Bitesize InsurTech: Whatever happened to…?
December 17, 2016 Greg Brown
We have covered an InsurTech company every Saturday since April 2016. We thought it would be interesting to find out how the businesses have developed since we wrote our piece. Here is the latest on six of them.
Digital Fineprint announced on 12 December that they’ve closed a $400k investment round. Eos Venture Partners, the InsurTech VC, led the round which included a group of industry angel investors such as Carl Bauer (co-head of FIG at JP Morgan) and Shailesh Rao (VP at Twitter and Google). They’ve got a neat explainer video here.
2016 was a busy year for ComplyAdvantage. They completed a $8.2m series A fundraise, launched in the US and increased their customer base to 200 firms that now rely on ComplyAdvantage’s data and technology to help them comply with regulations and protect them from financial crime.
You can find out more news here and here.
Cuvva: Featured 13 August
Cuvva tell us that “2016 has been a great year”. They have grown 25% month on month since the start of the year and have now surpassed 100,000+ hours insured. In 2017 they are going to introduce a major new product to the market for infrequent drivers.
GetSafe: Featured 25 June
GetSafe started selling a white-labelled, end-to-end mobile car insurance product. At a guaranteed 5% discount, users could purchase this insurance by answering 2 simple yes/no questions. More such revolutionary policies will follow in 2017 we’re told.
CoVi: Featured 11 June
CoVi released its platform that simplifies regulation in 2016. We’re told that their pipeline includes “over 8 insurers” (which we presume means 9?!), including 3 of top the 10 UK insurers, who are all looking to pilot in 2017.
Trov: Featured 4 June
Trov finished 2016 with “significant momentum”. They announced Munich Re as their underwriting partner for their US launch in 2017 and successfully launched on-demand insurance in the United Kingdom, in partnership with AXA Insurance, on Nov 22.
Safeture report that it’s been “full steam ahead” this year, with an extra focus on sales resulting in a new major partnership for the company. Looking to the future Safeture isn’t aiming to keep up with new technology, but to create it. So, early next year, Safeture will release its new SDK service allowing existing apps to use their content.