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


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