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Coalition, Health IQ, PolicyBazaar raise funding. Future of Insurance conference.
Hi there,

We're less than a month away from our Future of Insurance conference in NYC on June 11.

We're excited to unveil new research at the event and hear from speakers including former XL Group CEO Mike McGavick, Coalition CEO Joshua Motta, and former NYDFS Superintendent Maria Vullo.

Get $500 off tickets with the discount code lastchance.

New report

Willis Towers Watson released its new Quartely InsurTech Briefing with a focus on pricing and underwriting.

Here are some of our findings from the funding front:

Q1 funding fell on a quarterly basis, but stayed above $1B for third straight quarter: While quarterly insurtech funding fell 11% quarter-over-quarter in Q1, total insurtech funding hit $1.42B, driven by 10 $40M+ financing rounds. It was the third straight quarter with over $1B in insurtech funding.

Early-stage insurtech funding continues to go to P&C: Since Q2'17, P&C has outpaced L&H for early-stage (seed & Series A) insurtech funding. 

B2B software startups taking larger portion of deals: Globally, 54% of insurtech deals since 2014 have gone to digital lead gen, brokers, or MGA startups. Only 7% of deals have gone to full-stack insurers, while 40% has gone to B2B startups selling software to the (re)insurance industry. But share of deals to B2B startups has grown since the start of 2018.

"Rest of world" outpacing US for insurtech activity: In Q1 2019, 54% of all insurtech deals took place outside of the US. This follows a trend set over the last two years in which more insurtech deals took place outside of the US. In 2016, 58% of all insurtech activity took place in the US.

Tech startup investments by (re)insurers have leveled off: Q1 2019 recorded 30 investments, which marked a 3% decrease from Q4 2018.

Read the full report here.



Have a great week,
Matt
@mlcwong

CB Insights Hits

Quarterly insurance tech briefing - Q1 2019
This report takes a data-driven look at global insurance tech trends with a focus on pricing and underwriting InsurTech subsectors.
Get the report


[Client only] 45 corporate innovation labs in insurance
A look at different corporation innovation lab initiatives in the insurance industry.
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Deals, News, & Perspectives 

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

Deals

PolicyBazaar raises $152M. The Indian insurance comparison company claims to account for nearly 25% of India's life cover and 7% of India's retail health insurance business. Other participants include InfoEdge, True North, and Startup Holding.
DealStreetAsia

GoBear raises $80M. The Singapore-based online marketplace for banking and insurance products claims to have served 40M+ users across Southeast Asia and Hong Kong. GoBear is a joint venture between Aegon and Walvis Participates.
Intelligent Insurer

Health IQ raises $55M. The Mountain View-based startup, which uses an online health quiz and data analysis to offer discounted policy rates, has written $21B of life insurance coverage to date. New investors include Greenspring Associates, Aquiline Technology Growth, and Hanwha Asset Management.
MedCityNews

Coalition raises $40M. The SMB cyber insurance startup plans to expand its cyber risk management platform globally with the new funds. Ribbit Capital led the round, with participation from Greenoaks Capital and Hillhouse Capital.
TechCrunch


Indio raises $20M. The San Francisco-based startup provides insurance brokers with a white-label platform to digitize the insurance application process. Menlo Ventures led the round.
VentureBeat

OneDegree adds $4.5M. The Hong Kong-based online insurance platform added funds led by BitRock Capital. The company plans to start selling pet insurance after its license is approved.
TechCrunch

UrbanJungle raises $3.3M. The London-based startup offers a contents insurance product focused on home and flat sharers as well as a pay-as-you-go policy. Urban Jungle reportedly claims 15,000+ customers.
TechCrunch

By (re)insurers

Allianz X invests in SafeBody. The investment in the Ugandan ride-hailing operation is Allianz X's first investment in Africa. 
VentureBurn

Lloyd's invests in Layr. The investment in the Atlanta-based commercial insurance platform for small businesses follows a trial in the Lloyd's Lab.
Insurance Journal

RGAx invests in QEDIT. The Tel Aviv-based startup is developing a privacy layer for enterprise blockchain platforms.
CTech


M&A/IPO

Admiral Group acquires Acierto. Admiral Group will form a joint venture with Oakley Capital and MAPFRE to combine the Group's digital insurance broker Rastreator with digital insurance broker Acierto in Spain.
Admiral Group

Partnerships


Principal partners with Limelight Health. The integration between Principal and Limelight's quoting, underwriting, and proposal platform for employee benefits comes after a strategic investment by Principal in Q1'19.
Limelight Health

Ergo partners with Volvo. The partnership in Germany will allow offer instant coverage for 1-21 days that includes third-party driver protection, car rental protection, travel luggage and sports equipment protection, international health insurance, occupant accident protection, and trailer protection.
Ergo



News & Analysis

Progressive launches BusinessQuote Explorer. The online quoting platform will allow small businesses to get access to multiple business insurance quotes including BOP, professional liability, workers' comp, and general liability.
Insurance Journal

Cyber risks to exceed natural disasters for insurers. Scor CEO Denis Kessler said cyber risk could exceed $600 billion per year “in the worst case scenario.”
Bloomberg

Tencent-backed Waterdrop seeks $1B valuation. Shuidihuzhu claims more than 70M active members, but is facing competition from Ant Financial.
Bloomberg
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