Lighthouse #11
Curating the best insurance, insurtech, innovation and leadership content for you.
Ron Arnold
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A pile of rocks ceases to be a rock pile when somebody contemplates it with the idea of a cathedral in mind. Antoine Saint-Exupéry
Insurtech top 100 is out: If you are interested in the innovations available to the industry this report is well worth a look, It profiles insurtech working across all aspects of the value chain and uses several factors to determine who should be in the top 100:
Industry significance of the problem being solved
Growth, in terms of capital raised, revenue, customer traction
Innovation of technology solution
Potential cost savings, efficiency improvement, impact on the value chain and/or revenue enhancements generated for clients
How important is it for insurance executives to know about this company?
Source: Fintech Global
Allianz X backed N26 raises $900m: N26 is a challenger bank and was founded in 2013. N26 has raised more than $900 million in a Series E funding round that values the German digital bank at over $9 billion. The challenger bank has 7 million users across 25 countries, including the U.S. The company is also insurance plays. It has a partnership with simplesurance to cover electronics, and it previously partnered with digital insurance broker Clark. The N26 site suggests bike, home, and pet insurance products are also on the way. Source: Finextra
Smarter travel insurance: This is pretty cool. Global insurance company MAPFRE has partnered with travel risk intelligence company Riskline. The plan is to incorporate location specific risk information into its travel insurance underwriting process. MAPFRE headquartered in Spain, will use Riskline’s real-time alerts, country and regional risk assessments to better inform their decisions for travel insurance policies. Riskline covers 225+ regions and countries around the world and includes safety and travel health information spanning political and security crises, travel disruptions, major upcoming events to help information location risk. Source; Travel Daily News
Munich Re commits $500m to Ventures: Munich Re Ventures, the venture capital arm of Munich Re, has closed its new $500 million Munich Re Fund II. Munich Re Ventures is focussing on in early stage and growth stage companies across five strategic sectors - InsurTech, ClimateTech, Cybersecurity and Privacy, Commercial and Industrial Equipment Technologies, and Future of Transportation.
Munich Re Ventures now has more than $1 billion in assets under management across four funds. Out of the existing funds, MRV has invested over $280 million in 36 companies. The portfolio includes many of the most successful unicorns from the first generation of insurtechs. Source: Coverager
Telematics and Fleet Insurance: Humn, a UK-based insurtech MGA focused on data-driven commercial fleet insurance, has raised $13.7 million. Humn was founded in 2018. The company describes its riskOS platform as “analyzing thousands of in-vehicle and external data points, in real time, to provide an entirely contextual assessment of driving risk and a clear basis for the pricing” for its Rideshur insurance product. Rideshur is pitched as continuously adjusting insurance premiums based on a dynamic view of risk exposure. Source: Insurance Journal
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