Business models like Internet first insurers, enablers, distribution platforms, and P2P insurance, all have seen an uptick in number of companies founded.
3. Insurance Tech, June 2016
Contents
Topic Page No.
Scope of Report 05
Entrepreneur Activity 07
Investment Trend 09
Who is Investing 17
Exit Outlook - IPO, Acquisitions 21
Sub Sector Analysis 23
Interesting Companies 42
Useful Links 49
Company List 51
Team 261
3
3
4. Insurance Tech, June 20164
Illustrative Sectors We Track
ENTERPRISE
INFRASTRUCTURE
ENTERPRISE
APPLICATIONS
MOBILEFINTECH
TECH CONSUMER EDUCATION HEALTHCARE
SECURITY
STORAGE
NETWORKING
MOBILITY
IT OPS
CLOUD INFRASTRUCTURE
API MANAGEMENT
BIGDATA INFRASTRUCTURE
SAAS
MOBILE-FIRST ENT. APPS
INTELLIGENT ENT. APPS
OPEN SOURCE
RETAIL TECH
MARKETING TECH
STEALTH MODE
VERTICAL SAAS
MOBILE COMMERCE
MOBILE PAYMENTS
MOBILE MARKETING
MOBILE DEV TOOLS
MOBILE HEALTH
MOBILE GAMING
MOBILE LEARNING
MOBILE COMMUNICATION
BITCOIN
PAYMENTS
INVESTMENT TECH
INSURANCE TECH
CROWDFUNDING
ALTERNATIVE LENDING
REMITTANCE
BANKING TECH
INTERNET OF THINGS
3D PRINTING
MARKETPLACES
FOOD TECH
EDUCATION IT
SELF LEARNING
LIFE SCIENCES
DIGITAL HEALTH
5. Insurance Tech, June 20165
Sector Overview
Scope of report
This report covers companies operating in Insurance Tech sector which includes Internet first Insurers, distribution platforms,
P2P insurance platforms, companies that enable insurance players in terms of software solutions and data. It does not include
traditional and offline insurance providers and multi-industry companies.
The scope of this report includes equity as well as debt funding received by the companies.
Business Model Descriptions
Insurers
Internet first insurance companies (including companies acting as an MGA) which provides insurance online in P&C, Life
and Non-life sectors
Employer Insurance Companies offering employers/employees a smarter way to manage employee benefits and insurance
Enablers
Companies enabling insurance companies, brokers and other insurance players. They provide software solutions, data
analytics etc. to Insurance players
Distribution Platforms
Companies offering online/mobile based platform where consumer, businesses can compare insurance quotes and buy
insurance policies. They act as an insurance broker.
P2P Insurance Companies that provides a P2P Insurance platform
6. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
6
6
7. Insurance Tech, June 20167
YoY – Number of companies founded
39
63
89
97
117
184
23
0
40
80
120
160
200
2010 2011 2012 2013 2014 2015 2016
No.ofCompanies
Bima Gusto Oscar Zhong An Clover Health Bright Health Next Insurance
CoverHound Ins110 Namely Zenefits Datebao WuKongBao Revolution Insurance Technology
8. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
8
8
9. Insurance Tech, June 20169
YoY – Number of Rounds and Total Funding
$68M
$115M $44M
$139M
$481M
$318M
$544M
$2.8B
$1.1B
11
17 15
40
66
82
91
150
62
0
32
64
96
128
160
0
600
1200
1800
2400
3000
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds
Note: The funding includes debt rounds also.
16. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
6
16
17. Insurance Tech, June 201617
Most Active Investors in Sector
10 10 10
9 9
8 8 8 8
0
2
5
7
10
12
500 Startups General Catalyst Lerer Hippeau
Ventures
Bain Capital
Ventures
Startupbootcamp Founders Fund Global Insurance
Accelerator
New Enterprise
Associates
Thrive Capital
TotalNumberofCompanies
EMBROKER Oscar Namely Justworks claimsync Oscar Drive Spotter CollectiveHealth Oscar
Mojio Zenefits Maxwell Health Liazon Insly CollectiveHealth ClinicNote Bright Health Justworks
20. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
0
20
21. Insurance Tech, June 201621
Major Acquisitions in last one year
Date Company Acquirer
Deal
Size
Overview
Total
Funding
May-2016 enclarity.com
Vertafore
(Bothell, 1969)
Bain Capital and
Vista Equity
Partners
Software solutions provider for insurance industry
Apr-2016 carinsurance.com
Simply Business
(London, 2000)
Aquiline Capital
Partners
Online insurance broker
Mar-2016 insureme.com
EagleEye Analytics
(US, 2007)
Guidewire Predictive analytics software provider to the insurance industry
Sep-2015 autoclaim.com
Solera Holdings
(San Diego, 2005 )
Vista Equity
Partner
$6.4B Software for the automobile claims processing industry
Sep-2015 netquote.com
Brovada Technologies
(Toronto, 2013)
Towers Watson $15M Software solutions for P&C insurance industry
Aug-2015 esecuritel.com
iPipeline
(Exton, 1995)
Thomas Bravo Offers sales distribution software $104.9M
Jun-2015 ibexi.com
Santiane
(Nice, 2006)
Blackfin Capital
Partners
Insurance comparison and purchase
23. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
3
23
24. Insurance Tech, June 201624
June 2016Tracxn BlueBox : Insurance Tech
880+ companies in the sector, 280+ funded in last 5 years, $3.9B invested in 2015/2016
25. Insurance Tech, June 201625
Top Business Models by Funding
$2.4B
$1.4B
$1.2B
$773M
$31M $11M $4M $4M $3M
0
600
1200
1800
2400
3000
Insurers Employer
Insurance
Enablers Distribution
Platforms
P2P Insurance Reinsurance Stealth Mode Sharing Economy Claims
TotalFundingAmount(inMillions)
# Cos. 77 44 320 344 24 16 22 5 15
Avg. Age 2011 2011 2007.8 2010.8 2014.1 2008.1 2015.1 2014.6 2011.8
Zhong An Zenefits iPipeline Ins110 Friendsurance QuanTemplate Jetty SLICE LABS Claim Di
Oscar Gusto GreenRoad Goji Lemonade Analyze Re Insurance Hero SafelyStay MedClaims
41. Insurance Tech, June 2016
1
41
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
42. Insurance Tech, June 201642
Interesting Seed Companies
Company Overview Business Model
Total
Funding
slice.is
SLICE LABS
(2015, New York City)
Sharing economy
XL Innovate, Horizons Ventures
Sharing Economy $3.9M
next-insurance.com
Next Insurance
(2016, Palo Alto)
Portal for Small businesses to find Insurance products
TLV Partners, Ribbit Capital
Distribution Platforms - Commercial $13M
turtlemint.com
Turtlemint
(2015, Mumbai)
Online platform for Insurance comparison
Nexus Venture Partners, Blume Ventures
Distribution Platforms - Horizontal
renewbuy.com
RenewBuy
(2014, Gurgaon)
Online motor insurance comparison provider
Mount Nathan
Distribution Platforms - Property &
Casualty - Auto
$1.5M
lemonade.com
Lemonade
(2015, Manhattan)
P2P insurance carrier
Aleph, Sequoia Capital, Expansion
P2P Insurance $13M
givesurance.org
Givesurance
(2014, Woodland Hills)
Charitable donations through savings on insurance premium
500 Startups, Kima Ventures, Cherry Ventures
Distribution Platforms - Horizontal $1M
48. Insurance Tech, June 2016
8
48
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
49. Insurance Tech, June 201649
Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Number of Companies founded Entrepreneur Activity Link
Number of Rounds and Total Funding Investment Trend Link
Top investments in last one year Investment Trend Link
IPOs in last few years Exit Outlook - IPO Link
Major Acquisitions in last one year Exit Outlook - Acquisitions Link
