Willis Towers Watson Q2 2021 Quarterly InsurTech Briefing Datasheet

Datasheet for Willis Towers Watson models including: Q2 2021 Quarterly InsurTech Briefing, Q2 2021, Quarterly InsurTech Briefing, InsurTech Briefing, Briefing

Quarterly InsurTech Briefing

enable agents to guide their customers to the right coverage at a competitive premium. ... The platform's capabilities support both automated and manual.

The platform's capabilities support both automated and manual underwriting and product pricing, ... iLife Technologies offers a user-friendly life insurance.

Not Your Device? Search For Manuals / Datasheets:

File Info : application/pdf, 48 Pages, 13.72MB

Document

1627554491-wtw-quarterly-insurtech-briefing-q2-20212

Q2 2021
Quarterly InsurTech Briefing
July 2021

Contents

Foreword
Back to the future?

2 Introduction

10 InsurTechs in Spotlight 22

The future of distribution and delivery

- bolttech

- Semsee

- Uncharted

- Breathe Life

- Bindable

- Penni.io

- Talage

The Art of the Possible
Adrian Jones, Hudson Structured Capital Management

32 Incumbent Corner
Sean Ringsted on Chubb Studio

38 Thought Leadership

WTW's Clyde Bernstein on 3D distribution

at 5G speed

Transaction Spotlight

48 Technology Spotlight

54 The Data Center

- Ethos - Bought By Many - Shift Technology

50 Radar Workbench 51 52

This quarter's data highlights

1 Quarterly InsurTech Briefing Q2 2021

Foreword Back to the future?

Foreword

Back to the future?

Dr. Andrew Johnston Global Head of Willis Re InsurTech, Quarterly Briefing Editor
In certain parts of the globe, the efficacy of comprehensive vaccination rollout plans are starting to have the desired effect. Consequently people and businesses alike are starting to make plans to "return to normal." These plans are rightly being met with a plea to take the best of what COVID-19 has forced our society and industry to appreciate and accomplish, and blend it with our desire to reengage with the tactile world. This new normal will be technologically enabled but hopefully retain those things that can only be accomplished by the human touch. Done correctly, we will go back to the future.
At a social level, it is clear that people want to go back to traveling again, they want to go on holiday again, they want to take risks, they want to start new businesses and do many of the things that have been very tricky to accomplish since the beginning of 2020. Similarly, the world has also moved on; the gig economy continues to grow, and we continue to muddy the water between home and work, personal and professional/commercial. Irrespective of COVID-19, issues such as climate change and cyber continue to present our world (and our industry specifically) with many unprecedented challenges. A surging demand for electric vehicles, automated processes, and increasing expectation for instantaneous service and results are also fueling the fires for change.
From a product, service, distribution and underlying risk perspective, we -- as a society and as an industry -- are moving at an unprecedented speed to match expectations with reality, largely powered by harnessed appropriate technology and digital strategy. As our lives are changing at a micro level, a collective society at a macro level demands an insurance community to support its changing behavior. With so much retail choice, those (re)insurance

providers that fail to respond to the changes that the back-tothe-future model are creating will fall away over time. We have a fantastic opportunity ahead to rid ourselves of obsolete legacy and redefine what it means to serve and be served in the contemporary shared risk pool that is technologically enabled (re)insurance.
Building on the astronomically high level of InsurTech investment we observed in the first quarter of this year, we will once again be announcing another record-breaking quarter in Q2. This means one thing is still abundantly clear: There is still more investment capital looking for a home than there is grey matter itself. This has led to some grossly overvalued businesses that our industry is looking to in order to help drive some of the technological evolution and social change that we have just described. In particular, as many risk-originating InsurTechs are maturing and looking to go public, we are seeing the initial public offering (IPO) trajectory for some businesses happening earlier and earlier in the funding cycle. An optimist could look to this as a sign of great businesses coming through the investment journey that do not need to cede unnecessary percentage points of equity or go through another round of pilots/proof of concepts. A cynic may well see this as a rushed move to make the most of the bullish investment landscape, which is likely to turn tide before long.
Globally, markets are shifting; the investment landscape is moving to a more conservative stance, and "tech" firms that are financial services-focused are increasingly playing in very volatile markets. Furthermore, in a very real sense, the (re)insurance markets are hardening. The future of the global economy remains uncertain, as the pandemic, climate change, increased catastrophic events and other systemic events that continue against the backdrop of these volatile markets. These events have begun to force the (re) insurance market away from over a decade of "soft"(er) conditions to a situation that will be a lot less forgiving for new risk-originating entrants (technologically enabled or not).
The speeding up of going public (or going too early) might ultimately seal the fate at an industry-wide level for the type of overvaluation that we have seen in the past couple of years, as even the most optimistic short-term investors may have to reevaluate the true value of many InsurTechs over the long-term.
It would be remiss, however, not to acknowledge that some InsurTechs that have gone public, or plan to go public, are performing very well; for example, Doma (formerly States Title) announced in March it was going public through a special purpose acquisition company with Capitol Investment Corp. At that time, Doma reported financial results and key operating data for the

4 willistowerswatson.com

quarter ended March 31, 2021, boasting total revenues of US$128 million, up 80% from Q1 2020 and a gross profit of $26 million, up 98% from Q1 2020.
For many InsurTechs, the past 18 months have been a struggle. COVID-19, among other things, has presented our industry and most mature markets with some real uncertainty, which is leading to varying degrees of volatility. For those InsurTechs that have already gone public, it is clear that (perceived) volatility has had a broad effect on stock prices; we observe this in a recent trend for most InsurTech stock (and for that matter, most tech stock) to converge and move together, almost regardless of how the businesses themselves are performing. This would suggest that at present the market does not really know how to treat InsurTech stock (and this trend could last a while). Currently, most public InsurTech stock is experiencing a downward trend, as is so often the case with relatively exciting new investment opportunities during periods of volatility and uncertainty. This is not to suggest, however, that there will not be a positive future for many InsurTechs that can survive this uncertainty, and to this point, some individual businesses are demonstrating some impressive resilience already.
Over time, we predict that as the label of InsurTech becomes increasingly less important, and the market becomes more comfortable with certain individual businesses, there will most

likely be a natural push to drive individual InsurTech business stock prices to find their proper place on their own (and reflect the businesses they represent). At what point the typical share value of most InsurTechs will reach stability remains to be seen. In the short term, however, these tech-oriented stocks are feeling the brunt of a market that is changing. One thing is clear: For those InsurTechs that are able to weather the storm and bring a truly differentiated business to our industry, these changes could create untold longterm opportunities.
While the pathways to success are in reality very nuanced, InsurTechs should be thinking about our industry's success criteria in a clear manner (as it relates to their own offerings). Perhaps drawing a parallel to that of a fire triangle (requiring oxygen, fuel and heat made true with combustion), our industry requires risk, capital and operational efficiency to drive itself, within the context of a shared risk pool, a highly regulated industry and capped market size. If an InsurTech can truly bring a differentiated risk (offering), open up differentiated streams of liquidity or offer our industry a truly differentiated series of processes that can motor our industry, then it has a fantastic chance of success. In reality, we are seeing many businesses rehashing tried and tested products and processes that can, at best, add marginal value around the edges (but do not often justify the cost of disruption of their usage).

"For many InsurTechs the last 18 months
have been a struggle. COVID-19 among other
things, has presented our industry and most
mature markets with some real uncertainty
which is leading to varying degrees of
volatility."

5 Quarterly InsurTech Briefing Q2 2021

Relative/comparable share price percentage change (pegged to zero on January 5th, 2021)
1/8/2 021 1/20/2021 1/29/2021 2/9/2 021 2/19/2021 3/2/2 021 3/11/2021 3/22/2021 3/31/2021 4/12/2021 4/21/2021 4/30/2021 5/11/2021 5/20/2021
6/1/2 021 6/10/2021 6/21/2021 6/30/2021
Dea l s

Foreword continued

Figure 1 : Relative/comparable InsurTech stock price changes over time pegged to zero beginning January 2021, including S&P 500 to benchmark

0.40

Lemonade

0.20 0.00 (0.20)

S&P 500

Oscar

Go Health

Duck Creek Technologies

(0.40) (0.60)

MetroMile

Root

Root Lemonade MetroMile Oscar Go Health Duck Creek Technologies S&P 500

Data sourced from S&P Global Market Intelligence

The graph above shows the stock prices over time of some of the global InsurTechs that have gone public. In order to create a graph of stock price change relativity, we pegged S&P 500 and six InsurTechs at zero for the beginning of the year (Metromile and Oscar are introduced at the point of going public with the same peg) to illustrate relative performance over the same time period. While this is extremely crude, what we are attempting to

present is the convergence that we previously touched on. Not only have these six InsurTechs' prices experienced a general downward trend during H1 , their movement is highly correlated with one another, which would suggest that the market might view them as one animal rather than six individual businesses. We will continue to track performances to see if our hypotheses on this are correct.

As mentioned, changing market conditions do present some InsurTechs with an opportunity to take advantage of shifting plates as competition becomes fiercer and restraints on capital require increased efficiency, but frankly most InsurTechs are just not up to standard to survive a possible decade of stringent and volatile market conditions. This does not mean that the investment into InsurTechs pre-M&A/going public will dry up in the short term, but their ability to deliver on their commercial promises is going to be extremely difficult in the long term. Thankfully we are seeing a drying up of InsurTechs trying to sell their technology as the product they ultimately wish to offer. Technology is simply a mechanism to attain success against a series of commercial metrics. The mechanism being "blockchain-based" or "powered by AI" is meaningless if it has no net positive impact on risk, capital or operational efficiency.

Before moving on to this quarter's data, we also want to check in on another very real part of the overall InsurTech story that gets a lot less attention than big fundraises and valuations: individual InsurTech business closing. Just over a year ago, we estimated that some 184 InsurTech businesses had ceased trading. We yet again are trying to calculate what the updated rate of global InsurTech deaths has been/is. Running an analysis on InsurTech companies that might be "closed," the following metrics, although crude, were dialed; those businesses that have raised less than US$10 million overall, have not exited (IPO and/or M&A), have not raised any capital in over 24 months and are outside the top 25 percentile in CBInsights' platform Mosaic Score (a predictor of individual company health). The results of this show that approximately 456 InsurTech businesses fit these criteria. As noted, this is an extremely crude exercise but illuminating, nonetheless. While the actual number of InsurTechs that have ceased trading could be drastically different, our sense is that it is probably at least this many businesses if we consider 2010 our starting point.

Figure 2: Annual InsurTech funding trends, including transaction volume and dollar amount, 2012 H1 2021

US$ million

400
350
300
250
200
150
100 50 46
348 0
2012

66 276 2013

94
868 2014

132
2721 2015

176
1742 2016

218
2274 2017

Investment amount

Number of deals

377

8,000

314 262

7,000 308
6,000
5,000

4,000

3,000

2,000

4167 2018

6348 2019

7108 2020

7376 H1 2021

1,000 0

The graph above shows annual InsurTech funding ($ million) against the number of InsurTech deals. The number of deals in H1 2021 has already surpassed the entirety of 2018 and the years that preceded 2018.

Figure 3 : Annual InsurTech funding totals, 2012 H1 2021

8,000
H1 2021 funding total
7,000
6,000

6,348

7,108

7,376

Amount of funding (US$ million)

5,000

4,000

3,000

2,000

1,000 0

348 2012

276 2013

868 2014

2,721 2015

1,742 2016

2,274 2017

4,167 2018

2019

2020 H1 2021

The graph above shows the annual InsurTech funding totals ($ million). H1 2021 has already surpassed the total funding realized in the entirety of 2020.

6 willistowerswatson.com

7 Quarterly InsurTech Briefing Q2 2021

Foreword continued

Q2 Data Highlights
Global InsurTech funding reaches an emphatic record; the first half of 2021 already exceeds the full year of 2020 funding.
In Q2 2021, we witnessed the largest quarter-on-quarter funding increase since Q3 2018. Specifically, global InsurTech funding ballooned to over $4.8 billion, representing an 89% increase from Q1 2021 and a 210% increase compared with the same period last year.
Mega-rounds provide rocket fuel for Q2
In the first half of 2021, InsurTechs have raised $7.4 billion surpassing the $7.1 billion raised for all of 2020 by more than $300 million. While overall deal activity grew to 162 deals, up 11% compared with last quarter, a major driver of funding was the growth in mega-rounds ($100 million-plus funding), up to 15 deals.
Collectively, the 15 funding rounds represented nearly $3.3 billion or 67% of total funding, as these predominantly late-stage players seek expansion. Companies ranging from Germany-based digital insurer wefox, which raised $650 million, one of the largest Series C on record, to U.K.-based pet insurance managing general agent (MGA) Bought By Many, which raised a hefty $350 million Series D. Other major funding rounds went to companies like Collective Health ($280 million Series F), Extend ($260 million Series C), Alan ($223 million Series D), Shift Technology ($220 million Series D) and others.
Early-and mid-stage InsurTechs deals grew
While other stages contracted modestly, early-and mid-stage pipeline remains healthy. Deal activity was driven by mid-stage (Series B and C) deal share, which increased by 6% to 23%. The pipeline for early-stage InsurTech continues to remain healthy with early-stage deals growing by over 9% from the prior quarter and rebounding by 200% from the peak of the pandemic in Q2 2020. As a percentage of overall deals, early-stage activity fell slightly to 57% of deals versus 58% in Q1 2021.
InsurTech geographic diversity continues to grow
As opportunities to leverage technology in insurance transcend borders, InsurTech value propositions are resonating with more countries as entrepreneurs chase opportunities to innovate insurance in new regions. Geographic diversity among global InsurTechs continues to grow, with InsurTechs from 35 distinct countries securing investments, compared with 26 countries in Q1 2021.

For the first time, we observed activity in InsurTechs based in such countries as Botswana, Mali, Romania, Saudi Arabia and Turkey, and saw recent activity from less active regions, such as Vietnam, Philippines, Romania and Greece.
InsurTechs focused on distribution accounted for nearly 55% of all deal activity
A 7% increase from the prior quarter, InsurTechs driving efficiency in insurance distribution continues to be a major priority for investors. This quarter, 55% of deals involved start-ups focused on distribution (i.e., digital brokers, MGAs and lead generation). In addition, 10 of the 15 InsurTechs that raised mega-rounds this quarter focused on improving insurance distribution, with varying approaches.
The majority of companies focus on tech-enabled distribution in an attempt to minimize the dependence on agent channels, including embedded product warranty platform Extend, price comparison site The Zebra and commission-less life insurer Ethos Life. wefox, however, has taken a different approach. wefox, the Germanybased digital insurer, relies heavily on local agents for policy distribution but has built efficiency in other ways by automating nearly 80% of administrative processes, according to the company. Though approaches may vary, technology will continue to play an essential role in driving better, cheaper and more transparent insurance experiences.
The future of distribution and delivery

The future of product and service

The future of distribution and delivery

The future of process and operations

The future of risk

This quarterly briefing's contents
This Quarterly InsurTech Briefing, the second in the 2021 series, will focus on InsurTechs, InsurTech initiatives and thought leaders focused on the future of distribution and delivery -- a very pertinent topic given the total amount of investment activity that occurred this quarter focused on InsurTechs that specialize in this space. In this particular briefing, we will be featuring the following InsurTechs:
1. bolttech Hong-Kong-based bolttech is a global digital protection and insurance business that connects insurers, distribution partners and customers to make it easier and more efficient to buy and sell protection and insurance.
2. Semsee U.S.-based Semsee provides an easy-to-use, cloud-based platform for quoting small commercial insurance.
3. Uncharted Singapore-based Uncharted provides an insurance platform-asa-service (iPaaS) that can embed digital distribution and servicing solutions for the global insurance marketplace.
4. Breathe Life North American-based Breathe Life is a unified digital distribution platform for life insurance carriers.
5. Bindable U.S.-based Bindable provides a platform that brings together its agent software, a digital marketplace and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands and consumers.

In this quarter's The Art of the Possible, we speak to Adrian Jones, managing director at HSCM Ventures. Adrian discusses the InsurTech venture capital market, how HSCM Ventures supports entrepreneurs, and the HSCM Public InsurTech Index (HPIX). The HPIX is a market cap weighted index of 18 U.S. insurance-sector stocks with novel business models differentiated by technology. (The HPIX values will not necessarily correspond to Figure 1 shown on page 6.)
In this quarter's Incumbent Corner, we speak to Sean Ringsted, chief digital officer at Chubb, to discuss Chubb Studio, Chubb's engagement with technology and innovation, and the company's long-term technological innovation plan.
This quarter's Thought Leadership comes from Willis Towers Watson's Clyde Bernstein, head of broking, Great Britain and global leader of data and technology broking strategy. Clyde shares his thoughts on why our current insurance distribution methods have led insurers and consumers to a crossroads and the needed response from insurers to realize continued relevance.
This quarter's Transaction Spotlight highlights Ethos on its $200 million Series D round, Bought By Many on its $350 million Series D and Shift Technology on its $220 million Series D.
Our Technology Spotlight this quarter features Willis Towers Watson's Radar Workbench. Radar Workbench is the latest product in the Radar suite, building on existing foundations and capabilities in delivering insurance-specific technologies to commercial lines insurers.
As ever, we thank you for your continued support.

6. Penni.io Denmark-based Penni.io enables insurance products to be embedded at any digital customer touchpoint.

7. Talage U.S.-based Talage is a provider of digital distribution software solutions for commercial insurance.

8 willistowerswatson.com

9 Quarterly InsurTech Briefing Q2 2021

Introduction The future of distribution and delivery

Introduction
The future of distribution and delivery

This edition of the Quarterly InsurTech Briefing focuses on the future of distribution and delivery. Specifically, we will be assessing the various ways in which technology and InsurTech are attempting to foster and drive innovations that ultimately lead to a better outcome for consumers, risk originators, intermediaries, vendors of technology and capacity providers.
Of the four topics that this annual series of briefings will cover, the theme of distribution and delivery is perhaps the most controversial when viewed through the context of technology and, more specifically, many contemporary InsurTech businesses. At the height of InsurTech hubris (circa 2016/2017), it was not uncommon for InsurTechs to seek to "usurp" (re)insurance intermediaries and completely redefine insurance distribution (products, services, relationships, people, capital and the like) as we knew it. It is safe to say that, at a fundamental level, this crusade of theirs has failed when viewed across the board. It did, however, raise some very interesting points around consumer expectations, costs of service, the role of intermediaries and the life cycle of (re)insurance products.

When we speak of distribution and delivery, we are not just speaking about products, of course. Our entire industry, and every related part of it, is in some shape or form driven by distribution. Our industry is a pool of shared written risks orbiting around capital in thousands of regulated entities using a variety of in-house and external services and therefore requires objective distribution at its fundamental core. In addition to products and services, many other things are being distributed, for example, people, operations, business as bespoke programs, data, parochial expertise and claims, to name but a few. The diagram below represents an inexhaustive overview of the various parts of our industry being distributed. The parts in green represent fixed parts of our industry; the parts in purple represent the more fluid currencies in our industry.
If we begin at the start of the value chain, let's evaluate the ways in which our industry has evolved to function and review those technologies, initiatives and firms that are looking to add long-term value.

t bonds ker

capPitarol edxucchtange Primary insurer

An inexhaustive overview of the various parts of our industry being distributed

Fluid parts: data, capital, intepretations of risk and information

Capital

Specialized broker services,

including reinsurance/

retrocessional broking,

modeling, actuarial work

Highly

specialized broker 1

ProIgnrfaramstbruuscitnuerses 7

specWiahlitoylebsroale

Reinsurer Broker/agency intermediar

Placement of program business

into digitally enabled infrastructure

for rent (e.g., fronts, policy

administration systems)

Personalized targeting of products

and services for a specific

policyholder

Targeted direct-to-consumer

distribution

ILS fund Private investment/i

5 ntermediary

Policyholder
aggrePgraictoerc/pormopdaurcist oexnc/hange 8
Modeling company

6 S
Secondary reins

12 willistowerswatson.com

vendor

urance

oftware market

Tech-enabled traditional intermediaries
Distribution of (re)insurance products and services is handled in a number of ways. Historically, the most common way is through the use of (re)insurance intermediaries. Whether it be an agent (representing one or multiple insurers) or a broker (representing a policyholder or a collective of policyholders) these traditional intermediaries serve as a critical link between risk and capital -- helping to ensure the correct coverage is provided, at the right price, for the right requirement(s). Brokers and agents not only offer advice to discuss appropriate coverage, but they are also expert at negotiations. Consequently, the relationship itself is a very human one (it is extremely difficult to negotiate with technology), and the most appropriate technology in this space supports brokers and agents as humans. Price discovery, instantaneous price comparisons, digital procurements, remote binding and issuing of contracts are all areas where we have seen technology play a huge part in evolving the role of human intermediaries.
InsurTech/InsurTech-focused companies in this space include:

Tech-enabled risk consultants
Over time, many agents and brokers have become not only transactors of ceded risk/risk binding but also advisors and consultants of risk. This includes modeling different loss scenarios, providing actuarial analysis and helping to paint for their clients the fullest picture of the risk map ahead of them.
Understandably, there are certain risk classes that require a greater degree of human touch than others. In particular, in complex commercial risk classes, a significant degree of human risk judgment and expertise is required that is very difficult to derive from technology alone (although automated algorithms can do a fantastic job of helping intermediaries spot patterns and anomalies at speed).
InsurTech/InsurTech-focused companies in this space include:

Risk

Value chain components, players, people, markets (i.e., static pieces)

Risk calculation for alternative

capital, including modeling

Direct to consumer from software

vendor to support the insurance

life cycle (e.g., cloud support

services)

Extraction of primary data

from policyholders' behavior to

inform and optimize distribution

decisions in the capital markets,

insurers, reinsurers, placement

intermediaries and vendors

Affinity/captive structures requesting capital support for 8 alternative products and services directly from capital markets

Tech-enabled aggregators and price comparison sites
It is also fair to say that there has also been some true technological innovation in the personal lines space, as we have observed a number of aggregators and price comparison sites bring relatively straightforward products to consumers where this business might have been procured by a human being at one point or another. This has not replaced intermediaries; instead, it has freed them up to make more of their time. At the heart of this technology innovation is a clear value-adding layer: First and foremost, the InsurTechs that have become excellent intermediaries themselves (of personal lines/white good products and off-the-shelf small business products) have all successfully made their technology customercentric. Around that, customer centricity that either created and/ or adapted products to fit InsurTechs and technology-enabled businesses have been able to support and power the experience of seamless digital distribution. This model can be applied either direct to consumer or through another series of intermediaries (as long as the pricing model remains on the right side of the technology versus non-technology equation). As the graphic illustrates on the following pages, this customer-first approach really is the true answer to support and drive modular, replaceable, stackable digital distribution in our industry.
13 Quarterly InsurTech Briefing Q2 2021

Introduction continued

InsurTech/InsurTech-focused companies in this space include:

association took the initiative to put one together on behalf of a group that could not otherwise easily get an insurance product (at an affordable cost). We have seen, however, in recent years the use of technology put to work to create such groups without a traditional intermediary. Bought By Many, for example, has done a fantastic job of using technology to create a platform and support products for affinity groups that are otherwise disparate members of a broad demographic.

