Insurtech weekly news roundup: March 18 | Insurance Business America
This week, online insurance marketplace Policygenius raised $125 million in new capital. Roamly reached a key milestone in its expansion. A former XL Catlin executive joined insurtech start-up FutureProof Technologies in a leadership role. An ex-Verisk Analytics executive is signing on with Erie Insurance as its next executive vice president and chief information officer. CoverEase, a California-based digital insurance brokerage, launched its new platform. Munich Re America is teaming up with AI start-up Netradyne to boost coverage of commercial fleet clients.
Policygenius, an online insurance marketplace, said it has raised $125 million in new capital that it will use to fuel growth plans for its core businesses.
The round attracted existing major investors including KKR, Northwest Venture Partners and Revolution Ventures. A number of new investors joined as well, including North American annuity and life insurance carriers such as Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial and Pacific Life. Existing investors such as AXA Venture Partners and MassMutual Ventures also participated.
Additionally, ORIX Corporation USA’s Growth Capital Group provided a new credit facility to help finance Policygenius’s growth, and Policygenius refinanced its current senior loan facility with JPMorgan Chase.
The fundraise comes less than a year after the company reportedly began talks to go public through a specifical purpose acquisition corporation (SPAC), or reverse merger. SPAC momentum collapsed late last year and the public markets crashed for technology start-ups in the face of broader investment uncertainties.
Founded in 2014, New York-based Policygenius helps consumers compare and purchase insurance. A number of life, disability, home and auto insurance carriers integrate with the platform. Plans call for using the new capital raise to invest in growth of core business areas but also new no-exam life insurance offerings and Policygenius Pro, a “turnkey partnerships platform” that launched in February and is designed to help independent agents and financial advisors accelerate and streamline their sales.
Roamly, an insurtech focused on embedded insurance for travel enthusiasts, reached a key milestone in its expansion.
The Texas-based company said it has booked more than $40 million in premium over the last 12 months, after accelerated sales for its new RV product suite and the progression of its new Pro and Personal products out of beta.
Roamly’s Pro product features commercial RV insurance for businesses and its Personal product targets RV insurance for individual RV owners and folks who want to list and rent their RV in the marketplace economy.
A former XL Catlin executive joined insurtech start-up FutureProof Technologies in a leadership role.
Fielding (Fid) Norton joined the San Diego-based company as a co-founder and chief insurance officer, FutureProof’s announcement noted. FutureProof is a venture-based start-up focused on quantifying climate and weather risk for the insurance industry.
Norton most recently served as chief enterprise risk officer at XL Catlin. Immediately before that, he was chief risk officer at Ironshore Insurance. Norton has led underwriting, pricing, and enterprise risk management teams at both publicly traded and privately held insurers and reinsurers.
An ex-Verisk Analytics executive is signing on with Erie Insurance as its next executive vice president and chief information officer.
Parthasarathy “Partha” Srinivasa will take on the position as of April 04.
He served as senior vice president and chief data officer at Verisk, where he handled the company’s insurance segment data and technology as well as enterprise-wide data and analytics.
Before Verisk, he held a number of technology leadership roles as a global CIO and CTO at companies including Zurich Financial Services, Tokio Marine HCC, Farmers Insurance and Safe Auto.
CoverEase, a California-based digital insurance brokerage, launched its new platform.
The digital system automates underwriting through the use of artificial intelligence, and the technology also helps users shop for, compare and buy workers’ compensation insurance in about three minutes.
The platform is supported by the company’s business insurance experts. Dubbed “Coverage Concierges,” they help customers navigate options and buy the insurance they need at the best price.
Munich Re and Netradyne
Munich Re America is teaming up with AI start-up Netradyne to boost coverage of commercial fleet clients.
Netradyne uses artificial intelligence (AI) and edge computing focused on driving and fleet safety. The companies’ partnership calls for Netradyne to provide its Driveri technology with Munich Re’s Smart Mobility Platform. In addition, Munich Re will add Netradyne’s AI-enabled camera system to its list of approved risk products for commercial fleet clients.
Munich Re’s Smart Mobility team uses its LossDetect software to evaluate an insured’s losses and then recommend a safety option that would best mitigate preventable losses within that loss profile.