Insurtech weekly: By Miles; Tremor; Wefox Group; InnovAllianz; Patriot

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

Companies: By Miles, Tremor, Wefox Group, InnovAllianz, Patriot

By Miles launches connected car insurance

Who's involved: Insurtech By Miles and US electric car manufacturer Tesla

What's happening: By Miles has launched what it claims is the world's first connected car insurance policy, which will initially support Tesla vehicles.

Significance of development: By Miles said it is supporting Tesla cars first to understand the impact the manufacturer's software features like 'autopilot' will have on claims.


Tremor exceeds more than $2bn in reinsurer quotes

Who's involved: Tremor, a US-based insurance technology firm using technology to provide a re/insurance risk transfer market.

What's happening: Tremor has exceeded more than $2bn in reinsurer quotes, as well as pricing and placing the W. R. Berkley property catastrophe programme for 2020.

Significance of development: Tremor said it is looking forward to an active renewal season with a range of auctions planned this month, a further $1bn of limit committed from traditional treaty and facultative reinsurance programmes as well as parametric transactions. The company is expecting to triple its volume in 2020.


Wefox Group raises an additional $110m in funding

Who's involved: Berlin-based insurtech Wefox Group; and investors Omers Ventures; Merian Chrysalis; Samsung Catalyst Fund and Mundi Ventures.

What's happening: Wefox Group has increased its 2019 funding to $235m after successfully closing an additional $110m funding round led by Omers Ventures.

Significance of development: Julian Teicke, chief executive and co-founder of Wefox Group, said the latest financing round has substantially reinforced its investor base.


InnovAllianz helps 20 start-ups grow

Who's involved: InnovAllianz, Allianz France's strategic investment fund dedicated to financing start-ups.

What's happening: InnovAllianz has revealed it has made 20 investments since its launch in June 2016, most recently in the digital insurance start-up Seyna.

Significance of development: Having already invested in start-ups including Hiflow, Heetch, October and Testamento, Allianz France said InnovAllianz helps it review new business models and uses for insurance through digitalisation.


Patriot upgrades its underwriting capabilities

Who's involved: US-based Patriot Life Insurance and software provider Sapiens International

What's happening: Patriot Life Insurance has upgraded its life and annuities underwriting capabilities by using Sapiens' technology.

Significance of development: Sapiens said Patriot Life will benefit from straight-through-processing capabilities and the move to advanced HTML5 web technologies, from Adobe Flash.

Ronan McCaughey