Global Insurtech Cover Genius Secures $10 Million Through Series B Funding Round Led By King River Capital

Global insurtech company Cover Genius announced last week it secured $10 million through its Series B funding round, which was led by King River Capital with participation from Belfer Family, Jasper Tans, Regal Funds Management, and Marinya Capital. Founded in 2014, Cover Genius claims to be one of the fastest-growing insurtechs in the world. The company’s partners notably use its services to sell millions of policies per year in more than 60 countries.

Cover Genius’ award-winning technologies include XCover, a distribution platform providing coverage for any line of insurance in any country, language and currency. XCover was developed after the early success of Rental Cover in the mobility space. Underpinned by our global insurance licensing framework and a capability to make customers central insurance experience, the two platforms protect millions of customers per year. Claims are handled by XClaim, our API for real-time payment of approved claims. It handles tens of thousands of instant claim payments in 90+ currencies via bank transfer, and it also allows partners to choose to remit via store credits, e-wallet and card top-ups.”

Speaking about the investment, Cover Genius CEO and co-founder, Angus McDonald, stated:

“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades. We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers. Customer needs have evolved and today they want protection for a variety of items like sports equipment, pets, electronics, contracting work, jewelry, flight tickets and cars. We are evolving the insurance experience to cover all of the things they care about and purchase online.”

Chris Barter, Partner at King River Capital, added:

“[Cover Genius’] extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners to offer protection to all their worldwide customers and increase customer loyalty. We are pleased to support their ongoing growth and continued international expansion.”

UK Insurtech Dinghy Appoints Dorian Zanker As New CEO

Dinghy, a UK-based insurtech platform specifically for freelancers, announced on Wednesday it has appointed Dorian Zanker as its new CEO. The company reported that the appointment is part of its strategy to accelerate its growth in the UK and international freelance business market. This news comes less than a year after Dinghy was acquired from UK insurer Kingsbridge.

As previously reported, Dinghy was founded in 2017 by co-founders Ben Wilks, Robert Hartley, and Edward Woodcock, Dinghy offers fast, 24/7 claim handling along with fair, and flexible insurance service the freelancing industry. The company offers flexible Professional Indemnity insurance cover to freelancers and gig-workers through its ‘mobile-first’ platform, with customers able to flex their coverage depending on their needs. 

Dinghy also noted that Zanker has a background in successfully building online insurance distribution platform and has worked for the Kingsbridge Group for a number of years. Speaking about his appointment, Zanker stated:

“In a world increasingly demanding tailored solutions that meet people’s actual insurance requirements, Dinghy is ideally positioned to serve the needs of the UK’s ever-growing community of freelancers and self-employed professionals. I am therefore delighted to join the team. The work co-founders Edward Woodcock, Robert Hartley and Ben Wilks have done in building Dinghy from the ground up has been outstanding. The potential for growth at Dinghy is huge, and I’m looking forward to working with the whole team on the journey ahead.”

Dorian’s appointment is complemented by a number of other hires, with Andrew Els joining in business development and Julian New and Ross Pounds strengthening the marketing team.


Canadian Insurtech Apollo Enters U.S. Market

Apollo Exchange, a Canada-based insurtech startup, recently announced it has officially entered the U.S. insurance market. Apollo reported that it entered the American market with a liability insurance product tailored for educators in California. Its insurance product allows consultants, instructors, and therapists to purchase their mandatory liability coverage that school district requires online and in real-time, in line with modern buyers’ expectations.

Founded in 2017, Apollo claims to be Canada’s largest online insurance marketplace. The company is looking to take a whole new approach to insurance by combing technology, insurance capacity, and content marketing into one complete package of broker services.

For small business and personal lines, we help our brokers with automation solutions, social media engagement, and allowing end buyers to begin their journey with online research. For larger accounts, we help producers demonstrate their expertise and engage prospects over new mediums. Our mission is to use technology as a conduit between brokers, carriers, and their mutual clients. Our broker marketplace is the first of its kind to offer multiple insurance companies on one integrated online platform.”

While sharing more details about Apollo’s expansion, CEO Jeff McCann stated:

“This is a global supply chain: insurance capacity from Lloyd’s of London syndicate Beazley UK, distributed by American-based brokerage Arthur J. Gallagher, and powered by Canadian insurtech Apollo. This is an exciting moment for the Apollo team, and a giant leap forward for the insurance industry. “When one of these providers shows up at a school, they need this coverage. Rather than waiting for weeks, unable to work while their insurance documents are processed, or not being able to access coverage at all, the Apollo Exchange allows them to buy coverage immediately, on site from their mobile phone if necessary, with policy documents delivered to their email inbox in real time.”

