Xpension secures €25m investment
Who’s involved: German life and pensions provider Xpension, European private equity firm HPE Growth
What’s happening: Xpension has raised €25m ($27m) in a funding round, taking its total investment to date to €50m.
Significance of development: Xpension said the investment will help it scale up its operations in Germany, prepare for international expansion and move into private pension and life insurance along with corporate health insurance.
As part of the investment, Xpension will also partner with HPE Growth with Tim Van Delden, co-founder and partner at HPE Growth, joining Xpension’s supervisory board.
12 new insurtechs join Lloyd’s innovation accelerator
Who’s involved: Lloyd’s of London; Insurtech managing agent for the freight cargo insurance market Loadsure, cyber-risk platform Kovrr and ‘insurtech-as-a-service-platform’ KASKO.
What’s happening: Lloyd’s of London has selected 12 insurtech firms for the fourth cohort of its innovation accelerator.
Significance of development: Successful applicants to the cohort include Loadsure, Kovrr and KASKO.
Lloyd’s said 190 applications had been received for the programme which begins on 27 April.
Trevor Maynard, head of innovation at Lloyd’s, said all 12 firms represent something “different and unique.”
Arturo targets US and APAC expansion with funding round
Who’s involved: Artificial intelligence (AI) based data provider Arturo, venture capital firms Crosslink Capital and IAG Framework Ventures
What’s happening: Arturo has completed its latest funding goal of $8m
Significance of development: Arturo said the funding would allow it to expand in North America and Asia-Pacific.
It said property and casualty markets require AI and predictive analytics to provide insurance carriers with detailed property information.
Insurtech market set for $16bn growth by 2023
Who’s involved: Technology advisory firm Technavio
What’s happening: The global insurtech market is set to grow by $15.63bn by the year 2023, according to research from Technavio.
Significance of development: Technavio’s research called for vendors to focus on prospects in the fast-growing segments while maintaining positions in the slow-moving segments.
The increasing digitalisation in the market was cited as a key driver for insurtech growth.