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

Welcome to our Insurance Vlog called "WTH..." We are going to help answer your insurance questions and why insurance matters. Insurance is a word not many people like. We might not necessarily want it but we sure as hell need it. Hopefully, we will never need to use it, but if you drive a car, own a home, or  have a business, there is a good chance you will have to use insurance to pay a claim at some point in your life. AND hopefully, you have life insurance because WHEN, not IF you die, the policy will pay out to your loved ones. Enjoy the episode and we look forward to sharing more videos on topics you care about or we just want to talk about.

Spotlight

Welcome to our Insurance Vlog called "WTH..." We are going to help answer your insurance questions and why insurance matters. Insurance is a word not many people like. We might not necessarily want it but we sure as hell need it. Hopefully, we will never need to use it, but if you drive a car, own a home, or  have a business, there is a good chance you will have to use insurance to pay a claim at some point in your life. AND hopefully, you have life insurance because WHEN, not IF you die, the policy will pay out to your loved ones. Enjoy the episode and we look forward to sharing more videos on topics you care about or we just want to talk about.

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INSURANCE TECHNOLOGY

KOBA Insurance Chooses Socotra Policy Core Platform to Expand UBI Product Portfolio

Socotra | October 28, 2022

Socotra, the modern core platform provider for innovative insurers, today announced that KOBA Insurance, an insurtech MGA pioneering usage-based insurance products in Australia, is migrating its insurance program onto the Socotra policy core platform. Currently, KOBA is one of the first insurers to offer pay-per-kilometer personal auto insurance in Australia. Since launching nationwide last November, KOBA is rapidly evolving the car insurance narrative; growing 50% month-on-month, helping Aussies pay-per-KM for over 1,000,000KM across Australia and more importantly, providing a connection between a driver and insurer like never before. Traditional insurance only covers expenses to get you back on the road. But that is not enough. KOBA believes that modern car companies and smart insurers of the future will be about making you safer, helping you avoid accidents, and focus on building a true car-care relationship. With a data-driven focus, KOBA is nimble and is innovating distribution and product solutions for niche markets. In June 2022, KOBA also launched a car share product in partnership with Uber-owned Car Next Door. KOBA plans to expand its portfolio to include other usage-based insurance products for boats, fleets, rideshare vehicles and motorcycles. Socotra gives KOBA a platform for international scalability and the ability to introduce new products and innovations quickly as KOBA evolves its distribution model. Socotra also provides cloud-native capabilities and the flexibility to plug in multiple raters, claims systems and a single platform to launch any insurance product for any geography or distribution channel. “KOBA is empowering mid-sized carriers to activate and scale innovative insurance products—from day one, By partnering with Socotra, we are laying down a rock-solid technological foundation to rapidly launch multiple usage-based insurance products, flexibly white-label them for mid-sized carriers, and scale our insurance-as-a-service platform internationally.” -Andrew Wong, founder and CEO of KOBA Usage-based insurance (UBI) is auto coverage that uses data collected from the driver’s vehicle and analyzed by the insurer to determine policy cost. The better the driver, the better the discount. KOBA’s Insurance as a Service Platform provides carriers access to their line of white-label products on a subscription basis. Mid-sized insurance carriers have been reluctant to launch usage-based insurance products because such offerings require them to redesign not only their technology platforms, but also their processes and organization structures. But KOBA will enable mid-sized carriers around the world to sell white-labeled versions of its innovative and tech-driven products, without having to spend the time, money and effort to create these products themselves. KOBA will provide insurance-as-a-service with its out-of-the-box pricing models, raters and go-to-market strategies. KOBA, which designs products for value-driven customers, was the winner of the Excellence in Insurtech award at the seventh annual FinTech Australia Finnie Awards in 2022. It won Mozo Expert Choice Awards’ “Car Insurance Best New Product 2022” and “Excellent Value Car Insurance 2022,” as well as “Best Insurtech Innovation 2022” by Australia’s Finder Awards. It was also recognized, alongside Socotra, as one of the 10 leading insurtech companies in Australia by Insurance Business Australia. I applaud the team at KOBA for their vision of accelerating innovation for mid-sized carriers, KOBA understands that data is central to better assessing risk and giving customers the types of experiences they have with other technology services daily. With Socotra, they’re creating usage-based insurance products that deliver immense value and cost savings for their customers,said Dan Woods, founder and CEO, Socotra. About Socotra Socotra brings unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs and improve customer experiences. Socotra provides open APIs, a product-agnostic data model and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier and more affordable.

