PolicyBazaar vs. BankBazaar. Blockchain funding deck. This week in insurance tech.
In a review of its 2016 financial results, Admiral Group (LON: ADM) CEO David Stevens recently weighed in not just on the broader role of technology in the insurance industry, but why “whizzily named startups” won’t work.
An excerpt of his comments below:
Meanwhile, other insurers continue to kickstart VC arms. Aflac this week announced a new $100M fund to invest in early-stage startups.
Here’s a look at some of the insurance VC arm launches over the last couple years. If you were to add up the amounts earmarked by units launched since the start of just 2015, it would amount to well over $500M.
The two Bazaars
India-based online insurance comparison company PolicyBazaar this week took to the press to say it had recently turned profitable and planned on raising new funds.
This comes a week after competitor BankBazaar said it had achieved “positive unit economics” on its transactions, but still had some ways to go before becoming a fully profitable company. Both have raised a similar amount of capital to date.
Below is how the two compare by web rank over time (PolicyBazaar in yellow).
Here’s a look at how Zhong An‘s monthly premiums have trended over time. Recall the Shanghai-based online-only insurer said recently it plans to sell a stake of up to 10% of the company to new strategic investors.