Insurer Lemonade Seeks to Raise $286 Million in IPO

Lemonade | June 25, 2020

Insurance startup Lemonade Inc., which is backed by SoftBank Group Corp., said on Thursday it was looking to raise up to $286 million in its U.S. initial public offering (IPO), as the IPO market gains momentum after COVID-19 put many debuts on hold.
Lemonade’s public listing comes amid a strong appetite for new stock offerings, especially those with an online-focused business against the backdrop of the pandemic.

Spotlight

Insurance is an inherently data-driven industry. Information you need is in your management system – you just have to understand how to use it. Data analytics is a software-driven discipline, offering you the tools to gain a deeper understanding of your agency or brokerage “Analytics is increasingly becoming a game changer for insurers, expanding beyond the traditional focus on risk to all areas of the insurance business.”

Spotlight

Insurance is an inherently data-driven industry. Information you need is in your management system – you just have to understand how to use it. Data analytics is a software-driven discipline, offering you the tools to gain a deeper understanding of your agency or brokerage “Analytics is increasingly becoming a game changer for insurers, expanding beyond the traditional focus on risk to all areas of the insurance business.”

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INTELLECTUAL PROPERTY

High Street Insurance Partners Successfully Acquires Southeastern Agency Group.

High Street Insurance Partners | January 14, 2022

High Street Insurance Partners ("HSIP") announced its December acquisition of Southeastern Agency Group (SAG), a full-service insurance firm based in Greensboro, North Carolina. "Our rapid expansion bringing together like-minded agencies allows us to leverage our relationships to better serve our clients," said Scott Wick, CEO of HSIP. "With this acquisition, we're uniquely positioned to meet the full range of insurance solutions for current and future clients." Greg Myers, President of SAG, stated, "HSIP has a proven track record of success and industry leadership. We're excited for all this means for our firm and our clients." This acquisition is one of 17 finalized in December, making HSIP one of the most active brokerage firms in 2021, in terms of acquisitions. HSIP has acquired 97 agencies in just three years. The firm has a geographical footprint that includes 23 states. About High Street Insurance Partners High Street Insurance Partners (HSIP) is a full-service, independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,700 insurance specialists & consultants in offices based in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Washington.

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RISK MANAGEMENT

Brown & Brown Accelerates Digital Insurance Distribution By Acquiring CoverHound and CyberPolicy

Brown & Brown, CoverHound, CyberPolicy | November 09, 2020

CoverHound® and CyberPolicy®, a main advanced protection commercial center for people and independent companies, today declared they have been obtained by Brown and Brown, Inc. a main protection financier firm giving danger the executives answers for people and organizations. With this procurement, Brown and Brown increases extra admittance to the quickly developing computerized protection market for the two people and independent companies, notwithstanding abilities that modernize the protection buying experience. CoverHound, and its completely possessed auxiliary CyberPolicy, are an impetus for driving the computerized change that the protection market requests, specifically the advanced quickening that has happened in the course of recent months because of the Covid pandemic. Consolidating Brown and Brown's solid transporter connections and item information with CoverHound and CyberPolicy's association organization and client experience will make a solid incentive for clients and accomplices. CoverHound and CyberPolicy will keep on working autonomously under Brown and Brown and will zero in on scaling advanced associations with confided in brands. Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd said of the acquisition, “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience. By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.” CoverHound and CyberPolicy CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity. The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.” In the course of recent years, CoverHound and CyberPolicy have kept up a main Net Promoter Score of 82, have essentially expanded the quantity of approaches sold totally on the web and have built up the ability to carefully cite and tie numerous transporters and items into a solitary online exchange. As one of the first InsurTechs that have arisen and scaled over the previous decade, CoverHound and CyberPolicy have stayed consistent with their vision, zeroing in on being a confided in guide for curated decision and satisfying the intricate needs of the present current client, all while streamlining the protection examination and buying measure About CoverHound: CoverHound® is an original InsurTech that allows consumers and businesses to easily compare and purchase insurance. CoverHound offers competitive rates and coverages in 50 states, delivering fast, accurate and actionable quotes from leading US carriers based on a customer’s specific needs. Developed by a team with deep insurance and online financial marketplace experience, CoverHound is dedicated to providing best-in-class customer experience About CyberPolicy: In 2016, CyberPolicy® became the world’s first marketplace to help small businesses compare, quote and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its offerings to deliver more complete coverages and bundles for Small and Medium-sized businesses including additional core business insurance products. CyberPolicy offers competitive rates in 50 states and helps small businesses “Plan. Prevent. Insure™”. About Brown & Brown: Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.

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INSURANCE TECHNOLOGY

PZU group adopts Akur8 to improve the charging process in the Baltic countries

PZU insurance group | September 07, 2021

The Baltic activities of the PZU insurance group, one of the most important financial institutions in Central and Eastern Europe, and Akur8 announce the start of a collaboration aimed at improving PZU's pricing process in two of its entities in the Baltic area. This agreement strengthens Akur8's international reach as a next-generation charging platform, as well as its presence in Central and Eastern Europe. “This new collaboration with PZU represents an important result for Akur8: it marks our entry into the Central and Eastern European insurance market and strengthens our international presence. It also represents a validation of the value of Akur8 for insurers already well positioned in the use of AI applied to internal processes " With 200 years of experience in offering the best protection in the industry to its clients, the PZU Group is one of the leading Polish and Central and Eastern European insurers. By choosing Akur8 to drive the transformation of its pricing process, PZU strengthens its commitment to the adoption of innovation and AI at scale to stay at the forefront of insurance. "We are thrilled to adopt Akur8 as an insurance pricing platform for two important businesses. We are the best technology on the market and this choice further confirms our deeply innovative DNA. PZU Estonia is committed to researching the best insurtechs in the industry to continuously raise its standards. and offer customers the best protection at the fairest rates, "commented Mihkel Uibopuu, CEO of PZU Estonia. "Compared to manual solutions, Akur8 offers a totally innovative approach to pricing, which we believe is particularly interesting to adopt. In terms of speed and performance, the advantages offered are considerable, and the process is solid and secure. Even the collaborative and intuitive interface, the intelligent functions and responsive and competent support were highly appreciated by our pricing teams, "added Julius Kondratas, technical director and member of the board of directors of Lietuvos Draudimas AB. About Akur8 Akur8 is revolutionizing the pricing process of insurance products thanks to transparent AI. The company has developed an exclusive pricing solution, intended for insurance companies, which automates modeling, but without compromising on transparency and total control over the models created, as required by international regulatory bodies. Akur8 is the only solution in the industry to harmonize the actuarial world with that of machine learning. About PZU The Powszechny Zakład Ubezpieczeń SA group (PZU group) is the largest financial institution in Poland and in Central and Eastern Europe. PZU SA is the leader of the group, with traditions dating back to 1803, the year of the creation of the first insurance company in Poland. The PZU group manages consolidated assets for a total value of 90 billion euros. The group enjoys the trust of 22 million customers in five countries and offers products and services to customers in the retail and commercial sectors, as well as small and medium-sized enterprises. By diffusion and number of customers, Poland represents the core market of the PZU group, but its subsidiaries play an important role in areas such as Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU scored 92% and 100% in aided recognition, thus establishing itself as Poland's most recognized brand. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it is among the leading stocks in the blue chip segment with the largest capitalization since the start of listing.

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