125 insurance startups and investors to know. Global insurance tech funding record. Baidu enters insurance.
Insurance tech funding goes boom
Welcome to the third issue of the Insurance Tech Insights newsletter, where you’ll find research, data, funding announcements, partnerships, and perspectives in insurance tech we think you’d want to know about.
The latest funding figures to global insurance tech startups are in – and they are big.
In total, investors have plowed over $2B into the insurance tech ecosystem in the first nine months of this year. More importantly, deal activity in the insurance tech space is hitting all-time highs.
Another tech giant enters insurance
One of the reasons for the funding spike was a giant Q2 financing to Chinese online insurance seller Zhong An Insurance, initially backed by Alibaba and Tencent.
Now the third Chinese internet giant has entered the insurance arena. In a joint venture with Allianz, Baidu has launched a “scenario-based” insurance company called Bai’an, which is expected to offer coverage for high-frequency online transactions like travel, ticketing, and food delivery.
Speaking about the launch, Baidu’s Robin Li used some words that most insurance firms probably don’t hear too often.