Next Insurance's new investor. Allstate data patents. This week in insurance tech.
This week, Intact, the largest P&C carrier in Canada, became the latest insurer to invest in a smart home startup – water and flood monitoring company Alert Labs.
The investment comes a month after Canada’s third largest home insurer, Desjardins, recently announced a partnership with USAA-backed smart water leak detector Roost.
Smart home startups backed by insurers have seen mixed success. AmFam Ventures-backed Snupi Technologies sold its WallyHome sensor technology to Sears before shutting down at the end of 2015. Meanwhile, smart doorbell Ring, also backed by AmFam, was last valued at over $430M in its latest fundraise according to CB Insights data.
Here’s what Travelers CEO Alan Schnitzer said this week on its earnings call regarding the topic of expanding UK-based online small business insurance broker Simply Business. Recall Simply Business was acquired by Travelers for $490M in March.
India’s emerging fintech landscape
Last September, Paytm, India’s largest mobile wallet app, launched a program to offer health insurance to auto and cab drivers. At the time, Paytm head of financial services Krishna Hedge said, “We do not want to be just another distribution platform, but offer a lot more than that.”
Earlier this week, it was reported that Paytm was in talks with Softbank for a new investment that could go as high as $1.5B. Paytm counts more than 200 million users and has previously claimed to be acquiring 1 million new merchants per month.