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New insurtech market map. 1M+ user fintech club.
Hi there,

Last month, we hosted our first-ever Future of Insurance conference. If you missed it, you can catch all of the fireside chats on our YouTube channel.

We also put together a presentation covering the future of the P&C industry.

In the presentation, we analyze why change is coming to P&C, the two types of P&C innovation, why speed is more important than ever, and how incumbents should prioritize. Get the slides here.



Mapping the market

The insurance tech startup landscape in the US has evolved considerably over the last five years.

Several years ago, an outgrowth of new health insurance-focused startups launched, ranging from employer- and consumer-focused brokerage models to entirely new health insurers such as Oscar.

But today, the landscape of insurance-focused startups has broadened significantly to include enablers, middlemen, and full-stack insurers across auto, home, small commercial, title, life, and more. 

We've updated our market map analysis of startups, which CB Insights subscribers can check out here.



Have a great weekend,
Matt
@mlcwong

CB Insights Hits

1M and growing: 20+ fintech startups that have crossed the 1M account mark
Since launch, these consumer-facing fintech startups, which span from micro-investing and credit scoring to digital banking and cryptocurrency exchanges, have added 200M+ combined accounts globally.
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[Client only] Market Map: The state of US insurance tech startups
We updated our mapping of the landscape of 140+ startups in the US.
See the map
Deals, News, & Perspectives 

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

Deals

Collective Health raises $205M from Softbank Vision Fund. The San Francisco-based startup, which operates a benefits administration platform for self-insured businesses, says it now has 50 corporate customers comprising 200,000 members.  
WSJ

Zego raises $42M. The London-based startup provides flexible motor, professional, and commercial insurance options and reportedly insures one-third of the UK's food delivery market via partnerships with Deliveroo, Just Eat, and Uber Eats.
TechCrunch

States Title raises $25M. The new equity financing to the San Francisco-based title startup comes seven months after States Title acquired North American Title in a seller financing.

CB Insights

RenewBuy raises $19M. The India health and motor insurance aggregator operates in 450 cities. Lok Capital and IIFL Asset Management led the round.
TechCircle


Zipari raises $15M. The Brooklyn-based startup provides software for health insurers to engage with their customers. Investors include Sierra Ventures and Vertical Venture Partners.
CB Insights


Kin Insurance adds $9.5M. The Chicago-based home insurance MGA operates in four states.
CB Insights

Qover raises $9M. The Belgium-based startup provides infrastructure for digital businesses to add insurance products. Qover’s insurance products reportedly insure ~50,000 individuals across eight European countries.
Finextra

Wukongbao adds $8.8M. The Beijing-based startup joined Ant Financial, Didi, and others in launching a mutual aid crowdfunding platform. Backers include 58.com, Plum Ventures, and YeePay.
iyiou

Rhino Labs raises $8M. The New York-based startup provides cash deposit alternatives for renters and lease protection for commercial spaces.
CB Insights

Yuanxin Huibao raises $7.25M. The Beijing-based startup provides a mix of solutions including actuarial pricing and risk control for health insurers.
PEdaily

Canopy raises $4M. The London-based startup provides tenants with “Rent Passports” that track their rental history, allow them to build their credit scores, and replace rental deposits with insurance.
EU Startups

TensorFlight adds $2M. The Mountain View-based startup provides geospatial imagery analytics for commercial property insurers. Investors include ff Venture Capital, Hudson Structured, and Nephila.
Reinsurance News



By (re)insurers

Ping An invests in iTutor Group. The online training course platform will become part of Ping An's smart education business utilizing Ping An's existing insurances sales force.
DealStreetAsia

Sumitomo Life takes 25% stake in Singapore Life. The licensed Singaporean insurer offers term life, universal life, critical illness, and endowment plans. Other strategic investors include Aflac
Japan Times

Third Point Re invests in Noblr. The telematics-focused personal auto insurance provider recently launched in Colorado. Other investors include Hudson Structured Capital Management and White Mountains.
Reinsurance News

Manulife invests in Procurify. The Vancouver-based startup provides spend management software for businesses.
BetaKit

W.R. Berkley invests in Sure. The 'insurance-as-a-service' startup offers a consumer-facing app, partners with insurance carriers to offer both niche and traditional coverage digitally, and connects affinity partners with insurance solutions.
FinSMEs


Partnerships

Nationwide partners with Bold Penguin. The partnership will provide Nationwide with a digital storefront for its agents to match customers with appropriate coverage options.
Insurance Journal

Colonial Life partners with Trupo. The New York-based startup provides tailored benefits packages for freelancers and has partnered with groups including Coworker.org and the Freelancers Union.
Employee Benefit News

Clover partners with Genentech. The Medicare Advantage insurer launched a drug development arm and entered into a research collaboration and license agreement to better understand genomic factors that increase risk of ocular diseases.
MedCityNews

EMC Insurance partners with Matterport. The commercial P&C insurer will use Matterport to use 3D reality capture on commercial properties for loss control and claims management.
II Reporter

Munich Re partners with Luko. The French home insurance startup, which will act as an MGA backed by Munich Re, reportedly counts 10,000 customers. 
Reinsurance News

News

Quip launches dental insurance alternative. The smart toothbrush startup launched Quipcare, a pay-as-you-go model for dental care, and Quipcare+, a preventative care plan.
TechCrunch

Kakao Pay enters the insurance business. The Korean mobile payment platform acquired insurance startup Inbyu to distribute simple policies such as travel insurance.
Korea Times


Richard Li's FWD Group acquiring an Asian insurance empire. FWD has acquired at least eight insurance businesses in Asia since 2013 focusing on cities with high growth.
FT

 
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