The Apollo Exchange added its platform launched in April 2019, after closing a $1 million angel round of funding and several months of beta testing.

Plug and Play Insurtech Announces 14 Startups Selected for Batch Three of the Insurtech Europe Program

Insurtech Europe, Plug and Play’s Insurtech platform based in Germany, announced on Thursday the 14 startups that have been selected for its third batch. According to Plug and Play, the program aims to facilitate opportunities for pilots, POCs, and new relationships between the selected batch startups and Plug and Play’s global ecosystem with a special focus on the corporate partners Munich Re, Generali, Versicherungskammer Bayern, Talanx, Irish LifeWillis Towers Watson, Swiss Re, Covea and the most recently, Baloise.

While sharing more details about the program, Robert Pechholz, Munich Lead and Corporate Partnerships Manager for Insurtech Europe at Plug and Play, stated:

“We are truly honored to work with so many major European Insurance players, and believe we offer our batch startups an incredibly unique opportunity. We look forward to seeing what we can accomplish on this program with the energy levels so high.”

The 14 startups participating in the Insurtech Europe program are the following:

  1. Curiosity’s Mosaik software helps companies build AI-solutions for their unstructured text data. It offers easy customisation while performing at enterprise scale and security. Customers use Mosaik-based solutions for document similarity, classification, semantic search, and more. 
  2. DreamQuark: Financial Services can use, trust and control DreamQuark’s AI to solve their day-to-day business challenges. 
  3. EasySend: A no-code smart form builder that empowers enterprises to quickly convert paper forms into compliant digital processes with deep-analytics in less than two weeks. EasySend has been adopted by over 90% of the Israeli financial and insurance market and tier-1 US and German financial institutions. 
  4. Glassbox: Helps Insurers remain digitally compliant whilst keeping their customers happy and safe, with the most complete and secure digital experience orchestration solution on the market. 
  5. SlidePiper: Starts by building an enhanced customer experience then our technology automatically builds the onboarding management and compliance dashboard and tools to track, check and validate the whole process. SlidePiper does this faster, cheaper & more accurate by eliminating room for human error. 
  6. Vizru: delivers business AI process automation, data visualization and collaboration in real-time across your cloud and on-premise systems. 
  7. Voiceitt: The company’s automatic speech recognition (ASR) technology uses AI to help people with speech impairments communicate. 
  8. YUKKA Lab: A provider of Augmented Language Intelligence has developed a unique real-time currency for the sentiment of every company, topic & industry. 
  9. Aktivo: Captures real-time health and lifestyle data from a smartphone and generates a digital biomarker that predicts health and longevity. Insurers utilise Aktivo to acquire, engage and retain high-value customers, and to price and manage risk at scale. 
  10. Cobee: A one-stop SaaS solution for companies to manage all their employee benefits by providing them with a simple App and a VISA card to consume their products in a flexible manner. 
  11. Knexus AI: A platform enables brands to deliver best and latest content (social, marketing & product) in real time, making it hyper relevant to drive customer decisions across owned digital channels. Knexus substantially increases eCommerce sales whilst reducing marketing operation costs. 
  12. Cytegic: A cyber risk platform is the industry’s first, end-to-end solution automating cyber risk quantification and management across the entire insurance and risk value chain. Utilized globally by insurers, enterprises and global consulting partners Cytegic translates cyber risk into the language we all understand; dollars and ROI. 
  13. Fixico: An online platform that offers a new and fully digital way to handle car damage claims for insurance and fleet companies. The innovative platform offers a unique customer experience, an end-to-end repair management solution and leverages the largest body repair shop network in Europe
  14. Previsico: Enables real time actionable flood warnings using the latest weather predictions to make street-level flood nowcasts and forecasts. 

Global Insurance Accelerator Announces New Funding Structure for Future Cohorts

The Global Insurance Accelerator (GIA), an insurtech accelerator focused on supporting and promoting innovation for the insurance industry, announced on Wednesday changes to the funding structure beginning with the 2020 cohort, and applications are now open

GIA reported that since its launch 36 startups accepted into the accelerator’s annual, 100-day program based in Des Moines, Iowa, have received $40,000 each in seed funding in exchange for six percent common equity.