Insurers – Most Funded Companies Sub Sector Understand Link
Employer Insurance – Most Funded companies Sub Sector Understand Link
Enablers– Most Funded Companies Sub Sector Understand Link
Distribution Platforms – Most Funded Companies Sub Sector Understand Link
P2P Insurance – Most Funded companies Sub Sector Understand Link
Top Funded Deadpooled Companies Companies Link
50. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
0
50
51. Insurance Tech, June 201651
Insurance Tech – Company List
COVERS THE FOLLOWING SECTORS
Insurers
Employer
Insurance
P2P
Insurance
Distribution
Platforms
Sharing
Economy
Claims Enablers Reinsurance Content
Insurance
Repository
Stealth
52. Insurance Tech, June 201652
Insurers (1/17)
Company Details Funding Investors
Zhong An [Shanghai, 2013]: Zhong An Online P&;C Insurance offers online property and
casualty insurance services. It is China’s first online-only insurer, whose initial investors
included Alibaba’s finance arm, Tencent and Ping An Insurance (Group) Co. The largest
shareholder is Alibaba affiliate Zhejiang Ant Small &; Micro Financial Services Group. Zhong An
has developed more than 100 products and sold 1.6 billion insurance policies for more than
250 million customers since commencement. The company also has a license for motor
insurance.
$931.3M
Morgan Stanley, SAIF Partners,
CDH Investments, Centennial
Infant and Child Centre
Foundation, Keywise Capital
Management
Only Policy [London, 2016]: Only Policy sell home, health, life, motor, travel, pet and gadget as
a single insurance policy. Customers pay one premium that allows them to purchase one
insurance line or more and roll others in as they expire to that single policy. They have
partnered through white-labelling with leading FTSE/Fortune brands and make revenues as an
MGA from the insurer. Also, they provides a dedicated customer concierge service which will
handle claims queries and upsell other product lines
PreferredOne [Golden, 1984]: PreferredOne provides insurance plans for individuals, families
and groups. It offers full-range of products, services and networks to brokers, employers,
members, insurance companies and TPAs throughout Minnesota and the Upper Midwest.
Tune Insurance [Kuala Lumpur, 2012]: Tune Insurance is an online first insurance service
provider based out of Malaysia. Types of insurance provided by the company includes travel,
passenger, life and theft insurance. The company has made a partnership with AirAsia, Cozmo
Travel, Air Arabia and Cebu Pacific. The company has agents, brokers and direct clients as
partners to provide insurance to its clients.
Berkshire Hathaway Travel Protection [Stevens Point, 2014]: Berkshire Hathaway Travel
Protection provides travel insurance to consumers. It provides two products: AirCare which
covers flight delays and missed connections and ExtraCare covers medical evacuation,
emergency medical treatment). It is a subsidiary of Berkshire Hathaway Specialty Insurance
(BHSI), a specialized casualty and liability insurance company
Insurers
Employer
Insurance
P2P
Insurance
Distribution Platforms
Sharing
Economy
Claims Enablers Reinsurance Content
Insurance
Repository
Stealth
53. Insurance Tech, June 201653
Insurers (2/17)
Company Details Funding Investors
Dialdirect [ , 2003]: Dialdirect provides insurance to consumer and business across auto, home,
life etc.segments. It also helps consumer to manage their insurance policies online. It also offer
Cash Back Bonus, a lifetime guarantee on vehicle repairs and same day turn around on express
claims.
InShared [Zeist, 2009]: InShared, an initiative of Eureko - Achmea, is a fully online insurer.
Offers end-to-end digital claims handling through an intelligent Virtual Assistant, Fleur, which
has a knowledgebase of over 22,000 potential responses to customer enquiries. The company
claims to use only 20% of the premium post claims, and passes on the rest to customers who
have made no claims.
