Insurtech weekly: Singapore Life; Etherisc; Qover; Haven Life

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

Companies: Singapore Life, Etherisc, Qover, Haven Life, Sumitomo Life

Sumitomo Life invests $90m in Singapore Life

Who’s involved: Japan’s Sumitomo Life Insurance Company and technology-focused life insurer Singapore Life.

What’s happening: Sumitomo Life has acquired a 25% stake in Singapore Life by investing $90m in the technology-focused life insurer.

Significance of development: By investing in Singapore Life, Sumitomo Life aims to gather information on the latest insurtech trends in Singapore. The Japanese life insurer also aims to apply insurtech to its business operations.

Timeline: With immediate effect.

 

Blockchain-based agricultural insurance launched in Sri Lanka

Who’s involved: UK broker Aon, the charity Oxfam and Etherisc, an insurtech focused on developing a protocol for decentralised insurance applications.

What’s happening: Etherisc, Aon and Oxfam have announced the launch of, and farmer enrolment in, a blockchain-based platform in Sri Lanka.

Significance of development: The blockchain platform helps provide an effective and affordable risk transfer mechanism to a large portion of the Sri Lanka economy. Nearly 200 farmers have enrolled in the offering that aims to deliver micro-insurance.

Timeline: With immediate effect.

 

Qover secures €8m in funding

Who’s involved: Belgian insurtech Qover, venture capital firms Alven and Portag3 Ventures and investor Anthemis.

What’s happening: Qover has raised €8M ($9m) in a funding round led by Alven and Portag3 Ventures. Series A investor Anthemis also invested in the round. 

Significance of development:  The new funds will be used to accelerate Qover’s growth in including supporting insurers through turnkey solutions for their digital acquisition channels. Jean-Charles Velge, co-founder of Qover, said: “This funding will allow us to accelerate our European development and investment in R&D and cutting-edge technology.”

Timeline: With immediate effect.

 

Haven Life secures wellness services partnership

Who’s involved: Online life insurer Haven Life, owned by MassMutual, digital health company Aaptiv and jet lag app Timeshifter.

What’s happening: Aaptiv and Timeshifter will now be available at no cost to its customers as part of Haven Life Plus, a rider to the Haven term policy.

Significance of development:  The initiative is part of Haven Life’s goal to help its customers lead healthier and fuller lives.

Timeline:  With immediate effect.

Ronan McCaughey