Tech-enabled independent intermediaries and alternative structures
In addition to the traditional (re)insurance intermediaries (including those InsurTechs that promote themselves as such), there is also a huge number of nontraditional intermediaries that play an enormously significant role in getting products and services in front of potential buyers. Of note are bancassurance programs, affinity programs, captives, peer-to-peer groups and targeted campaign/marketeers. These structured groups tend to respond to other decisions that an individual tends to make where insurance can subsequently be upsold/offered (for example, as part of the mortgage deed insurance ecosystem procurement, which we described in our Q1 2021 briefing). Where these structures are particularly successful is where targeted sales timing can be perfected (for example, responding to a life event), but perhaps even more important, where sales are being driven by extreme empathy to the needs of a marginalized group. Captive groups, for example, are usually created through necessity and not through desire, but this historically was only achieved when a broker or

A number of other peer-to-peer InsurTechs seek to offer insurance to an affinity group that will themselves, as the policyholders, own the company. Any profits earned by this group can be retained by the group, or rebated to the group as dividends or a reduced pricing of their premiums. As such, the group is supposed to attract like-minded people and those that can self-select the group, making it as efficient, fair, cost reducing and socially conscious as possible. These InsurTechs look to the group and to peer financing as a vehicle to provide the risk capacity required. Tech-enabled or not, this is in essence the fundamental premise of a mutual -- somewhat ironically the oldest insurance structure of all.
InsurTech/InsurTech-focused companies in this space include:

The affinity group

Policyholder

Excess pool

Tech-enabled vehicle

Running costs

Pooled premium

Fees

14 willistowerswatson.com

Reinsurance risk capital

End consumer

Tech vendor

Intermediary

Product/Service originator Intermediary B2B2B2C

Product/Service originator

The evolution of distribution: An insight into the various distribution mechanisms

Baseline database to allow for future automation

2 Technological layer

Distribution function for upstream communication to product originator, capital provider and basis for consumer-facing
function

CUSTOMERCENTRIC

3 Customer-centricity layer 4 Product/Service

Distribution function for directto-consumer model and other tailoring processes to deliver capabilities that are customer
appropriate

PRODUCT

5 Channel capability 6 Warehousing capability

Distribution function for businessto-business or affinity partnership model allowing for third parties to sell through others and provide additonal service capabilities

DISTRIBUTION

Capital

B2B2B2C

Business to business to consumer (B2B2C)
Direct to consumer

Tech-enabled marketplaces/exchanges
Over the past few years, we have also observed a rise in technologically enabled market exchanges. These serve as standalone marketplaces for either product discovery or referrals from other sources where the desired product is otherwise absent. In

most cases these exchanges are digital product warehouses for incumbent insurance company product application programming interfaces that bring a buyer to the source of product origination; however, in a handful of cases products can be quoted, bound and issued on these exchange platforms. Perhaps the best example of InsurTech exchange architecture is that built by bolttech.

"Our industry is a pool of shared written risks orbiting around capital in thousands of regulated entities using a variety of in-house and external services and therefore requires objective distribution at its fundamental core."

15 Quarterly InsurTech Briefing Q2 2021

Introduction continued

The graph below depicts the essence of an exchange, showing how an exchange can function as the interface between the back office of insurers, product providers and customers. Through the exchange, customers have access to a range of insurance products, which can be offered by a collection of insurers that sit behind the exchange interface and user experience (UX) layer.

By leveraging an insurance exchange, insurers can extend their product reach or retain existing customers by expanding their product offering through partnerships with other insurers. In this way, both the exchange insurer that which brings in the customer-- and the end insurer -- that which underwrites the risk -- benefit; the exchange insurer retains the customer, while the end insurer expands its portfolio.

Policyholder

Broker/Agent

Third-party enterprise/ Intermediary
Direct

Lead generator

Referral

GLIEANBEIRLIATLY A D M I N I ST R ATO R

PET API - TECH LAYER

Bound policy Insurer 1

UX LAYER FOR CONSUMER MARKET
EXCHANGE

CYBER T H I R D - PA R T Y

TRAVEL CARRIER MGA

FACE

Bound policy Insurer 2

QUOT

ING QUESTIONS / PRODUCT INTER

RS COMP

SYSTEM S

Bound policy Insurer 3

INTEGR

AUTO ATION LAYER

WORKE

PROPERTY QUOTE, BIND, ISSUE

POLICY ADMIN

Insurer 5 Bound policy

Bound policy Insurer 4

As is now hopefully clear, technology that is either aligned with the existing ecosystem or stackable around the existing ecosystem is where InsurTechs that have been truly successful in distribution have achieved success. As we previously mentioned,
16 willistowerswatson.com

distribution is not simply products and concierge services (of said products), however. This is naturally where the end consumer sees distribution at its fullest, but behind the curtain, digital distribution is playing an arguably more important role.

Tech-enabled operating infrastructure for program business
There is now a plethora of technology firms and InsurTechs that provide the technological infrastructure to individual underwriters, individual books of program business, MGA business and runoff business. These models generally consist of a dedicated front (that has multi-jurisdictional licenses), a platform to onboard prewritten/ written business, policy administration capabilities and a host third-party administrator (TPA). In a small number of cases, these platforms might also have access to a panel of capacity providers.

InsurTech/InsurTech-focused companies in this space include:

Insurance buying market

Regulated fronting carousel

Program business

TeTcehcnhonolologgyy--eennaabbled iinnffrraasstrturucctutruereplpatlfaotrfmorm

Reinsurance panel

Tech-enabled independent claim functionality
Another often overlooked function of distribution is a if not the core function of the (re)insurance value chain: claim functionality. While many large/highly esoteric incumbent insurers have inhouse claim handling functions of their own, a huge percentage of the (re)insurance industry relies on TPAs. These businesses specialize in receiving outsourced claim enquiries. Claims is arguably the area that has benefitted the most from technology. From triage to settling, technology has truly evolved (if not revolutionized) the claims experience for most policyholders. In particular the automation of policyholder information retrieval has allowed TPAs to offer an altogether more human experience from the person on the other end of the phone/chat. At scale, we are also observing the use of satellites to photograph entire regions' worth of damages/losses to help aid the function of TPAs.

InsurTech/InsurTech-focused companies in this space include:

Detection/ Alert

First Notice of
Loss

Engagement/ Investigation

Policy review

Evaluation/ Adjustment

Settlement

17 Quarterly InsurTech Briefing Q2 2021

Introduction continued

Tech-enabled underinsurance-focused players
Finally, and arguably of most immediate impact to our industry, there are a handful of InsurTechs that are looking to use their technology to help distribute (re)insurance products, services and functionality to the underinsured global market. While not unsurprising, it is still quite astounding how few technology firms look to the underinsured market(s) to really stake their claim in our industry. Not only is it a much more fertile playing field, with far fewer competitors, it is also an opportunity to genuinely achieve what so many InsurTechs set out to achieve: grow the market while adding differentiated value.

Globally, it is estimated that 40% of the population does not have access to the most basic of insurance services -- that is some 3.1 billion people worldwide. Of those 3.1 billion, it is estimated that 60% have access to a mobile phone -- and therein lies the basis of a digital distribution angle. The platform to receive what is required is already in the hands of over half of those people who globally do not have access to a legacy (re)insurance environment. Through the phone, policyholders can be quoted, bind a quote, be issued a policy and file a claim should an event occur. Digital wallets on phones allow for easy transaction of capital and can create a formative basis for a growing insurance culture.

Leveraging mobile technology to expand insurance's reach

Extol the virtues of insurance Reduced cost of distribution
Constant communication Updateable/Flexible products
Local languages Reduced travel costs Remote policy branding Data-supporting parametrics
Ancillary services Instantaneous payments

Technology can circumvent the requirement to reproduce legacy if it is now obsolete. If we take the Kenyan banking sector as an example, mobile phone technology allowed Kenya to leapfrog decades of antiquated processes to allow people to bank on their phones and now boasts one of the most sophisticated remote banking systems in the world. If we can assume that much of the current issue is dictated by cost, infrastructural gaps,

processing expenses, product relevance (and updating), instant communication, linguistic relevance, claims filing triggers, literacy rates and so on, mobile technology can solve for all of these problems in most phones' intrinsic capabilities. The potential market opportunity here is enormous and would really put technology at the core of the focus to provide a truly differentiated edge to risk, capital and operations.

18 willistowerswatson.com

Additionally, technology can be used to review existing coverages and costs and see where policyholders (and future policyholders) are underinsured, or at least very vulnerable. It is easy to take for granted that ready coverage for our own personal requirements is a universal experience for everyone, but the truth of the matter is that this simply isn't the case for a significant number of people. Coverage gap comparison technology is playing a very positive role in helping people understand where their exposures lie.
InsurTech/InsurTech-focused companies in this space include:
The role of technology in the realm of distribution is not uniform the world over. An issue for many InsurTechs is that they are forced to contend with decades' worth of incumbent experience in the more "mature" insurance markets of North America and Europe. The legacy market infrastructure in these regions has resulted in established protocols that newcomers to the industry invariably have to master or circumnavigate in order to insert themselves into the value chain. This hurdle proves too difficult for the vast majority. In the Asian, South American and African markets, however, our observation is that an ecosystem less encumbered by legacy processes can provide InsurTechs with relatively greater opportunity to compete.

In particular, InsurTechs focusing on distributing life and health and microinsurance products located in Asia, Africa and South America have had a lot more success than those InsurTechs in older/more fiercely regulated markets. The distinct lack of legacy incumbents in many of these markets, coupled with increasing demand for more responsive and tailored insurance products, is creating strong opportunity for new entrants.
Arguably the largest single InsurTech in the market today is digital insurer Zhong An, which was launched and financed by Ping An, Tencent and Alibaba in 2013. Zhong An is one of a handful of companies nationwide in China to receive a license from the CIRC to sell insurance products digitally online. Zhong An boasts more than 240 niche products, all of which are distributed digitally, mostly through the online platforms of the company's many ecosystem partners. Zhong An has raised over $2.4 billion of capital to date. Another notable entrant is Singapore Life, a digital insurer specializing in life and health products (specifically for high net worth individuals). Singapore Life is the first Singaporean insurance company to be domestically licensed since 1970 and has now merged with Aviva Singapore.
The case for InsurTech in distribution and delivery is very strong
The table below is an example of all types of distribution generals for the (re)insurance industry. We have observed that around almost every single permutation, a small number of InsurTechs have been able to add value to the existing landscape and, in a very few rare cases, actually carve out a space of their own to serve a truly fundamental need to the underinsured.

Distribution routes for the (re)insurance industry

Insurance and reinsurance products, services, capital and human resources

Provider
Insurer/ Reinsurer

Distinction Direct writer Agency writer
Non-industry intermediary

Type of distribution
Direct to consumer (e.g., direct procurement, renewal, consumer-led interaction) generally online or direct marketing
Independent agencies Brokers General agents Managing general agents
Banks (bancassurance) Enterprise-pool affinity Independent call center Product exchange/marketplace Platform referral link Affinity (in some cases own product/service) Captive (in some cases own product/service) Peer to peer (in some cases own product/service)

Infrastructural, technical and gateway support to existing part of the value chain
Software-as-a-service provider for program business (in certain case also able to offer paper/ fronting agreements and capacity), including quote/bind/issue, policy administration and claims handling services
Cloud computing/storage capabilities Mobile first solutions (e.g., application technology
to transform products, remote adjusting capabilities) Market exchange software for referral/ redirected business through sophisticated procurement Agency support tools for remote quoting and binding API-architecture software to create navigation pathways between warehoused products and services direct to consumer/market

19 Quarterly InsurTech Briefing Q2 2021

Introduction continued

Some noteworthy InsurTech partnerships, deals and funding from Q2 2021:

1. bolttech has raised the largest InsurTech Series A on record
bolttech, a leading insurance exchange, has completed an oversubscribed $180 million Series A funding round led by Activant Capital Group and joined by investors, including Tony Fadell, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments. The investment round values bolttech at more than US$1 billion, giving the InsurTech unicorn status only one year after its launch in 2020.
2. Buckle has completed the purchase of Atlas Financial Holdings
Buckle provides insurance and credit products to those who earn less than the average American wage and are subsequently penalized for having poor or no credit. The company services the emerging middle class and providers to the gig economy.
3. Bought By Many has raised $350 million, now valued at over $2 billion
London-based pet insurance provider Bought By Many has raised $350 million in a Series D round through its holding company Many Group. The round was led by EQT Growth and had participation from Octopus Ventures and Munich Re Ventures. This raise takes Bought By Many's valuation to over $2 billion.
4. Cambridge Mobile Telematics acquires True Motion
U.S.-based Cambridge Mobile Telematics, a leader in mobile telematics and analytics, has acquired TrueMotion, the second largest mobile telematics provider. This acquisition will enable Cambridge Mobile Telematics to provide telematics services to 21 out of the 25 largest auto insurers in the U.S., and across more than 20 countries, including Canada, the U.K., Germany, South Africa, Japan and Australia.
5. wefox has raised $650 million, now valued at $3 billion
German InsurTech wefox, a digital insurer focused on personal insurance products, has raised a $650 million Series C funding round led by Target Global. wefox intends to invest the proceeds in expanding into the U.S. and Asia within the next two years while strengthening its presence in its existing markets in Germany, Austria, Switzerland and Poland.

6. Boost Insurance has raised a $20 million Series B
Boost Insurance, a B2B digital insurance platform, has raised a $20 million Series B to fuel growth of its platform, new product development and partner marketing. The round was led by RRE Ventures and had participation from Greycroft, Conversion Capital, Coatue Management, Gaingels, Hack VC and FinVC.
7. Qover has raised $25 million in a Series B round
Qover, a B2B2C company that provides a suite of insurance products to companies, has raised $25 million with Prime Ventures as lead investor, backed by Cathay Innovation, Alven Capital and Anthemis. This brings the company's total funding to $40 million.
8. Doma is going public via SPAC in a $3 billion deal
Doma, formerly known as States Title, announced it will go public through a merger with SPAC Capitol Investment Corp. V in a deal valued at $3 billion, including debt. The transaction is expected to provide up to $645 million in cash proceeds, including a fully committed PIPE of $300 million and up to $345 million of cash held in the trust account of Capitol Investment Corp. V.
9. Tractable has raised $60 million in Series D and has reached unicorn status
U.S.-based Tractable's Series D round had participation from Insight Partners and Georgian Partners. Tractable uses computer vision technology to let users take and submit photos of vehicle damage and uses AI to assess appraisals. The round means that Tractable is valued at $1 billion.
10. hyperexponential has raised a $18 million funding round
hyperexponential (hx), a London-based InsurTech that has a mathematical modeling software for the commercial insurance sector, has closed an $18 million funding round from Highland Europe.
11. EIS has raised $100 million private equity from TPG
EIS is a core and digital platform provider for insurers. The new funding will be used to continue to accelerate product development across the spectrum of risk, health and wealth, and support geographic expansion.

A snapshot of some global InsurTechs operating in the future of delivery and distribution space:

20 willistowerswatson.com

21 Quarterly InsurTech Briefing Q2 2021

InsurTechs in Spotlight Case studies

InsurTechs in Spotlight: bolttech

bolttech is a high-growth, global InsurTech that serves customers in 26 markets across North America, Asia and Europe. The company's mission is to build the world's leading, technology-enabled ecosystem to connecting insurers, distribution partners and customers to make it easier and more efficient to buy and sell insurance. At the center of the ecosystem is bolttech's insurance exchange -- the world's largest platform of its kind transacting US$5 billion in premiums on the platform.

bolttech overview
Working with a growing portfolio of market-leading brands from around the world, bolttech brings together powerful partnerships, its next-generation technology and well-established capabilities in protection and insurance to form an efficient and easily accessible ecosystem for partners and their customers.
Conceived as a digital native, bolttech's offering to partners is underpinned by scalable, cloud-based technology that can quickly and seamlessly bolt into the back end of the partner's IT landscapes. The modular, microservices-based functionality allows any kind of business to add white-labeled, contextual insurance to its existing journeys to provide its customers with more choice.

Tap into new markets. Insurance underwriters can scale up their distribution instantly. By integrating their products into the world's largest insurance exchange, insurers can tap into a range of new distribution channels on the platform, including agents, brokers, carriers, and even nontraditional distribution partners such as retailers and telephone companies.
Offer more customer choice. These same insurers can enhance their business models by complementing their offerings with products from other insurers. They can satisfy customer needs with more choice than ever before, maximizing customer lifetime value in their network while maintaining their desired risk profile on their balance sheet.
Just add insurance. Across all kinds of online purchase journeys, non-insurers can diversify into new revenue streams, vertically integrating the right kind of insurance at just the right time to deepen customer relationships. bolttech enables fast, easy and on-demand insurance using machine learning and big data to facilitate best-in-class customer experience.

The bolttech story so far...
Launched in 2020

26 markets in 3 continents

700+ distribution partners globally

US$5 billion premiums on platform

150+ insurance product providers

24 willistowerswatson.com

bolttech's speed
In 2020, bolttech integrated its ecosystem of insurance products into Rabbit LINE Pay, LINE's e-wallet. This formed an exclusive co-branded partner relationship with Thailand's leading super app, which is currently used by over 47 million people. The project took just three months to complete, allowing bolttech to offer 10 insurance category products from over 20 insurance carriers via application programming interface integration. This dynamic collaboration allows a superior customer experience in the insurance category -- with an average 90-second customer onboarding and coverage confirmed in the app via instant e-policy.

bolttech's innovation
One of the challenges of offering digital device protection is the ability to diagnose the condition of a customer's device. To overcome this challenge, the team developed Click-to-Protect, a unique and award-winning remote diagnostics tool. It uses custom-developed artificial intelligence and computer vision to diagnose the condition of any mobile device before confirming eligibility for coverage. A global innovation team is now building in enhanced capabilities such as fraud detection via optical character recognition plus a new Click-to-Protect offering for smart watches. Click-to-Protect is currently available across multiple markets, including Hong Kong, Ireland, Italy, the Philippines and South Korea.

"bolttech has a fast and seamless gateway into insurance creating an exciting and dynamic marketplace with growth opportunities for all participants across the value chain of insurance distribution. We believe the future of insurance lies in creating powerful partnerships and using digital technology to make insurance faster, easier and more accessible."
Rob Schimek, Group CEO, bolttech

The largest InsurTech Series A on record and a new unicorn
bolttech has completed a US$180 million series A funding round led by Activant Capital Group with participation from Tony Fadell, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments. The oversubscribed investment round is the largest series A round for an InsurTech and values bolttech at more than $1 billion, giving the company unicorn status only one year after its launch in 2020.

25 Quarterly InsurTech Briefing Q2 2021

InsurTechs in Spotlight: Semsee

Semsee is an easy-to-use, cloud-based platform for quoting small commercial insurance. Semsee has simplified and streamlined the quoting process for independent agents by combining carrier questions into a single smart form, eliminating the need for agents to re-key data into each carrier portal. The solution also instantly creates client records at the carrier, so agents can easily bind coverage. Semsee was founded in 2017 and is based in New York.