MicroEnsure [Cheltenham, 2008]: MicroEnsure cater to insurance to the mass market in Africa
and Asia; focused on providing the low and middle income market with insurance solutions.
MicroEnsure adopted the freemium mobile micro insurance model working with a wide range
of mobile network operators. It is owned by a consortium of AXA, Sanlam, IFC, Omidyar
Network and Management. Products cater to life, health, property, livestock and weather
index insurance.
Zeker [Rotterdam, 2011]: An insurance provider, distinguishes itself from traditional insurers
through extensive use of personalized data that customers share with them through their
social media profiles. They use techniques and data for an optimal customer experience. Zeker
is known for its fast and completely personalized service and is completely digital. Users decide
what information they share with Zeker by linking their Facebook, Twitter or Linkedin
profile(s). On this basis Zeker helps them make choices and ensures that the insurance is
always up-to-date. Zeker offers liability and non-life insurance products.
Personal
Cover My Trip [ , ]: Cover My Trip provides insurance to residents of Australia, who purchase
the travel insurance prior to departure.It is an authorized representative of AGA Assistance
Australia and the policy is underwritten by Allianz Australia Insurance Limited.
Insurers
Employer
Insurance
P2P
Insurance
Distribution Platforms
Sharing
Economy
Claims Enablers Reinsurance Content
Insurance
Repository
Stealth
54. Insurance Tech, June 201654
Insurers (3/17)
Company Details Funding Investors
Personal - Property & Casualty
Safe Deposit Box Insurance Coverage [Elgin, 2012]: Safe Deposit Box Insurance Coverage
provides a patented insurance solution which is designed to protect valuables stored inside
safe deposit boxes, without compromising on confidentiality or privacy. It is an insurance
solution that covers all legal property stored inside a box against natural disasters and
catastrophes, including theft due to burglary or robbery. It has partnered with AXA ART to offer
the insurance solution in all 50 states and the District of Columbia.
$1M Advantage Capital Partners
Personal - Property & Casualty
DirectAsia Thailand [Bangkok, 2013]: Direct Asia is an internet first insurer. It offers car
insurances and additional covers in Thailand. It allows user to select from different types of
insurances, get a quote, application and insurance claims on its platform. It is a part of Direct
Asia of Singapore.
Personal - Property & Casualty - Auto
91Cab [Beijing, 2015]: 91Cab is a mobile based insurance platform for cars providing users
with extended vehicle warranty and service. It claims to provide 24x7 support for repairs. It
operates digitally unlike the traditional insurance companies and operates by the photographs
of the cars, thereby giving users a personalized experience.
DW Fund
Personal - Property & Casualty - Auto
Metromile [San Francisco, 2011]: MetroMile provides a plug-in device for cars that connects to
an iPhone app and quantifies driving performance. MetroMile’s app helps the user analyse car
vital stats, fuel usage, call roadside assistance, report a broken window, or a keep a copy of the
insurance card. MetroMile gives away its app and device for free by selling insurance.
MetroMile will retroactively bill the user for insurance based only on the distance they have
driven, thus leading to around $500 in savings to the user per year.
$14M
New Enterprise Associates,
Intact Financial Corporation, SV
Angel, First Round, Felicis,
Index Ventures
Personal - Property & Casualty - Auto
Bikmo Plus [Chester, 2014]: Bikmo is a cycle insurance company which provide insurance for
damage, theft or loss bike and covers the cyclist, bike and kits. Road bicycle insurance includes
competitions and travel. Users have to pay monthly subscription for the insurance. Bikmo Plus
Cycle Insurance is provided and administered by Butterworh Spengler Facilities Ltd and
underwritten by Hiscox Underwriting Ltd.
$152k
Insurers
Employer
Insurance
P2P
Insurance
Distribution Platforms
Sharing
Economy
Claims Enablers Reinsurance Content
Insurance
Repository
Stealth
260. Insurance Tech, June 2016
Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
0
260