Jetty is an insurtech startup that focuses on insuring belongings in customers' apartments; the company also announced a $4 million seed round from investors that include Ribbit Capital, Box Group, Social Capital, SV Angel, Red Swan, MetaProp NYC and Solon Mack Capital; the company is initially offering property coverage, liability coverage, loss of use coverage and medical payments coverage; consumers have the ability to upgrade if they have high priced items in need of insurance; Jetty was founded in 2016. Source
B3i was developed to explore and promote blockchain innovation in the insurance and reinsurance market; the consortium began in October 2016 and has now added three new members bringing its total membership to 15; the consortium's newest members include Hannover, Generali Group and SCOR; B3i is currently developing a shared platform for exchanging contracts which could likely develop into a commercial insurance services company by 2018. Source
Online auto insurance company, EverQuote, has raised $23 million in Series B funding; the funding is part of a pre-IPO plan to provide liquidity to its founders and employees; the firm will also use the funding to hire 120 employees focused on sales and data; plans also include directly selling insurance on the platform with the use of proprietary data from the firm's app, EverDrive. Source
Insurtech startup Lemonade announced “We’re opening up the Lemonade platform to the world!” says Shai Wininger, co-founder of Lemonade; the new open API will allow Lemonade to be seamlessly integrated with commerce websites, financial advisor apps, property management companies, payment software processors, IoT [internet of things] platforms and more as Banking Technology reports. Source.
Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source
Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source
According to ThreatMetrix, digital fraud has been costing insurance companies approximately $250 billion annually in recent years; data from ThreatMetrix also reports that fraudsters have compromised over five billion personal identities, 1 in 10 insurance accounts are fraudulent and 3% to 5% of all claims in the US are fraudulent which adds approximately $400 to the cost of a family's insurance per year; with these statistics, development in advanced fraud solutions is also becoming important for insurtech; machine learning and artificial intelligence (AI) are the main drivers behind many of the industry's fraud detection solutions and the AI capabilities are expected to gain even more traction as additional solutions evolve. Source
One, Inc. has announced the closing of a Series B funding round which raised $20 million for the firm; the Series B funding follows a Series A funding round in 2014 and brings total capital raised to $36.7 million; investors in the Series B funding round included AXA Strategic Ventures, MassMutual Ventures and H&Q Asia Pacific; over the past three years the company has tripled its annual revenue and quadrupled its number of customers; offers a full Software-as-a-Service (SaaS) platform that provides for all the core functions an insurance company needs; provides solutions for both new market entrants and large insurance providers seeking new technology platforms; it plans to use the new capital to add products and business lines as well as for global expansion. Source
In a press release this week, marketplace lender, SoFi, provided more details on its partnership with Protective and announced the launch of a new term life insurance offering for millennials; product provides life insurance for up to $1 million and features a 20 minute application and approval process. Source
The Plug and Play Tech Center in Silicon Valley has created a program to connect 30 of the largest insurance companies with insurtech startups; these insurance companies are seeking insurtech innovation for improving user experience, risk assessment and underwriting, prevention of loss and cost reduction; additionally, large insurance companies are reporting that they seek access to a range of innovative solutions across all industries. Source