Semsee overview
With Semsee, agents can quickly obtain small commercial quotes from multiple carriers and offer better coverage comparisons to their clients. Carriers are able to get their products in front of agents when it matters most, the point of sale, and insurance buyers get the streamlined experience they desire in the digital age. Insurance agents can currently quote business owners policy (BOP), workers compensation, commercial auto, cyber and general liability on the Semsee platform, and the company is continuing to add more lines of business.
Quoting: Simple, smart and fast
Single submission: Satisfy multiple carriers with one application. Coverage review: Evaluate multiple quotes with at-a-
glance coverage comparison. Smart forms: Easily answer carrier questions in one place
using Semsee's proprietary algorithm to de-duplicate redundant questions. Accurate quotes: Agents can enter all required information to bind business and close more deals. Client records: The quote is automatically available in the carrier portal to make it easy to bind.
Semsee's platform: Enhancing efficiency
Business owners are looking for agents to help them navigate the complicated insurance landscape. Semsee's platform enables agents to be more efficient, so they can spend more time consulting with clients. Semsee provides tools to agents to enhance their ability to advise on risks and insurance products, including a coverage review feature that compares policy options -- including policies, limits and exclusions -- side by side. These powerful tools enable agents to guide their customers to the right coverage at a competitive premium. Semsee's benchmarking data highlights the best options, giving agents more data to support client discussions.
26 willistowerswatson.com

Partnerships with carriers
Semsee's platform generates quotes from multiple carriers via a single form so agents are exposed to more carriers and products. This is especially valuable for carriers with new products or terms, as they can quickly broaden awareness within the agent communication. Carriers can message agents enabling them to make changes in response to market appetite and offer special deals. Semsee can connect to any carrier or managing general agent (MGA) using an API connection or Semsee's proprietary RPA (robotic process automation) technology. Semsee currently partners with more than 20 carriers and is continually adding more.
"There's a tremendous opportunity in small commercial. But taking advantage requires two things: the ability to offer customers more insight and guidance, and the right technology to serve small business clients quickly and efficiently. We are putting more information in agents' hands at the point of sale so they can help business owners understand what they're buying and what it covers. We are continuing to enhance our solution to increase transparency and speed up quoting, a win for agents, MGAs and carriers."
Philip Charles-Pierre, CEO, Semsee

InsurTechs in Spotlight: Uncharted

Founded in 2017 in Singapore, Uncharted is a fast-growing ecosystem of insurance carriers, managing general agents (MGAs), brokers and partners, designed, built and operated by Uncharted's fully distributed team across North America; Asia Pacific; and Europe, Middle East and Africa. The Uncharted insurance platform-as-a-service (iPaaS) powers embedded and digital distribution and servicing solutions for the global insurance marketplace and can be deployed with any product, through any channel, in any market in a matter of weeks.

The Uncharted iPaaS is trusted by the leading insurance brokers and MGAs operating across global markets, including Australia, New Zealand, Canada, Japan and Singapore. The platform is designed to offer a turnkey digital insurance solution that enables scalable distribution, underwriting, policy servicing and insurance product offerings across small and midsize enterprises (SME), consumer and extended warranty insurance, and it integrates seamlessly across both modern and legacy insurance stacks.
Uncharted iPaaS
Built cloud-native and designed with a headless API architecture, Uncharted iPaaS has been developed to facilitate high-volume, digital insurance transactions between global consumer and SME ecosystems and a growing panel of insurance and reinsurance capacity providers underwriting over 125 unique insurance products.
Uncharted iPaaS offers a unique and configurable stack of core insurance services, each addressing key customer experience touchpoints and enabling a digitized end-to-end insurance process for insurance distributors and underwriters.

The platform's capabilities support both automated and manual underwriting and product pricing, product design, packaging and hosting, policy life cycle and insurance portfolio servicing, and multi-channel distribution. Partnering with best-in-class technologies, iPaaS comes fully integrated into payment gateways (Stripe), CRM (Salesforce), data analytics (Google) and omnichannel servicing (MessageBird and Zendesk).
Digital insurance solutions
Both embedded and digital insurance products require a sophisticated, multichannel customer experience that is powered by an integrated technology stack. For SME and Consumer lines, the Uncharted iPaaS enables a full multichannel engagement and ensures the entire customer life cycle is managed effectively from point of marketing, sale, claim renewal and endorsement. By leveraging the power of both transactional and conversational data layered across core policy, pricing, claims, and third-party data, Uncharted's insurance clients are able to optimize and scale the balance between customer experience and portfolio management across its global digital portfolio.

27 Quarterly InsurTech Briefing Q2 2021

InsurTechs in Spotlight: Breathe Life
North American-based Breathe Life is a unified digital distribution platform for life insurance carriers. Breathe Life's hybrid distribution platform provides insurers with best-in-class digital tools designed with those that sell and buy in mind, increasing the speed of policy delivery while reducing operational costs. Breathe Life's user experience modernizes and unifies a carrier's life insurance distribution to protect more families across advisor-driven platforms, self-serve or a hybrid of both.

For carriers
The white-labeled Breathe Life platform increases carriers' speed to market while reducing operational costs. The platform is continuously evolving and allows for the flexibility to adapt and optimize for conversion and improved user experience.
For advisors
The Breathe Life platform is designed to streamline and automate routine processes, thereby increasing productivity. Advisors get involved digitally with their clients to interact in real time, answering their needs without being distracted by previously time-consuming tasks and processes.
For consumers
Breathe Life strategically breaks down the complexity of insurance products and makes the experience of shopping for, and learning about, insurance products engaging and simple.
Breathe Life: Key capabilities
eApp: Allows advisors to start, edit and complete insurance applications with consumers -- a reflexive questionnaire that supports multi-product, multi-insured with complex underwriting capabilities. Customers can partly or fully self-apply through an optimized omnichannel and mobile-first process. Integrates with payments and e-signature as well as legacy or modern software.
Need analysis: Allows agents to educate prospects on their financial needs and drive engagement via email or social media. Coverage and product recommendations are based on their needs and the carrier's business rules.

Multi quoter: Inputs from digital fact finding feeds the rules engine that determines a product and coverage recommendation to the client. This allows the consumers to adjust coverage and premium amounts. Consumers have more control over fitting the price into their budget.
Assisted buying process: Agents can easily track progress from prospects' activity to in-force policyholders. Agents can view, assist and take over without having to rekey any information. Customers can get help at every step of the process.
Series A investment round
Breathe Life received a US$5.4 million Series A investment round in Q3 2020. The round had participation from Clocktower Technology Ventures, Real Ventures, Cameron Ventures, Invest Quebec, Diagram Ventures and Desjardins.

28 willistowerswatson.com

InsurTechs in Spotlight: Bindable

Established in 2018, with a digital agency foundation, Bindable has quickly become the insurance technology leader for alternative distribution. Its proprietary platform brings together its agent software, a digital marketplace and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands and consumers.

About Bindable
Bindable's platform is carrier and product agnostic -- able to ingest multiple APIs, power countless digital quote-to-bind journeys, provide agents omnichannel solutions to meet customers where they are, and offer API access to ecosystem adjacencies enabling them to make relevant and timely digital insurance offers. The platform powers over 275 digital marketplaces for global brands, financial institutions, affinity groups and carriers.
Case Study -- iptiQ Americas by Swiss Re
Bindable was recently selected to be the property & casualty platform in the United States for iptiQ Americas by Swiss Re. Licensing Bindable's platform will enable iptiQ to complement its life & health platform and bring a comprehensive solution to its partners, which include some of the largest brands in the world. This creates an opportunity for iptiQ to quickly align insurance with appropriate distribution channels in a single implementation. Since the announcement in April 2021, iptiQ has launched two national partners, demonstrating Bindable's speed-to-market capabilities.

Offers multiple P&C products that are integrated and live on its platform, including a dynamic auto and home multi-carrier choice solution. Bindable is constantly evaluating other markets and adding new products and carriers to its platform.
With over 30 direct carrier integrations, Bindable enables the world's top insurance brokers and carriers to efficiently serve hundreds of leading brands and affinity groups. Clients include Aon, NFP, Gallagher Affinity and Mercer.
Key highlights
Bindable has launched an insurance-as-a-service solution for its partners. Bindable's in-house agency services can be leveraged by its partners to enable them to quickly go to market and start selling insurance from day one. When these partners are ready to transition to running their own agency operations, they can upgrade the partnership by licensing Bindable's proprietary agent software, Policy Crusher®.
Bindable delivers the tools, team and technology to power insurance distribution at scale for its partners. Bindable's client base has tripled since January 2020 as the demand for digitization continues to grow.

"Digital insurance should be personalized, convenient and relevant. Brands, carriers, brokers and InsurTechs have an opportunity to provide their customers with insurance choices by making the right offer at the right time. Bindable is simplifying this for all players in the value chain by delivering a fully white-labeled virtual agency where intermediaries, carriers and customers can seamlessly interact."
Bill Suneson, CEO, Bindable

29 Quarterly InsurTech Briefing Q2 2021

InsurTechs in Spotlight: Penni.io

Penni.io enables insurance products to be embedded at any digital customer touchpoint. The Penni Connect platform connects insurance companies with distribution partners to sell insurance digitally. Penni.io is aiming to fundamentally change the way people engage with insurance by becoming the leading platform for digital distribution of insurance solutions. The company was founded in 2016 in Copenhagen and has raised US$8.9 million across two funding rounds.

Penni Connect
The Penni Connect platform enables insurance companies to embed their products with distribution partners to sell insurance digitally and simply. The Penni Connect platform and customer journeys allow for the plugging in of insurance products into third-party e-commerce, without any IT footprint. Penni Connect provides a standardized white-labeled shopping basket and checkout flow that enable the end customer to complete the insurance purchase online.

Constantly optimising to bring value

By supporting the most dominant types of embedded insurance, the Penni Connect platform offers its partners an innovative structure.
Penni Connect Studio
Everything is controlled through Penni Connect Studio, the customer dashboard, which is the powerful user interface of Penni Connect. The Penni Connect Studio provides Penni Connect customers with complete access to the platform's many advanced features for codefree insurance embedment and management, including live editing and styling of embeddable product flows, real-time reporting on product performance across partners and channels, detailed end-customer transaction history, simple insurance policy management, granular access control with user roles and permissions, and in-depth user documentation.

1. Scalability: Penni.io rapidly onboarding of new partners enables them to deliver its multi-partner strategy.

2. Time to market: Penni.io can bring a new product to market in under two weeks.

3. Conversion rate: Lead conversion is a key focus area for
Penni.io who optimize performance based on live data.

"Embedded insurance is the hottest InsurTech trend right now. It's a $3 trillion market opportunity that InsurTechs will help enable. Embedded insurance requires a new technology stack for insurers, which we will see new players provide. More than 50% of the distribution partners are not satisfied with their embedded insurance propositions, which is a huge problem for insurers."
Esben Toftdahl Nielsen, Co-Founder and Chief Commercial Officer, Penni.io
30 willistowerswatson.com

InsurTechs in Spotlight: Talage

Founded in 2015 in the U.S., Talage is a provider of digital distribution software solutions for commercial insurance. The platform is linked directly into the carrier's underwriting systems, which allows quotes to be delivered instantly to the end user. The company has raised US$7 million across two funding rounds.

Talage's Wheelhouse platform
Talage's Wheelhouse solves the process of selling and servicing small business policies by unlocking digital distribution for both agents and carriers. Wheelhouse enables insurance companies and other financial institutions to equip appointed agencies with an online presence quickly and easily via user-friendly agent portals as well as additional tools to support agency automation and growth in the small business segment. Through Wheelhouse, Talage has partnered with 16 top-rated insurance companies across North America and currently powers the online purchase of workers compensation, liability and property insurance by small businesses in all 50 states.
"Digital distribution, driven by APIs, is the way of the future in small commercial. Insurance companies who can equip their agents and distribution partners with the modern technology to make doing business online possible will be best positioned to win new business."
Adam Kiefer, CEO and Co-Founder, Talage

Talage Wheelhouse benefits
Direct integration: Wheelhouse integrates directly with Talage's carrier partners' underwriting platforms, providing bindable insurance quotes (not rates) in minutes. It helps agents manage requests and grow their business.
Easy setup: Talage's turnkey solution transforms any agent into a digital agency with zero technical knowledge required. Talage's team of engineers create a custom URL for the agent or agency that can be used in all the agent's digital touchpoints.
Commission: 100% of the commission and book belongs to the agent. Talage only charges a small setup fee and a monthly licensing fee.
One application programming interface (API) integration: One API integration with Talage enables thousands of agents and their digital touchpoints to reach more business owners than ever before.
Talage's partnerships with top-rated carriers provide agents with direct access to bindable quotes, reducing the process from days to minutes.

CARRIERS

API

Retail Agencies Wholesale Brokerages
MGAs InsurTechs Direct to SMBs

SOFTWARE

SMALL BUSINESS 31 Quarterly InsurTech Briefing Q2 2021

The Art of the Possible Adrian Jones, Hudson Structured Capital Management

The Art of the Possible: Adrian Jones, Hudson Structured Capital Management

Adrian Jones Managing Director, Hudson Structured Capital Management
Adrian Jones is a Partner of HSCM Ventures and Managing Director of Hudson Structured Capital Management Ltd (HSCM). HSCM Ventures is the insurance venture capital arm of HSCM. Prior to joining HSCM in early 2021, Adrian was Deputy CEO of P&C Partners at SCOR, the global reinsurance company. At SCOR, he established SCOR P&C Ventures and led several of its investments. Prior to SCOR, he was head of strategy at RenaissanceRe from 2010 to 2016. He started his career at Bain & Co, the consultancy, from 2001 to 2010. He is a graduate of Wharton and Columbia.

1. Adrian, great to chat with you. For the benefit of our readers, could you please tell us what is Hudson Structured Capital Management?
HSCM is an asset manager founded in 2016 focused on alternative assets and targeting mezzanine returns. The firm's main activities are in (re)insurance and transport. Both of these sectors are capital-intensive, regulated and global. As of March 31, 2021, the firm managed approximately US$3.1 billion of committed capital. HSCM is owned by its employees.
HSCM started in InsurTech through the reinsurance strategy, starting with reinsuring InsurTechs; hence, the team came to know the InsurTech market and expanded into offering other forms of capital, including equity. HSCM Ventures is now a distinct strategy led by Michael Millette (co-founder of HSCM), Vikas Singhal and me.
"One of my favorite parts of the job is to consult to smart entrepreneurs and connect them to the people they need to know to get their businesses off the ground and scaling. Too often people in insurance cloak ourselves in opaque jargon, which is anything but inclusive. Demystifying the industry and making connections are parts of the job in venture."

2. Why did you become a venture capitalist in insurance?
I believe that insurance is changing rapidly, and I want to fuel the change. Venture capital is an opportunity to help great entrepreneurs; to lean into the disruption; and to make insurance better, faster and cheaper for consumers.
Back in 2016, entrepreneurs were developing solutions to real problems in the industry, yet they met scepticism from many quarters. Even today there is still some scepticism, but InsurTech has already begun refreshing the industry's talent pool, culture, distribution channels, products and capital base. Ultimately, InsurTech is creating an industry that works better for consumers.
When I started in reinsurance in 2010, I heard similar dismissiveness towards another disruption: insurance-linked securities (ILS). The dismissiveness lasted past the point when ILS was obviously driving pricing in reinsurance. Fast forward: Today there is close to $100 billion of ILS (per Aon). And the reinsurance business has been reshaped: Of the 27 largest publicly traded reinsurers in 2010 (per S&P), more than half have been acquired. While there were many factors in this reshaping, ILS was surely a material contributor to a different industry structure than we had a decade ago. I expect that as capital continues to enter InsurTech, the insurance business will be increasingly reshaped by a force that I saw experienced industry experts dismissing just a few years ago.

34 willistowerswatson.com

"I believe that insurance is changing rapidly, and I want to fuel the change. Venture capital is an opportunity to help great entrepreneurs; to lean into the disruption; and to make insurance better, faster and cheaper for consumers."

3. How does HSCM Ventures support entrepreneurs in insurance?
HSCM Ventures, together with the broader HSCM platform, seeks to support entrepreneurs through the various stages of investment into their companies and potentially through exit.
In addition to multiple forms of capital and the platform, we also try to bring founders insurance specialist advice. As an example, one of the toughest questions from founders at all stages of development is that of carrier versus MGA (managing general agent) versus other forms of business, and how to capitalize a young insurance business optimally as it evolves.
This is a perennial question that is quite specific to insurance. Even the parallels with fintech are limited. In U.S. insurance, there are 50 different regulators; there is no federal insurance charter. But insurance does have potentially useful structures such as reciprocal exchanges that exist nowhere else. There's no perfect organizational form, so founders often seek the most flexible capital to manage their business over time.
One of my favorite parts of the job is to consult to smart entrepreneurs and connect them to the people they need to know to get their businesses off the ground and scaling. Too often people in insurance cloak ourselves in opaque jargon, which is anything but inclusive. Demystifying the industry and making connections are parts of the job in venture.

On the other end of the venture life cycle, HSCM is also affiliated with a special purpose acquisition company (SPAC) focused on insurance. The decision to go public is one of the most consequential that a founder, board and shareholders can make. As early-stage company builders, we try to benefit from working with the SPAC to understand how public markets think about the companies we build. We can also advise InsurTechs on the transition into public markets -- when they are ready.
4. Adrian, your background was at SCOR, which held a different mandate to that of HSCM. From your perspective, what is the difference between a corporate venture capitalist versus a hybrid venture capitalist? Would an InsurTech receiving investment perceive any difference?
Insurers in the U.S. had $7.5 trillion of investable assets at the end of 2020 (per the National Association of Insurance Commissioners). Insurers typically have chief investment officers who are often among the most senior executives; thus insurers, more than companies outside insurance, can be uniquely suited to invest in companies and funds operating in their own business.
Insurers are indeed using their balance sheets to engage with InsurTech. According to FT Partners, last year 44% of global InsurTech deals had strategic participation, which includes direct investment by insurers as well as investments by insurers through specialized venture funds. There are also examples emerging of corporates who appear to have made quite astute investments in InsurTechs.

35 Quarterly InsurTech Briefing Q2 2021

The Art of Possible: Adrian Jones, HSCM continued

At HSCM Ventures, we encourage founders to cultivate a range of disciplines among their investors. The growth-oriented Silicon Valley-style investors can be experts in building and scaling companies across industries. Corporates can bring depth of expertise. Individual investors ("angels") can add valuable connections. At HSCM Ventures, we try to combine all these disciplines to support founders and their executive teams.
5. In April of this year, HSCM launched the HSCM Public InsurTech Index (HPIX). Could you tell us a bit more about this and why you decided to apply a scientific lens to a non-scientific subject?
We have seen vociferous debate about InsurTech for years now, and it only increased with the InsurTech IPOs [initial public offerings] last year and this year. I was having so many debates that I made a simple spreadsheet that calculated a rudimentary
HSCM Public InsurTech Index values
225
200
175
150
125
100
75
50

index. We decided to draw up a formal Index Guideline and have the HPIX professionally administered as a service to the InsurTech community.
The HPIX aims to track the share price performance of a basket of stocks of U.S. companies with novel business models differentiated by technology. The HPIX was first published in April of this year with 18 components, all of which have gone public in the last 10 years.
Selecting components for industry-based indices is subjective, but we tried to be as rules-based and objective as possible. Not everyone agrees on every component, nor are all of the components self-described InsurTechs. Nonetheless we hope that the Index is useful for comparing the performance of newer insurance sector companies as a whole, against each other, against other tech companies and against traditional insurers. You can run your own analysis by finding the index on Bloomberg (HPIX Index), Reuters (.HPIX), FactSet and Solactive.com (enter "HSCM" in the search box).
HPIX

02/01/2020 02/02/2020 02/03/2020 02/04/2020 02/05/2020 02/06/2020 02/07/2020 02/08/2020 02/09/2020 02/10/2020 02/11/2020 02/12/2020 02/01/2021 02/02/2021 02/03/2021 02/04/2021 02/05/2021 02/06/2021

The HSCM Public InsurTech IndexTM (the "Index", "HPIX") is provided for informational purposes only. Certain data is provided by third party sources believed to be accurate and reliable, any of which may be erroneous or change without notice. HSCM disclaims liability for errors, any obligation to continue to provide the index, any obligation to inform you of errors or changes to the methodology, and any obligation to administer the index in any particular way. The Index Guideline, available at Solactive.com, describes in greater detail the creation of the Index, the methodology, how certain events are handled, additional disclaimers and the fact that the Index values are partially based on a back-test. Index values do not represent the results of actual trading. Past performance is no guarantee of future results.
Solactive AG ("Solactive") is the licensor of the Index. The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive or HSCM in any way and Solactive and HSCM make no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive and HSCM reserve the right to change the methods of calculation or publication with respect to the Index. Neither Solactive nor HSCM shall be liable for any damages suffered or incurred as a result of the use of (or inability to use) the Index.
36 willistowerswatson.com

6. What are your perspectives on the future direction of InsurTech? What do you see as the next "big thing"?
I may disappoint you in saying that the next big thing is similar to the last big things. Specifically:
Product: Insurance has a $1.2 trillion protection gap (per Swiss Re), yet the industry's revenue is flat versus GDP (for 2008 2018, per Swiss Re). Tech is increasingly allowing customized, underwritten insurance. New products range from personal lines innovations to cyber and flood. One area where there has been difficulty despite many efforts is parametric insurance, which looks great on paper but has usually seen poor sales.
Distribution: Insurance agents capture twice the profit of carriers, according to McKinsey. While agents are not going away -- the U.S. government counts 800,000 of them -- market share is shifting towards tech-enabled agents, digital distribution of simpler products, embedded insurance, and straight-through processing of tasks formerly handled by agents such as underwriting and claims.
Analytics: BCG's 2020 Insurance Value Creators Report showed that digital leaders in insurance generate 13 points better growth in tangible book value compared to digital laggards. All of the big themes continue: third-party data sources, telematics, property analytics, IoT [internet of things], wearables and analytics platforms.

omnichannel distribution to meet customers where they are, with the offering they want, and managing any resulting channel conflict. Insurance is more complicated than most other products sold online -- it's a liability, not an asset -- but the technology exists to make distribution far more efficient and better for consumers.
Distributed ledgers, for example, could be powerful in many parts of the risk transfer value chain. The technology exists to administer reinsurance treaties as smart treaties, thus removing the rekeying, reconciliations and errors inherent in the current value chain. In primary insurance, APIs, aggregators and comparison raters can make distribution far more efficient.
The challenge is not technology; it's people and leadership. Insurance is a fragmented industry where many executives call themselves fast followers, not leaders; hence, they tend to buy innovation, including in distribution. Or they rely on partners to prove innovation for them, which is one reason why so much business, ranging from simple personal auto to complex reinsurance, still operates on a 1990s technology: email.
The danger for everyone in the value chain is not that they will be disintermediated but that someone will squeeze in between them and their customers to fill a critical need where incumbents refuse to lead.
8. What advice would you give an upcoming InsurTech entering the market?

