Sarah is back hosting with Nigel this week, joined by guest Tobias Taupitz, CEO and Founder of Laka.
We kick things off with a discussion on what the sports insurance market, looking at what it covers.
Next up we take a look at the latest insurtech news, starting with the evolution of winter sports cover. According to official UK Government statistics, between 2012 and 2016, there were 118 hospitalisations of British skiers and snowboarders in European resorts, and 58 deaths – and when it comes to theft in ski resorts, recent research from the Ski Club of Great Britain found that theft and loss of snow-sports equipment has affected one in eight winter holidaymakers. Many winter sports policies still have exclusions whereby an insurer doesn’t provide cover for certain activities – e.g. off-piste skiing when not accompanied by a fully qualified ski instructor.
Ethos raises $35 million. The life insurtech successfully raised $35 million in a Series B financing round, led by Accel with participation from Google Ventures (GV), Sequoia Capital and Arrive, a subsidiary of Roc Nation - which would be Jay-Z’s record label. Founded in 2016, Ethos describes itself as a “new kind” of life insurance that is built for people who do not have time for fine print, extra doctors appointments, or hidden fees. The company is licensed in 49 states and has already processed thousands of applicants for life insurance coverage.
Slice Labs which provides on demand insurance for a range of industries, and AXA XL have launched a new cyber insurance policy specifically designed for small and midsize businesses (SMBs). Powered by Slice the AXA XL branded cyber insurance coverage provides U.S. SMBs with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks. It’s designed for companies under $20 million in annual revenue and offers limits from $250 thousand up to $3 million. Customers can buy acquire policies and submit claims through a bot.
Munich Re partners with Plug and Play Ventures in China. Munich Re has partnered with the Silicon Valley-based accelerator and corporate innovation platform, to collaborate with emerging insurtech startups in China.
The startups accepted into the programme will receive funding from Plug and Play Ventures, and access to the resources of the founding anchor partner Munich Re.
All that and much more on this week's episode of Insurtech Insider.
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This episode of Insurtech Insider was produced by Laura Watkins and edited by Alex Woodhouse.