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Hello Friends! ITC was a great success and most of all it was good to have human connection again with all of you who attended. The conference provided many learnings while the industry continued along. This week we are following the largest capital raise of 2022, Coalition embedding security software and final thoughts from ITC: |
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Largest “Insurtech” Raise in 2022 Pie Insurance closed a Series D funding round this week totaling $315M, the largest insurtech funding round so far in 2022. As we know, the trend had been that investment was slowing down. Not only is this a welcome capital infusion but also a confidence boost to the Pie founders. They are yet another example of taking a methodical approach using good fundamentals to build a valuable insurance business; focusing on a niche and under-addressed market with their products. Their strategy is sound and having adequate capital will allow them to continue to power their growth. |
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Coalition Partners with Crowdstrike Cyber insurer Coalition announced a partnership with cyber-security software maker Crowdstrike. Coalition’s 160,000 cyber policy policy holders will have a free trail to Crowdstrike’s Falcon cyber protection software. The announcement came at Crowdstrike’s user conference, fal.con just down the Las Vegas strip from ITC. This appeared to go largely unnoticed by the insurance industry but the timing must not be coincidental. We noticed other cyber security firms among the exhibitors at ITC 2022. Cyber insurers can explore bundling their coverage with protection tools as a way to manage risk while also leveraging their customers as a captive audience for the tool vendors. |
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Final Thoughts From ITC 2022 ITC was back and remains the primary gathering for the industry. There seems to be no slowdown in the proliferation of insurtech solutions. In fact, the exhibit hall was packed again and we lost count of all of the property data providers and artificial intelligence solutions. That may be an area to watch in the future for winners and losers. The whole insurtech space shows signs of maturing not slowdown. We could not attend all of the sessions but learned the most from this presentationabout the evolving agency distribution model as distribution. |
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