Insurtech weekly: ZhongAn, Zurich, MetLife, Akinova, Grab, Pluto

22 January 2019

Zhong An partners with Grab to offer digital insurance

Who's involved?  ZhongAn Online P&C Insurance, an internet-based insurer in China and Grab Holdings, a Singapore-based that offers taxis, ride-sharing and logistics services through its app

What's happening? Zhong An and Grab will establish a joint venture company to enter the digital insurance distribution business in Southeast Asia

The JV aims to create a digital insurance marketplace offering insurance products in a range of categories with fractionalised premiums, directly to users through the Grab mobile app

Significance of deal:Grab says the platformwill give millions of uninsured and underinsured people access to insurance products through their mobile phones, allowing them to directly browse and pay for affordable insurance products through the Grab app

Timeline:The platform will be launched in Singapore in the first half of 2019, before being rolled out in other markets

 

Zurich backs travel insurance startup

Who's involved?  Zurich and London-based travel insurance startup Pluto

What's happening? Zurich is supporting a mobile-focused offering from Pluto, aimed at millennials. It claims to provide an insurance quote in around 60 seconds, or around three minutes when a customer builds their own policy

Significance of deal:Zurich expects Pluto to do for travel insurance what online startup Monzo has done to banking by challenging the status quo.

Zurich says millennials are an interesting demographic as they grew up keeping up with the latest technological advances

Timeline: Pluto launched in December 2018 and the Zurich deal is with immediate effect

 

MetLife invites applications for digital accelerator programme

Who's involved?  MetLife and networking and startup accelerator, Techstars

What's happening?  MetLife has announced that applications are now open for the second MetLife Digital Accelerator programme, powered by Techstars

Significance of development:  Selected entrepreneurs will join a 13-week mentorship programme and gain access to a network of MetLife and Techstars leaders and experts

At the conclusion of the programme, each founder will present their accomplishments to MetLife, potential investors, local entrepreneurs and the media at a demonstration day

Timeline:MetLife’s first digital accelerator in partnership with Techstars concluded in October 2018. MetLife is now pursuing pilots with nine of the 10 companies, with five tests already in flight. Startups may apply at www.techstars.com/apply

 

Risk trading insurtech Akinova secures investment

Who's involved?  Digital risk trading insurtech start-up Akinova, Hiscox Re and MS&AD Insurance Group

What's happening?  Hiscox Re and MS&AD Insurance Group, via its venture capital arm  MS&AD Ventures, have invested in Akinova and will help it develop an electronic marketplace for the transfer and trading of re/insurance risk

Significance of deal:  Akinova said the addition of these two global re/insurers to the Akinova ecosystem will further accelerate its progress ahead of the marketplace’s launch

Timeline: With immediate effect