Fintech before insurtech part I

Robinhood announced a $280 million Series F funding at an $8.3B valuation. The round was led by existing investor Sequoia Capital, with participation from existing and new investors including NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.

Established in 2013, the Menlo Park, CA-fintech offers commission-free trading for stocks, ETFs, options, and cryptocurrencies and employes over 1,000 employees. It has raised a total of $1.19 billion since its inception.

Bottom Line: It added more than three million funded accounts so far this year and half of new Robinhood customers this year were first-time investors.


Fintech before insurtech part II

The Insurance Authority has granted authorization under Fast Track to ZA Insure, the insurance platform of ZA, one of the first digital banks in Hong Kong, and a wholly-owned subsidiary of ZhongAn Technologies.

ZA Insure will offer medical, term life and critical illness insurance products and it will leverage data, analytics, and AI to provide instant quotes, perform remote customer due diligence, and settle claims.

“‘ZA’ represents a reverse of the alphabetical order - going from Z to A - reminding us to always think out of the box and view things from a different perspective. It’s good to be bold, contrarian and creative.”

Bottom Line: in the company of Bowtie Life, Avo Insurance and Simplify Life Insurance; to name a few


The Allianz Claims Hub

Allianz Insurance has introduced the Allianz Claims Hub, a digital platform for brokers and motor fleet customers to report and track all types of motor claims. It also launched a claims app called Allianz Notify to allow fleet drivers to report their own claims.

The online portal supports uploading documents and images, accessing financial data such as payments, and tracking repair status when relevant.

“Businesses across the UK are currently facing unprecedented challenges. At this time it has never been more important for us to provide as much support as we can and make the claims process as easy as possible for our broker partners and customers. I’m proud that the Allianz Claims Hub allows our customers to quickly and conveniently notify and track motor fleet claims. Alongside the Allianz Notify App, we believe these digital claims assets will bring significant improvements to the claims journey for both our broker partners and motor customers.” – Margaret Scott, head of claims strategy and customer experience, Allianz Insurance.

Hear from Max on May 7th

Join us for a 30-minute discussion followed by a live Q&A to hear from Max Chee, partner and head of Aquiline Technology Growth, on his outlook for investments and insurtechs amid the growing need to be essential. Register here

[Zoom details will be provided in your confirmation ticket and we can’t promise we’ll be able to share the recordings].


Power couple

DealerPolicy, the auto insurance marketplace for automotive retailers, announced a collaboration with data analytics and consumer intelligence company J.D. Power.

DealerPolicy, which allows car buyers to instantly compare auto insurance quotes from insurers as part of the car-buying process, will integrate with J.D. Power’s new insurance data and analytics platform to offer quotes. Customers using the new quote experience will be asked to rank the factors that are most important to them from a list that includes cost, customer service, stability of premiums over time, and ease of filing and settling claims. DealerPolicy will then recommend a carrier based on the ranking to help customers find a “good fit.”

“We have spent more than two decades developing a unique, independent data asset that measures how well individual carriers meet their customers’ expectations. Until now, consumers were largely taking a chance that their carrier choice would meet those expectations. By teaming with DealerPolicy, we are empowering consumers to pick the experience they want by matching their preferences to carriers with a proven track record across multiple service dimensions. This will provide a better experience for the consumer and better retention for the carrier. The powerful combination of choice and personalization is the future of personal lines insurance and we’re excited to bring this offering to market with DealerPolicy, a recognized leader in the space.” – Kyle Schmitt, Vice President and Managing Director of Global Insurance at J.D. Power.

Bottom Line: Clearsurance and Valchoice come to mind.


M&Ax2

HSBC Insurance, an indirect wholly-owned subsidiary of HSBC, has announced it has entered into an agreement to acquire the remaining 50% equity interest in HSBC Life Insurance Company from The National Trust Limited (NT).

Intel announced it has acquired Moovit, a mobility-as-a-service (MaaS) solutions company, for approximately $900 million ($840 million net of Intel Capital equity gain). Moovit is known for its urban mobility application that offers travelers around the world the best multimodal trip planning by combining public transportation, bicycle and scooter services, ride-hailing, and car-sharing. The addition of Moovit brings Intel’s Mobileye closer to achieving its plan to become a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030.

Ep10 – Improving commercial auto insurance profitability with Luminant Analytics CEO, Renu Joseph

Commercial Auto Insurance has really struggled. A very large market, where insurers just can’t raise rates fast enough to keep up with insurable losses that are rising even faster. Unlike personal auto, commercial auto is complex, with ever-changing exposures, mobile across state lines, and until recently, the inability to find technology that could economically scale with the evolving exposures. That has changed and in this episode, Nick spoke with Renu Ann Joseph, CEO of Luminant Analytics on how insurers can use technology and the emerging external data to keep them in control of their losses and exposures. Listen here.

How critical is insurance agency response time?

According to Insurance Journal, insurance shoppers now consider timeliness to be the most important differentiator – above efficiency, professionalism, and knowledge – when purchasing insurance. Yet, it may surprise you to learn that only seven percent of companies have a response time of five minutes or less.

In this post we are going to look at agency response time as a factor of customer service to determine if responsiveness affects generation of leads. Keep reading to find out why response time is so important, get some tips on how to boost your own response time, and learn about a cool, new, free feature to make your response time visible to you and your potential insurance customers. Read the full Post here.

Health & wellness survey

For an upcoming research report around health and wellness, we created a short survey and your participation is greatly appreciated. Respond here. Thank you.

Jobs…  Simply BusinessBusiness Development Manager.