Aviva acquires Neos. Marsh partners with Wefox. This week in insurance tech.
Hi there,

As we approach the end of the year, we wanted to use the next few newsletters to recap some of our coverage across different markets over the last 12 months.

We start with Europe this week.


In 2018 YTD, insurance tech companies headquartered in Europe have raised over $450M across 75 deals. That's a drop-off from 2017's total of $581M with a little less than a month to go in the year. 

The majority of activity in Europe was at the early stage, with 71% of deals happening at the Seed or Series A stage. The same percentage of total European deals took place in either Germany or the UK.

Companies that have raised over $20M in 2018 YTD include Prima Assicurazioni, Coya, Clark, Alan, Tractable, and Simplesurance


This year, we saw a couple M&A transactions by UK and European (re)insurers of startups they had previously taken a minority stake in. 

In November, Aviva took a majority stake in smart home insurance startup Neos. Aviva had previously invested in Neos through its venture arm in 2017.

Two months prior, Munich Re's HSB unit acquired portfolio company Relayr for $300M. Relayr offers an IoT middleware platform for helping small and medium-sized industrial companies unlock data insights from their machinery. 


Broker look to startup partners: This week, Marsh partnered with Wefox Group to collaborate on providing insurance products to micro-SME businesses  in Germany, Austria, and Switzerland. Earlier, Marsh made a strategic investment in UK-based Bought By Many, with a similar eye toward the SME market.

Amazon storefront: An interesting "collaboration" happened in October when Mapfre launched a storefront to offer its products on via a branded storefront. The companies are exploring the possibility of adding Amazon lockers to Mapfre offices and incorporating Amazon Pay.

Tailored products & distribution. We saw several (re)insurers partner with startups on tailored products such as AXA's partnership with BlaBlaCar on a new offering in three tiers from third-party liability protection to comprehensive insurance for risks including collision damage. AXA also partnered with ING designed to offer modular, digital versions of AXA’s P&C products to customers of its online bank in six countries.

Look east: In March 2018, Prudential plc spun off its British and European business to refocus on faster-growing markets. One of the biggest partnerships by dollar value this year was by Prudential's Asia unit with Babylon Health. The partnership gave Prudential's Asia clients access to Babylon's virtual consultation services in 12 markets. Prudential is reportedly paying ~$100M over several years to access Babylon's software. Allianz's strategic investment in Go-Jek may also portend more ecosystem-type moves in Southeast Asia.

CB Insights clients can view an updated, interactive market map of Europe's insurance startup landscape here

Have a great week,


P.S. Look forward to seeing some of you at TRANSFORM this week. If you're attending, be sure to book meetings with fellow attendees as well as the CB Insights analyst team via the conference networking app Brella. 

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This Week in Insurance Tech 

A curated mix of recent articles on insurance tech financings, exits, hiring, product launches, partnerships, and perspectives.


Bright Health raises $200M. The Minnesota-based integrated health insurance startup partners with single health systems in each market and offers plans at the individual, family, and Medicare levels in six states. Bright is now valued at $950M.

QuintoAndar raises $64M. The Brazil-based residential rental platform is designed to eliminate guarantor requirements for tenants. General Atlantic led the investment.
Pulse 2.0

Element raises $26M. The Germany-based startup provides white-labeled digital insurance products for over fifteen partners. Investors include SBI Investment, Engel & Völkers Capital, and Alma Mundi Ventures.
EU Startups

Nanyan Information raises $15M. The Shanghai-based company provides a cloud platform for insurance companies. Investors include BlueRun Ventures, SIG Asia Investments, and Starr Companies.
PE Daily

Corvus Insurance raises $10M. The Boston-based commercial insurance MGA offers cargo insurance and cyber insurance with plans to develop more commercial insurance products. Argo Group and Hudson Insurance Group are partners. The round was led by .406 Ventures and Hudson Structured.
Insurance Journal

Huddle Insurance raises $14M. The Australia-based startup offers car, home, and travel insurance to "tens of thousands of members."

Bindable raises from EPIC Holdings. The investment will see Bindable provide a turnkey software product to EPIC and its program and affinity business. Other investors include Wafra and Motive Partners.
Reinsurance News

Turtlemint raises $6M. Sequoia Capital India backed the India-based insurance aggregator and financial advisory platform.

Clyde raises $3M. The New York-based startup provides an API for merchants to offer product guarantee options. Red Sea Ventures led the round.

Nubundle raises $1.5M seed. The Chicago-based family planning and fertility services startup provides family planning concierge support, access to fertility clinics with bundled discounts and insurance. Backers include NFP Ventures, Lightbank, and Village Global.
Chicago Inno

By (re)insurers

AXA Venture Partners invests in Happytal. The France-based startup provides a platform allowing patients in healthcare facilities to order products and services. 
EU Startups

AXA Venture Partners invests in Zenjob. The Germany-based startup provides a recruiting platform for temporary jobs targeting students.
EU Startups


Aviva takes majority stake in Neos. Aviva had previously invested in the smart home insurance startup through Aviva Ventures in 2017. 
Insurance Business

Verisk acquires Rulebook. Rulebook provides business intelligence and software for the London Insurance Market. The purchase price was $87M in cash.
Insurance Journal

Majesco acquires Exaxe. The acquisition of the Irish SaaS provider will help boost Majesco's European business.
VC Circle

Company & Insurer News

Travelers expands Amazon storefront availability. Travelers added 11 states where eligible customers have access to discounts on smart home kits through the Travelers digital storefront on Amazon.
Digital Insurance

Zurich partners with Snapsheet. The partnership will see Zurich deploy Snapsheet in Ireland with plans for expansion in Europe, Latin America, and Asia.
Insurance Business

Mapfre launches startup accelerator. Based in Madrid, the accelerator has been set up with an aim to develop new insurance solutions. Mapfre also participated as an anchor investor in the Alma Mundi Insurtech Fund, in which it invested €25m.
Life Insurance International

AGCS expands Praedicat partnership. The partnership will allow AGCS clients to access ChemMeta, Praedicat’s software product that delivers science and regulatory risk analytics for industrial companies.
Insurance Business

Progressive partners with CoverHound for cyber. The partnership makes CyberPolicy's cyber insurance options and flow available through Progressive.

TransRe partners with Concirrus. The partnership will use Concirrus’ software  to assess and monitor changes in marine portfolios, and develop customized reinsurance structures.
Intelligent Insurer
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