Insurtech UK’s Post

Top 10 Insurance/InsurTech Capital Raises in the U.S. - July 25-31, 2024   The InsurTech sectors have seen significant activity this past week, with several companies securing substantial funding to drive innovation.    If you would like more info on these deals or would like to discuss the capital-raising market for your company, please DM me.   Here are the top capital raises:   Private Equity (PE) Growth/Expansion 1. Flagler Insurance Agency, a provider of insurance services in Cape Coral, Florida, was acquired through a buyout to enhance its market reach.  2. Morris & Templeton Insurance, an insurance service provider in Savannah, Georgia, completed a buyout to expand its regional operations.    Merger/Acquisition and Corporate 3. Affordable Insurance Service, an insurance provider based in Hendersonville, North Carolina, merged with another firm to strengthen its market presence. 4. Bridgepoint Insurance Agency & Permit Center, a provider of insurance services in Mcallen, Texas, was involved in a corporate merger to diversify its offerings.    Later Stage VC 5. Cowbell, a developer of cyber insurance products located in Pleasanton, California, raised $60 million in a later-stage VC round to accelerate product development. (New Investors: Zurich Insurance Group) 6. Gradient AI, a predictive analytics platform developer in Boston, Massachusetts, raised $56.1 million to expand its AI capabilities in the insurance industry. (Lead Investor: Centana Growth Partners)   Early Stage VC 7. Faye, a developer of an automated travel rebooking platform in Newark, Delaware, secured $31 million in early-stage VC funding to enhance its travel insurance solutions. (Lead Investor: Portage) 8. US1 Insurance, an operator of insurance agencies based in Miami, Florida, was involved in an early-stage investment to expand its agency network.    Seed Round, Angel and Grant 9. Hyperfast Title, a title insurance service provider in Miramar, Florida, received seed funding to enhance its digital insurance offerings. (Follow-on Investors: Madison Settlement) 10. Montalvo Insurance Agency, an insurance agency operator in Weslaco, Texas, received angel investment to boost its customer service capabilities.    #castleplacement #capitalraising #privateequity #venturecapital #investment #InsurTech

#insurtech Walnut Insurance Secures $4.6M to Transform #Insurance Distribution with Embedded Technology. The round was led by NAventures, National Bank of Canada’s corporate venture capital arm with participation from TELUS Global Ventures (TGV), Diagram Ventures, Portage , and Highline Beta. The funding from some of Canada’s leading investors represents a pivotal milestone for Walnut as it accelerates efforts to modernize and streamline insurance distribution. Diagram has recently expanded its strategy beyond its well-known venture studio model to include external investments. Walnut is amongst the first few of this kind in the Diagram portfolio, highlighting their confidence in the team’s potential to revolutionize the insurance landscape. Walnut's approach to insurance distribution leverages cutting-edge technology and strategic partnerships to create a sustainable and efficient business model. By embedding insurance products directly into the products and platforms of enterprise businesses and financial institutions, Walnut removes significant marketing costs and drives insurance distribution through partner-driven channels. This strategy not only supports a more sustainable distribution strategy for insurers, but also ensures that consumers receive tailored insurance products when and where they need them. "The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions. We aim to leapfrog traditional digitization and support a modern API-enabled embedded distribution strategy," said Adrien Niblock, CPO and Co-founder of Walnut. https://lnkd.in/eaTs6G4v

