available

Significance of development:  SingularityNet and Ping An will focus on three main areas: optical character recognition, computer vision and model training.

Ping An said it expected the collaboration to boost the Chinese insurer’s reach and competitiveness

Timeline: With immediate effect

 

Jewellery startup raises $2m in funding

Who’s involved: BriteCo, a US startupthat partners with jewellers to help consumers insure fine jewellery and watches

What’s happening: BriteCo has announced a $2m seed funding round. Investors include Brian Spaly, the founder of Trunk Club, and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank

Significance of development: BriteCo claims to fill many of the gaps in traditional jewellery insurance market. For example, itautomatically updates protection each year and says it offers a more streamlined claims experience.

Jewellery insurance often covers a static replacement cost, requiring customers to get items reappraised every couple of years. However, BriteCo automatically adjusts replacement values each year to match the market

Timeline: With immediate effect

Ronan McCaughey