European insurer Allianz SE is increasing the size of its tech investment fund to 1 billion euros, making it one of the largest corporate-backed venture funds in Europe. The new funds will target startups where Allianz sees some future cross-selling or use case.
The Government of UK has selected InsurTech Floow to guide on its new UPLIFT project. Through this collaboration, the government wants to understand risk and the role of telematics in making insurance simple and transparent for motorists.
Ping An Insurance (Group) Co., China’s largest insurer by market value, is gearing up for an initial public offering of its OneConnect unit that could value the financial management portal at about $8 billion.
Zurich Insurance Group has acquired InsurTech firm Sea Pine Technologies which has built digital applications for marketing vehicle protection products. Through the acquisition, Zurich aims to expand its offerings in the automotive industry and accelerate its delivery of innovative solutions.
US InsurTech CoverHound has closed a $58 million Series D round. The funding was led by insurance firm Hiscox and featured participation from a variety of insurance providers including Chubb, Aflac Ventures, and Japan’s MS&AD.
Aon is streamlining claims management capabilities for the benefit of its clientele, in partnership with InsurTech Claim Central. In line with the strategic alliance, Claim Central is opening an innovation centre in Florida which will run the global tech firm’s single platform claims solution.
Bosch and InsurTech Amodo have collaborated to develop new services and provide more value to the clients of both companies. As a result of the collaboration, a telematics program that provides crash reconstruction with a feature of emergency calling would be provided to customers.
InsurTech Jetty, which offers insurance and guarantor services to renters, has raised $25 million in its Series B round led by Khosla Ventures. The firm plans to use the new cash to establish more partnerships with real estate institutions and upgrade its tech infrastructure.
AXA Venture Partners (AVP) has raised $150 million for a new early-stage fund that will invest technology companies mainly focused on the insurance sector. The company plans to use the fund to invest in startups with a particular focus on FinTech and digital health.
London-based Fin Tech Pluto has secured support from Zurich to offer a travel insurance service that would provide a quote in around 60 seconds. As part of the collaboration, Zurich has agreed to provide underwriting expertise and claims management capacity to Pluto.
SBI Holdings and German start-up We fox have banded together to create a new InsurTech, SBI We fox Asia, in Japan. The startup will be based in Tokyo and fuel-led by Wefox’s artificial intelligence (AI) and big data.
Clear cover, a Chicago-based InsurTech company, has raised $43 million in a Series B funding round. The startup is focused specifically on the auto industry, and is aiming to make purchasing car insurance more efficient and less expensive.