📣 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰 𝗦𝗽𝗼𝗻𝘀𝗼𝗿 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 𝗔 𝗯𝗶𝗴 𝘁𝗵𝗮𝗻𝗸 𝘆𝗼𝘂 𝘁𝗼 𝗼𝘂𝗿 𝗦𝘁𝗮𝗿𝘁𝘂𝗽 𝘀𝗽𝗼𝗻𝘀𝗼𝗿 - B4E Insurtech | Insurance Infrastructure-as-a-Service We extend our heartfelt gratitude to our 𝗦𝘁𝗮𝗿𝘁𝘂𝗽 𝘀𝗽𝗼𝗻𝘀𝗼𝗿 - B4E Insurtech, for their support to promote insurers to transform. Their contribution has been great in creating a remarkable platform for the APAC insurance industry to thrive. 𝗦͟𝗽͟𝗼͟𝗻͟𝘀͟𝗼͟𝗿 ͟𝗣͟𝗿͟𝗼͟𝗳͟𝗶͟𝗹͟𝗲͟ B4E Insurtech Inc. is a pioneering Insurance Infrastructure-as-a-Service provider dedicated to empower reinsurers, insurers, MGAs, and intermediaries. Our mission is to facilitate innovation, design, deployment, and launch of simple, pre-underwritten, rule-based, offer-to-accept inclusive insurance products tailored for the world's underserved and uninsured populations. At B4E Insurtech, we are committed to leverage technology to drive financial inclusion and bridging the protection gap. 𝗕͟𝟰͟𝗘͟ ͟𝗜͟𝗻͟𝘀͟𝘂͟𝗿͟𝘁͟𝗲͟𝗰͟𝗵͟ ͟𝗮͟͟͟͟͟͟͟𝘁͟͟͟ ͟͟͟𝗗͟͟͟𝗶͟͟͟𝗴͟͟͟𝗶͟͟͟𝘁͟͟͟𝗮͟͟͟𝗹͟͟͟ ͟͟͟𝗜͟͟͟𝗻͟͟͟𝘀͟͟͟𝘂͟͟͟𝗿͟͟͟𝗮͟͟͟𝗻͟͟͟𝗰͟͟͟𝗲͟͟͟ ͟͟͟𝗔͟͟͟𝗣͟͟͟𝗔͟͟͟𝗖͟͟͟ ͟͟͟𝟮͟͟͟𝟬͟͟͟𝟮͟͟͟𝟰͟͟͟ 🔹 𝗟𝗲𝗮𝗱𝗲𝗿𝘀' 𝗚𝗿𝗼𝘂𝗽: 𝗜𝗻𝘀𝘂𝗿𝗲𝗿-𝗜𝗻𝘀𝘂𝗿𝘁𝗲𝗰𝗵 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽- 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗲 𝘁𝗼 𝗚𝗿𝗼𝘄 𝗮𝗻𝗱 𝗟𝗮𝘀𝘁 🔹 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻: 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝘄𝗶𝘁𝗵 𝗗𝗮𝘁𝗮, 𝗔𝗜 𝗮𝗻𝗱 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀 🔹 𝗕𝗿𝗶𝗱𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗚𝗮𝗽𝘀: 𝗜𝗻𝘀𝘂𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗨𝗻𝗶𝗻𝘀𝘂𝗿𝗮𝗯𝗹𝗲𝘀 𝗮𝗻𝗱 𝗘𝗺𝗲𝗿𝗴𝗶𝗻𝗴 𝗥𝗶𝘀𝗸𝘀 𝗣𝗮𝗻𝗲𝗹𝗶𝘀𝘁: Mr. Aman Pal Singh, Founder & CEO, B4E Insurtech | Insurance Infrastructure-as-a-Service 🔹 𝗧𝗲𝗰𝗵-𝗙𝗼𝗿𝘄𝗮𝗿𝗱, 𝗛𝗮𝗿𝗻𝗲𝘀𝘀𝗶𝗻𝗴 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗦𝗵𝗮𝗽𝗲 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗞𝗲𝘆𝗻𝗼𝘁𝗲 𝗦𝗽𝗲𝗮𝗸𝗲𝗿: Mr. Aman Pal Singh, Founder & CEO, B4E Insurtech | Insurance Infrastructure-as-a-Service We are immensely and sincerely appreciative for the contribution to 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰! 🎫𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰 📍 Venue: Hotel Alexandra Hong Kong 📅 Time: June 26-27th 📝 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿: https://lnkd.in/gEAtXVE4 💡 Website: https://lnkd.in/gAfP4YRM #digitalinsuranceapac #digitalinsurane #APAC #insurtech #insurer #transformation #topevent #insurance #event #HK #digital #data #AI #analytic #bigdata #Artificial #Intelligence

Authentic Insurance, a company provides the infrastructure for franchisors, software companies or associations to roll out their own “captive” insurance offering, has raised an $11M Series A round led by FirstMark Capital with participation from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures. Providing the infrastructure for franchisors, software companies or associations to roll out their own insurance offering to their existing customers, Authentic describes the way it operates as being like a “co-op” or “collective” model, enabling member-owned programs allow for hyper-customised coverage and potential dividends when there are fewer claims, which can lead to cost savings as well. “The way commercial insurance is bought and sold has largely remained unchanged since it first came into existence over 50 years ago,” comments Adam Nelson, Partner, FirstMark Capital. “Authentic is the first company to virtually eliminate the need for traditional carriers. With a platform approach that enables partners to roll out their own new insurance offerings, it’s been incredible to watch as millions of businesses instantly gain access to a better insurance model on day one.” https://lnkd.in/eu5KUtbb #embeddedinsurance #openinsurance #insurtech #funding #insurance