“In addition, in the last three years, housing at the Staybridge Suites, just blocks away from the GIA offices, has been covered for at least one representative from each company. The GIA’s accelerator program creates value by providing extensive interaction with insurance company executives and professionals who serve as mentors through the support of 13 insurance company investors.”

Speaking about the accelerator program, Nicole Gunderson, Managing Director for the GIA, stated:

“The GIA was established at the very forefront of the InsurTech movement. The funding and perks provided for startups at that time was more than equivalent to other accelerators in the industry, but like any startup, we’ve learned a lot in our first five years and need to continue to evolve and scale. Today, there is increased competition in the accelerator landscape, and our goal with this change is to provide a founder- and investor-friendly, standard market structure.”

GIA went on to add that beginning with the 2020 cohort, it will increase the seed investment to $75,000 in the form of a post-money Simple Agreement for Future Equity (SAFE) which converts to five percent of the company.


Plug and Play Accepts 130 Startups For Accelerator Winter 2019 Batches

Global innovation platform Plug and Play announced on Thursday the 130 startups selected to participate in their Winter 2019 batches. According to the accelerator, the selected startups will participate in one of the following programs: Enterprise 2.0, Health, Insurtech, Internet of Things, Mobility, Real Estate & Construction, or Travel & Hospitality.

Speaking about the latest batch selected, Saeed Amidi, Founder & CEO of Plug and Play, stated:

“When we find great startups, we want to make a positive impact in their journey by connecting them to our ecosystem of corporate partners and venture capitalists. Each batch brings new solutions to our community that can help our partners digitally transform their businesses. With our resources and global network, we aim to make this final cohort of the year one of our most successful.”

Plug and Play also revealed it has invested in more than 200 startups per year and is ranked as one of Silicon Valley’s most active early-stage investors. The three-month business development program is structured around focus weeks, deal flow sessions, corporate office hours, mentor meetings, pitch polishing sessions, workshops, and networking events. Plug and Play added:

“In December, startups will graduate at Plug and Play’s Winter Summit, where all batch companies will pitch on stage in front of over 500 investors, corporations, and other industry leaders. This event is invite-only and reserved for partners, select media, and special guests of Plug and Play.”

See the full list of selected startups here.

U.S. Insurtech Spot Announces Launch of Injury Insurance Subscription

U.S.-based insurtech startup Spot announced on Friday it has launched its subscription-model injury coverage, which provides coverage for out-of-pocket expenses, including insurance deductibles. Founded in 2017, Spot described itself as an ambitious startup entering the insurance industry by opening an entirely new channel of distribution and targeting those living an active and adventurous lifestyle. 

“Spot makes it possible for people to purchase short-term, month-to-month policies, at an approachable price through a simple platform. Led by a team of insurance veterans and experienced tech entrepreneurs, Austin, Texas-based Spot allows policyholders to get out and live more than a little.”

Spot reported that starting at $20 a month, the injury insurance plan covers up to $20,000 in out-of-pocket medical expenses associated with an injury and $50,000 for accidental death and dismemberment. The company claims that signing up takes under 90 seconds online and only requires a birthdate and home address. Spot CEO, Matt Randall, shared:

“We’re the first company to create an injury insurance subscription that covers thousands of activities from the first-time mountain bike ride to climbing Mount Everest. In less than 90 seconds, you can get coverage and go live more than a little without the worry of debilitating medical costs.”

Spot added that it is currently available in 17 states, which are Texas, Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Michigan, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Wisconsin, and Louisiana.

Pie Insurance Announces Expansion Efforts Following Series B Funding Round

Insurtech startup Pie Insurance announced on Tuesday it has achieved significant growth in the number of team members, online quote tool usage, and written premium six months since raising $4.3 million through Series B Funding Round, which was led by Moxley Holdings and Elefund, with participation from investors, including SVB Capital, Sirius Group, Greycroft, and Aspect Ventures.

As previously reported, Pie describes itself as a fast-growing insurtech startup that offers workers’ compensation insurance directly to small businesses. The company revealed it began offering workers’ compensation insurance policies in 2018 with the mission of helping small businesses experience true savings and an unmatched level of service. Speaking about the company’s growth and development, John Swigart, CEO of Pie Insurance, stated:

“The successes that Pie has achieved since our latest round of funding are incredible. At that time, Pie had generated more than $10 million in written premium. Six months later, that number has jumped to more than $30 million. Likewise, our team has grown by 130%, and we have an additional 20 open positions in our Denver and Washington, DC offices. Our rapid growth demonstrates the value Pie brings to the small business community, and we’re continuing to scale to meet the demands of our market.”

