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Next Insurance , a startup that competes in the small business (SMB) insurancemarket, announced this morning that it has acquired its first company. Next Insurance raised $250 million earlier this year at a valuation of $2 billion , making it one of the richest startups to compete in the broad insurtech niche.
French startup Luko is acquiring German startup Coya in order to grow its European presence and get an insurance license from German regulator. Luko started as a home insurance company for both homeowners and renters. Luko started as a home insurance company for both homeowners and renters.
Superscript , an insurance broker and tech platform targeting SMEs and “high-growth” tech firms, has raised £45 million ($54 million) in a Series B round of funding. Founded out of London in 2015, Superscript constitutes two core insurance businesses: an online-only “self-serve” platform that’s available to U.K.
of Africans are insured , which is less than half the global average of 6.3%, making it the least insured continent in the world. But soon, the co-founders realized a much bigger problem facing healthcare, particularly as regards insurance. As many as 2.8% Despite the abysmal number, there’s some good news.
If you think embedded insurance is the only hot thing in insurtech these days, we’ve got a surprise in store for you: While it’s true that startups that help sell insurance together with other products and services are enjoying tailwinds, there are plenty of other opportunities in the space, several investors told TechCrunch+.
German insurtech startup Getsafe is adding a fourth market with today’s product launch. Getsafe is now going to offer insurance products in France. The company will first offer a home insurance product. Getsafe is trying to disrupt the insurancemarket with a focus on digital-first insurance products.
W elcome to the TechCrunch Exchange, a weekly startups-and-markets newsletter. B2C When I reached out to investors recently for our latest insurtech survey , I was curious to know how the economy was affecting insurance purchase decisions and whether this made B2B companies more appealing to VCs than their B2C peers. Sign up here.
With inflation sparking an increase in the cost of repairs, labor and claims, fees for insurance are similarly spiking across the board. Car insurance premiums rose 13.7% Home insurance, meanwhile, climbed 12.1% Fairmatic applies AI to commercial auto insurance. year-on-year, Policygenius found.
The company, which enables underbanked customers in select African markets to access a broad range of products and services without collateral or a guarantor, announced today that it has raised $75 million. In the company’s more established markets, Kenya and Uganda, customers can access the full suite of M-KOPA’s offerings.
Tech investments in emerging markets have been in full swing over the past couple of years and their ecosystems have thrived as a result. Some of these markets like Africa, Latin America, and India, have comprehensive reports by publications and firms on trends and investments in their individual regions. Let’s dive in.
Coverdash , providing small businesses, e-commerce merchants and gig-economy workers with insurance, launched its product in all 50 states after closing over $2.5 Coverdash’s insurance policy dashboard. Meanwhile, the new funding will be used for go-to-market initiatives, product and technology development and hiring.
Because the best go-to-market (GTM) strategies for startups are like hamburgers: The bottom bun: Bottom-up GTM. The bottom bun — users not leads: In a top-down sales model, marketing creates leads that are then converted into sales by enterprise reps. The hamburger go-to-market strategy. The answer is the hamburger model.
Mercury , a startup that provides banking services for other startups, is offering customers expanded FDIC insurance of up to $3 million via a new product in the wake of Silicon Valley Bank’s collapse. That’s 12x the industry standard for institutions of $250,000 in FDIC insurance that other institutions offer. invested in U.S.
For us, that means remembering our core mission: providing risk management and insurance solutions to our customers in a way that helps them protect their businesses and families. And then, they start moving in that direction while staying flexible enough to adapt as the market evolves. They place bets.
But with the region’s thirst for innovation, the market is expected to expand nearly tenfold over the next decade, with open banking through the use of APIs leading the way and acting as digital transformation facilitators. Fintech regulations in Latin America could fuel growth or freeze out startups.
Pula , a Kenyan insurtech startup that specialises in digital and agricultural insurance to derisk millions of smallholder farmers across Africa, has closed a Series A investment of $6 million. Agriculture insurance has traditionally relied on farm business. or Europe with typically large farms, an average insurance premium is $1,000.
Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. Despite some recent market volatility , the valuations that software companies have generally been able to command in recent quarters have been impressive. Next Insurance, and its changing market. Sign up here.
Launched in 2017, Fuse connects insurance companies with multiple distribution channels and partners to make insurance services accessible and affordable through its technology. The pandemic accelerated the digital transformation in the insurance industry, one of the most conservative sectors.
Traditionally viewed as rock-solid and steady, the insurance industry is not exactly associated with taking big risks. Gray Nester, CIO, Brown & Brown Insurance Gray Nester / Brown & Brown Some, like BBNI’s Technology Solutions Group, are being renamed and restructured to orchestrate greater immersion in the business.
How does a business stand out in a competitive market with AI? Keeping Data Governance at the Core of Effective AI Data falling into the wrong hands should be a concern of any business—regardless of size or status in the market. are creating additional layers of accountability.
In some B2B verticals, such as the veterinary supplies market, there is little consistency and transparency regarding the market price of any given item; instead, each buyer pays a bespoke price tied to contractual agreements. Insurance is designed to protect against damage to the goods in transit or theft.
As a reminder, Wefox sells insurance products through in-house and external insurance brokers. More recently Wefox launched its own insurance carrier — Wefox Insurance. This way, the company can design and sell its own insurance products without relying on third-party insurance companies.