Operations: Insurance has made no significant reductions in administrative costs over a 15-year period, according to a McKinsey study from 2018. McKinsey points out that some other industries have taken out half or more of their overheads over the same period. The insurance industry has the tools -- submission intake and processing, better underwriting data, better claims analytics, no code software, natural language processing, robotization.
People: There is regular hand-wringing about a looming retirement crunch, but embracing InsurTech is one of the best ways for carriers to recruit the new digital talent they need.
7. This quarterly theme is distribution and digital delivery. What are the biggest evolutions/ innovations that you have personally observed in this space over, say, the last five years?
When I was in reinsurance, the number one request I got from insurers around the world was for product. Close behind was new channels for distribution, which today often means developing

One characteristic that differentiates great InsurTech entrepreneurs is enormous persistency. Insurance is not a business that is entranced by brilliant founders straight out of business school sprinkling pixie dust. The people who will change the industry going forward are those who take the time to study the industry and its history, then spend years building their "overnight success." Insurance is a "get rich slowly" business. Insurance is ripe for disruption, but founders need to be in it for the long run.
The views expressed are the views of Mr. Adrian Jones, Partner of HSCM Ventures, as of June 2021 and may not take into account material economic, market, regulatory and other factors that could impact such views. We have no obligation to update or advise you of any changes or errors. There can be no guarantee that such views and opinion will be realized. Certain information discusses general information related to the specific industry, activities and trends, or other broad-based economic, market or other conditions and should not be construed as research. The views expressed may change at any time.

37 Quarterly InsurTech Briefing Q2 2021

Incumbent Corner Sean Ringsted on Chubb Studio

Incumbent Corner: Sean Ringsted on Chubb Studio

Sean Ringsted is Chief Digital Officer at Chubb and leads the global insurer's efforts aimed at transforming the company into a digitally integrated organization. These initiatives involve all areas that produce and support Chubb's business into a digital environment, including underwriting, sales and service functions that touch policyholders, prospective customers, distribution and internal operations, and technology.

Sean Ringsted Chief Digital Officer at Chubb

Chubb is the world's largest publicly traded P&C insurance company and the largest commercial lines insurer in the U.S. With operations in 54 countries and territories, Chubb provides commercial and personal P&C insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide.

1. Sean, it is great to have you. Would you please be kind enough to tell our readers about yourself, Chubb and your role at Chubb?
Chubb insures businesses and consumers around the world. We serve businesses of all sizes, from the largest multinationals to middle-market, small and micro-businesses. We also serve consumers globally. Our business serving high-net-worth families in North America is well known, but we also have a global personal lines business that covers everything from cell phones and autos to household contents.
In addition, Chubb has one of the industry's largest personal accident and supplemental health insurance businesses. The company has more than $190 billion in assets and reported $41 billion of gross premiums written in 2020. Chubb has exceptional financial strength, product breadth and deep underwriting expertise. Chubb is also known for its superior claims handling and risk engineering capabilities.
As Chubb's chief digital officer, my responsibility is to lead our digital efforts across the organization and to help solve new and emerging insurance needs, digitally. I've been in this fascinating industry for more than 25 years and am fortunate to have various roles in actuarial, analytics, risk and technology. I can tell you that there has never been a more exciting time in our industry -- and at our company. Much of that excitement comes from our growing toolbox of digital capabilities and distribution partnerships around the world.
40 willistowerswatson.com

2. The purpose of the Incumbent Corner section is really to serve as a reminder that great InsurTechtype innovation isn't just being done by start-ups and outsider technology firms but also large incumbent players like Chubb. Can you please describe Chubb's technology strategy?
Our ultimate aim is to use technology to modernize and reinvent the business of insurance. That involves using digital to provide faster, smarter and more personalized products and services at the fingertips of our customers. Speed-to-market and the ability to deliver instant service at scale is critical. Incumbents like Chubb have competitive advantages in this race, including our data-driven insights and deep underwriting and claims experience, and we're focused on technology to maintain our edge.
At Chubb, we invest heavily in technology, about $1 billion annually. This includes investments in innovation; the ability to provide anytime, anywhere access and processing; and new front-end customer capabilities. Some of our investments are also modernizing our technology stack, which isn't glamorous, but extremely critical and foundational.
First and foremost, we are focused on the customer experience. The way we see it, the customer experience is the product. We are modernizing the process of quoting, purchasing, submitting claims and other policy management services -- making the process easier for the customers of our brokers, agents and distribution partners around the world.
Consider Chubb Studio, the award-winning platform we launched last year that simplifies and streamlines the distribution of Chubb insurance products through our partners' digital channels. Chubb Studio offers industry-leading speed-tomarket for our partners. Of interest, it also leverages our legacy technology.

And when it comes to technology and innovation, there's significant cross-pollination at Chubb. Our digital strategy is thoughtful and aligned with our business objectives and growth opportunities. Digital is not something bolted on or operating separately from our core business; it's integrated into everything we do -- it's multi-dimensional, embedded in our business with P&L accountability, affecting every area of our organization.
3. Specifically focusing on Chubb Studio, can you please tell our readers about its origin, the thinking behind it and how it now functions in practice?
Chubb Studio is one of our home-grown digital bets. Chubb Studio is a set of multiple plug-and-play APIs [application programming interfaces] and microservices that make digital insurance offerings accessible to any partner that wants to add insurance protection to its suite of products. Chubb Studio supports a wide variety of consumer products that offer protection for our customers and their families, including if they are sick, injured or pass away; their devices, gadgets, or valuables if they are damaged, lost or stolen; events, experiences and travels if they are cancelled, cut-short or delayed; or their businesses, income and employees in the event of a claim.
The capabilities of Chubb Studio were built on the success of our ability to forge affinity distribution partnerships with leading brands globally. Our vision was to create a platform that could scale the technical capability that we have been providing to partners such as Citibanamex, DBS, Grab and others to an even broader range of partners.
The platform is performing particularly well across a number of countries, regions and distribution partner verticals, primarily outside the United States, and we are incredibly busy adding to our already extensive portfolio of product and partner integrations.
4. Chubb Studio is described as "insurance in a box." What do you mean by that?
Chubb Studio allows our partners to quickly and easily make online insurance services from Chubb available to their customers or members on a white-labeled, co-branded or Chubb-branded basis; that's why we call it "insurance in a box." It integrates what we do into what they do; however, the technology is but one part of the insurance offering puzzle. We are also bringing Chubb's expertise to all the other critical areas -- such as legal, compliance, claims and risk capital --

that are needed to make insurance work and provide a great experience for our partners and their customers.
The developer friendly, low-code/no-code platform has customizable microsites, embeddable widgets and APIs that enable partners to rapidly deploy insurance products to their customer base -- with options ranging from a website to a widget to deeper in-path deployments. It's a full-service solution for partners to integrate our products and services digitally within their own ecosystems while Chubb handles the insurance stuff, such as underwriting and claims.
Our partnership with Nubank, Brazil's largest digital bank, is a great example. We launched a fully digital life insurance offering in 2020. Nubank Vida, underwritten by Chubb, entered the Brazilian insurance market with a fast, seamless and personalized capability available to the bank's 40 million customers.
We're leveraging digital technology to provide affordable, basic life insurance coverage to a customer base previously without access to financial services. With Nubank, we're selling life insurance in an app through a digital bank that did not exist three years ago. And we do so by asking customers just three questions.
5. How do partners of Chubb work with Chubb Studio, and what is the long-term goal behind it?
The ease of technology integration with Chubb Studio allows partners to focus more on the product proposition to their customers. Our partners find the most value in Chubb Studio's ability to quickly develop and integrate new products for their customers, enhancing value for both customer and partner. It's created opportunities for us to think about new consumer products for our partners -- and bring them to market quickly.
For example, for Chubb's partner DBS, the largest banking group in Southeast Asia, the capabilities of Chubb Studio enabled the team to quickly develop and deploy free three-day COVID-19 financial protection for DBS customers when the pandemic hit.
Through Chubb Studio, the company also expanded its partnership with Grab by offering its customers on-demand, per-day personal global travel insurance. Additionally, the Singaporebased technology company that also offers ridehailing transport services, food delivery and payment solutions moved swiftly at the onset of the pandemic to enable an offer for its drivers and delivery partners for Chubb coverage that provided a lump-sum payment upon diagnosis of COVID19.
41 Quarterly InsurTech Briefing Q2 2021

Incumbent Corner: Sean Ringsted on Chubb Studio continued

We also recently announced a new partnership with Rappi, the Latin American unicorn, to make home and mobile phone insurance protection available to its more than 10 million customers in Mexico. Chubb Studio's speed-to-market and API capabilities allowed the SuperApp to quickly and easily add digitally native "white label" insurance offerings to their platform.
Seeing our digital distribution platform open new doors and create new opportunities has generated a great deal of excitement throughout our organization. Long term, these new products and partnerships not only serve to enhance our growth -- they are the seeds we are planting for the future. The future of Chubb Studio is very bright; stay tuned.
6. What are the main competitive advantages of Chubb creating and releasing a platform like Studio when compared with, say, a traditional InsurTech?
Chubb Studio technology provides our digital partners ready access to the Chubb product portfolio -- one of the largest in the global insurance industry and backed by deep underwriting expertise, global scale and exceptional financial strength; hence, partners get the best of both worlds -- modern digital technology plus a world-leading product portfolio. We are finding success with leading brands across the digital economy -- banks, retailers, airlines, mobile network operations and the gig economy -- for partners to offer their customers Chubb consumer and small business products.
Chubb also has other critical edges. We have tremendous consistency in our delivery to local markets. We apply our experiences and learnings from one strategic distribution partnership in one market to another in a separate geography, enabling us to create unique customer experiences that match our partners' digital assets. This scale gives us the freedom to experiment with cutting-edge technologies as they emerge. Also really important for us is the trove of operational data that we have amassed, which our teams actively use in product development, marketing, underwriting, etc.
As a final thought, both incumbents and InsurTechs share a collective ambition to meet the needs and expectations of today's and tomorrow's insurance consumer. Over time, everything will be digital, including insurance. And the distinction we draw today between InsurTechs and incumbents will blur and likely fade.

7. To what extent does Chubb Studio need function/product releases, updates, maintenance, evolving?
This will be a living, breathing effort -- no different from a software company. We are actively adding more products and value-added services to the "box" as well as continually driving a superior claims experience and simplifying the process even further for our partners and their customers. As customer expectations continue to evolve in the digital age, so must we.
Customer research, co-development with partners and design thinking will continue to drive our features, product releases and updates over time. As I mentioned earlier, Chubb Studio continues to win partnership deals and expand our reach around the world.
8. This particular briefing is focused on the future of digital distribution and delivery. Chubb Studio is a very bold initiative to try to improve many parts of the (re)insurance distribution function; in particular, what single part of the distribution function would you say has benefitted the most from the advent of contemporary technology?
The goal is to offer omnichannel access to Chubb products and services, a one-stop shop, from brands that consumers know and trust, creating a stickier customer experience and building brand preference and customer loyalty.
We need to digitalize what makes sense for the customer while also recognizing that the customer may want human, analog touchpoints. At the same time, the new technology provides access to new customer pools as increasingly more people now have access to financial services through mobile as more of the economy digitalizes. This allows the creation of products that can be offered to customers in a relevant and contextual manner, embedded in the customer's transaction journey.
Think about being able to make insurance available to people in the right place, at the right time, in a way that is seamless, very contextual and enabled because the underlying plumbing makes it all work. For example, I can pay for my taxi ride to the airport directly through the company's app as well as opt to insure my ride as well as purchase travel insurance for my flight -- all without cash nor the need to pull out my credit card.

And as digital drives change in distribution and products, the industry also needs insurance regulations around the world to keep pace. For example, the cycle time for product development needs to be fast. We need to offer products at the transaction point where customers want to be met for insurance purchases. All of this requires collaboration between industry and regulators to shift the regulatory framework from an analog world to a digital one.
9. More broadly, what impact do you think relevant technology will have on distribution and delivery?
Technology is table stakes. The "Amazonification" effect has increased consumer demand for speed, personalization and convenience, driving innovation across the digital economy. The connective tissue and enabler for much of this technology are APIs, which clearly impacts the insurance sector, its distribution channels and how it works with other sectors of the economy.
It's also important to highlight the social component that technology is having on distribution in countries that are digitizing quickly and now opening access to more of the population (e.g., through mobile) to financial services, that were previously too expensive or not accessible through brick and mortar distribution.
For Chubb, we continue to invest in expanding our digital capabilities in terms of products, service and technology to drive the customer experience across our distribution channels -- whether agent, broker or partnerships. We're excited by what we are seeing through partners, either existing players that are digitizing or new digital natives, as they transact and grow in the digital economy. Their customers have new and emerging needs which we can help solve with products and services, and technology is a critical part of that solution.
"Both incumbents and InsurTechs share a collective ambition to meet the needs and expectations of today's and tomorrow's insurance consumer. Over time, everything will be digital, including insurance. And the distinction we draw today between InsurTechs and incumbents will blur and likely fade."

10. And finally, as someone who has an enormous amount of experience in our industry and is in this space in particular, what advice would you give a start-up/InsurTech that is looking to break into our industry?
There is so much opportunity in front of us as an industry to modernize insurance products and services and at the same time meet the new, emerging risks. These opportunities are driving plenty of competition, and so I think it's particularly important in this landscape to have a very clear, differentiated value proposition.
Simply having the latest technology or impressive customer analytics is necessary but not sufficient. In addition, there must be recognition of what I would call the operational last mile -- e.g., privacy, security, claims -- and remembering that we are a regulated industry.
Chubb's work with InsurTechs spans the globe and ranges from distribution (e.g., digital brokers) at the front end all the way along the insurance value chain to our back end (e.g., payments, digital wallets). We have great examples of collaborative, winwin partnerships that offer complementary capabilities -- the right tech and go-to-market strategy combined with Chubb's international presence and financial strength. But we talk to far more than we work with, often finding that the value proposition is not a fit for us -- limited scope or not scalable. So, perseverance is the key to unlock the right InsurTech/carrier match.

42 willistowerswatson.com

43 Quarterly InsurTech Briefing Q2 2021

Thought Leadership Clyde Bernstein on 3D distribution at 5G speed

Thought Leadership: 3D distribution at 5G speed
This quarter Clyde Bernstein shares his thoughts on why our current insurance distribution methods have led insurers and consumers to a crossroads and the needed response from insurers to realize continued relevance.
Clyde Bernstein Head of Broking, Great Britain and Global Leader of Data and Technology Broking Strategy

Whether it's the value derived from existing products or the client experience at the time of crisis, the insurance ecosystem needs a health check. While the degree of maintenance varies, areas such as customer experience and how distribution influences the end solution require an overhaul. Distribution operates as the engine room of the supply chain. With careful tuning, opportunities exist to spark meaningful improvement in client value and turbocharge downstream benefits, such as efficiency and insurer proposition. Initially, the insurance industry may heed learning from vehicle manufacturing where different models are engineered via common platforms, saving cost and improving productivity. Likewise, insurance will adopt data standards that assist digitization, delivering "once and done" processes that ultimately lower operating expenses. Aside from maintaining the "highway," what other rewards await as the industry navigates its transition?

During the pandemic, universal digital adoption advanced more in this period than in the total 10 preceding years. In today's rapidly evolving and complex world, the rate of risk change outstrips the industry's historic ability to design, engineer and deploy appropriate risk solutions. To break this paradigm known as RiskNovation, a new approach to distribution, risk assessment and capital is required. New models and distribution methods will help unlock capital, fuel liquidity and stimulate innovation, opening opportunity to challenge new and systemic risks.
Existing methods of packaging and marketing risks employ a onedimensional placement approach. The logistics of understanding and articulating a client's risk, choreographing placement and sourcing capital is both time consuming and cumbersome. Legacy processes and technologies necessitate the placement of risk into predefined products, with generic basis of indemnification, policy term and rating.

Electric vehicles vs. Petrochemical

"Lift the hood on the insurance industry and you will see the engine in danger of over-heating. The diagnosis from those
tasked with keeping the industry on the
right trajectory is that a different motor is needed."

For example, consider the current construct and marketing of a commercial property damage and business interruption insurance policy. Here, the risk profile and exposure are broad and involve multiple assets, triggers and coverage. These include natural catastrophe exposure, man-made hazards and resultant loss, often including extensions for non-damage business interruption. Today's insurance architecture wraps many coverages and conditions under a single product form, inviting complexity and constraining an insurers' ability to play to its underwriting strength. For instance, an insurers' tolerance for Japanese typhoon perils under a multinational program may not represent the optimal use of capital at that point in time, whereas the same insurer may have strong appetite for the client's fire or business interruption risk.
In present form, the understanding of an insurer's target portfolio is, at best, subjective and only true at the point of communication. Risk appetite is effectively redundant the moment market forces change, strategy shifts or client needs pivot. In the previous illustration, the non-codified contract, inclusion of modeled and non-modeled risks and legacy placement process, has several drawbacks. Existing "all or nothing" risk distribution leaves capital on the sidelines by marginalizing investors, thereby reducing capacity and creativity. Furthermore, it prevents the ability to achieve irrefutable trust in the contract -- the primary purpose of risk transfer.
In a continuously changing risk environment, where enterprise value is increasingly dominated by intellectual horsepower and intangible risks, trading must evolve. Having tackled the

"plumbing" -- the addition of computing power -- large data and collaboration make dynamic measurement and transfer of risk feasible. Rather than an annual venture, structured data from all correlated and non-correlated sources are used to assess risk with speed and intelligence. Data will drive a more proximate cost of risk, empowering clients and insurers to make more informed risk optimization decisions. As risk is traded at ease powered by live pricing and analytics, the concept of renewal fades in the rear mirror. The negative connotation associated with early contract termination is now perceived positively as new revenue by insurers and a valuable new service offering for the client. Resilience becomes an increasingly strategic part of the enterprise with risk transfer or retention decisions determined by live market sentiment and business need.
This approach applies equally to reinsurance, where case-level underwriting decisions supported by portfolio optimization tools enable a more efficient use of own and third-party capital. Just as new growth emerges from dynamic trading of insurance risk, (re)insurers will find effective ways to arbitrage price differences by market.
Lift the hood on the insurance industry and you will see the engine in danger of over-heating. The diagnosis from those tasked with keeping the industry on the right trajectory is that a different motor is needed. Fortunate passengers will enjoy the ride as new distribution and technologies deliver a better and more responsive client experience. Retirements will happen along the way. In the end, those that succeed will look back and be grateful for the timely check under the hood.

46 willistowerswatson.com

47 Quarterly InsurTech Briefing Q2 2021

Transaction Spotlight Key Transactions from This Quarter

Transaction Spotlight: Ethos

Founded in 2016, U.S.-based Ethos underwrites, administers and distributes life insurance using technology and advanced data science to make the purchase process instant and accessible to families across the U.S. Customers can self-purchase instantly online or speak to a licensed agent ready to help guide them through the process. The company raised a US$200 million Series D funding round in May 2021.

About Ethos
Ethos underwrites, administers and distributes life insurance using technology and advanced data science to make the purchase process instant and accessible to families across the U.S. Through its technology, Ethos breaks down the barriers that have long prevented customers from purchasing life insurance, including underwriting with no medical exams, blood tests and complex paperwork. This enables Ethos to approve many people, regardless of financial status, health status or age, who would otherwise be denied coverage or punitively treated.
Series D investment round
Ethos' Series D financing was led by General Catalyst, with participation from Sequoia Capital, Accel Partners, Google Ventures, RocNation, Gladebrook and other undisclosed investors. The funding will be used to enrich Ethos' technology and data platform

and help launch new products to reach new customers. The Series D round brings the company's total funding to over $300 million.
Ethos' revenue and number of users have each grown by more than 500% year over year, and the company expects to issue $20 billion in life insurance in 2021.
"We are on a mission to protect the next million families and will use this money to continue improving the best insurance customer experience ever created. This funding will help us enrich our technology and data platform, and help us launch new products to enable everyone an opportunity to protect their families."
Peter Colis, CEO, Ethos

Transaction Spotlight: Bought By Many

Bought By Many has secured a US$350 million Series D funding round led by EQT Growth and with participation from Willoughby Capital, FTV Capital, Octopus Ventures, CommerzVentures and Munich Re Ventures. The latest funding round will drive the plans of Bought By Many's holding company, Many Group, for further global expansion and new product development, which will launch later in 2021.

About Bought By Many
Founded in 2012, Bought By Many launched its market-leading pet insurance in 2017 in the U.K. under the Bought By Many brand. The company introduced market-leading pet insurance and wellness policies, such as cover for preexisting conditions, and was the first pet insurance provider in the U.K. to offer online claims. Bought By Many was also the first in the U.K. to offer customers free, unlimited access to video calls with registered vets, a lifeline for many pet owners throughout COVID-19.
Bought By Many offers a fully digital insurance process, with the technology and growing data bank underpinning an evolving global offering that enables fast decision making and claim automation. Bought By Many's bespoke application programming interfacedriven policy administration system allows it to scale and launch new insurance products in as little as eight days.

Bought By Many operates under the brand name ManyPets in Sweden and the U.S. It entered Sweden in 2019 and started a U.S. rollout in March 2021, where it offers a subscription-based model with access to both pet health insurance and pet wellness packages. Globally, Many Group now covers almost half a million pets and has doubled gross written premium for three consecutive years to more than $220 million in the past 12 months.

"Our mission is to make the world a better place for pet parents. By creating unique policies, dramatically improving customer experience and working closely with vets, we have made it possible for pets to be healthier and for them to enjoy longer, happier lives with their owners."
Steven Mendel, CEO, Many Group

The U.K. pet boom shows no sign of stopping. Bought By Many recorded a 65% year-on-year increase in the number of pets being signed up for insurance, which suggests that owners are thinking about their new pet's long-term health, an important part of responsible pet ownership.

