Root raises $51M. Flexible insurance. This week in insurance tech.
Last Thursday, we put together some slides on recent activity in the P&C insurance tech space. Get the slides here.
Over the last week, we’ve seen updates from both startups and insurers.
Travelers announced it was launching a flexible renters insurance brand in New York called Traverse. The product offers zero-deductible identity-theft and liability insurance and allow customers to choose other policies such as travel insurance.
Today, Root Insurance closed $51M in new funding led by Redpoint Ventures. Root, which offers customized quotes to drivers after testing their driving behavior for 2-3 weeks using its mobile app, is currently available in 13 states.
Allianz backs challenger bank N26
In October 2016, Allianz announced it would partner with German challenger bank N26 to offer travel insurance as part of its black card offering (N26 also has an insurance partnership with startup Clark). Less than two years later, Allianz is now a major investor in N26 through its Allianz X investing arm.
Today, N26 has more than 850K customers in Europe and is targeting expansion in both the US and UK this year. We recently dug into the various strategies and growth of N26 and five other digital challenger banks.