Pie further noted that in the past year and half its online quote tool has received more than 75,000 submissions from small business owners and agency partners seeking more affordable workers’ comp policies. Pie added that its customers continue to validate the company’s mission to simplify workers’ comp insurance, rating Pie “Excellent” on Trustpilot.

U.S. Insurtech Platform Broker Buddha Secures $4.5 Million Through Latest Investment Round Led By Vertex Ventures

Broker Buddha, a U.S.-based insurtech platform, announced on Tuesday it secured $4.5 million through its latest investment round, which was invested by Vertex Ventures. Founded in 2017, Broker Buddha explained it is transforming the application and renewal process to make insurance agencies more efficient and profitable.

On a platform customized with your own agency branding, you can automate tasks, send forms with pre-loaded information, and knock down all the administrative road blocks that can stop clients in their tracks. No more PDFs, faxes, or endless email chains—just a seamless, simplified journey for both the insured and your agents.”

While sharing more details about the company, Broker Buddha CEO, Jason Keck, stated:

“The product transforms an outdated way of doing business that has long been frustrating and slow-moving for brokers and their clients. It frees up valuable time so agents can focus on what they love doing — taking care of their clients.”

Speaking about the investment, Vertex Ventures Partner, Sandeep Bhadra, commented:

“Broker Buddha’s product provides a crisp, modern interface driving massive efficiency gains for the client, broker, and underwriter. By relieving some of the tedium, they enable more of the white-glove, customized service business owners need and love. We’re excited to partner with a company driving such significant industry change.”

Broker Buddha went on to add that the new funds will be used to help expand the company’s offering, grow the team and increase marketing efforts so they can continue to relieve brokers from the mundane aspects of their job and propel the insurance industry forward.

Ping An’s OneConnect Signs MoU With Indonesia Insurtech Asuransi Sinarmas

OneConnect Financial Technology Co. Ltd. (OneConnect), an associate company of China’s insurance giant Ping An Group, announced on Wednesday it has signed a memorandum of understanding (MoU) with insurer Asuransi Sinarmas, a unit of Sinarmas. OneConnect reported that through the MoU it will enable Asuransi Sinarmas to launch Smart Auto Claims solution to improve operational efficiency and reduce costs.

“As OneConnect continues to expand its footprint in Indonesia and Southeast Asia, the collaboration will accelerate and deepen the partnership between OneConnect and Sinarmas Group.”

The MOU is signed by Bi Wei, CEO of Insurance Division of OneConnect and the Director of Asuransi Sinarmas, Njoman Sudartha. OneConnect went on to add:

“For many years, Asuransi Sinarmas has been focusing on Southeast Asian countries. This partnership greatly accelerates its digital transformation journey, and enhances OneConnect’s brand presence in Indonesia.”

CPP Group’s Insurtech Blink Teams Up With Canadian Travel Insurer to Roll Out Real-Time Insurance Services

Blink, part of Leeds headquartered CPP Group Plc, recently announced it has teamed up with Canadian travel insurance group Manulife to support the roll-out of real-time insurance services.

CPP claimed that since its inception in 2016, Blink has quickly established itself as one of the most innovative and successful providers of flight disruption solutions to insurers across the globe and has formed a number of distribution partnerships in large markets across North America, Asia, and Europe. While sharing more details about the collaboration,  Jason Walsh, Chief Executive Officer at CPP Group, stated:

“The partnership between Blink and Manulife is another demonstration of our broader strategy that focuses on international expansion and technological innovation, adding real value to the Group. Blink is transforming the travel insurance market with its parametric platform, forging new partnerships with global brands while adding significant technological capabilities to our group operations, which helps us to build deeper relationships with existing clients.”

Paul Prendergast, CEO of Blink, also commented:

“We have been working with Manulife to develop a very exciting suite of products that, once launched, will transform the customer travel insurance experience. The Manulife ethos is very much in keeping with our own focus in finding and developing innovative digital solutions with the primary goal of making customers’ travel insurance experience as efficient as possible.”