50 willistowerswatson.com

51 Quarterly InsurTech Briefing Q2 2021

Transaction Spotlight: Shift Technology
Shift Technology, a software-as-a-service (SaaS) provider of artificial intelligence (AI)-driven decision automation and optimization solutions for the global insurance industry, has raised a US$220 million Series D round.

About Shift Technology
Shift Technology delivers AI-native fraud detection and claim automation solutions that are built specifically for the global insurance industry. The company's SaaS solutions identify individual and network fraud with double the accuracy of competing offerings and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions.

Shift Insurance Suite
In January, 2021 Shift Technology introduced the Shift Insurance Suite to enable insurers to apply AI-based decision automation and optimization technology to an even wider array of critical processes across the policy life cycle, including underwriting, subrogation and compliance. The company now serves more than 100 customers in 25 different countries and has analyzed nearly two billion claims to date.

The Shift Insurance Suite targets several additional processes both related to claims and across the policy life cycle.
Shift Underwriting Fraud Detection: Designed to optimize decision making at the point of sale, Shift Underwriting Fraud Detection applies AI to the policy underwriting process to detect inaccurate or noncompliant applications. Actionable alerts help to minimize fraudulent policies, avoid undesired risks and assign appropriate premiums.

Shift Claims Fraud Detection: Identifies individual and network-perpetrated claims fraud with twice the accuracy of other solutions. The solution makes reviewing flagged claims and taking informed, data-driven actions easier for claim handlers and special investigation unit teams by delivering a comprehensive, prioritized set of suspicions underlying each fraud alert in a single, easy-to-navigate dashboard.

52 willistowerswatson.com

Shift Claims Automation: Uses AI to automate the claim process from first notice of loss through to final settlement. Through its application of advanced optical character recognition technology, Shift Claims Automation is particularly focused on removing the need for manual document review throughout the claim process.
Shift Subrogation Detection: Uses AI to quickly and accurately discover opportunities to recover costs from third parties. The technology not only finds those claims for which subrogation is possible but also generates actionable cases supported by concrete evidence.
Shift Financial Crime Detection: Enables insurers to better understand the status of all participants in their ecosystems to support anti-money laundering, employee fraud detection and other compliance initiatives.

Shift Technology's Series D investment round
Shift Technology's Series D round was led by Advent International, through Advent Tech, with participation from Avenir Growth Capital, Accel, Bessemer Venture Partners, General Catalyst and Iris Capital. The latest funding round brings total investment in Shift to US $320 million and a market valuation of more than $1 billion. The investment will fuel the company's execution of its vision to revolutionize the policyholder experience through wide-ranging products that apply AI and advanced data science to key insurance processes.
Shift will use this investment to expand its presence in key geographies, including the U.S., Europe and Asia. In the U.S., the company will look to further penetrate the property & casualty insurance market as well as expand into the health insurance sector, an area in which Shift sees a large opportunity. The funding will also be used to drive research and development efforts in the creation of new solutions to address emerging decision automation and optimization requirements for forward-thinking insurers.

"The entire Shift team has worked tirelessly to build this company and provide insurers with the technology solutions they need to empower employees to best be there for their policyholders. We have only just scratched the surface of what is possible when AI-based decision automation and optimization is applied to the critical processes that drive the insurance policy life cycle ."
Jeremy Jawish, CEO and Co-Founder, Shift Technology

53 Quarterly InsurTech Briefing Q2 2021

Technology Spotlight Radar Workbench

Technology Spotlight
Radar Workbench, from Willis Towers Watson's awardwinning Radar suite, is an analytical platform that helps commercial underwriters make and implement confident decisions at pace.

The nature of commercial underwriting means that predicting performance can be uncertain and challenging. At Willis Towers Watson, we recognize the significance of the commercial underwriters' role and the impact they have on managing this uncertainty as well as the valued contribution they make to portfolio performance. With these positive outcomes in mind, Radar Workbench uses data and analytics to help guide case underwriters in their decision making, surfacing contextual decision support during the risk assessment and pricing process, assisting them to make better informed judgments and removing some of the characteristic unpredictability.

Figure 1 Case underwriting premium calculation and integrated decision support

Furthermore, by connecting case underwriters with pricing and analytics specialists and portfolio managers, Radar Workbench supports improved collaboration among the essential experts responsible for delivering the commercial underwriting performance.

blind spots in risk appetite strategies, and new insights from external and internal data sources, as well as enable the means to challenge existing assumptions -- all of which provide improved opportunities for successfully delivering business performance objectives and enabling greater agility and evolution (Figure 1).

Analytics for commercial underwriting applications
Radar Workbench presents an opportunity at every stage of the underwriting risk assessment and pricing process to inject analytical decision support at an underwriter's fingertips. This starts with the quote submission and includes delivery of prioritization decision support, assisting case underwriters in organizing their busy schedules, and focusing their attention on those risks aligned to their appetite and objectives -- all the way through to presenting deal options at the final stages of the negotiation process. Analytical insights can be used to provide essential validation for underwriting instincts, opportunities to identify

As commercial insurance moves rapidly on to a more digital footing, where active portfolio management and intelligent underwriting intervention are much more common. Radar Workbench creates a powerful user-customizable platform, with extensive automation capability, where your case underwriters, portfolio managers and pricing experts can collaborate at both case and portfolio level.
Case underwriters
Case underwriters are able to execute pricing and underwriting decisions confidently, supported with rich, contextual data insights. All data is connected to the transaction, including adjustments, rationales and risk features . Other commercial considerations are stored to the shared database.

56 willistowerswatson.com

Radar Workbench features a single store of granular-level data.. This supports greater connectivity and collaboration between underwriters, pricing and analytics specialists, and portfolio managers.
Each specialist has his or her own environment within Radar Workbench. This is designed to support individual requirements -- recognizing the differences in their roles while understanding their commonalities and the benefits of closer connection.

Portfolio managers
Pricing and underwriting portfolio performance can be analyzed to a granular level, remedial actions identified quickly and scenarios tested before being deployed seamlessly to underwriters via Radar Workbench. This functionality gives a high degree of confidence that the desired actions have been actioned swiftly, and implemented as expected, providing greater certainty of the expected outcome.

Pricing and analytics specialists
Underwriting rules and advanced pricing and analytics models can be built in a low-code environment, designed to provide the business user with improved flexibility and responsiveness to change, independent from centralized IT functions.

Radar Workbench

Improves expert transparency and collaboration via shared models and database

Provides an intuitive underwriter user interface

Provides a low-code modeling environment

Improves agility and evolution, business users own change management

Supports ambitious data strategies via shared database

Improves efficiencies and reduces rekey with data integration

Supports greater insights with external callouts

Supports underwriting performance via contextual underwriter decision support

Enables advanced pricing techniques improving sophistication

Incorporates granular portfolio management and impact analysis tool

Radar Workbench is the latest product in the Radar suite, building on existing foundations and capabilities in delivering insurancespecific technologies to commercial lines insurers.

Willis Towers Watson is helping insurers to deliver improved business performance by streamlining processes and removing frictional costs, making better use of scarce data and underwriting resources, and achieving a more granular grip on portfolio performance.

57 Quarterly InsurTech Briefing Q2 2021

The Data Center

Global InsurTech activity reaches an all-time high, with Q2 2021 being the strongest on record, with funding amount surpassing Q1 2021 by 89%
In Q2 2021, InsurTech companies raised US$4.8 billion across 162 deals -- a respective increase of 89% and 11% from Q2 2021.
In the first half of 2021, InsurTechs have raised $7.4 billion surpassing the $7.1 billion raised for all of 2020 by more than $300 million.
A major driver of funding growth was the rise in mega-rounds (rounds of $100 million plus). Q2 2021 recorded 15 funding rounds, up from eight in Q1 2021. The rounds represented nearly $3.3 billion or 67% of total funding, up 22% from Q1 2021.
The 15 companies were wefox ($650 million Series C), Bought By Many ($350 million Series D), Collective Health ($280 million Series F), Extend ($260 million Series C), Alan ($223 million Series D), Shift Technology ($220 million Series D), Clearcover ($200 million Series D), Ethos Technologies ($200 million Series D), Yuanbao ($156 million Series C), The Zebra ($150 million Series D), SmartHR ($143 million Series D), PayMaya ($121 million Private Equity), EIS Group ($100 million Private Equity), Embroker ($100 million Series C) and Friday Health Plan ($100 million Private Equity).
Q2 2021 overview
This quarter, U.S. InsurTech deal share dropped to 38%, down 10 percentage points from Q1 2021.
Geographic diversity among global InsurTechs continues to grow, with InsurTechs from 35 distinct countries securing investments, compared with 26 countries in Q1 2021. This is the most diverse quarter since we started recording. Botswana, Mali, Romania, Saudi Arabia and Turkey all recorded their first InsurTech investment.
The share of early-stage deals decreased slightly to 57%, down from 58% in Q1 2021. Mid-stage deals were responsible for 23% of funding, an increase from 17% in Q1 2021. Ten percent of deals were later-stage deals, down from 11% in Q1 2021. These laterstage deals accounted for 46% of funding.

Of the 15 mega-rounds, eight were U.S-based companies, two were France-based companies. The U.K., Germany, China, Japan and the Philippines all recorded one mega-round.
L&H and P&C funding split trend continues
Life & health (L&H) InsurTechs represented 27% of total deals this quarter, matching Q1 2021. Property & casualty (P&C) deals continue to receive the majority of InsurTech funding, with P&C deals receiving 71% of funding, up by two percentage points from Q1 2021.
75% of the mega-rounds were P&C-focused companies, matching Q1 2021. The L&H start-ups were responsible for 29% of the mega-round funding, up eight percentage points from Q1 2021.
Distribution-focused companies dominate in dollar terms
Business-to-business (B2B) start-ups secured 42% of the deals in Q2 2021 -- a seven-percentage-point decrease from Q1 2021. Distribution-focused start-ups received 55% of deals, up seven percentage points from Q1, and direct insurers were responsible for the remaining 3%.
In funding amount terms, insurers were responsible for 8% of funding, a two-percentage-point drop from Q1 2021. B2B companies were responsible for 28%, a two-percentage-point increase from Q1; distribution-focused start-ups were responsible for 64% of funding, matching Q1 2021.
For P&C investments in Q2 2021, 44% of deals were to B2Bfocused companies, 3% went to insurers and 54% went to distribution-focused companies. Compared with Q1 2021, this marks a six-percentage-point drop in B2B deals, a onepercentage-point drop in deals to insurers and a sevenpercentage-point increase in the number of deals to distributionfocused companies.
For L&H deals in Q2 2021, 37% of deals were to B2B-focused companies, 5% went to insurers and 58% went to distributionfocused companies. From Q1 2021, this marks a ninepercentage-point decrease in B2B deals, a two-percentagepoint increase in deals to insurers, and a seven percentage-point increase in deals to distribution-focused companies.

Q2 2021 recorded 28 deals over $40 million, a 56% increase from the previous record from last quarter
54% of the $40 million-plus deals were from U.S.-based companies an 18-percentage-point drop from Q1 2021. The U.K., China and France were responsible for 7% of the deals. The remaining deals were evenly spread across Chile, Germany, India, Japan, Malaysia, the Philippines and Romania. The 28 deals accounted for 81% of the quarter's total funding, an 11-percentage-point increase from Q1.
The largest deal of the quarter was a $650 million Series C investment into wefox by Target Global, Horizons Ventures, Seedcamp, Jupiter Asset Management, Mountain Partners, LGT Group Stiftung, Victory Park Capital, EDBI, Eurazeo, G Squared, ACE & Company, Speedinvest, OMERS Ventures, Lightrock, Partners Group, Salesforce Ventures, Sound Ventures, Mundi Ventures, CreditEase Fintech Investment Fund, GR Capital, Mubadala Capital, Merian Chrysalis Investment Company, Decisive Ventures and FinTLV. wefox enables customers, insurance brokers and insurance providers to transact and manage insurance products digitally. wefox has now raised $924 million.
The subsequent largest investment rounds were:
A $350 million Series D investment in Bought By Many. Bought By Many uses data to develop insurance policies and negotiate discounts for users with unique insurance needs. Octopus Ventures, FTV Capital, EQT Partners, CommerzVentures, Munich Re Ventures and Willoughby Capital Management participated in the round. Bought By Many has now raised $477 million.
A $280 million Series F investment in Collective Health, a technology company aiming to make health insurance work better for everyone. The round had participation from Health Care Service, New Enterprise Associates, Founders Fund, DFJ Growth Fund, Sun Life Financial, SoftBank Group, G Squared, PFM Health Sciences and Maverick Ventures. The company has now raised $714 million.

Q2 2021 recorded 27 strategic tech investments by (re)insurers
U.S.-based technology investment rose by 11 percentage points from Q1 2021 to 63% of all tech investments by (re)insurers.
France received 15% of the deals; Singapore received 7%; and the remaining deals were split evenly between Australia, Switzerland and the U.K.
Q2 2021 saw 22 (re)insurer partnerships, down four from Q1 2021
Select partnerships include:
HSBC Life and dacadoo have announced a global partnership to help customers improve and maintain their physical, mental and financial wellbeing.
AI-enabled insurance platform NOW has partnered with Hiscox on medical malpractice insurance policies for health care professionals on its direct-to-consumer marketplace.
Farmers Insurance has partnered with SimpliSafe, a maker of home security systems, to make preventative smart home protection available to homeowners in Alabama, Iowa and Ohio.

60 willistowerswatson.com

61 Quarterly InsurTech Briefing Q2 2021

The Data Center

InsurTech by the numbers Quarterly InsurTech funding volume all stages

5000

4824

4500

4000

3500

3000

2538 2552

2500 2000 1500

1865

1987

1258

1591

1443

1504 1414

1558

2100

1000

825

633 725 592

912

422

500 135

180 132 180

376 300

412 233

271

328

314

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2014

2015

2016

2017

2018

2019

2020

2021

Deal count
P&C 10 7 16 8 17 13 16 21 44 18 33 29 26 37 29 45 44 47 40 41 58 49 52 40 72 54 74 75 107 119 L&H 9 15 14 15 11 19 15 20 16 17 6 13 17 32 21 11 24 26 17 23 29 20 31 35 24 20 30 28 39 43

Quarterly InsurTech funding volume early stage
600 500
500

400

385

337

304

300

186

200 167 159

100 103 98

107

95 76

83 84

119 82

219 226 198

234 202

244 223

168

147 161

121

132

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2014

2015

2016

2017

2018

2019

2020

2021

Deal count
P&C 5 3 10 6 13 7 9 16 35 9 25 21 18 25 21 25 32 31 22 25 36 27 35 20 35 25 42 34 69 71 L&H 6 8 11 8 5 9 11 16 6 10 3 10 11 20 13 7 15 20 11 15 20 12 19 16 14 6 17 14 18 22

62 willistowerswatson.com

Quarterly InsurTech transactions by target country
2012 Q21 22002211

22%
3% 4% 4%
6% 9%

United States United Kingdom
China India Germany
51%
France Other

2012 Q2 2021 Transactions: 1,993

Q1222002211

21%

2% 3%
3%
3%
3% 3% 3% 5% 7%

38% 9%

United States United Kingdom
China India
Brazil
France
Israel Switzerland Germany Canada
Australia Other

Q2 2021 Transactions: 162

Quarterly InsurTech transactions by investment stage
2012 Q2 2021

145% 44%% 33%% 66%%
1133%%
2222%%

3378%%

Seed/Angel Series A
Series B
Series C Series D Series E+ Other

Q2 2021

15%9% 4% 7%7%

59%% 7%
146%%

1250%%

420%

Seed/Angel Series A
Series B
Series C Series D Series E+ Other

2012 Q2 2021 Transactions: 1,993

Q2 2021 Transactions: 162

P&C InsurTech transactions by subsector

2012 Q2 2021

Q2 2021

L&H InsurTech transactions by subsector

2012 Q2 2021

Q2 2021

43% 51%
6%

54%

44% 2%

Carrier

B2B

Distribution

2012 Q2 2021 P&C Transactions: 1,291

Q2 2021 P&C Transactions: 119

50%

42% 8%

58%

37% 5%

Carrier

B2B

Distribution

2012 Q2 2021 L&H Transactions: 702

Q2 2021 L&H Transactions: 43

63 Quarterly InsurTech Briefing Q2 2021

The Data Center

Q2 2021 InsurTech transactions P&C

Date 4/1/2021

Company Aclaimant

4/1/2021

Kryon

4/2/2021

Qualia

4/5/2021

Lumnion

Funding (US$M)

Round Total Investor(s)

28.69 Aspen Capital Group

BrokerTech Ventures

EBSCO Capital

KEC Ventures

Mercury Fund

Moderne Passport

Next Coast Ventures

Paycheck Protection Program

RRE Ventures

Royal Street Ventures

3.5

76.5 AJJS Holdings

Aquiline Capital Partners

Bank Hapoalim

Fort Ross Ventures

Oak HC/FT Partners

Vertex Ventures Israel

200 8VC

Barry Sternlicht

Bienville Capital

Clocktower Technology Ventures

Formation8

Menlo Ventures

Tiger Global Management

Undisclosed Investors

0.56

0.56 Sabanci Holding

Starters Hub

4/9/2021

Allegory

Undisclosed Investors

4/12/2021

Penni.io

4/12/2021

Energetic Insurance

4/12/2021

The Zebra

4/13/2021

Clearcover

Note: Blue font denotes current round investors.

6.73

8.91 Niels Mortensen

Undisclosed Investors

2.5

6.95 Clocktower Technology Ventures

Congruent Ventures

DCU FinTech Innovation Center

One Valley

Powerhouse

Powerhouse Ventures

150

255 Accel

AlphaLab

Ballast Point Ventures

Birchmere Ventures

Daher Capital

Floodgate

Hedosophia

Mark Cuban

Silverton Partners

Simon Nixon

Weatherford Capital Management

200

307 500Startups

American Family Ventures

Cox Enterprises

Eldridge

Greycroft

Hyde Park Angels

IA Capital Group

Lightbank

OMERS Ventures

Silicon Valley Bank

Undisclosed Investors

Description Aclaimant develops a platform to engage the employee,
employer and insurance carrier in making workplace incidents an equal responsibility.
Kryon develops virtual agents, or bots, used to automate organizational processes such as paperwork and the filings of insurance claims.
Qualia is a digital real estate closing technology company that provides the infrastructure to streamline the home closing experience. The company offers a suite of products that brings together buyers, sellers, lenders, title, escrow and real estate agents onto a secure, shared platform.
Lumnion is an insurance technology company that develops risk pricing platforms based on artificial intelligence and machine learning for the insurance industry.
Allegory provides auto insurance that is customized to individual consumer's driving habits. There is automatic tracking through its app that detects driving and calculates scores based on one's driving that determines premiums.
Penni.io is a digital distribution solution. Penni.io provides a white-label distribution solution that helps insurers, brokers and distribution partners to establish online sales channels for insurance.
Energetic Insurance offers EneRate Credit Cover, a trade credit insurance product to protect solar developers and asset owners against repayment risk in power purchase agreements.
The Zebra is an online car insurance comparison marketplace. The Zebra also provides educational resources to inform consumers and help them find the coverage, service level and pricing to suit their unique needs, while simultaneously helping insurance companies connect with their consumers.
Clearcover offers an app that provides fast claims, easy payments and a secure digital card. The company's API-first approach enables customers to have insurance at affordable rates.

64 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 4/14/2021

Company Small Ticket

Funding (US$M)

Round Total Investor(s)

0.02 Alticast

Startupbootcamp FinTech

4/15/2021

Migrante

4/15/2021

GOCLEER

4/16/2021

Fatberry

2.5

2.5 Endeavor Scale Fintech

Fen Ventures

Kayyak Ventures

Nazar Family Office

Olivo Capital

1.12

1.34 Antai Venture Builder

Enisa

Undisclosed Angel Investors

0.61

0.61 Abelco Investment Group

Fatfish Group

Undisclosed Angel Investors

4/17/2021

Mutuus

4/19/2021

Arturo

4/19/2021

Ignatica

4/19/2021

insureQ

4/20/2021

Archipelago Analytics

4/20/2021

FintechOS

4/20/2021

Innoveo Solutions

0.27

0.27 Brazilian Development Bank

The Helix Institute

Undisclosed Venture Investors

American Family Insurance

American Family Ventures

Atlantic Bridge Capital

Crosslink Capital

Firemark Ventures

Plug and Play Accelerator

RPS Ventures

AFG Partners

Artesian Capital Management

Chinaccelerator

Lingfeng Capital

SOSV

6.01

6.01 Flash Ventures

Global Founders Capital

Nauta Capital

68.23 Canaan Partners

Ignition Partners

Scale Venture Partners

XL Innovate

Zigg Capital

75.92 Draper Esprit

Earlybird Venture Capital

GECAD Group

Gap Minder

LAUNCHub Ventures

Microsoft ScaleUp

OTB Ventures

Everstone Capital

Pactera Technology International

Paulson & Co.

Servion Global Solutions

4/21/2021

Orca AI

15.6 IntelIgnite

Lloyd's Lab

MizMaa Ventures

OCV Partners

Playfair Capital

Ray Carriers

theDOCK Innovation Hub

Note: Blue font denotes current round investors.