The automotive industry has entered into a new era of vehicular safety, where in-car systems initially designed to keep you alive are also being marketed as quality-of-life improvements. What once was something only discussed with your insurance adjustor is now technology you might covet on your next commute.
The virtual event also highlighted EXLs Insurance LLM , a purpose-built solution for claims adjudication and underwriting, and EXLerate.AI , which combines AI agents and domain-specific large language models (LLMs) to manage and automate complex business workflows.
To get a better handle on the Indian startup market more broadly, The Exchange got ahold of Accel investors Arun Mathew (based in the United States), and Prayank Swaroop (based in India), for a bit of digging. All told, 2019 was a huge year for the Indian startup market in venture capital terms, and 2020’s recovery is underway.
“Soci became an essential partner to brands for this transformation, which led to an increased need for brands to turn to technology to manage their presence in local digital market channels.” Khoury says he was inspired to found Soci by the dearth of options for brands to manage their presence across digital marketing channels.
For a sector that has enjoyed a year in the sun , recent trading sessions have punctured a period of market adoration. It is too soon to say that the market is repricing tech stocks, but the selloff has reached the point of materiality and is therefore something we need to note. Root Insurance 52-week high: $29.48.
The funding was led by Tokio Marine, Japan’s first insurance company, and life insurance leader MetLife through its subsidiary MetLife Next Gen Ventures. Bolttech’s Series B is closed to new interest from the market, but we continue to engage with the investor community in case of future opportunities,” he told TechCrunch.
First launched as the CIO50 ASEAN Awards in 2019, the decision to expand to 75 awards in 2021 – and later to 100 awards in 2022 – was in recognition of a wealth of standout submissions, increased interest levels, and a desire to showcase best examples of enterprise transformation across all regional markets and sectors.
Innovation can be internal and help change the way an organisation operates – or external and focused on meeting market growth aspirations. This can include new capabilities and competencies or employee talent programmes and market initiatives. It can also include new digital products and services.
According to PwC, organizations can experience incremental value at scale through AI, with 20% to 30% gains in productivity, speed to market, and revenue, on top of big leaps such as new business models. [2] AI in action The benefits of this approach are clear to see. 4] On their own AI and GenAI can deliver value.
Obie , a real estate-focused insurance technology company, has raised $25.5 million Series A — nearly two years ago, the startup says it has gone from securing insurance for over $3 billion worth of property to $20 billion worth. The company also claims to save policyholders up to 25-30% compared to other insurance premiums.
The insurance company decided to migrate from on-premises BMC Remedy to cloud-based BMC Helix ITSM and Discovery. About the author: Stela Udovicic is the senior director, solutions marketing management at BMC Software Visit here for more information or contact BMC.
Customers expect seamless, personalized experiences, while insurers want faster processes, smarter systems, and a magic wand to keep up with market demands. This integration empowers P&C insurers to streamline their operations, maximize efficiency, and deliver excellent customer-focused experiences.
Reports say healthtech in Africa should reach a market value of over US$11 billion by 2025 and Reliance Health is looking to play a pivotal role in the continent reaching that capitalization. It uses an integrated process to provide health insurance and telemedicine via partnerships with hospitals and healthcare facilities. “So
As private health insurers weather industry headwinds, strategic transformation priorities remain firmly centered on operations and patient-centric experiences that accelerate efficiencies. health insurers as industry leaders work to improve operations, efficiency, and effectiveness. Leading Digital Transformation for U.S.
Naked , a South African insurtech company that helps consumers to insure their cars, homes, and valuables, has raised $17 million in Series B funding led by the International Finance Corporation (IFC). South Africa makes up 70% of this market, with an annual gross written premiums market of over $47 billion.
Igloo develops its insurance products and then partners with insurers who underwrite their policies. Igloo currently works with 20 global, regional and local insurers across Southeast Asia. It distributes its insurance products through partnerships, and is partnered with over 55 companies in 7 countries.
Acko — which counts Lightspeed Venture Partners India, CPPIB, Amazon and Multiples Private Equity among existing backers — is among a handful of startups that is attempting to take on the country’s antiquated insurance industry with a digital-first product. Only a fraction of the nation’s 1.3 Only a fraction of the nation’s 1.3
Indian insurtech Acko is in late-stage discussions to secure $120 million in a funding round at a time when weak global market conditions have subdued large financing deliberations in the South Asian market. TechCrunch reported earlier that General Atlantic was engaging with Acko to increase its stake in the insurtech firm.
On the other hand, Q3’s numbers represent a 17% drop from the same quarter in 2022 — when the M&A market was still very robust. AI’s influence As with anything tech-related, one also has to consider AI’s effect on the M&A market. Second, Q4 is usually slower as the end-of-year holidays can affect the market.
Kenyan insurtech Lami Technologies February last year announced its acquisition of Bluewave, another startup within the insurance space, to expand its product offerings and enable it to scale into new markets in Africa, but it has now emerged that the deal fell through months later.
Collie believes it’s far more productive to ask business leaders about their own jobs, including their view of market trends and the key business challenges they’re facing. “It requires them to role-play your job, and they’re not very good at that because it’s never been their job,” explains Rob Collie, founder and CEO of consulting firm P3.
Only about a third of the yields Indian farmers produce reaches the big markets. The round was led by Quona Capital , a venture firm that focuses on fintech in emerging markets. Our belief is that we should cater to the two-thirds of the market that are currently underserved. Everyone else is missing out.
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