Rob Iafrate, AVP Manulife Travel Insurance, went on to add:

“The technology that Blink has developed is truly innovative and unlike anything we have seen on the market to-date. Manulife is transforming into the most digital, customer-centric company in our industry, and this partnership with Blink aligns perfectly. We are redefining insurance and how providers interact with customers to ensure efficiency and best-in-class service. We are looking forward to creating this new, convenient experience for our customers to further support them during those stressful times of flight disruption.”

Insurtech Startup Kin Insurance Secures $47 Million Through Latest Investment Round

U.S. insurtech startup Kin Insurance announced on Wednesday it secured $47 million through its latest investment round. According to Kin, the funds will be used to launch its Kin Interinsurance Network, a Florida home insurance carrier.

Founded in 2016, Kin describes itself as insurtech startup and licensed insurance carrier that is on a mission to fix home insurance through intuitive tech, affordable pricing, and world-class customer service.

“Launched by seasoned financial tech entrepreneurs Sean Harper and Lucas Ward in 2016, Kin is committed to serving catastrophe-prone regions and coastal homeowners most impacted by climate change. We are headquartered in Chicago with an office in Tampa Bay and currently serve Florida, Texas, Georgia, and Alabama.”

Speaking about the company’s platform, Ward, CTO and Co-Founder of Kin, stated:

“Our approach in totality is unique. We’ve built our own policy administration system, we’re a direct writer serving a CAT-prone state, we have catastrophe modeling expertise and heavy pricing experience, and we use tech to truly benefit the customer. When you add all that up, the result is something the insurtech space hasn’t seen before.”

Harper, Kin CEO and Co-Founder, also commented:

“We wanted to be able to control all aspects of the customer experience, and the best way to do that was to launch a carrier. We have a team of the best insurance minds in the business guiding our path and we believe in what we’re doing: taking the difficulty and high-cost out of home insurance and focusing on what really matters – taking care of the homeowner.”

Kin added that existing investors August Capital, Commerce Ventures, and Flourish were joined by new investors Avanta, Hudson Structured Capital Management Ltd. (doing business as HSCM Bermuda), and the UChicago Startup Investment Program for the investment round.

U.S. Insurtech Ethos Raises $60 Million Through Series C Funding Round Led By GV

Insurtech company Ethos announced on Tuesday it secured $60 million through its Series C funding round, which was led by GV (formerly Google Ventures) with participation from Goldman Sachs. The funding comes less than a year after Ethos raised $35 million through its Series B financing round. 

As previously reported, Ethos describes itself as a “new kind” of life insurance that is built for people who do not have time for fine print, extra doctors appointments, or hidden fees. The company is licensed in 49 states and has already processed thousands of applicants for life insurance coverage. 

“Ethos uses the power of technology and predictive analytics to modernize the life insurance process and align products with what families want and need during critical times in their lives. An application is fast and easy, turning a process that used to take weeks into a ten-minute experience for most customers.”

Speaking about the latest funding round, Peter Colis, Ethos CEO and Co-Founder, stated:

“Getting life insurance is one of the most selfless financial choices someone can make. You shouldn’t have to endure what’s essentially a medical and financial strip search in order to protect your family. What makes Ethos different from other providers is our core values are aligned with the expectations of American families: life insurance should be easy and ethical. We aren’t motivated by capitalizing on individuals. Instead, we make choices like right-sizing policies for customers, so they have the best coverage for their families without ever paying more than they should.”

Ethos went on to add that the Series C funding will fuel continued momentum, supporting product refinement, technical team hires, and ultimately, the ability to protect more families.

Singapore Insurtech Axinan Receives License From Labuan Financial Services Authority

Axinan, a Singapore-based insurtech firm, announced last week it secured a combined General and Reinsurance license from Labuan Financial Services Authority. Founded in 2016, Axinan reportedly provides digital insurance for the internet economy.

“Leveraging big data, actuarial risk management and machine-learning, we create products that are easily integrated into online marketplaces and platforms. Axinan has developed enterprise solutions offering transit and free return shipping policy for e-commerce players built on real-time risk engine to determine the likelihood of returns based on user demographics and shopping behaviour online.”

Commenting on the license, Wei Zhu, Founder and CEO, Axinan, stated:

“We are proud to be the first Southeast Asia insurtech company to be certified by Labuan FSA. Being a first-mover in Southeast Asia’s insurtech industry providing solutions for customers and enterprises, we are actively looking to forge strategic partnerships that can strengthen our offerings within the markets we operate in. With the combined General and Reinsurance license, Axinan can provide a greater variety of insurance products better suited to meet the needs of the digital economy while providing additional value to existing customers.”

