Insurers including AXA, XL Catlin, and Transamerica have made financial investments in an insurance tech startup distributing insurance.
XL Innovate’s investment in P&C peer-to-peer insurance startup Lemonade marked the first insurer investment in a digital-first insurance carrier, but the latest in a string of recent investments by insurers into tech startups selling insurance.
As the table below highlights, at least 8 insurers including AXA, American Family, and Transamerica have financially invested either directly or through their corporate venture arm in an insurance tech startup distributing insurance (mainly through a brokerage or managing general agent model).
But the vast majority of investments during the rise of insurance corporate venture arms have gone to tech startups complementary to their core business, ranging from data and analytics platforms to security software.
Note: the chart below does not highlight joint ventures including Zhong An Insurance (of which Ping An was an initial partner) in China and GoBear (Aegon) in Southeast Asia.
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