Description Small Ticket is a p2p platform that distributes insurance
products, using a system of connected groups and controlled risks. Migrante focuses on developing financial, credit and insurance products that address the main needs of the foreigner in Chile. The company enables Chile natives to rent an apartment, buy a vehicle, acquire a motorcycle and revalidate university studies. GOCLEER operates as a mobile auto insurance platform with a cash back program. Fatberry offers a comprehensive online marketplace for insurance. With the integration of API with multiple insurers, consumers can easily compare insurance products, customize a quote and purchase the most suitable insurance offering instantly at Fatberry. Mutuus operates as a digital insurance broker.
Arturo is an artificial intelligence property analytics company that delivers structured data observations and predictions for residential and commercial properties for use in the property & casualty insurance, reinsurance, lending and securities markets.
Ignatica empowers multinational, regional and digital insurers to define their future success with speed, agility and intelligence. By removing the product launch and policy administration burdens, Ignatica enables clients to create more niche and cost-effective products, shift their resources to acquiring new customers and make sure all their customers are satisfied.
insureQ is a Munchen-based company that offers 100% digital protection tailored to a client's profession. It is a digital insurer for freelancers, start-ups and SMEs.
Archipelago develops interconnected technologies to efficiently capture and move critical data through the insurance value chain, from client to broker to capacity provider.
FintechOS offers a digital framework for financial organizations to engage in digital transformation. It specializes in developing and redesigning the Customer Experience in Banking and Insurance.
Innoveo Solutions is a Swiss-based IT software product company. The company's front-end insurance multichannel sales solution, Innoveo Skye, enables insurance companies to launch new products and build attractive product and services bundles, reacting quickly to competitor offerings. The solution has been deployed globally and is helping customers in multiple regions to reduce time to market.
Orca AI uses a combination of thermal cameras, low-light cameras, other sensors and AI to keep ship operators aware of nearby ships and alert them about potential danger.

65 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions P&C

Date 4/22/2021

Company Cherre

4/22/2021

OKO Finance

4/27/2021

Qover

4/27/2021

Sigo

4/28/2021

Wunderite

4/29/2021

AlphaDirect

4/30/2021

Attestiv

5/3/2021

Growers Edge

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

Carthona Capital

DreamIt Ventures

Glilot Capital Partners

Intel Capital

Mark Schwartz

Navitas Capital

Red Swan Ventures

Silicon Valley Bank

Trustbridge Partners

Zigg Capital

iLOOKABOUT

1.2

Barclays Accelerator

Fit 4 Start

Google for Startups Accelerator

Sustainable Development Goals

ImpactAssets

Mercy Corps

New Fund Capital

RaSa Future Fund

ResiliAnce

Techstars

39.93 Alven Capital

Anthemis

Cathay Innovation

Portag3 Ventures

Prime Ventures

1.5

1.73 Amicle Capital

Bonded Capital Ventures

Demeter Capital

Financial Solutions Lab

Park City Angels

gANGELS

gener8tor

3.05 Alex Finkelstein

Andrew Krantz

Boston Seed Capital

Brian Hetherington

BrokerTech Ventures

Heffernan Financial Services

John Wepler

Scott Addis

Spark Capital

Trustco

Ty Harris

0.6

0.6 Century Oak Capital

Launch Africa

Undisclosed Angel Investors

1.02

3.12 Borderless Capital

Castle Island Ventures

Mentors Fund

Plug and Play Accelerator

Plug and Play Ventures

53.68 Bunge Ventures

Cox Enterprises

Finistere Ventures

Guide One Insurance

Paycheck Protection Program

S2G Ventures

Silicon Valley Bank

Skyline Global Partners

The Nature Conservancy

iSelect Fund

Description Cherre provides investors, insurers, brokers and other
large enterprises with a platform to collect, resolve and augment real estate data from thousands of public, private and internal sources.
OKO Finance is an InsurTech company bringing crop insurance to emerging markets. OKO provides index insurance and other farming-related services to smallholder farmers in emerging countries. Using technologies to monitor rainfall and crop evolution, a direct interface with farmers, and a unique distribution network, OKO protects farmers and unlocks their access to financing.
Qover is a B2B2C company that provides a suite of insurance products to companies, which companies can append to consumer-facing products. Qover provides cross-industry products and companies that generate extra revenue by offering the insurance product to consumers at the point of sale.
Sigo develops a mobile-first auto insurance platform allowing customers with limited insurance histories to get basic liability policies directly from their phones in English or Spanish.
Wunderite provides an online platform that automates insurance applications. It collects data to provide transparency to stakeholders and actionable insight to decision-makers.
AlphaDirect offers value-for-money business and personal insurance products directly to customers.
Attestiv validates the authenticity of photos and videos from the point of capture to any time thereafter with inline validation.
Growers Edge uses data science, public and private data sets, and deep learning algorithms to design warrantybacked crop management plans for agricultural retailers and technology providers.

66 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 5/3/2021

Company SympliFi

Funding (US$M)

Round Total Investor(s)

0.12

0.12 Catapult: Inclusion Africa

Techstars Berlin Accelerator

5/5/2021

Protect4Less

Undisclosed Private Equity Investors

5/5/2021

Lami

5/5/2021

Relay Platform

5/5/2021

Sprout.ai

5/6/2021

180 Insurance

5/6/2021

AuditCover

1.8

1.91 AAIC Ventures

Accion Venture Lab

Acuity Ventures

Catalyst Fund

Consonance Capital

Future Africa

P1 Ventures

The Continent Venture Partners

5.2

7.44 American Family Insurance

Drive Capital

Global Insurance Accelerator

Highline BETA

InsurTech NY

NFP Ventures

Plug and Play Accelerator

Plug and Play Ventures

11.13

14.38 Alan Armitage

Amadeus Capital Partners

MetLife Digital Accelerator

Ninety Consulting

Octopus Ventures

Playfair Capital

Pragmatica

Techstars

Toby Clarke

8.32

8.32 Canary VC

Dragoneer Investment Group

Rainfall Ventures

InsurTech Gateway Australia

5/6/2021

Shift Technology

5/6/2021 5/7/2021

Wobi Sustema

220

320 Accel

Advent International

Avenir Growth Capital

Bessemer Venture Partners

Elaia Partners

General Catalyst

Iris Capital

Paris & Co

Plug and Play Accelerator

Clal Insurance

Lloyd's Lab

Swiss ICT Investor Club

5/10/2021

ZYYAH

Undisclosed Investors

Note: Blue font denotes current round investors.

Description SympliFi provides an online financial platform for workers
outside of their home countries. It allows for borderless credit, insurance and savings services. Protect4Less (P4L) is a provider of device protection insurance plans for mobile phones, laptops and other accessories. Lami operates an insurance API that enables businesses to automate underwriting, reduce claim ratios and improve profitability.
Relay is a reinsurance collaboration platform that helps carriers better manage and place reinsurance. Relay accelerates the placement process, eliminates redundant efforts, and alerts users to the latest placement opportunities and trends.
Sprout.ai provides fraud detection and claims automation for the insurance industry through its platform.
180 Insurance is a Brazilian insurance company. It operates through a B2B2C model, providing a solution for companies to be able to sell insurance and assistance products digitally.
AuditCover operates as a fully digitized insurance product that protects accounting firms, financial planners, advisors, service providers (intermediaries) and their clients from the hefty expenses that come with being audited.
Shift Technology delivers AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy life cycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions.
Wobi is a digital insurance agency that shows offers and loans in one place.
Sustema is a Zurich-based insurance analytics firm that is empowering commercial insurers to transform their underwriting performance through its behavioral analytics service. The company develops a tool to analyze publicly available data of listed companies and apply behavioral analytics to improve underwriting performance.
ZYYAH offers a simple and smart digital home management platform that guides users through insurance, maintenance, home documents and contractors for their projects.

67 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions P&C

Date 5/10/2021

Company Yuanbao

5/11/2021

Artivatic

5/11/2021

Calingo

5/11/2021

Airkit

5/11/2021

Pouch

Funding (US$M)

Round Total Investor(s)

156

156 Cathay Capital Private Equity

Hike Capital

Northern Light Venture Capital

Qiming Venture Partners

SIG Asia Investments

Source Code Capital

0.17 Deepak Verma

Google for Startups Accelerator

Indian Angel Network

Kfintech

Max Life Innovation Labs

Nasscom DeepTech Club

Pitney Bowes Accelerator

Rahul Sood

Saurabh Chugh

Scale Ventures

Spark10

0.92

0.92 Swiss ICT Investor Club

UNIQA Liechtenstein

Undisclosed Venture Investors

Accel

EQT Ventures

Emergence Capital Partners

Plug and Play Accelerator

Salesforce Ventures

Undisclosed Investors

ILS Capital Management

5/11/2021

Shield Finance

5/12/2021

CLC Network

0.78

0.78 DAO Maker

GD10 Ventures

Master Ventures

NGC Ventures

PAID Network

Spark Digital Capital

Titan Ventures

Zokyo

Gravitas Securities

5/12/2021

Leap

1.3

Accelerant

Paycheck Protection Program

5/12/2021

Planck

5/13/2021

Dayu Tech

Note: Blue font denotes current round investors.

Arbor Ventures

Eight Roads Ventures

Greenfield Partners

Hannover Digital Investments

Nationwide Ventures

Plug and Play Accelerator

Team8 Capital

Viola Group

Viola Ventures

7.69 Haowangjiao Investment

Kangqiao Group

Ningbo Shuanglang

Xiaomi

Zhejiang Silicon Paradise Asset

Management Group

Description Yuanbao is an online insurance intermediary on the
internet. After premiums are generated through the platform, commissions from insurance companies are the company's main income.
Artivatic builds product solutions and systems using AI, IoT and data for insurance, finance, banking and healthcare businesses. The company enables businesses to have in-depth multi-source data-focused products on consumer risk profiling, credit risk scoring, recommendation and personalization, automated underwriting and decisions, health and disease prediction, claims processing, fraud detection, digital data-based risk scoring and document digitization. The company's product line includes AVGenomics, AVAcross, AVPredict and AVDecision.
Calingo is a digital insurance company that offers personalized insurance coverage at the point of sale in a hassle-free way.
Airkit is a low-code customer experience automation platform that integrates with the organization's business system and allows employees without a coding background to manage customer interactions, including scheduling, payments and loyalty programs.
Pouch rewards small businesses for safe driving. With instant quotes, simple sign up and discounted rates based on a user's actual driving, Pouch offers a faster and smarter way to buy commercial auto insurance.
Shield Finance is a multi-chain DeFi insurance aggregator allowing users to buy protection against major market crashes.
CLC Network is a Canadian-based, data-driven mortgage insurance company focusing on both the long-term success of brokers and the overall experience of the homeowner.
Leap is a proptech company providing rent guaranty insurance to student housing and multifamily landlords nationwide. Leap acts as a co-signer for students, young professionals and others who need help in qualifying for the apartment they want. Leap's demographic is young: 85% of applicants apply, sign and pay via mobile.
Planck is a commercial insurance data platform, built to enable insurers to instantly and accurately underwrite any business. Planck's technology platform aggregates and mines large data sets, using advances in artificial intelligence (AI) to automatically generate and deliver key insights customized to the commercial underwriting process. The end result is an underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios.
Dayu Tech provides car insurance analysis and consulting services.

68 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 5/13/2021

Company Upsie

5/17/2021

Bank Sathi

5/17/2021

Jerry

5/17/2021

Wrisk

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

18.2

27.2 Anton Vincent

Avanta Ventures

Awesome People Ventures

Backstage Capital

Bread & Butter Ventures

Concrete Rose Capital

Damon DeVito

Daren Cotter

Diverse Angels

Draft Ventures

George Azih

Gopher Angels

Imagination Capital

Jim D'Aquila Jon Rezneck

Kapor Capital

Lottie Rezneck

M25

Marc Belton

Mark Addicks

Massive Fund

Matchstick Ventures

Ordinary Ventures

Richard Parsonson

Samsung NEXT

Silicon Valley Bank

Sri Pangulur

Techstars

Techstars Ventures

The Syndicate Fund

True Ventures

Uncommon Ventures

Village Capital

0.2

0.2 Aditya Talwar

Anuj Ahuja

Dinesh Godara

Rajendra Lora

Bow Ventures

Brandon Krieg

Dan Bragiel

Ed Robinson

Funders Club

Goodwater Capital

Immad Akhund

Jay Vijayan

Johnson Cook

Jon McNeil

Josh Buckley

Liquid 2 Ventures

Oriza Ventures

Paul Bragiel

Plug and Play Ventures

SV Angel

Timothy Sheehan

Y Combinator

Zillionize Angel

6.49

13.8 BMW Innovation Lab

Cell Rising

Financial Conduct Authority

Guinness Asset Management

Hiscox Holdings

Oxford Capital Partners

QBN Capital

Queensland Investment Corporation

Seedrs

Startup Grind

Description Upsie is a website and mobile app that offers affordable,
reliable warranties for all electronic devices without the markup.
Bank Sathi aims to promote the role of financial advisors in decision making, while buying retail Loans, credit cards and Insurance products, via its BankSathi Advisors App.
Jerry takes shopping and comparing quotes from all major insurance companies, reminding users of renewals, completing required paperwork to switch policies and everything in between.
Wrisk is a usage-based contents insurance product with a proprietary risk scoring method.

69 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions P&C

Date 5/18/2021

Company Extend

5/19/2021

iink

Funding (US$M)

Round Total Investor(s)

260

367.1 10X Capital

40 North

Bay Capital

Erik Torenberg

GreatPoint Ventures

Jason Robins

Launchpad Capital

Lightbank

Meritech Capital Partners

Michael Marks

Nationwide Mutual Insurance Company

PayPal Ventures

Paycheck Protection Program

Pritzker Group Venture Capital

Rick Smith

Shah Capital Partners

SoftBank Group

Tomales Bay Capital

Undisclosed Investors

0.9

0.9 Motivate Ventures

Undisclosed Investors

5/19/2021

Roofr

5/20/2021

Boost Insurance

5/20/2021

Odie

5/21/2021

Finanzchef24

5/21/2021

Finology

Note: Blue font denotes current round investors.

4.25

8.37 ACE & Company

Avidbank Holdings

Bullpen Capital

Crosslink Capital

Louis Beryl

Y Combinator

Coatue Management

Conversion Capital

FinVC

Gaingels

Glenn Hubbard

Greycroft

Hack VC

IA Capital Group

Markel

Nephila Capital

Norwest Venture Partners

RRE Ventures

State National Companies

Tusk Ventures

Slow Ventures

Undisclosed Angel Investors

Undisclosed Investors

Walkabout Ventures

12.73 Grenke Bank

HW Capital

Markel Ventures

Mercura Capital

Target Partners

0.5

0.5 Seedstars

Seedstars World

Description Extend provides an easy way for any merchant to offer
extended warranties, generating revenue, increasing purchase conversion and dramatically improving the customer experience.
iink provides fast and easy access to property insurance payments for restoration professionals. iink's platform automates the homeowner's claims and endorsements through a management platform. Through key partnerships with insurance, mortgage and technology experts, iink creates a seamless experience for homeowners and contractors. iink is continually adding and expanding banking partnerships to reach more customers.
Roofr is a platform that connects homeowners, insurance companies and property managers looking for roof replacement to vetted, local roofing contractors. Its platform simplifies the roof replacement process while saving its clients and roofing contractors time and money. Roofr utilizes satellite imagery to measure roofs and provide clients with instant, free estimates.
Boost Insurance focuses on distribution and productfocused InsurTech start-ups and provides access to an API-driven platform that provides modern insurance data exchange for InsurTech start-ups.
Odie offers monthly pet insurance and wellness plans for cats and dog.
Finanzchef24 is a small business insurance comparison portal and Finanzchef PRO for insurance brokers. The www.finanzchef24.de portal offers small businesses and self-employed operators a free service for comparing insurance options and a way to sign up online for the policy tailored to the customer's needs.
Finology is a Malaysian fintech company primarily serving clients in banking, insurance and property industries. It enables the seamless distribution of credit and insurance products anywhere with technology.

70 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 5/24/2021

Company BREACH

5/24/2021

Mile Auto

5/25/2021

Sigo

5/26/2021

Corvus Insurance Agency

5/26/2021

Eltizam

Funding (US$M)

Round Total Investor(s)

2.5

2.5 Global Founders Capital

Goodwater Capital

Plug and Play Accelerator

Ted Rogers

Thomas Bailey

10.3

11.55 Bridge Community

Emergent Ventures

Paycheck Protection Program Sure Ventures

Thornton Capital

Ulu Ventures

0.13

1.73 Amicle Capital

Bonded Capital Ventures

Demeter Capital

Financial Solutions Lab

Park City Angels

gANGELS

gener8tor

161 .406Ventures

Aquiline Capital Partners

Bain Capital Ventures

FinTLV

Hudson Structured Capital

Management

Insight Partners

Obvious Ventures

TelstraVentures

0.67

0.67 Scopeer

5/26/2021

Obie

5/26/2021

Parametrix

10.7

13.7 Battery Ventures

FundersClub

Innovation Fund America

Liquid2Ventures

MetaProp

NARREACH

Second Century Ventures

Soma Capital

Thomvest Ventures

Y Combinator

17.5

17.5 F2 Capital

F2 Ventures

FirstMark Capital

Lloyd's Lab

Plug and Play Accelerator

5/27/2021

Kanopi

3.1

5/27/2021

Justos

2.8

5/27/2021

Smart Contract Initiative

Note: Blue font denotes current round investors.

3.86 Folklore Ventures Hollard Investments Paul Hunyor Undisclosed Investors

2.8 Assaf Wand Big Bets Carlos Garcia Ottati David Velez Fritz Lanman Kaszek Ventures Patrick Sigrist Sergio Furio Undisclosed Angel Investors

IRRC Corporation

Description BREACH develops, underwrites and distributes
insurance solutions for the nascent and complex digital asset marketplace. Mile Auto is an insurance provider that only charges you for the miles you drive.
Sigo develops a mobile-first auto insurance platform allowing customers with limited insurance histories to get basic liability policies directly from their phones in English or Spanish.
Corvus Insurance Agency provides software solutions. The company offers insurance software applications for commercial insurance brokers and buyers.
Eltizam is a Saudi Arabia-based insurance as a service (IaaS) platform.
Obie connects commercial real estate brokers, investors, offering materials, transaction documents and analytical tools all in one place. The Obie collaborative environment is the most efficient way to streamline the transaction process while utilizing mobilized technology.
Parametrix creates business interruption insurance for IT downtime events, such as cloud outages, e-commerce downtime, payment failures and other third-party disruptions. By leveraging the parametric model, accurate risk analysis and robust data sets, the company enables immediate payment after the downtime event, allowing its customers to hedge their external technological risks and maintain true business continuity.
Kanopi is a data-driven InsurTech company that connects insurers and digital platforms so they can provide the right insurance to their customers. As an embedded insurance platform, Kanopi anticipates consumer needs to provide them with insurance within minutes, whenever and wherever they need it.
Justos is a Brazilian insurance company utilizing drivers' data to reward those who drive conscientiously by offering fairer prices.
Smart Contract Initiative is building an automatic payment platform for insurance claims and benefits.

71 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions P&C

Date 6/1/2021

Company Bought By Many

6/1/2021

Novidea

6/1/2021

Rikkei Finance

6/1/2021

wefox

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

350

477 CommerzVentures

Crispin Odey

EQT Partners

Evelyn Bourke

FTV Capital

Munich Re Ventures

Octopus Ventures

Willoughby Capital Management

2B Angels

Israel Growth Partners

JAL Ventures

KT Squared

Salesforce Ventures

5.6

5.6 Ark Stream Capital

Coin98 Finance

Hyperchain Capital

Inclusion Capital

Kernel Ventures

Kyber Network

Kyros Ventures

LD Capital

PNYX Ventures

Signum Capital

Tomo Chain

Trade Coin Vietnam

X21

YBB foundation

650

924 ACE & Company

AngelList

Credit Ease Fintech Investment Fund

Davidson Technology Growth Debt

Decisive Ventures

EDBI

Eurazeo

FinTLV

GR Capital

G Squared

Global Tech Ventures

Goldman Sachs

Harbert European Growth Capital

Horizons Ventures

ID Invest Partners

Jupiter Asset Management

LGT Group Stiftung

Lena Meyer-Landrut

Lightrock

Merian Chrysalis Investment Company

Mountain Partners

Mubadala Capital

Mubadala Ventures

Mundi Lab

Mundi Ventures

OMERS Ventures

Partners Group

SBI Investment

Salesforce Ventures

Samsung Catalyst

Samuel Skoblo

Seedcamp

Sound Ventures

Speedinvest

Target Global

Victory Park Capital

Description Bought By Many uses data to develop insurance policies
and negotiate discounts for users with unique insurance needs.
Novidea is a data-driven platform provider for the insurance industry. Novidea's end-to-end platform provides real-time business intelligence and seamless workflow management for brokers, agents, MGAs, bancassurance and corporate risk management.
Rikkei Finance is using decentralized technology to improve ideas like money lending, credit and even insurance. Its platform uses blockchain tech that enables cross-chain integration, which makes it possible to accept digital assets that operate on any blockchain network and render it at an equivalent rate, making it a real-time currency exchange network as well.
wefox enables customers, insurance brokers and insurance providers to transact and manage insurance products digitally.