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CORE INSURANCE

Riskonnect Named in Business Insurance’s Best Places to Work in Insurance Program for Second Consecutive Year

Riskonnect | September 17, 2022

Riskonnect, the leader in integrated risk management (IRM) solutions, today announced it has been named in Business Insurance’s annual Best Places to Work in Insurance program, which recognizes employers for their outstanding performance in establishing workplaces where employees can thrive, enjoy their work, and help their companies grow. “It’s a huge honor to be recognized once again as one of the Best Places to Work in Insurance. The accolade is a testament to our team’s dedication to creating an incredible and empowering work environment at Riskonnect, Every day we aim to foster a positive culture where our team is inspired, encouraged, and poised to deliver the best service to customers and help them manage risk under one roof.” -Kevin Crow, chief human resources officer at Riskonnect Best Places to Work in Insurance is an annual program that highlights the agents, brokers, insurance companies, and other providers with the highest levels of employee engagement and satisfaction. The leading employers in the insurance industry are identified through a two-part assessment of each company. The first part is a questionnaire completed by the employer about company policies, practices, and demographics. The second part is a confidential employee survey on engagement and satisfaction. This achievement follows several others for Riskonnect, including being named one of the UK’s Best Workplaces™ for Women and certified as a Great Place to Work® in the United Kingdom by Great Place to Work®. The Company was also named a Best and Brightest Company to Work For® by the U.S. National Association for Business Resources in Atlanta and Chicago for the fourth consecutive year. About Riskonnect Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 2,000 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 800 risk management experts in the Americas, Europe, and Asia.

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CORE INSURANCE

New Cyber MGA Converge Partners With CyberCube to Bolster Proprietary Underwriting Ecosystem

CyberCube | October 31, 2022

Converge is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. Integrating CyberCube’s platforms into Converge’s ecosystem will enhance the quality and depth of the analysis provided to clients across a spectrum of industries and sectors to confidently mitigate risk and strengthen cyber protection. CyberCube, a leading cyber risk analytics firm, will seamlessly blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ecosystem. Combined with an adversary-focused underwriting methodology and led by seasoned, executive talent from across the insurance industry, Converge is driving cyber resilience and reducing risk by making the insurance process easy, accessible, and affordable. “Our partnership with CyberCube aligns perfectly with Converge’s mission of being first to deliver complete, confident cyber protection, Our deep understanding of the challenges faced by our clients combined with tailored risk solutions will allow us to further improve outcomes for their businesses at a lower cost.” -Anthony Dagostino, Converge CEO & Founder Pascal Millaire, CyberCube’s CEO, said: We are thrilled to be partnering with Converge as it makes leading cyber risk management and risk solutions accessible and intuitive to firms across the insurance marketplace. Our collaboration will ensure they receive the comprehensive protection they need. About CyberCube CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure. About Converge Converge is where cyber insurance, security, and technology intersect to provide businesses with complete cyber protection. Deploying a proprietary data ecosystem underpinned by expert underwriting and risk solutions, we give insurance professionals and customers vital intelligence that delivers improved outcomes at lower premiums. We believe in partnering with our clients, guiding them to be confidently cyber secure through our intuitive tech and seamless user experience, improving protection and mitigating risk. Converge is headquartered in New York and backed by venture firm Forgepoint Capital.

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