Sarah is back hosting with David this week with two great guests, Lea Nonninger, Research Analyst at Business Insider Intelligence and James York, Founder at Worry + Peace to talk all about the latest news in insurtech. Including:
Hong Kong based OneDegree gets $25.5 million Series A to make insurance more accessible, starting with pet insurance. OneDegree offers an online insurance platform that lets consumers purchase personal lines and health insurance products via an app which automates claims processing, policy management and customer service. 50% of the investment was pledged by investors pending regulatory approval through the Hong Kong Insurance Authority’s new fast-track licensing program for online-only insurers.
Munich Re buys IoT startup for $300 million. The reinsurance giant’s HSB subsidiary (which specialises in engineering insurance) has bought Berlin-based relayr which helps industrial companies unlock data insights from machinery using IoT devices (e.g telling business owners when a machine is likely to fail or needs work as efficiency/output has dropped).
Relayr’s tech is used by around 130 businesses.
Lloyds of London Sandbox launches. Lloyds new innovation sandbox dubbed Lloyd’s Lab has selected 10 startups to join its first cohort (note: Lloyds the insurance marketplace not Lloyds the bank!). The aim for the program is for the startups to develop products, platforms and processes that will help transform Lloyds into a technology driven market. The sandbox received more than 200 applications from 36 countries.
Zurich launches competition to find cutting edge startups. The Swiss insurer launched the Zurich Innovation World Championship, a global competition where the winners gain the chance to use their products for Zurich customers in selected countries. Startups with established products and services are eligible to apply by the Sept. 30, 2018 deadline.
Starling bank partners life insurtech Anorak. Starling customers will now be able to access Anorak’s life insurance advice services through the bank’s marketplace. Anorak will analyse the customer’s bank transactions and then offer advice on how much life cover they need (if at all), for how long, and why.
Talent Crisis hits UK brokers. Research by Ecclesiastical reveals most brokers want to hire young talent in order to help with innovation, but 52% are struggling to recruit as young people lack awareness of what brokers do. The top three strengths of younger staff according to brokers are IT skills, enthusiasm and that young employees are innovative.
This episode of Insurtech Insider was produced by Laura Watkins and edited by Michael Bailey.
- Hong Kong-based OneDegree gets $25.5M Series A to make coverage more accessible, starting with pet insurance | TechCrunch
- Munich Re buys IoT middleware startup, relayr, in deal worth $300M | TechCrunch
- InsurTech Futures: Lloyd's Lab launches with first cohort - Insurance Age
- Zurich Insurance Begins Competition to Find Cutting-Edge InsurTech Startups
- Starling Bank and Anorak team up - Starling Bank
- 'Talent crisis' hitting UK brokers - Insurance Age