Techsurance - your weekly insurance technology readings🗞
July 5 - 11
Hi everyone,
Here’s your weekly Insurtech digest from last week, subscribe and share if you like the content!
And for all the soccer fans out there, congratulations to the Italian team for winning the Euro this weekend, a well-deserved victory! And sorry to my British friends, it’s coming to Rome this time 😅
To start off this newsletter, a nice visualization from Astorya.vc on European Insurtech deals in H1 2021. Overall, European Insurtechs raised €1.7 billion in H1. Impressive!
💲 VC fund-raising and M&A news
🦄 Acko, the Indian Insurtech, is in talks to raise $200 million and become India’s next unicorn. Acko specialises as a provider of retail motor insurance for drivers and transportation services. In 2020, it also diversified its product mix to include health insurance. Along with its base of retail policyholders, the insurer also offers health covers to Amazon India’s registered sellers on its e-marketplace. The startup is likely to cross $150-175 million in premiums in fiscal 2022 📰 Insurtech Insights
Allianz X backs used car platform heycar. Heycar is an international digital platform for quality used car sales. In addition to the investment, Allianz Partners will become the insurance partner of heycar for the next five years in all existing and future markets. Allianz’ integration into heycar’s platform will make available core motor insurance products and extend to a variety of add-on features, such as roadside assistance and warranty 📰 Coverager
WeSure, the Israeli Insurtech, is acquiring a controlling stake in insurance company Ayalon for $110 million at a $216 million valuation. WeSure is traded on the Tel Aviv Stock Exchange 📰 Insurtech Insights
CoinCover, the crypto insurance platform, raises $9.2 million Series A led by Element Ventures. Coincover was the first crypto insurance platform to offer a Lloyd’s of London-backed policy to cover digital assets in wallets connected to the internet, known as “hot wallets.” Coincover, which works with the likes of BigGo, Curv and Fireblocks, says it also provides backup keys for wallets and “deposit protection guarantee” for customers’ wallets up to the value of $1 million 📰 Insurtech Insights
Super Seguros, the Mexican MGA, has raised $7.2 million in a Series A round led by ALLVP. Super Seguros promises to provide a radically simple customer experience, “no adjusters, automated claims, guaranteed payouts.”The company specializes in catastrophe (natural disasters), life, and health 📰 Coverager
Assurly, the French mortgage insurance provider, raises €6 million in a Seed round from Cleverton Ventures and business angels. Assurly is developing an app to issue an insurance quote for home loans in 3 minutes, and to subscribe to them in 10 minutes. It is already working in B2B2C mode with partners like Lovys, Avostarts and Rakuten France 📰 Coverager
🚀 New products, partnerships, collaborations and more
Akur8 partners with AXA Germany. Another week, another big announcement for Akur8, which has partnered with AXA in Germany. Akur8 is also working with AXA in Spain 📰 Eficiens (in French!)
Eight of the biggest insurance companies, including Allianz, AXA and Generali, just launched the Net-Zero Insurance Alliance to to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050. The NZIA will be chaired by AXA Group CEO Thomas Buberl 📰 Insurtech Insights
Wakam, the French insurer, just launched a new cyber-bullying insurance product in partnership with a French association. 📰 News Assurance Pro
Home 🏡 and car 🚗 insurance news
ManoMano, the French home improvement e-commerce platform, just raised a whopping $355 million Series F led by Dragoneer Investment Group, at a $2.6 billion valuation. The company operates an e-commerce platform focused on DIY, home improvement and gardening products 📰 TechCrunch
Very interesting new “Work from home” insurance bundle from Nationwide in the US. The US-based insurer is combining pay-per-mile auto insurance (with savings going up as high as 40%), home or renters insurance, as well as identity theft coverage into a single bundle. The bundle is available in 30 US States 📰 Insurtech Insights
Luko just revealed its no-border work policy in a blog post, allowing its employees to work from France or abroad in max +3 hours of timezone from its Paris HQ. Interesting to see how upstarts like Luko are also spearheading HR change in the industry 📰 Luko