Insurtech weekly: Vitality GP; ChronWell; Avantia; Root Insurance

Published in: Risk, Risk management, Corporate strategy, US - Canada - Bermuda, Software - IT

Companies: Vitality GP, ChronWell, Avantia, Root Insurance

Vitality GP offers home or work blood testing

Who's involved: Vitality GP, the health insurer's video doctor service and Square Health, a UK-based health technology provider.

What's happening: Vitality GP now offers home or work blood testing delivered by qualified nurses in members' homes or designated work addresses. The home diagnostics service is provided by Square Health.

Significance of development: Vitality GP was launched in a bid to make it easier for the health insurer's members to obtain quick access to treatment. This latest development increases Vitality's opportunity to engage with clients.

Timeline: With immediate effect.

 

ChronWell raises $2.8m in additional funding

Who's involved: US-based worker compensation insurtech ChronWell.

What's happening: ChronWell has secured $2.8m in additional funding, bringing its total capital raised to $7.8 million.

Significance of development: ChronWell will use the added funding to further accelerate growth and invest in its technology platform.

Timeline: With immediate effect.

 

Avantia boosts pricing model

Who's involved: Avantia, the UK technology-enabled insurance broker behind HomeProtect.

What's happening: Avantia has updated its retail pricing model with the use of a machine-learning based Bayesian optimisation method.

Significance of development: This use of machine learning aims to more quickly identify the optimal price for products.

Avantia said using the approach will lead to less repetition and less reliance on human involvement which potentially causes bias. The firm added it anticipates a 10% increase in yield, both from incremental sales and increased revenues per sale.

Timeline: With immediate effect.

 

Root Insurance reportedly completes $350m funding round

Who's involved: Auto-insurance insurtech Root Insurance, investment company DST Global and technology sector hedge fund Coatue Management.

What's happening: Root Insurance looks set to raise $350m in a funding round led by DST Global and Coatue Management, according to reports in The Wall Street Journal.

Significance of development: This is Root Insurance's latest funding round having last secured $100m in funding in August 2018. Reports from the Wall Street Journal said Root's total funding stands at $177.5m and the company's valuation stands at $3.65bn.

Timeline: With immediate effect.

Ronan McCaughey, Paul Walsh