In a time when the embedded insurance market grapples with challenges, INSHUR has emerged as a beacon of resilience, securing $19 million to expand its tailored offerings for the on-demand economy. With a remarkable nearly 4x revenue increase this year, it's clear that INSHUR's focused strategy, particularly its partnership with Uber, is paying off. The growth of its car-sharing insurance solution by 100% speaks volumes about market demand for niche solutions. As the market sees thinning profit margins and a shift towards stability, companies like INSHUR are proving that specialization and strategic partnerships are key. Their recent success isn’t just impressive; it's a roadmap for others navigating these turbulent waters. In the evolving landscape of insurtech, it’s clear: staying agile and focused can lead to not just survival but exceptional growth.

“Leveraging Alternative Data: How InsurTech is Revolutionizing SME Insurance” by Peter Szelag Frank, Independent Insurance Professional, Albert Hjelmsted Nygård, Co-founder of Leaf Forsikring, Oliver Green Bottelet, CEO of PENAW and Garrett N. Olson, Head of Insurance & ERM at Wolt 🗓️ September 25th 2024 🌌 Northern Lights Stage ⏰ 14:40 - 15:10 Small and medium-sized businesses (SMEs) are the backbone of the global economy, yet they have historically been underserved in the insurance market. Today, thanks to the power of alternative data, analytics, and digitalization, InsurTech startups and other market players are transforming the way insurers assess risk and provide tailored insurance solutions to SMEs. This panel will explore how leveraging new technology and data is making it faster, more efficient, and scalable to underwrite SME risks, leading to more personalized and flexible insurance offerings. We will also discuss the growing role of embedded insurance, where trusted professionals like accountants become key channels for delivering insurance products. Furthermore, platforms outside the traditional insurance space, such as food delivery services, are entering the market with innovative, customer-centric approaches to supporting SMEs. Join us to discover how the convergence of data, analytics, and embedded services is driving profitability and growth in the SME insurance sector. ___________________________ Meet Peter, Albert, Oliver and Garrett alongside many other speakers and fintechs at Nordic Fintech Week 2024, the biggest finance and fintech conference in the Nordics 🚀 🗓️ 25-26 September 2024 📍 TAP1 Copenhagen 🎟️ Tickets: https://bit.ly/49un7dD

I disagree with the premise of this article, which at its core is that it is a better business model to sell SaaS to insurance companies vs. use tech to underwrite risk itself. Let's look at some of the arguments: - Insurtech funding fell in 2023 and VCs are cooling on the segment: Okay, I believe this to be true, but if you look at the data the entire VC market was down 40% and the slowest year since 2018. - Insurtech MGAs attract the riskiest clients: I don't know what data supports this, especially in the context of their news on Koffie, which specifically targeted profitable underwriting standards. - Carriers can partner with tech startups: Also true, but that doesn't mean SaaS is a fundamentally better business model for VC. - The rest of it just seems to call companies that they don't like words like "buzzy" and "appealing to cool customers" which don't even make sense to me - except to note that all customers of KWH are indeed 'cool'. If you have a unique data set and can better understand a risk than the competition, becoming a risk-bearing entity usually leads to outsized profit. Building a distribution channel and a unique underwriting model is at its core attractive to carriers and reinsurers if you can make them money. Yes, building an MGA is hard. You have to compete against well funded incumbents. You often are paying the broker a hefty fee. Your profit commission doesn't show up for years, and managing cash flow is of utmost important. If you are doing your job right, you are making money for your carrier partners, and there is value leakage. But you are also building a base of highly profitable customers that (re)insurers highly value. The biggest challenge in my mind is that a lot of insurance investors seem to value nothing-but-EBITDA, while it can take a while to get there as an MGA, and barriers to entry to start a new MGA are high. But let's be honest, every company in tech recalibrated over the past 18 months, and lots of companies both within and outside of insurtech are facing similar challenges: too high valuations during ZIRP, cutting costs, managing existing investors, and balancing growth with profit. Yes, even the SaaS insurtech companies face these challenges. Selling tech to insurance companies can be a good model, but it isn't a panacea. https://lnkd.in/gCdxcJbM