72 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 6/2/2021

Company Riskwolf

6/2/2021

Spruce Holdings

6/3/2021

Baibaojun

6/3/2021

Moonrock Insurance

6/3/2021

One Concern

6/4/2021

Trellis

6/4/2021

Urban Jungle

6/7/2021

ELEMENT Insurance

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

0.75

0.75 F10 FinTech Incubator & Accelerator

Plug and Play Accelerator

Swiss ICT Investor Club

Undisclosed Investors

109 Bessemer Venture Partners

Boris Khentov

Collab+Currency

Joe Ziemer

Jon Stein

Mike Reust

Munich Re Ventures

Omidyar Network

Scale Venture Partners

Third Prime Capital

Zigg Capital

Panda Capital

Qingchenglu Capital

Qingyuanshu Capital

Volcanics Venture

ZhongAn Technology

1.39

1.39 Andrew Hillier

Paul Cousins

Philip Oldcorn

Richard Bryant

Russell Kilpatrick

132 American Family Institute

David Petraeus

Geodesic Capital

New Enterprise Associates

Pear VC

Ron Conway

Sompo Holdings

Sozo Ventures

General Catalyst

Nyca Partners

QED Investors

11.33

21.35

Eka Ventures Mundi Ventures Rob Devey Simon Rogerson Tech Nation Fintech

19.5

57.64 Berlin Dental Association Pension

Fund

Engel & Volkers Capital

FinLeap

Global Brain Corporation

Ilavska Vuillermoz Capital

MS&AD Ventures

Mundi Ventures

SBI Investment

SBI Life Insurance

Signal Iduna

Signals Venture Capital

Sony Financial Ventures

Undisclosed Investors

Versorgungswerk der Zahnarztekammer Berlin

Witan Investment Trust plc

Description Riskwolf enables re-insurers to simulate, test, launch and
operate high-frequency parametric insurance products for individuals and SMEs cheaper and faster. Spruce is built from the ground up to help make real estate transactions fast, frictionless and secure. The company provides title and settlement services that empower lenders to efficiently close loans and deliver excellent customer experience.
Baibaojun was incubated by ZhongAn Technology and positioned as an InsurTech platform for search engine services.
Moonrock Insurance offers insurance policies.
One Concern is a resilience-as-a-service solution that brings disaster science together with machine learning for better decision making. With operations in the U.S. and Japan, the company quantifies resilience from catastrophic perils, empowering leaders to measure, mitigate and monetize risk so disasters aren't so disastrous.
Trellis develops an API that allows policyholders to manage their auto insurance. The company is located in San Francisco, California.
Urban Jungle is a tech-first insurance broker helping young people get access to cheaper and better-suited home insurance.
ELEMENT is a B2B2X tech company with a license of the German Federal Financial Supervisory Authority (BaFin). It is a fully digital risk carrier offering private property & casualty insurance that enables a large portfolio of retail protection products through various partners.

73 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions P&C

Date 6/8/2021 6/8/2021
6/9/2021

Company Certificial UpGuard
88i Seguradora Digital

Funding (US$M)

Round Total Investor(s)

5.8

5.8 Cameron Ventures

Cofounders Capital

FinVenture Capital

IA Capital Group

Nationwide Ventures

47.11 500 Startups

Alan Jones

Anthony Marcar

August Capital

Bruce Graham

Firemark Ventures

Insurance Australia Group

Larry Marshall

Mark Jung

Matt Dickinson

Paycheck Protection Program

Pelion Venture Partners

Scott Petry

Square Peg Capital

Starfish Ventures

Starmate

Startmate

Valar Ventures

0.28

0.28 Dash Investment Foundation

6/9/2021

anipos

1.01

1.01 DG Ventures

GLOBIS

Hiroshima Venture Capital

Kensuke Naito

Monex Ventures

Yamaguchi Capital

6/9/2021

Branch

Acrew Capital

American Family Ventures

Anthemis

Elefund

Foundation Capital

Greycroft

Hudson Structured Capital Management

Revolution Rise Of The Rest Seed Fund

SCOR P&C Ventures

SignalFire

Stone Point Capital

Tower IV

6/9/2021

Embroker

100

144

500Startups

Bee Partners

Canaan Partners

Clocktower Technology Ventures

FTV Capital

FinTech Collective

Gaingels

Hudson Structured Capital Management

Manulife Capital

Manulife Financial

MassMutual Ventures

Nyca Partners

Paycheck Protection Program

Silicon Valley Bank

Tola Capital

Vertical Venture Partners

XL Innovate

Note: Blue font denotes current round investors.

Description Certificial is a real-time, intelligent insurance verification
and monitoring platform designed to simplify the supplier management and certificate issuance processes by providing businesses with dynamic ACORD certificates of insurance. UpGuard is the company behind CSTAR, a comprehensive and actionable cybersecurity preparedness score for enterprises. The score allows businesses to understand the risk of breaches and unplanned outages due to misconfigurations and software vulnerabilities. It also offers insurance carriers a new standard by which to effectively assess client risk and compliance profiles.
88i Seguradora Digital is an InsurTech company that utilizes a blockchain-based business model to make insurance cheaper, simpler, more practical, and faster to buy and sell.
anipos is a mobile platform that allows pet owners to file pet insurance claims simply by uploading a receipt. Pet owners can also donate to animal welfare organizations every time they file a claim.
Branch provides bundled home and auto insurance. With only two questions, Branch can provide a bindable price to a client looking to bundle within seconds.
Embroker is a digital insurance company that builds, underwrites and distributes commercial lines directly to insurance buyers for small and mid-sized enterprises.

74 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 6/9/2021

Company Targa Telematics

6/10/2021

Hokodo

6/10/2021

Lassie

6/11/2021

Huichongbao

6/15/2021

FinTell

6/16/2021

handdii

6/16/2021

Honey Insurance

6/16/2021

Insurama

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

InvestIndustrial

12.5

16.91 Anthemis

Horizon2020

Max Bittner

Mosaic Ventures

Notion Capital

Rich Laxer

Taavet Hinrikus

Thijn Lamers

0.61

0.61 Åsa Riisberg

Indra Sharma

Josefin Landgård

Rikard Josefson

Stefan Lindeberg

Susanna Campbell

Tobias Meschke

K2VC

China Growth Capital

Sequoia Capital China

Telstra Ventures

Youshan Capital

4.04 Brick & Mortar Ventures

Charles Robinson

Fifty-Second Celebration

Greenlight ReInnovations

Hartford InsurTech Hub

Nine Four Ventures

Scale Investors

11.9

ABN Group

AGL

Anthony Eisen

Apex Capital

Graham Mirabito

Jamie McPhee

Larry Diamond

Metricon

Mirvac Real Estate

Peter Tonagh

Property Exchange Australia

Royal Automobile Club of Queensland

Shadforth Financial Group

Tim Fung

Inveready

Description Targa Telematics provides smart mobility solutions and
telematics systems and services. The company offers IoT solutions, smart mobility, asset management, fleet management and insurance. Hokodo develops insurance and financing solutions for B2B marketplaces, cloud accounting and e-invoicing platforms, allowing them to offer protection and financing to customers.
Lassie is a provider of health insurance for pets.
Huichongbao is a pet medical insurance service provider, committed to establishing a standardized process for pet medical care, establishing a stable "payer + service provider + producer" pet medical insurance model, and providing pet owners with professional and preferred pet medical insurance and online consultation services.
FinTell provides big data risk management products and solutions to financial institutions and service providers in the financial industry. Clients include licensed consumer lending institutions, banks, internet financial services enterprises, collection agencies, insurance companies and rating agencies.
handdii, based in Australia, is a digital platform that automates the property insurance claim process from FNOL through to claim finalization.
Honey Insurance is a smart home insurance company designed for modern life. Honey offers homeowners, renters and landlords insurance powered by technology.
Insurama offers insurance solutions that are adapted to the specific needs of each client using disruptive technology to create a new way of relating to insurance. This allows the company to get closer to clients by creating an omnichannel service tailored to them.

75 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions P&C

Date
6/16/2021

Company
Tractable

6/17/2021

Akur8

6/17/2021 6/18/2021

Baigebao Hellas Direct

6/18/2021

RenewBuy

6/21/2021

Shannon.AI

6/22/2021

Cyberangels

6/22/2021

Denim Social

6/22/2021

Honeycomb

6/23/2021 6/23/2021

Hoggo RoadHow

6/24/2021

House of Insurtech

6/25/2021

Guros

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

Description

120

Andy Homer

Entrepreneur First

Georgian Partners

Greg Gladwell

Ignition Partners

Insight Partners

Scott Roza

Stuart Bartlett

Tony Emms

Zetta Venture Partners

Tractable develops AI for accident and disaster recovery. Its AI solutions use photos to automate damage appraisal, allowing insurers to improve accuracy, reduce turnaround time and deliver a revamped customer claims experience.

BlackFin Capital Partners

Kamet

MTech Capital

Plug and Play Accelerator

Akur8 is an AI pricing tool that helps insurers make predictions based on historical data.

New Hope Group

Baigebao is an Internet insurance technology and product solution provider.

26.1

46.6 Endeavor

Hellas Direct is a digital-first, full-stack insurance

European Bank for Reconstruction and Development (EBRD)

company, empowered by cutting-edge technology and the use of advanced analytics.

International Finance Corporation

Jim O'Neill

Jon Moulton

Lord O'Neill Family Office

Perscitus Advisers

Portag3 Ventures

Third Point

74.2 Amicus Capital Partners

Apis Partners

IIFL AMC

Lok Capital

Mount Nathan Advisors

RenewBuy is an online platform for auto insurance that is powered by proprietary technology whose algorithm seeks to find the lowest premiums across insurers and shows customized results.

15.8 Microsoft for Startups China

Sequoia Capital China

Tencent Holdings

Shannon.AI develops a platform that extracts structured information from massive unstructured data, providing automated text retrieval services, corporate credit risk monitoring services, financial information retrieval and Q&A services to banks, insurance companies, funds, securities company, bond rating agencies and large capital groups.

0.32

0.32 Undisclosed Investors

Cyberangels is a cyber insurance platform for micro and small businesses to manage and mitigate IT risks and related damages.

1.82

6.07 Hermann Companies

iSelect Fund

Paycheck Protection Program

Undisclosed Investors

Denim Social provides social media management and marketing automation software for customers in banking, insurance, mortgage and wealth management.

3.3

3.3 IT-Farm Corporation

NFP Ventures

New Era Capital

Phoenix Insurance Company

Plug and Play Accelerator

Honeycomb is a reinsurance-backed MGA providing simple, fair and affordable multi-family property insurance through its end-to-end digital platform.

13.2

15.8 Global Founders Capital

Partech Partners

Hoggo is a digital insurance brokerage platform.

0.7

Midven

RoadHow is a U.K. based tech company that offers driver risk management and a learning platform in the marketplace.

0.56

0.56 SFC Capital

Undisclosed Angel Investors

House of Insurtech provides InsurForce, a modern Quote and Buy and Policy Administration system that helps digital transformation in Insurers, Brokers and MGAs. The platform features a flexible and responsive web app built on top of a rating and underwriting API.

4.6

5.8 Clocktower Technology Ventures

Guros is a digital insurance platform, offering to simplify

F-Prime Capital

quoting and comparing auto, motorcycle or buying

LEAP Global Partners Magma Partners

insurance. It provides options to contract insurance online and renew or cancel it without having to register or talk to anyone. It is based in Mexico City, Mexico.

76 willistowerswatson.com

Q2 2021 InsurTech transactions P&C

Date 6/28/2021

Company Nayms

6/28/2021

PayMaya

6/29/2021

EIS Group

Funding (US$M)

Round Total Investor(s)

5.97

8.14 Cadenza Ventures

Coinbase Ventures

Digital Finance Group

LD Capital

Maven 11 Capital

NadiFin

Sean Harper

Spartan Ventures

Woodstock Fund

XBTO Ventures

121

503 IFC Asset Management Company

International Finance Corporation

KKR

Philippine Long Distance Telephone Company

Tencent Holdings

100

152 TPG Capital

6/29/2021

FutureProof

6/29/2021

Home365

6/29/2021

Pathpoint

6/29/2021

Extend

6/30/2021

Baibaojun

6/30/2021

Hyperexponential

Note: Blue font denotes current round investors.

Blackhorn Ventures

Innovation Endeavors

MS&AD Ventures

16.3

16.3 Eyal Ofer

Greensoil PropTech Ventures

Lool Ventures

North First Ventures

O.G.Tech

Verizon Ventures

Caffeinated Capital

Chubb

Founders Fund

Hiscox Holdings

SciFi VC

Undisclosed Investors

367.1 10XCapital

40 North

Bay Capital

Erik Torenberg

Great Point Ventures

Jason Robins

Launchpad Capital

Lightbank

Meritech Capital Partners

Michael Marks

Nationwide Mutual Insurance Company

Pay Pal Ventures

Paycheck Protection Program

Pritzker Group Venture Capital

Rick Smith

Shah Capital Partners

SoftBank Group

Tomales Bay Capital

Undisclosed Investors

Panda Capital

Qingchenglu Capital

Qingyuanshu Capital

Volcanics Venture

ZhongAn Technology

Highland Europe

Lloyd's Lab

Description Nayms offers a smart contract platform for the
placement, trade, reporting and settlement of insurance risk.
PayMaya is a digital financial solution that empowers consumers and businesses, providing payment solutions for all e-commerce needs.
EIS is an insurance software company that enables insurers to operate like a tech company: fast, simple, agile. EIS provides a platform for high-velocity insurance. This open, flexible platform of core systems and digital solutions liberates insurers to launch products faster, deliver new revenue channels and create insurance experiences.
FutureProof develops a platform for insurers, banks, real estate investors and asset managers that provides climate risk insights on properties and companies globally.
Home365 is a hybrid InsurTech and property management company.
Pathpoint is a provider of software solutions to help brokerages and carriers digital transact excess and surplus risk.
Extend provides an easy way for any merchant to offer extended warranties, generating revenue, increasing purchase conversion and dramatically improving the customer experience.
Baibaojun was incubated by ZhongAn Technology and positioned as an InsurTech platform for search engine services.
Hyperexponential develops pricing software for speciality insurance.

77 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions L&H

Date 4/1/2021
4/12/2021

Company Friday Health Plans
Baozhunniu

Funding (US$M)

Round Total Investor(s)

100

241 Colorado Impact Fund

Eduardo Cruz

Leadenhall Capital

Peloton Equity

Vestar Capital Partners

18.5 Ally Capital

China Merchants Venture

Denise Peng

Huazhi Capital

Marathon Venture Partners

Matrix Partners China

NNFE

Zhongguancun Development Group

4/12/2021

Mutumutu

1.31

4/13/2021

Vericred

4/14/2021

Gradient AI

4/14/2021

Nova Benefits

4/16/2021

Level

Note: Blue font denotes current round investors.

2.61 Plug and Play Accelerator Societe Generale Assurances Societe Generale Group

34.7 Aquiline Capital Partners Echo Health Ventures FCA Venture Partners First Health Capital Partners Guardian Strategic Ventures MassMutual Ventures Paycheck Protection Program Riverside Acceleration Capital

American Family Ventures

BSC Capital Partners

Forte Ventures

InsurTech NY

MassMutual Ventures

Plug and Play Accelerator

Sandbox Insurtech Ventures

Stan Smith

Stone Point Capital

Ashish Goyal

Better Capital

Multiply Ventures

Sumit Maniyar

Titan Capital

First Round Capital

Homebrew

Khosla Ventures

Lightspeed Venture Partners

Operator Collective

Undisclosed Angel Investors

Description Friday Health Plans focuses on overall simplicity to offer
low prices so more people can afford health insurance.
Baozhunniu is an insurance customization platform based on data technology. The company reforms insurance business with the help of technology and delves risk of demand from enterprises and individuals. It uses advanced internet technology and big data risk management to customize the new insurance product and the service system that are professional, creative and low-cost, to help clients transfer risk and add value. Baozhunniu was established to help insurance businesses drive change through the delivery of technology-enabled solutions.
Mutumutu is a start-up from Czech Republic that develops a lifestyle-based platform for behavioral life insurance.
Vericred simplifies the exchange of data between carriers and technology companies that are transforming the way health insurance and employee benefits are quoted, sold, enrolled and managed. Vericred offers solutions for technology platforms and carriers focused on the employer market, as well as the under 65 individual, Medicaid, and Medicare markets.
Gradient AI seeks to address the need for artificial intelligence (AI) and machine learning (ML) solutions designed specifically for the insurance industry. The company's solutions include software and models utilized by recognized insurance carriers, MGAs, TPAs, Pools and more. Gradient's artificial intelligence helps commercial insurers automate and improve underwriting results, reduce claim costs and improve operational efficiencies.
Nova Benefits is a corporate health insurance platform.
Level helps small and midsize businesses take more control over their dental benefits spending by transitioning to a self-funded model supported by a platform offering a more consumer-friendly experience through technology.

Q2 2021 InsurTech transactions L&H

Date 4/19/2021

Company Alan

4/22/2021

Brella

4/27/2021

Lima Technology

4/27/2021

Everyday Life Insurance

4/28/2021

Avibra

Funding (US$M)

Round Total Investor(s)

223

363. CNP Assurances

Coatue Management

DST Global

Dragoneer Investment Group

EXOR

Index Ventures

Kima Ventures

Partech Partners

Portag3 Ventures

Power Financial Corporation

Ribbit Capital

Startup Garage Paris from Facebook

Temasek

Brewer Lane Ventures

Digitalis Ventures

Fidelity Security Life Insurance Company

Founder Collective

New York Life Ventures

Operator Partners

Plug and Play Accelerator

RGAx

Ron Bouganim

Symphony AI Group

Two Sigma Ventures

46.2

80.6 Cherubic Ventures

Danhua Capital

Funcity Capital

GGV Capital

Hillhouse Capital Management

Unicorn Capital Partners

1.51

2.21 Financial Solutions Lab

Global Insurance Accelerator

InsurTech NY

Plug and Play Ventures

Techstars

Undisclosed Investors

7.18

10.4 Aphelion Capital

4/28/2021

Take Command Health

Note: Blue font denotes current round investors.

15.8 Live Oak Venture Partners Paycheck Protection Program SJF Ventures

Description Alan is a Paris-based digital health insurance company
that develops subscription-based software for insurance with clear pricing and transparent reimbursement policies. Alan is a primary insurer that distributes its own health plans directly to companies and individuals.
Brella is a supplemental health insurance company. It aims to complement a user's health insurance and pays cash if the user is diagnosed with any of the covered conditions.
Lima Technology provides SaaS solutions for small and midsize insurance brokerage companies.
Everyday Life Insurance makes purchasing the right life insurance policy easier using artificial intelligence (AI) to provide advisory services and personalized recommendations.
Avibra offers a platform that provides holistic wellbeing benefits to improve individual overall wellbeing. It uses data science and machine learning to track and reward individual good habits with life insurance coverage, which grows on a weekly basis and never decreases for less ideal ones.
Take Command Health provides health insurance solutions to small businesses and individuals throughout the U.S.

78 willistowerswatson.com

79 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions L&H

Date 4/29/2021

Company 1upHealth

4/29/2021

Covr Financial Technologies

5/4/2021

Collective Health

5/7/2021

CrowdHealth

Funding (US$M)

Round Total Investor(s)

35.5 Eniac Ventures

F-Prime Capital

Jackson Square Ventures

Mass Challenge

Meridian Street Capital

Social Leverage

36.5 Aflac Corporate Ventures

Allianz Life Ventures

Commerce Ventures

Connecticut Innovations

Connectivity Ventures Fund

Contour Venture Partners

Fairview Capital Partners

Innovation Growth Ventures

Nyca Partners

Paycheck Protection Program

Sony Innovation Fund

Venture Clash

280

714 DFJ Growth Fund

Formation8

Founders Fund

G Squared

Google Ventures

Great Oaks Venture Capital

Health Care Service

Jeff Weiner

Jeremy Stoppelman

Maverick Capital

Maverick Ventures

Maverick Ventures Israel

Max Levchin

Mubadala Investment Company

Mubadala Ventures

New Enterprise Associates

PFM Health Sciences

Public Sector Pension Investment Board

RRE Ventures

Redpoint Ventures

Rock Health

Scott Banister

Social Capital

SoftBank Group

Subtraction Capital

Sun Life Financial

s28 Capital

6.03

6.03 Undisclosed Investors

5/8/2021

Panda Brush

BlueRunVentures

Note: Blue font denotes current round investors.

Description 1upHealth is a patient data aggregation platform for app
developers, providers and patients. Covr Financial Technologies is a digital life insurance
company that aims to make it easier to research, quote and purchase life insurance.
Collective Health is a technology company aiming to make health insurance work better for everyone. The company provides employers with an integrated software platform that allows them to administer their benefit plans, take better care of their people and optimize their investment-all in one place.
CrowdHealth creates a low-cost, tech-enabled alternative to health insurance.
Panda Brush provides dental health management smart hardware and software solutions. The platform also provides smart dental insurance pricing model.

Q2 2021 InsurTech transactions L&H

Date 5/11/2021

Company Ethos Technologies

5/17/2021

HealthBridge

5/17/2021

Nayya

5/20/2021

ORGOA

5/21/2021

iLife Technologies

5/25/2021

Arogga

Note: Blue font denotes current round investors.

Funding (US$M)

Round Total Investor(s)

Description

200

306.5 Accel

Arrive Ventures

Downey Ventures

General Catalyst

Glade Brook Capital

Goldman Sachs

Google Ventures

Kevin Durant

RGAx

Roc Nation

Sequoia Capital

Shawn Carter

Silicon Valley Bank

Smith Family Circle

Stanford University

Thirty Five Ventures

Undisclosed Investors

Ethos specializes in predictive analytics and data technology to provide life insurance policies. The application process takes minutes, and there are no medical exams for most applicants, as well as no commissioned agents.

14.16

26.16 4490 Ventures

Magnetar Capital

ManchesterStory Group

Paycheck Protection Program

Wakestream Ventures

HealthBridge is a patient-centric services company helping employees manage out-of-pocket medical expenses like deductibles and coinsurance. HealthBridge connects all parties with a stake in payment -- the health insurer, the healthcare provider, the sponsoring employer and the patient -- and facilitates the design, underwriting and servicing of credit solutions working for the mutual benefit of all participants.

50.8 Bow Ventures

Nayya helps employers find the right health insurance

CNO Financial Group Cameron Ventures Entrepreneurs Roundtable Accelerator

coverage plan for their employees, using data to increase transparency and provide cost-saving information about the doctor network nearby.

Felicis Ventures

Guardian Life Insurance Company of America

Guardian Strategic Ventures

ICONIQ Growth

Plug and Play Accelerator

SVB Capital

Semper Virens

Social Leverage

Soma Capital

Undisclosed Investors

Unum Business Ventures

Unum Group

12.22

12.22 Gaea Inversion

ORGOA is a Spain-based company specializing in the management of claims and supplies for health insurance companies through the development of cooperative strategies.

