Hi folks,
Here are a few of my weekly insurance and Insurtech readings:
Little known in Europe and the US, PING AN's healthcare platform and the world's largest digital healthcare platform, Ping An Good Doctor, reached 373 million users in 2020. Some crazy metrics in 2020 from Good Doctor: 373 million registered users, 72 million Monthly Active Users, including 4 million monthly paying users, and +900,000 daily video consultations. Thanks for the read Peter Fisk, full presentation available here.
The Case for Default Insurance: great read from US VC firm Andreessen Horowitz on the future of embedded insurance. Embedded or default insurance is one of my favorite topics at the moment. Full article here
EY lists 5 digital transformation opportunities for insurers post-COVID19 along the insurance value chain (product development, marketing, distribution and service, underwriting and claims. Full article here
FT Partners releases its annual 2020 Insurtech Almanac, a real reference document. 2020 has been a record year for Insurtechs, with $7 billion raised across 290 deals. Full slidedeck here.
McKinsey & Company discusses the scale game in insurance. And argues that to fully reap the benefits of scale, insurers need to be expert at managing complexity. Full article here.
Hiring news: Google hires former Deloitte Digital Partner Nigel Walsh as Managing Director of Insurance. Yet another strong signal that Google's interest in insurance is here to last. Full article here.
Cool read from CB Insights on how Insurtechs are unbundling AIG's Property & Casualty products and services. Full article here.
And some fund-raising and other Insurtech news this week:
German Insurtech Hepster, which allows e-businesses to build and sell insurance products, surfes on the embedded insurance trend and raises a $10m Series A led by Element Ventures. Full article here.
Wefox, the German Insurtech, came up last week with 3 pieces of news: (1) it doubled its annual revenue to $142 million in 2020 and is in talks with potential investors on a fresh funding round, after raising a total of $235 million (2) it just announced a rebranding of its D2C brand ONE under the Wefox brand, and (3) it announced working on a new risk prevention product based on smartphone and connected devices data, called Wefox Prevent, with the effort being led by former Samsung execs based in Paris, France. Full article here.
Zego, the UK commercial motor Insurtech, raises a $150 million Series C round led by DST Global to become the UK's first Insurtech unicorn. Since its inception, Zego has provided more than 17 million insurance policies and covered more than 200,000 vehicles in five countries. It now plans to move more aggressively to larger commercial fleets. More information here.
Baloise's pay-as-you-drive auto Insurtech FRIDAY expands to France with two seasoned insurance executives, Jehan de Castet and Maud Mariani to lead French operations. Full article here.
Corvus Insurance, the Boston-based cyber risk scoring and Insurtech startup, raises a $100 million Series C at a $750 million valuation led by Insight Partners. With the increase in cyber attacks and companies reassessing their IT structure and risk landscape with employees working from home due to the pandemic, Corvus grew its premium 250% in 2020 to reach a $120 million annual premium run rate. Full article here.
That's it for this week!