Association of British Insurers and Insurtech UK sign MoU. Acknowledging the two trade associations’ shared interest in making sure the UK insurance industry remains at the forefront of technology and innovation, the agreement recognises their continued commitment to promote co-operation, exchange views and share information on matters of common interest. From AI to Open Finance, and data ethics to operational resilience, there are many issues where the two trade organisations’ interests intersect. By signing this MoU they have agreed to bring together their shared understanding and experience on such topics, co-ordinate views and liaise on event opportunities. Hannah Gurga, ABI Director General, said: “Innovation and harnessing the best of technology is crucial to maintaining our sector’s competitive edge. This MoU will bolster our working partnership with Insurtech UK so that we can continue to drive growth in the UK insurance industry to the benefit of our members and their customers.” Melissa Collett, Insurtech UK CEO, said: “We are delighted to have signed this MoU with the Association of British Insurers, continuing our ongoing working relationship together. Technology is clearly at the heart of all insurtech start-ups. Equally, the desire for greater innovation and collaboration between insurtechs and insurers is a core focus for Insurtech UK; which will help drive up the consumer experience and choice available in the market. We look forward to working closely with ABI to leverage our collective resources, to create opportunities for our members and to help deliver innovation to our ecosystems.” Sarvesh Ramachandran, UK Country Manager at Lemonade, member of ABI and Insurtech UK said: "I am pleased to see this initiative between the ABI and Insurtech UK. As an insurtech and authorised insurer, we believe it's important to create a pathway for players to become fully licensed carriers. There's still much to do to accelerate the growth of an innovative insurance sector, and the cooperation between the ABI and Insurtech UK is a key part of this." https://lnkd.in/dJAcgqYu

Insurtech startup blip officially launched in the UK earlier this week, looking to offer affordable business insurance for small businesses, amid difficult macroeconomic conditions. As a fully digital insurance provider, blip plans to return up to 10 per cent of its total policy premiums to its policyholders through a profit share model, enabling its members to save money, share in profits and benefit from a growth-focused online business community. blip is partnering with European insurer Wakam, integrating a fully stacked technology solution to blip’s proprietary distribution website to provide competitively priced and easy-to-understand small business insurance, with policies less than half the written length of competitors. Gary Ross, founder and CEO of blip, commented: “We are using our digital-first platform to cut costs and pass on the savings to our policyholders through our profit-sharing model. We want to empower our customers and build back trust between policyholders and providers through greater transparency and sharing in the profits. We are taking insurance back to first principles, where the losses of the few are paid by the premiums of the many." https://lnkd.in/e4feqnXx #Insurance #Insurtech #Embeddedinsurance #Openinsurance #launch

🚀 Exciting Times Ahead for Insurtech in Poland! 🚀 🚀 Movens Capital new investment!🚀 🚀Avant-garde of dynamic pricing....🚀 As we navigate through the evolving landscape of the insurance industry, it's thrilling to witness innovative companies like Trasti redefine what it means to be a modern insurance firm in Poland. With a blend of experienced professionals from insurance, banking, IT, and payments, Trasti is setting a new standard for how insurance can be both profitable and customer-centric, without necessarily being the cheapest option on the market. Those guys are at the forefront of dynamic pricing.... In just three years, Trasti has grown to nearly 300,000 customers, with ambitions to add a million more and reach 1 billion PLN in insurance premiums over the next three years. Their journey from concept to reality, starting in 2018, showcases the power of a clear vision, strong partnerships, and the relentless pursuit of innovation. What sets Trasti apart is not just their impressive growth or their approach to selling insurance policies online. It's their commitment to being like their British idol, the Admiral Group Plc Group, focusing on profitability, customer satisfaction, and international expansion. Their approach of operating as an insurtech with an external MGA license, offering a blend of required and optional insurance policies in easy installments, is a clear testament to their innovative style. The journey of Trasti is such an amazing story of innovation, resilience, and strategic growth. It's a great reminder that in the insurance world, it's not just about what you offer but how you offer it. As Trasti gears up for its next phase of growth, it's so exciting to think about the impact they'll keep making on the insurance industry in Poland and around the world! Lukasz Pawlowski is the mastermind behind the investment process! Immense applause for his exceptional skills! For those interested in the intersection of technology and insurance, Trasti's story is a must-read. Check out the full article in the comments below 👇