AME Cloud Ventures

Cherubic Ventures

Foundation Capital

iLife Technologies offers a user-friendly life insurance sales platform that reduces users' time to close while increasing revenue.

0.2

0.2 Adeeba Khan

Falcon Network

Hester Spiegel-vdSteenhoven

Maaike Doyer

Arogga is a healthcare platform that connects users with pharmacies, doctors, insurance and labs.

80 willistowerswatson.com

81 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions L&H

Date 5/25/2021

Company
Everyday Life Insurance

5/26/2021

Zipia

5/27/2021

Bequest

5/31/2021

PlumHQ

6/2/2021

Pluto Health

Funding (US$M)

Round Total Investor(s)

0.13

2.21 Financial Solutions Lab

Global Insurance Accelerator

InsurTech NY

Plug and Play Ventures

Techstars

Undisclosed Investors

500 Startups

Canary VC

Quin Street

Undisclosed Angel Investors

2.07

2.07 Clocktower Technology Ventures

Form Ventures

Founders Factory

Kuvi Capital

15.6

20.57 Abhijit Gupta

Alvin Tse

AngelList

Anuj Srivastava

Douglas Feirstein

Gaurav Munjal

Gemba Capital

Harsh Jain

Hemesh Singh

Incubate Fund India

Ishan Bansal

Kunal Shah

Lalit Kehsre

Nitin Jayakrishnan

Ram Sahasranam

Ramakant Sharma

Roman Saini

Sudheendra Chilappagari

Surge

Tanglin Venture Partners

Tiger Global Management

Tracxn Labs

Duke University

Huma

6/3/2021 6/5/2021

Anorak Technologies

7.08

19.13 Charles Delingpole

FinTech Innovation Lab

Kamet

Nic Kohler

Outward VC

Paul Evans

Plug and Play Accelerator

Triple Point Investment Management

Will Neale

MiCare

International Finance Corporation

Mitsui & Co.

6/7/2021

Emerging Therapy Solutions

16.28 Telegraph Hill Partners

Undisclosed Investors

Note: Blue font denotes current round investors.

Description Everyday Life Insurance makes purchasing the right
life insurance policy easier using artificial intelligence (AI) to provide advisory services and personalized recommendations. Zipia is the Brazilian InsurTech spinout of QuinStreet (NASDAQ: QNST), a pioneer in online performance marketing. Bequest offers pay as you go life insurance and digital wills through a single, safe and secure platform. PlumHQ offers an online platform that provides employers and employees with customizable health insurance plans, pricing and healthcare experience.
Pluto Health is a health data platform that helps patients access health data such as medical records and insurance information.
Anorak is an online platform that assesses how much life insurance coverage a user needs and scans major insurance companies to find the right policy for the user.
MiCare Group manages and administers medical claims for 50 insurers in the region serving corporate clients with panel hospitals, clinics and pharmacies.
Emerging Therapy Solutions provides analytical software tools and outsourced services to insurance providers and other payers to manage expensive cell and gene therapies.

Date 6/8/2021

Company SmartHR

6/9/2021

Doubao

6/9/2021

Zenda.la

6/11/2021

Perlib

Funding (US$M)

Round Total Investor(s)

142.6

222.3

500 Startups ALL STAR SAAS FUND Arena Holdings Management BEENEXT
Coral Capital DG Ventures East Ventures Greyhound Capital Jun Nishikawa Kotaro Chiba Light Street Capital NISSEN
Sequoia Capital Shoko Chukin Bank Signifiant The Fund Tokio Marine Holdings Whale Rock Capital Management World Innovation Lab Yu Akasaka

15.66

42.94

Bojiang Capital Capital Wings Five Stars Capital Grand Happiness Investment Haoxinda Herui Leye iSeed Capital Leading Capital Longling Capital Peakview Capital Zhongjin Huicai Investment
Management

Angel Ventures Mexico

Clout Capital

G2 Momentum Capital

K50

Magma Partners

Moneta VC

Undisclosed Angel Investors

lotux.vc

0.61

0.61 Undisclosed Angel Investors

6/16/2021

Betterfly

6/21/2021

PazCare

Note: Blue font denotes current round investors.

77.5 Albatross Capital DST Global Endeavor Grupo Prisma Katapult Impact QED Investors SOFTBANK Latin America Ventures Start-Up Chile Valor Capital Group

Ashish Hemrajani

Deepak Diwakar

Haresh Chawla

Mohit Garg

Parikshit Dar

Undisclosed Angel Investors

Description SmartHR is a crowdsourced personnel management
platform. The company automates procedures related to social insurance and unemployment insurance. It was developed to free up managers or human resources representatives from tiresome and time-consuming personnel management.
Doubao is an internet insurance product platform that aims to provide employees with benefits planning, health management and insurance services for enterprises.
Zenda.la offers an alternative for young people who find it complicated and unnecessary to take out insurance.
Perlib is an insurance broker specializing in PER and life insurance.
Betterfly is a digital health and InsurTech company that uses data science and machine learning to automatically track and reward individual good habits with no-cost life insurance coverage and charitable donations.
PazCare is an India-based company offering an employee benefits and health insurance platform.

82 willistowerswatson.com

83 Quarterly InsurTech Briefing Q2 2021

ThheeDDataatCaeCnternter

Q2 2021 InsurTech transactions L&H

Date
6/22/2021

Company
Bimaplan

6/23/2021

BimaPe

6/23/2021

NucleusIS

Funding (US$M)

Round Total Investor(s)

2.5

3.13

2AM Ventures

Abhishek Rungta

Acequia Capital

Amino Capital

Anupam Mittal

Arjun Sethi

Ashish Dave

Dream Incubator

EMV Capital

FinSight Ventures

Gokul Rajaram

Goodwater Capital

Jitendra Gupta

Kunal Shah

Nimesh Kampani

Nisarg Shah

Pallav Nadhani

RaSa Future Fund

Rajesh Sawhney

Ramakant Sharma

Ritesh Malik

Roshan Abbas

Samyakth Capital

Shanti Mohan

Titan Capital

Y Combinator

Yash Jain

0.55

2.18

Gemba Capital

iSeed

Lightspeed India Partners

Titan Capital

Y Combinator

0.02

0.02 Startupbootcamp AfriTech-ASIP

Accelerator Program

6/26/2021

Bento Dental

2.13

6/30/2021

Bequest

2.35

Note: Blue font denotes current round investors.

2.13

Companyon Ventures

Undisclosed Investors

2.68 Clocktower Technology Ventures Form Ventures Founders Factory Kuvi Capital

Description Bimaplan works with insurers to create over-the-counter
(OTC), low-premium insurance products to cater to lowand middle-income people with annual premiums.
BimaPe allows users to understand their insurance policies, manage their policies and discover hidden benefits.
NucleusIS provides digital health insurance solutions. The company offers a mobile application and digital platform that aims to help enable access to healthcare analytics and reporting tools.
Bento is an integrated solution for organizations and individuals that enables affordable, pay-as-you go dental benefits without the need to contract with insurance companies.
Bequest operates within the insurance industry with the sole purpose of simplifying wills and life insurance for the millennial market.

84 willistowerswatson.com

Private technology investments by (re)insurers Private technology investments by (re)insurers

160

140

120

100

20 1
0 2012

4 2013

29 2014

66
22
19 14 11
2015

105
26 28 27 24
2016

119
33 28 32 26
2017

118
31 26 34 27
2018

132
24 43
35 30
2019

96
19 29
26 22
2020

48
27 21
2021

Private technology investments by (re)insurers by target country
2012 Q1222002201

United States

10% 2% 3%
5%

France China United Kingdom

Germany

57%

Canada

Israel

Other 9%

4%4%4% 3% 7%
15%

Q2 2021
63%

United States France Singapore Australia Indonesia Switzerland United Kingdom

2012 Q2 2021 Transactions: 718

Q2 2021 Transactions: 27

Private technology investments by (re)insurers by investment stage
2012 Q2 2021

13% 4% 6%
13%

13% 28%

Seed/Angel Series A
Series B
Series C Series D Series E+ Other

4% 4% 15%
15%

Q2 2021
22% 18%

23%

22%

Seed/Angel Series A
Series B
Series C Series D Series E+ Other

2012 Q2 2021 Transactions: 718

Q2 2021 Transactions: 27

85 Quarterly InsurTech Briefing Q2 2021

TDahtea CDeantearCenter

Private technology investments by (re)insurers

Date 4/7/2021 4/9/2021
4/12/2021 4/13/2021 4/13/2021
4/14/2021
4/20/2021
4/21/2021 4/28/2021
4/29/2021 4/29/2021 5/4/2021
5/5/2021
5/5/2021

Company Futurae Span.IO
Choosing Therapy Clearcover Vericred
Gradient AI
Qapita
HaloDoc Zirtue
Expensya Alegre Collective Health
Vida Health
MentalHappy

Funding (US$M)

Round Total (Re)insurer investor(s)

5.39

7.59

AXA Venture Partners

10.36

44.64 Munich Re Ventures

American Family Ventures

200

307

American Family Ventures

34.66 MassMutual Ventures

30.95 American Family Venture

MassMutual Ventures

6.8

MassMutual Ventures

158

Allianz X

2.25

Northwestern Mutual

Future Ventures

25.61 MAIF Avenir

Assurant

280

714

Sun Life Financial

110

188

AXA Venture Partners

1.1

1.22

Northwestern Mutual

Future Ventures

Description Futurae is creating multi-factor user authentication solutions for online
applications. The company offers a portfolio of authentication products based on machine learning and sound. Span creates a smart panel that replaces the electrical panel; integrates with different energy resources; allows users to prioritize the areas that should be powered during outages and backup scenarios; and accommodates the proliferating solar, storage and EV-charging systems in a home. Choosing Therapy provides a mental health content site that connects people with therapists and helps therapists launch an online practice. Clearcover offers an app that provides fast claims, easy payments and a secure digital card. The company's API-first approach enables customers to have insurance at affordable rates. Vericred simplifies the exchange of data between carriers and technology companies that are transforming the way health insurance and employee benefits are quoted, sold, enrolled and managed. Vericred offers solutions for technology platforms and carriers focused on the employer market, as well as the under 65 individual, Medicaid and Medicare markets. Gradient AI seeks to address the need for artificial intelligence (AI) and machine learning (ML) solutions designed specifically for the insurance industry. Gradient's artificial intelligence helps commercial insurers automate and improve underwriting results, reduce claim costs and improve operational efficiencies. Qapita is a Singapore-headquartered digital equity management platform for private companies, particularly start-ups. Its software, QapMap, is designed to enable capitalization table (CapTable) management, employee stock ownership plan (ESOP) management and digital ESOP issuance with the aim of eventually enabling digital share issuance for companies across South and Southeast Asia. HaloDoc is a communication platform that instantly connects users to doctors and offers the quick, safe and convenient delivery of medications, vitamins and supplements. Zirtue is a relationship-based lending app that simplifies loans between friends, family and trusted relationships with automatic ACH loan payments by allowing the borrower to set an amount for the loan, while the lender defines the repayment terms. Once both parties agree, Zirtue services the loan -- for a monthly subscription fee -- via the Automated Clearing House (ACH) network. Expensya specializes in the intelligent management of professional expenses, offering companies and accounting firms cloud, web and mobile software to report expenses. Alegre is a specialist in the refurbished smartphone and tablet market. Collective Health is a technology company aiming to make health insurance work better for everyone. The company provides employers with an integrated software platform that allows them to administer their benefits plans, take better care of their people and optimize their investment -- all in one place. Vida Health is a virtual care company that combines a human-centric approach with technology to address chronic physical and behavioral health conditions. The platform integrates individual expert care with machine learning and remote monitoring to deliver lasting behavior change, health outcomes and cost savings. MentalHappy is an online mental health platform on a mission to make mental health care an accessible, affordable and stigma-free reality for everyone. MentalHappy strives to be culturally sensitive and is an online mental health platform designed to provide people of all races, genders and economic statuses a safe and secure platform to talk about their emotional health and the challenges they face in their daily lives and receive support from others who understand what they're experiencing.

Private technology investments by (re)insurers

Date 5/19/2021

Company Super Home

Funding (US$M)

Round Total

(Re)insurer investor(s)
Liberty Mutual Strategic Ventures
Munich Re Ventures

5/20/2021 5/26/2021

Virtuo LifeQ

61.05 47

131.4 47

AXA Venture Partners Hannover Re

5/28/2021 6/1/2021

MotoRefi

68.3 CMFG Ventures

Bought By Many

350

477.3 Munich Re Ventures

Description Super is a subscription-based service for homeowners that aims to
help with home maintenance. Super's repair plan pays for repairs and breakdowns on covered appliances and home systems. Super's concierge service manages the logistics for all home service needs. Customers are able to access services from their desktop, tablet or mobile phone. Virtuo is a completely mobile short-term car rental service. LifeQ is a multinational science-driven technology and analytics company that combines skills from various disciplines to understand how physiology, anatomy, behavior, and the environment interact, as well as how human health and wellness can be improved with this understanding. MotoRefi seeks to provide easy, transparent auto refinancing. Its secure, digital platform makes it easy for customers to see exactly how much they can save and complete the refinance process quickly. Bought By Many uses data to develop insurance policies and negotiate discounts for users with unique insurance needs.

6/9/2021

BondEvalue

MassMutual Ventures

BondEvalue is a Singapore-based fintech company that focuses on Asian

bond markets.

6/9/2021

Embroker

100

143.8 Manulife Capital

MassMutual Ventures

Embroker is a digital insurance company that builds, underwrites and distributes commercial lines directly to insurance buyers for small and mid-sized enterprises.

6/9/2021

Branch

American Family Ventures Branch provides bundled home and auto insurance. With only two

SCOR P&C Ventures

questions, Branch can provide a bindable price to a client looking to bundle

within seconds.

6/17/2021 6/24/2021 6/24/2021

Splash Financial

44.3

SmartAsset

110

Edflex

5.96

61.83

CMFG Ventures Northwestern Mutual
Future Ventures

157.6

CMFG Ventures New York Life Ventures

5.96 MAIF Avenir

Splash Financial is a student loan refinancing company that provides online lending options to help college graduates consolidate and refinance their student loan debt. Its mission is to help young professionals tackle student loan debt, so they can find financial freedom earlier in their careers.
SmartAsset, owned and operated by Financial Insight Technology, is a financial technology company that provides transparent, automated and accurate advice on big personal finance decisions. SmartAsset helps users arrive at answers and make decisions concerning their finances.
Edflex offers a digital training solution for companies.

6/25/2021 6/29/2021

Mayday Pathpoint

MAIF Avenir

Chubb

Hiscox Holdings

Mayday develops intelligent knowledge base software for customer services.
Pathpoint is a provider of software solutions to help brokerages and carriers digital transact excess and surplus risk.

86 willistowerswatson.com

87 Quarterly InsurTech Briefing Q2 2021

TDahtea CDeantearCenter

Q2 2021 strategic (re)insurer partnerships

Date 4/1/2021
4/1/2021 4/5/2021 4/9/2021
4/12/2021 4/19/2021 4/20/2021 4/23/2021 4/29/2021 5/5/2021 5/5/2021

Company Opus IVS
Spectrum Labs Corvus NYDIG
SimpliSafe Paytm Veoneer Tractable APOLLO dacadoo TuSimple

(Re)insurer investor(s) CSAA Insurance Group
Munich Re

Description CSAA Insurance Group has chosne Opus IVS as the company's preferred collision scanning
solution for its Direct Repair Network. The Opus IVS DriveSafe and ScanSafe scanning solutions allow shops to improve cycle time while performing pre-scan, post-scan, OE scanning, flash programming and ADAS calibrations under terms reimbursable by the insurer. Munich Re has partnered with Spectrum Labs to establish a new industry standard for AI-based Trust & Safety systems. Spectrum Labs provides patent-pending technology to consumer internet brands to help identify toxic behavior online.

Skyward Specialty Starr Insurance, Liberty
Mutual

Corvus Insurance and Skyward Specialty Insurance Group have partnered to expand Corvus's Smart Cargo + CyberTM offering. The announcement follows Corvus's $100 million Series C fundraising round, which brought the company to a $750 million valuation.
New York Digital Investment Group (NYDIG), the bitcoin investment arm of Stone Ridge Asset Management, is creating bitcoin-powered products and services for the global insurance industry. The company has formed strategic partnerships with major insurers, including Starr and Liberty Mutual.

Farmers Insurance

Farmers Insurance have partnered with SimpliSafe, a maker of home security systems, to make preventative smart home protection available to homeowners in Alabama, Iowa and Ohio.

Life Insurance Corporation of India
Swiss Re Covea
Lloyd's of London
HSBC Life Liberty Mutual

The Life Insurance Corporation of India has partnered with Paytm to facilitate digital payments for the country's largest insurance company.
Veoneer and Swiss Re have partnered to further enhance the evaluation and development of advanced driver-assistance technologies (ADAS) and related services.
Covéa has partnered with Tractable to accelerate the processing of its policyholders' claims across its three brands -- MAAF, MMA and GMF -- with Tractable's AI technoloyg that analyzes damage to cars.
APOLLO has secured coverholder status with Lloyd's of London. This will give APOLLO access to an expanded product portfolio, and the ability to manufacture unique products to respond even more rapidly to emerging market opportunities.
HSBC Life and dacadoo have announced a global partnership to help customers improve and maintain their physical, mental and financial wellbeing.
TuSimple, a global self-driving technology company, and Liberty Mutual Insurance have announced a partnership to assess the comparative s afety of autonomous trucks.

Q2 2021 strategic (re)insurer partnerships

Date 5/6/2021
5/17/2021
5/24/2021 5/25/2021 5/26/2021
6/10/2021 6/14/2021 6/23/2021 6/30/2021 6/14/2021
6/1/2021

Company Snapsheet

(Re)insurer investor(s) SCOR

Hippo Insurance, Hippo Insurance,

Metromile

Hugo Safekeep

SafeAuto Root Insurance

Tractable

GEICO

Insurify

Nationwide

Kovrr

Acrisure Re

LowestRates.ca APOLLO

NOW

Hiscox

Zesty.ai

Farmers Insurance

Samsung

Vitality

Description SCOR has formed a new strategic partnership with Snapsheet that will provide its clients with
access to an end-to-end claims management platform, digital payments platform, motor virtual appraisal offering and set of third-party integrations. Online insurance platform and pay-per-mile vehicle insurer Metromile and Hippo Insurance Services, which offers home insurance, have partnered to provide a multipolicy discount on auto and homeowners insurance to consumers. SafeAuto has partnered with Hugo to offer pay-as-you-go car insurance.
Root has partnered with Safekeep, an InsurTech that uses AI to maximize net recovery through its Claimflo product.
GEICO has partnered with Tractable to accelerate its auto claim and repair process. Tractable's proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser.
Insurify, the AI-powered insurance comparison platform, has partnered with Nationwide to provide Nationwide customers with a choice-shopping experience complete with car insurance quotes from multiple insurers.
Reinsurance broker Acrisure Re has launched a London-based cyber division in partnership with cyber risk modeler Kovrr.
APOLLO Insurance has partnered with rate comparison website LowestRates.ca to offer site visitors immediate access to digital insurance products.
AI-enabled insurance platform NOW has partnered with Hiscox on medical malpractice insurance policies for health care professionals on its direct-to-consumer marketplace.
Farmers Insurance has integrated Zesty.ai's wildfire risk scoring model (Z-FIRETM) into its homeowners insurance underwriting processes expanding opportunities for coverage for residences located in certain wildfire-risk areas.
Vitality has partnered with Samsung to expand its Vitality Programme for Android users.

88 willistowerswatson.com

89 Quarterly InsurTech Briefing Q2 2021

TQuhaertDeralytIansCureTnect eh rBriefing
Additional information

The Quarterly InsurTech Briefing is a collaboration between Willis Re, Willis Towers Watson's Insurance Consulting and Technology, and CB Insights. Production is led by following the individuals. For more information, or to discuss the results of this report, please direct inquiries to InsurTech@willistowerswatson.com.

Eleanor Somerville
Quarterly InsurTech Briefing Editorial and Content Support Lead
Willis Re

Joel Fox
Global Life Product and Solution Leader Insurance Consulting and Technology Willis Towers Watson

Oliver Yu
Intelligence Analyst CB Insights

Willis Re is one of the world's leading reinsurance advisors. Over our 180-year history, we have developed a deep insight into all aspects of the global insurance industry. In particular, we understand how individual insurance companies develop and drive their own unique strategies to achieve their goals. We offer you comprehensive service backed by stable, well-trained staff to help you reach and exceed your specific targets in the most cost-effective fashion.

We have a deep understanding of risk -- and all the ways it affects capital and your organization's financial performance. Our core focus is to provide you with a superior understanding of the risks you face, and then advise you on the best ways to manage extreme outcomes.

Willis Towers Watson's Insurance Consulting and Technology provides a powerful combination of advisory services for insurance companies, integrated with leading-edge technology solutions and software that is underpinned by unparalleled analytical capabilities. We combine our deep insurance domain expertise with

our technology capabilities to support clients with risk and capital management, strategy and growth, technology, and operational effectiveness and profitability.

CB Insights is a Pilot Growth and National Science Foundationbacked software-as-a-service company that uses data science, machine learning and predictive analytics to help our customers predict what's next -- their next investment, the next market

they should attack, the next move of their competitor, their next customer or the next company they should acquire.

90 willistowerswatson.com

91 Quarterly InsurTech Briefing Q2 2021

About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas -- the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
willistowerswatson.com/social-media
Copyright © 2021 Willis Towers Watson. All rights reserved. WTW8342/05/2021
willistowerswatson.com

References

Adobe PDF Library 15.0 Adobe InDesign 16.0 (Windows)