Arijit Chakraborty, Chief Insurance Officer of Axinan, went on to add:

“We bring value proposition to our clients and insurance partners by providing our full-stack tech capabilities including real-time dynamic pricing and automated claims processing. But now with this combined license we are better equipped to underwrite insurance and reinsurance risks and reach out to a wider client base subject to regulatory requirements.”

Chinese Insurtech CareVoice Completes Series A Funding Round Led By LUN Partners Group

CareVoice, a China-based insurtech startup, announced earlier this week it secured eight figures during its Series A investment round, which was led by LUN Partners Group with participation from DNA Capital, SOSV, and Artesian Capital.

Founded in 2014, CareVoice states it provides a mobile-based data-driven SaaS platform to empower insurers to digitize the healthcare and insurance experience of their members, and reach the cutting edge of innovation, engage with their members, drive efficiencies up and cost down.

“Working closely with high-quality healthcare service providers, we deliver personalized and integrated experiences to members. They can search for first-class health and wellness providers, be guided towards the most cost-efficient medical centres and easily use their insurance benefits. Meanwhile we generate valuable data, supporting client retention & cost-savings for insurance companies.”

Speaking about the investment round, Sebastien Gaudin, Co-Founder & CEO of CareVoice, shared:

“This funding will accelerate our vision to become the leading health insurtech platform in Asia, making health insurance digital and more human! Thanks to our new breakthrough CareVoiceOS platform, we will continue growing fast the number of insurers using our services while penetrating new geographic markets, with the aim to change how millions of insurance members experience healthcare insurance. We are so glad to be backed by great investors who can significantly help us achieve our ambition.”

Peilung Li, Founder and Chairman of LUN Partners Group, then added:

“We foresee that insurance will be the next sector to experience the highest growth of digitalization and innovation as well as the arrival of new fintech unicorn companies. CareVoice is driving digitalization and innovation for insurance companies, and we are very confident about its development in the Greater China market. To further aid the Company’s growth, LUN Partners will help CareVoice extend its proven digitalization solutions to overseas insurance marketplaces in JapanSoutheast Asia, and other regions.”

Arch Insurance Set to Acquire Insurtech Ventus Risk Management

Arch Insurance North America announced earlier this week it has entered into a definitive agreement to acquire Ventus Risk Management, a technology and analytics-driven managing general underwriter (MGU) that specializes in providing coastal commercial property insurance solutions to small and mid-sized enterprises.

Arch claims that Ventus has become a trusted MGU for its capacity providers and a respected business partner for its producing brokers. Integrating Ventus into the Arch platform will notably enable third-party capital to provide capacity alongside Arch’s product offerings. Matt Shulman, CEO of Arch Insurance North America, further explained:

“Ventus is an insurtech company that has successfully deployed its offerings to support its underwriters, deliver best-in-class analytics and modeling capabilities and provide a superior customer experience. When combined with the scale of our E&S property portfolio and breadth of our relationships, we will bring enhanced value to our wholesale distribution partners.”

George Reeth, Ventus Co-Founder, also commented:

“I’m incredibly proud of what we’ve built at Ventus. By joining the Arch family, our employees will have access to a depth of resources that will allow them to continue to bring robust, creative solutions to the market and develop professionally.”

Stuart Mercer, Ventus Co-Founder, added:

“Arch is known for innovative structures that allow third-party capital to access insurance and reinsurance risks behind its strong underwriting expertise. The combined platform will bring broader capabilities and expanded capacity to Arch’s E&S property unit. I’m excited to continue to bring technology driven solutions to the marketplace when our producers and customers need it the most.”

U.S. Insurtech Startup ChronWell Secures $2.8 Million Through Latest investment Round

Chronwell, a U.S. insurtech startup for the workers’ compensation industry, announced earlier this week it secured $2.8 million in funding, which brings its total capital raised to $7.8 million

Founded in 2017, Chronwell claims it is focused on providing the “highest level” of empathy-driven care to the injured worker through a hybrid of human and technology-driven approaches. The company’s Early Intervention Program provides a new way of insurers and employers to engage with injured workers. This program includes the following:

  • Case management for all injuries from the onset of the injury
  • Empathy-driven Care Coordination
  • Continuous Risk Profiler including an in-depth psycho-social evaluation
  • Early detection of red flags and actionable recommendations for course correction
  • Optional Technology – intelligent and intuitive technology to optimize and augment the efficiency of the human agents

Joe Rubinsztain, CEO of ChronWell, further explained:

“Patient advocacy and empathy are core components of ChronWell’s service, not just add-ons. By coupling that with our advanced technology, we can ensure early intervention for each case, thus minimizing the impact of workplace accidents for all parties involved.”

