Techsurance - your weekly insurance technology readings🗞
June 14 - 20
Hi everyone,
Hope you had a great week! A bit late, but here’s your weekly Insurtech digest from last week, subscribe and share if you like the content!
💲 VC fund-raising and M&A news
Tractable raises $60 million Series D co-led by Insights Partners and Georgian Partners at $1 billion valuation. Another British Insurtech unicorn! Following Zego earlier this year, Tractable reaches unicorn status with this new round of funding. Tractable leverages AI to automate and quicken damage appraisals for auto insurers. Tractable says it works with more than 20 of the top 100 auto insurers in the world, and it has seen sales grow 600% in the last 24 months. Tractable works with customers like GEICO, Covéa, Admiral, and more 📰 TechCrunch
Akur8 closes $30 million Series B led by an undisclosed investor. Akur8 is used by actuaries and pricing teams to make faster decisions about insurance pricing. Customers include AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln, insurtechs Wakam and wefox, as well as mutualistic player Matmut 📰TechCrunch
Honey Insurance, the Australian home insuruance intermediary, raises $12 million seed round from a group of investors. Honey Insurance provides home, renters, and landlord insurance underwritten by RACQ. Honey claims it gives out home sensors and that homeowners receive up to an 8% discount on their home and contents premium 📰 Coverager
🚀 New products, partnerships, collaborations and more
Direct Assurance, the direct insurance arm of AXA in France, launches a new D2C complementary health coverage, its fourth insurance line 📰 Les Echos
Farmers Insurance partners with Zesty.ai, integrating the startup’s wildfire risk scoring model into its homeowners insurance underwriting processes 📰 Coverager
Home 🏡 and car 🚗 insurance news
Thunktack, the US-based modern home management platform, secures a $245 million investment at a $3.2 billion valuation led by Qatar Investment Authority and joined by Blackstone Alternative Asset Management as well as G Squared. In the last 12 months, Thumbtack has grown revenue more than 50% and is on track to generate more than $2 billion in revenue for local service providers this year 📰 Coverager
Cambridge Mobile Telematics acquires TrueNotion, one of its biggest competitors in the telematics space. As a result, CMT will now provide telematics services to 21 out of the 25 largest auto insurers in the United States. Yet another consolidation move in the telematics space, following USAA’s acquisition of Noblr just a week ago 📰 Coverager
