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Hi All! This week we are following Mobility Insurance Innovations, a Guidewire acquisition and Other Things to Know. Here are the three things we learned this week: |
[1] |
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Mobility Insurance Innovations The most significant fundraising event this week came from commercial auto insurtech HDVI closing a Series B of $32.5M giving them capital for product and geographic expansion. HDVI was started in 2018 by one of the co-founders of Esurance many of whom have gone on from Allstates digital brand to start companies of their own. They will use embedded telematics and data in their offerings. Also in the new this week, motorcycle insurer VOOM partners with Markel to provide a pay-per-mile product. The offering is perfect for the motorcycle community, though not sure the market is large enough to make much more than a niche. |
[2] |
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Guidewire Makes Notable Acquisition Guidewire announced they have acquired HazardHub the cat risk property data provider. The price is undisclosed but Guidewire (and the other big core systems providers) certainly have a war chest of capital to make such acquisitions. We are following property data providers and helping insurers integrate that information into the underwriting process. It will be worth watching how Guidewire integrates and offers the HazardHub service, will it be an additional cost or a value-added differentiator for their customers that write property. |
[3] |
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Other Things to Know… Trustlayer, an insurtech looking to solve the challenge of insurance verification, raised $15M to further their mission of solving an age-old industry problem. Could insurance and banking be slowing down their ad spending in favor of tech innovation investment? According to e-marketer this will be a trend to watch the remainder of 2021. More analysis on Root’s disappointing earnings last week. It may be a bit pessimistic but they bring up some interesting points that apply to other full stack carrier insurtechs. |
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