|
Hi All! This week we are following a climate change tech fundraise, Metromile getting closer to independent agents and the beginning of Q3 earnings reports from the industry. Here are the three things we learned: |
[1] |
|
Insurers Invest in Climate Change Tech Jupiter Intelligence, a provider of climate change data and analytics, raised $54M in a Series C round with a significant chunk coming from 3 insurers. It looks to be a promising technology that goes beyond cat modeling to provide detailed information about how climate conditions could lead to catastrophe losses. Not only will there be data sets that insurers and others can leverage but also mapping and satellite imagery. Insurers need the next generation of technology to aid with risk management in the age of climate change. |
[2] |
|
Metromile Gets Closer to Independent Agents We’ve been following startup insurers of all types broadening their distribution channels with independent agents. Metromile, who previously relied on direct-to-consumer, has taken a big step towards this new direction announcing integration with EZLynx, the comparative rating platform and bringing in an agent executive from Travelers. They are starting to recognize that this is a meaningful channel and their pay-per-mile products can get traction when compared alongside more traditional products in an era when work-from-home has lowered mileage and time spent driving for many. |
[3] |
|
Q3 Earnings Reports Beginning This was the first week of major earnings announcements featuring Marsh with best revenue growth in a decade and W.R. Berkley who posted double digit growth in net premiums and return on equity. There are several more on tap for the next few weeks but an early read is that the year is progressing well for the industry. For commercial lines focused entities, the hard market will help and for personal lines inflation and cost of home repairs is allowing them to increase rates which will help profitability. |
|
Thank you for following us, we appreciate your feedback and continued support. Stay productive, stay safe and stay in touch! |