How much investors have sunk into insurtech

Canadian Underwriter | October 25, 2019

Insurtechs like one Canadian startup in particular are letting brokers provide better service, but the sector as a whole contains some money pits for investors, Willis Towers Watson suggested in a report released Wednesday. But nearly US$17 billion has been invested into insurtech in the past seven years – US$1.5 billion in the third quarter of 2019 alone, reports Willis Towers Watson. “There is a very large sinkhole somewhere,” said Willis Towers Watson. “Who can honestly say that we have seen at least US$16.8 billion worth of value created?” But one example of an insurtech that does create value is Kitchener, Ont.-based ProNavigator –  one of three insurtechs highlighted in the report. Joseph D’Souza founded ProNavigator in 2016 after he was placed on hold by his insurance provider company for more than 90 minutes after calling with what he thought was a simple question. ProNavigator uses artificial intelligence to do natural language processing. It is touted as a way for users get answers – both through chat and by phone – without using industry jargon, on underwriting, product or billing.

Spotlight

The world is full of risk. But U.S. insurance companies are missing the biggest risk of all. While many global insurers are ditching coal and fossil fuels, US insurers continue to prop up a dying industry making climate change worse.

Spotlight

The world is full of risk. But U.S. insurance companies are missing the biggest risk of all. While many global insurers are ditching coal and fossil fuels, US insurers continue to prop up a dying industry making climate change worse.

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INSURANCE TECHNOLOGY

Joyn Insurance, An Insurtech Company, has Secured an Insurance Partnership and Investment from SiriusPoint Ltd.

Joyn Insurance | July 07, 2021

Joyn Insurance, an insurance technology startup, announced a strategic insurance partnership and investment from insurance and reinsurance firm SiriusPoint Ltd. The companies will collaborate to change small and mid-market commercial insurance in the United States through digital technologies, data analytics, and automation. Joyn will begin operations as a Managing General Agency ("MGA"), focusing on the neglected requirements of companies seeking risk transfer solutions in the $100 billion U.S. SME sector. The business will provide a one-of-a-kind commercial insurance experience while also underwriting Excess and Surplus ("E&S") products in six industrial verticals. Joyn, which will begin underwriting on July 1, 2021, collaborates with SiriusPoint, a top 20 global re/insurer that launched earlier this year with more than $3 billion in the capital. SiriusPoint will be a founding investor in the business, providing insurance capacity backed by a solid reinsurance panel. SiriusPoint will also support Joyn in its strategic orientation, assisting in shaping its growth trajectory. About Joyn Joyn Insurance Services Inc. is a recently established Delaware-based licensed producer and general agent operating under the "Joyn" SM and "Joyn Insurance"SM brands. Joyn is an insurtech company that provides business insurance in the small and middle market. Technology, data, and expertise drive joyn to provide brokers and customers with a transparent and trustworthy experience. About SiriusPoint SiriusPoint Ltd. is a top 20 global insurer and reinsurer that serves customers and brokers in over 150 countries. We are listed on the New York Stock Exchange and have offices worldwide (SPNT). We write a global portfolio of Accident and Health, Specialty, Property, and Runoff risks with expertise and discipline, combining data and innovative thinking. SiriusPoint's operational companies have a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, with over $3 billion in total capital.

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INSURANCE TECHNOLOGY

Spot Insurance Partners With Ikon Pass

Spot | March 14, 2022

Today Spot (www.lifebyspot.com), the on-demand injury insurance company protecting everyone from athletes and adventurers to families at home; along with Ikon Pass, the world's premier season pass, announced a partnership to bring a new level of protection to pass holders who live an active lifestyle. As part of the partnership, Spot provides 22/23 Ikon Pass holders with access to a unique, affordable insurance policy that covers injury-related medical bills anytime they're using their pass. Spot's policy for pass holders will provide up to $25,000 toward any Ikon Pass holder's medical bills with absolutely zero deductible. Spot is fundamentally changing how people purchase health coverage across their lives. We built Spot to address the needs of an active community who lives life to the fullest, We have a passion for being outdoors and, while we'd rather be on the hill than at the office, we understand the peace of mind that comes from knowing you're protected no matter what you're doing." Matt Randall, co-founder and CEO of Spot. In addition to the personal injury coverage, Spot will also offer a pass protection policy that will refund all or part of an Ikon Pass holder's price if they are injured or unable to take advantage of their full season on the mountain. We are pleased to now offer pass holders both pass and injury coverage with Spot Insurance for the 22/23 winter season. We are always looking for ways to add benefits for pass holders, and Spot's options offer additional financial protection and peace of mind." Erik Forsell, CMO, Alterra Mountain Company. About Spot Spot partners with businesses and organizations across the active lifestyle space to cover their customers' out-of-pocket medical bills, regardless of health insurance status. Launched by a team with experience at both insurance industry giants and groundbreaking tech startups, the company provides affordable accidental injury coverage, which can be used with or without traditional health insurance. Spot is fully digital, conveniently allowing customers to sign up in just one minute for immediate coverage at any time. Partners including Telluride, USA Cycling, Chicago Triathlon (via LifeTime), USA BMX, Powder Mountain, National Collegiate Rugby, and athleteReg trust Spot to protect their communities. The company is headquartered in Austin, Texas, and has raised $17.5 million from GreatPoint Ventures, Montage Ventures, Mutual of Omaha, Silverton Partners, and MS&AD Ventures. About Ikon Pass Ikon Pass welcomes skiers and riders to a community of inspiring mountain destinations and the people who live and play among them across the Americas, Europe, Australia, New Zealand, and Japan. Brought to you by Alterra Mountain Company, the Ikon Pass unlocks adventure at iconic and unique destinations worldwide. Special offers are available at CMH Heli-Skiing & Summer Adventures, the world's largest heli-skiing and heli-accessed hiking operation.

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INSURANCE TECHNOLOGY

Great American Insurance Group’s PolicySweet® Introduces Coverage for Home-Based Businesses

Great American Insurance Group | September 20, 2021

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