In regards to what the latest funding will go towards,  Rubinsztain added:

“This new capital will allow us to develop our technology platform further and build on the success we’ve already seen with our client in improving the recovery process for injured workers while bringing down costs for employers.”

U.S. Insurtech Slice Teams Up With Sompo to Bring On-Demand Insurance to Asia

Slice Labs Inc., an on-demand insurance cloud platform provider, announced on Wednesday it has entered in a proof-of-value contract with Sompo to bring on-demand insurance to Asia.

According to Slice, the new partnership brings on-demand insurance to the Asia Pacific region of Asia, the first of its kind. Sompo will reportedly license the Slice Insurance Cloud Services (ICS) platform to quickly deploy and test new digital insurance products.

“Compared to other, more traditional solutions, the Slice ICS platform allows insurers, like SOMPO, to leverage the flexibility, scalability, and security of ICS through a high-value subscription model.”

Speaking about the partnership, Tim Attia, CEO of Slice, added:

“The future of satisfying insurance customers in any country and product segment hinges upon the cooperation of insurers and insurtechs. Sompo is a strong example of how this can work as they have helped our cloud technology quickly scale into another global region and ICS is helping them reimagine insurance customer experiences.”

U.S. Insurtech Semsee Completes Pilot Program; Two Dozen Agencies Use Platform to Quote Business Owners Policies & epsent $450,000 in Premiums

Semsee, a U.S.-based insurtech startup that is focused on streamlining workflows for independent insurance agents and wholesalers, announced today the end of a successful three-month pilot program.

Founded in 2017, Sense describes itself as an independent insurance agent’s go-to platform for quoting small commercial business with their appointed carriers. The company has combined robotic process automation, API connectivity, and deep insurance expertise to create a SaaS platform that already provides agents with access to over 25% of the BOP market, including half of the top 10 carriers, across all business types nationwide.

“Our product digitizes what has until recently been a slow and manual process of getting commercial insurance for small- to medium-sized business. In using Semsee, independent insurance agents and brokers experience orders of magnitude improvements in their sales processes, resulting in higher productivity and ultimately, client satisfaction.”

Semsee reported that during the pilot, over two dozen agencies used Semsee to quote Business Owners Policies (BOP), representing over $450,000 in premium, with their appointed insurance carriers. Speaking about the pilot, Semsee CEO and Co-Founder, Philip Charles-Pierre, added:

“On the heels of our successful pilot, we are now accelerating the onboarding of the hundreds of agencies on our waitlist. Moreover, we are excited to add the many carriers in our pipeline, as well as new lines of business, such as Workers Compensation and Commercial Auto, to our platform, thereby advancing our goal of generating billions of dollars of value for the small commercial insurance industry.”

Trov Debuts White-Label Insurtech Platform; Forms New Partnership With Lloyds Banking Group

Trov, a U.S.-based insurtech company, announced on Thursday it is officially launching its platform that provides end-to-end digital, white-labeled insurance products designed to be rapidly deployed by financial organizations and insurers.

Along with the platform, Trov also reported it has formed a partnership with Lloyd’s Banking Group and is planning to release insurance products designed for the “evolving” lifestyle of modern, connected UK consumers.

The Powered by Trov platform comprises four core insurtech modules, including Policy Sales (quoting, binding, billing, and adjustments), Claims (consumer and business interfaces), CRM (customer management), and Business Intelligence (conversion, engagement and risk analytics). These modules are the building blocks of the white-label insurance product line and can be configured for a variety of policy types including homeowners, renters, auto, and SMB.”

While sharing more details about the platform’s launch and partnership, Scott Walchek, Founder and CEO, Trov, stated:

“The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible insurtech applications that empower incumbents to offer relevant products to the latest generation of digital natives. We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand.”

Jeremy Ward, Home Insurance Commercial Director at Lloyds Banking Group, went on to add:

“We’re excited to explore how Lloyds Banking Group can better meet our customers’ changing needs. Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”