P&C insurance tech investment trend. Indian insurance tech IPO? This week in insurance tech.
Lots of news in P&C insurance startup land this week. Here’s a short rundown:
Insurance comparison startup CoverHound moved into small commercial. At present, the portal process ends in a phone appointment ask. Chubb, which owns a 24% stake of CoverHound, is among the coverage plans offered after starting its small commercial division in March of this year.
Online insurance carrier Lemonade, backed by Sequoia Israel, Aleph, and XL Innovate, launched its web and mobile products for obtaining renter’s, homeowners, condo, and co-op insurance in New York. The startup plans to take a flat 20% fee from monthly payments.
German and Swiss mobile insurance management startup FinanceFox raised $28M, the largest Series A in European insurance tech. The startup brokers auto among other personal policies.
Per-mile insurance startup Metromile disclosed that it raised over $191M in total equity and debt funding since late 2014 with plans to use some of the funds to acquire carrier Mosaic Insurance and replace its underwriting relationship with National General in the states highlighted below:
The news reflects a broader influx of startup activity in the P&C insurance space, which has already seen investment deals jump to a new high in 2016 YTD. Of note, 70% of 2016 YTD deals have gone to early-stage activity (seed/angel, Series A).
There were also some announcements on the life side.
Today, Haven Life announced that qualified consumers will be able to obtain a term policy without a medical exam. Haven is the millennial-aimed online life insurance brand from MassMutual, which also launched ValoraLife earlier this year, aimed at the Hispanic middle market. See our earlier Q&A with Haven CEO Yaron Ben-Zvi.
Separately, India-based PolicyBazaar, which derives half of its business from life insurance sales, claims to be seeking a Nasdaq listing, according to CEO Yahish Dahiya.