Earlier this week, our data parsing and extraction technology, dubbed The Cruncher identified a job posting for Blue Owl Technology, which describes itself as “a stealth mode InsurTech venture poised to rethink and re-engineer the insurance industry while helping people live longer, more fulfilling lives.”
The job description claimed that Blue Owl had raised $35M in its first funding round. The startup is currently leasing 10-20K sq. ft in San Francisco’s Citigroup Center. Notably, this is the HQ of billion-dollar mobile shopping app Wish (translation: not cheap).
So it looks like Blue Owl has some resources and appears to be focused, initially, on auto insurance and car accident prevention. Another curious Cruncher finding is that Blue Owl’s business entity address points to State Farm headquarters at One State Farm Plaza.
Whether Blue Owl is associated with a current or former State Farm employee, a startup carrier, or something else entirely remains to be seen.
Q&A: Jay Bregman, CEO, Verifly
Backed by $2.7M from investors including Slow Ventures, LocalGlobe, and Novel TMT Ventures, Verifly offers per-hour third-party liability and invasion-of-privacy coverage for drone use underwritten by Global Aerospace Insurance and distributed via mobile app.
We caught up with CEO Jay Bregman (@jaybregman) to get his thoughts on finding an insurance partner and Verifly’s near-term roadmap.
On finding an insurance partner
“About a year ago, we knew exactly what we wanted to build and we went out to find an insurance partner. We did a roadshow in London and Global Aerospace was clearly the most aggressively aligned with our vision for the drone market. So we are the exclusive producer for these policies and we developed the policies and got them approved in 40 different states. We made the decision to build the policies from the ground up otherwise we couldn’t provide the experience we wanted to provide.”
On Verifly’s near-tear roadmap
“On the geographic front, getting to the rest of the US, expanding into peripheral territories outside of the US. In addition to that, it’s really about expanding the reach of this product to be able to address more of the use cases and more of the evolving technology about drones. So things like allowing increased limits over $1M, having coverage areas that are not just a quarter-mile, and varying the time so we can do as little as a single flight or as many as a group of flights over a day.”
InsureTech Connect 2016: CB Insights is excited to be joining more than 120 innovators from across the insurance ecosystem at the inaugural InsureTech Connect conference on October 5-6 in Las Vegas.