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Hello Friends! We are excited to see everyone in NYC at Insurtech Insights next week. In the meantime, here are the three things we learned including Liberty buying technology for embedded auto, Caribou becoming a unicorn and a fun one we couldn’t resist, new Progressive ads: |
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Liberty Buys Embedded Auto Liberty Mutual agreed to buy technology assets from insurtech Fetch. The technology will allow Liberty to create an auto insurance offering that can be embedded into auto dealers point of sale transaction systems. Fetch currently provides comparative quotes from several carriers. It would appear to be a smart move for Liberty to continue to offer their own quote alongside of their competitors. This is a well known trick to allow the carrier to cherry pick the best customers and provide their competitors with the rest. |
[2] |
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Caribou Series C Raise Nets $1.1B Valuation Auto lending fintech innovator Caribou closed a $115M series C round of funding this week. They have made a mark in the auto refinancing and recently launched a digital insurance marketplace but it seems that it is not entirely digital. They certainly have the capital to enhance this experience but may choose to take it slow. Just having insurance within their platform is a good start and they can continue to grow the refinancing piece while they slowly enhance the insurance quoting experience. They will be aided by time as many carriers are not providing online bind yet anyway. |
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Progressive Ads Featuring Hamm Progressive is launching a new ad campaign with tv spots featuring former Mad Men leading man Jon Hamm. In case you were sick of NBA stars and the LIMU bird this will be something more interesting to dominate the airwaves. Here is a sneak peak, quite funny actually. Who do you think spends more on advertising personal lines insurers or Apple? The arms race to marketing heights continues. |
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