The Top Financings And Partnerships In Insurance Tech — 2016 Recap
By CB Insights
From the rise of insurers starting strategic venture arms to a record amount of early-stage deal activity to new partnerships in smart home, distribution, and elsewhere, it’s been a busy year in the world of insurance tech.
So we compiled a list of notable insurance tech partnerships and deals we tracked in 2016 YTD (through Dec. 21, 2016), which you’ll find below.
Financing Deals
The 10 largest insurance tech financing deals in 2016 YTD (12/21/2016) totaled just over $960M in aggregate funding.
| Largest Financing Deals: 2016 YTD (12/21/2016) | ||||
| Startup | Description | Select Round Investors | Amount | Date |
| Oscar Health | Tech-enabled health insurance carrier | Fidelity Investments, Founders Fund, General Catalyst Partners, Goldman Sachs, Google Capital, Horizons Ventures, Wellington Management, Khosla Ventures | $400M | Feb-16 |
| Clover Health | Data-driven health insurance startup | Greenoaks Capital Management, First Round Capital, Wildcat Venture Partners, Sequoia Capital, Soical Capital, AME Cloud Ventures | $160M | May-16 |
| Metromile | Per-mile car insurance | NEA, Index Ventures, Intact, Mitsui & Co., SV Angel, First Round Capital David Friedberg | $103.1M | Feb-16 |
| Bright Health | Data-driven health insurance startup | New Enterprise Associates, Flare Capital Partners, Bessemer Venture Partners | $80M | Apr-16 |
| Metromile | Per-mile car insurance | China Pacific Insurance | $50M | Sept-16 |
| Cyence | Economic cyber risk modeling | NEA, IVP, Dowling Capital Partners | $40M | Sept-16 |
| Lemonade | Online insurance carrier offering homeowners and renters insurance | General Catalyst, Thrive Capital, GV, Sequoia Capital Israel, XL Innovate, Aleph | $33M | Mar-16 |
| Justworks | Payroll, benefits, and compliance services | Bain Capital Ventures, Index Ventures, Redpoint Ventures, Thrive Capital | $33M | Mar-16 |
| Huize Insurance | Chinese online insurance agency | Beijing Wanrong Times Capital, Shenzhen CDF-Capital Co. | $31M | Mar-16 |
| Namely | HR, benefits, payroll software and brokerage | Sequoia Capital, Greenspring Associates, Matrix Partners, True Ventures | $30M | Feb-16 |
Partnerships
| 2016 Startup-Insurer Partnerships | |||
| Startup | Partner Insurer | Description | Date |
| Next Insurance | Munich Re | The online small commercial insurance startup becomes the seventh disclosed partner of Munich Re Digital Partners to launch a product targeting commercial photographers. | Dec-16 |
| Nuzzle | Embrace Pet Insurance | The startup’s GPS-enabled smart collar and app also distributes pet insurance in partnership with Embrace Pet Insurance. Nuzzle has raised $3.8M in seed funding. | Nov-16 |
| Wrisk | Munich Re | Wrisk plans to offer motor, travel and home cover via smartphone app. Wrisk is the sixth disclosed partnership from Munich Re Digital Partners. | Nov-16 |
| Blink Innovation | Munich Re | Blink plans to offer what it calls “real-time resolution flight interruption insurance.” Blink is the fifth disclosed partnership from Munich Re Digital Partners. | Nov-16 |
| SoFi | Protective Life | SoFi partnered with Protective Life to provide up to $1M in term-life insurance to its clients in a fully online application. | Nov-16 |
| N26 | Allianz | The card comes with travel, flight and mobile phone theft coverage from Allianz. | Oct-16 |
| Ladder | Hannover Re | The term life insurance startup, which raised $14M last week, is the first announced startup collaboration from Hannover Re’s Partnership Solutions team, announced in September. | Oct-16 |
| Bitsight | AXIS Capital | The partnership will provide Bitsight’s security raitings to a specific group of Axis policyholders starting in November. | Oct-16 |
| So-sure | Munich Re | So-sure is developing a peer-to-peer insurance for mobile phone coverage. | Oct-16 |
| League | RBC Insurance | The health benefit startup’s expanded offerings include a “peace of mind” plan and group life and health insurance products with partner RBC Insurance. | Oct-16 |
| Simplesurance | Munich Re | The partnership will provide jointly offered policies with Simplesurance will take on sales and the claims handling and Great Lakes, a subsidiary of Munich Re, covering insurance risks. | Sep-16 |
| Trov | Munich Re | The on-demand personal item insurance app is the second underwriting partnership from Munich Re Digital Partners. | Sep-16 |
| Indico Data Solutions | John Hancock | The partnership with the text and image analysis startup is meant to accelerate Hancock’s use of machine learning in investment decisions. | Aug-16 |
| Cocoon | Zurich | The partnership will allow UK customers to purchase a Cocoon smart home device at a discounted premium and receive a home insurance discount from Zurich. | Aug-16 |
| Ant Financial | AXA | Munich Re will provide the capacity for Slice Labs’ on-demand insurance products for the sharing economy | Jul-16 |
| Gravie | Securian | Securian Financial made a $1M investment and will begin selling life insurance through Gravie’s online marketplace | Jul-16 |
| Slice Labs | Munich Re | Munich Re will provide the capacity for Slice Labs’ on-demand insurance products for the sharing economy | Jul-16 |
| Trov | Suncorp, AXA | Trov partnered exclusively with Suncorp in Australia and AXA for its upcoming UK launch | Apr-16 |
| Grab | AXA | The partnership launches a usage-based insurance private hire car drivers on Grab. | May-16 |
| Canary | Liberty Mutual | The partnership allows Canary owners to save on their home insurance. | Jul-16 |
| Openbay | Allstate | Allstate teamed up with Openbay, an online marketplace for non-collision auto-repair and maintenance services, to allow consumers to receive multiple price quotes and schedule auto repairs | Jun-16 |
| August Home | Liberty Mutual | The partnership allows August Smart Lock owners to save on their home insurance. | May-16 |
| PrecisionHawk | Munich Re | Munich Re partnered with PrecisionHawk to enhance insurance assessments by providing faster response times and increased reporting accuracy in the aftermath of a natural disaster. | May-16 |
| Airware | State Farm | Airware is working to select and customize drones and pilots that State Farm uses and plans to begin operations in the US in the next few months. | Mar-16 |
| Student Loan Genius | Prudential | Prudential partners with Student Loan Genius to offer startup’s 401k contribution feature. | Mar-16 |
| Ola | Bajaj Allianz | The partnership will provide online motor insurance solutions to Ola drivers. | Mar-16 |
| Roostify | Genworth | Genworth is the first mortgage insurance provider to partner with Roostify’s cloud mortgage software service. | Mar-16 |
| Carma | Assurant | The partnership provides insurance coverage for Carma’s carpooling and car-sharing programs in the San Francisco Bay Area. | Mar-16 |
| Understory | Amica Mutual Insurance | The partnership between the insurer and the weather sensor data startup aims to improve claims handling. | Mar-16 |
First appeared at CB Insights
