Startup and insurer moves in small commercial. This week in insurance tech.
Fast and slow
Hi there,
Last week, we saw two additional news items in the small commercial P&C space including the launch of Starr Insure and a Series A financing to CoverWallet led by Union Square Ventures.
Here’s an updated look at the growing number of funded small commercial insurance tech startups in the US as well as a short summary of notable insurer moves in small commercial insurance in the year-to-date.
Top dog
Last week, pet tech startup Nuzzle launched a GPS-enabled smart collar and app that also distributes pet insurance in partnership with Embrace Pet Insurance.
Dogs are the only pet shown on Nuzzle’s homepage, which also reign over cats when it comes to pet insurance premiums, according to Naphia.
This week, last year…
According to a new report from the Insurance Association of China, the combined premiums of insurance policies sold online in China jumped 160% in 2015. Last week, the FT profiled Zhong An Insurance, which has sold a notable 5.8bn policies to 460M customers in China.
As part of the report announcement, IAC head Zhu Jinyuan said that despite the growth “not enough efforts have been made to innovate online sales business models.”
Exactly one year ago, Baidu announced a joint venture in partnership with Allianz and Hillhouse Capital around “scenario-based insurance,” to offer coverage for high-frequency online transactions like travel, ticketing, and food delivery. That joint venture has yet to launch – so it’s also true that some such efforts have long been delayed.
Have a great rest of the week and, for those in the US, have a wonderful Thanksgiving. Thanks for reading.
