Insurtech weekly: Tesla, Concirrus, Swiss Re, SOA, Plug and Play

Published in: Risk management, Corporate strategy, Software - IT

Companies: Tesla, Concirrus Swiss Re, SOA, Plug and Play

Tesla gears up motor insurance offering

Who's involved: US electric car manufacturer Tesla

What's happening: Tesla plans to offer commercial insurance to drivers that sign up to its future “Tesla Network” ride-sharing app. At the same time, Tesla is looking to expand its personal motor insurance offering, currently available only in California, to other jurisdictions.

Significance of development: Moody’s Investors Service said the development confirms “smart carmakers” are well-placed to move into motor insurance, leveraging their superior insight into the cars' technologies, as well as customer driving behavior, to set premiums according to risk.

 

London insurtech Concirrus raises $20m in funding

Who's involved: Concirrus, a UK-based provider of data analytics to shipping and motor insurers and venture capital firm AlbionVC.

What's happening: Concirrus has closed a $20m series B funding round led by UK venture capital investor AlbionVC. The funding also included participation from current investors IQ Capital, EOS Venture Partners and several angel investors.

Significance of development: Andrew Yeoman, chief executive of Concirrus, said the investment will take the company to the next stage of growth, as well as enabling it to internationalise and diversify across multiple business lines.

 

Insurtech funding hits eight-quarter peak

Who's involved: CB Insights, a US-based technology market intelligence platform

What's happening: Funding to insurtech start-ups in Q4 2019 generated $1.8bn, a 29% rise compared with the $1.4bn funding in the previous quarter.

Significance of development: The research shows total funding to insurtech start-upsreached $6.3bn in 2019, up from $3.3bn in 2018.

 

The Society of Actuaries and Plug and Play accelerator partner

Who's involved: The Society of Actuaries (SOA) and California-based technology accelerator, Plug and Play.

What's happening: The Society of Actuaries (SOA) has secured a partnership with Silicon Plug and Play.

Significance of development: The SOA said the relationship will allow insurtech start-ups to validate their technology and modeling processes with actuaries. The partnership will also provide SOA members with an exclusive look inside emerging technologies and the insurtech business.

 

Swiss Re-backed insurtech and IKEA launch home insurance joint venture

Who's involved: iptiQ, a digital platform and white-label insurance provider owned by Swiss Re, and Swedish furniture retailer IKEA.

What's happening: Swiss Re’s iptiQ and IKEA have launched a home insurance product called HEMSÄKER, which can be quickly purchased online via the IKEA website.

Significance of development: The home insurance offering has been initially introduced in Switzerland and Singapore and was created to extend home insurance to more people and make insurance more affordable.

Ronan McCaughey