Tracxn Research - Insurance Tech Landscape, February 2017

2. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.3 Contents Topic Page No. Scope of Report 04 Entrepreneur Activity 06 Investment Trend 09 Who is Investing 21 Exit Outlook - IPO, Acquisitions 25 Sub Sector Analysis 29 Interesting Companies 48 Useful Links 61 Company List 64 Team 237

3. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.4 Sector Overview Scope of report This report covers companies operating in Insurance Tech sector which includes internet first insurers, distribution platforms, P2P insurance platforms and companies that enable insurance players in terms of software solutions and data. It does not include traditional and offline insurance providers and multi-industry companies. Disclaimer: The information and data in the report is based on global developments tracked in the sector till December 28, 2016. This is to categorically state that any events and relevant developments after the said date will not reflect in the report. Business Model Descriptions Insurers Internet first insurance companies (including companies acting as an MGA) which provides insurance online for Life, Health and P&C sectors Employer Insurance Companies offering employers/employees a smarter way to manage employee benefits and insurance Enablers Companies enabling insurance companies, brokers and other insurance players. They provide software solutions, data analytics etc. to insurance players Distribution Platforms Companies offering online/mobile based platform where consumer, businesses can compare insurance quotes/buy insurance policies. They act as an insurance broker. P2P Insurance Companies that provides a P2P insurance platform

4. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved. Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 5

5. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved. 46 79 115 124 159 279 153 0 50 100 150 200 250 300 2010 2011 2012 2013 2014 2015 2016 NumberofCompanies 6 YoY – Number of companies founded Bima Metromile Oscar Zhong An Insurance Clover Health Bright Health Blue Owl CoverHound Gusto Namely Zenefits Vlocity Lemonade Alan

6. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.7 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 32 Aug-2014 10 Distribution Platforms > On-Demand Insurance $52M trov.com Trōv 2012-San Ramon 60 Jun-2014 14 P2P Insurance $97M Friendsurance 2010, Berlin 29 Feb-2014 8 Distribution Platforms > Horizontal > Mobile-First $64M financefox.ch FinanceFox CH 2014, Zurich 10 Apr-2013 9 Internet-first Insurers > Personal > Life & Health > Health $1.1B hioscar.com Oscar 2012, New York City 49 Jul-2012 16 Distribution Platforms > Commercial $93M insureon.com Insureon 1997, Chicago 72 Feb-2012 23 Distribution Platforms > Property & Casualty > Auto $196M goji.com Goji 2007, Boston 61 Nov-2011 29 Enablers > Data Providers > Auto $192M greenroad.com GreenRoad 2004, Holon

7. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.8 Niche Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 8 May-2015 6 P2P Insurance > Health $15M shuidihuzhu.com Shuidihuzhu 2016, Beijing 5 Jan-2015 1 Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber $40M cyence.net Cyence 2014, San Mateo 6 Apr-2014 1 Internet-first Insurers > Personal > Life & Health > Life $16M ladderlife.com Ladder Financial 2015, San Francisco 15 Aug-2011 7 Enablers > Back-end Solutions > Fraud & Risk Management $62M h2o.ai Shift Technology 2013, Paris

9. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.10 YoY – Number of Rounds and Total Funding $98M $101M $46M $97M $480M $302M $633M $2.8B $1.9B 17 13 15 38 63 85 106 163 182 0 40 80 120 160 200 0 600 1200 1800 2400 3000 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inMillions) Funding Amount Number of Rounds

10. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.11 YoY – Number of Rounds by Stage 15 40 45 48 77 81 12 15 27 39 68 72 4 6 8 10 12 17 0 20 40 60 80 100 120 140 160 180 2011 2012 2013 2014 2015 2016 NumberofRounds Seed Early Late

11. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.12 YoY – Funding by Stage $5M $26M $70M $61M $75M $104M$47M $46M $100M $468M $935M $722M $35M $408M $123M $93M $1781M $1057M 0 500 1000 1500 2000 2500 3000 2011 2012 2013 2014 2015 2016 TotalFundingAmount(inMillions) Seed Early Late

12. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.13 Average Ticket Size – Early Stage $0.5M $0.9M $2.1M $2.3M $1.6M $1.4M $2.0M $5.1M $3.6M $11.2M $12.2M $11.9M $6.9M $6.1M $16.2M $26.3M $19.3M 0.0 6.0 12.0 18.0 24.0 30.0 2011 2012 2013 2014 2015 2016 FundingAmount(inMillions) Seed Series A Series B

13. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.14 Top investments in last one year Company Funding Amount Round Name Date Investors hioscar.com Oscar (New York City, 2012) $400M PE Feb-2016 Fidelity Investments, CapitalG, General Catalyst Partners, Founders Fund, Lakestar, Khosla Ventures, Thrive Capital, Ping An Ventures cloverhealth.com Clover Health (San Francisco, 2014) $160M Series C May-2016 Greenoaks, First Round Capital, Sequoia Capital, AME Cloud Ventures, Spark Capital metromile.com Metromile (San Francisco, 2011) $153M Series D Sep-2016 Intact Financial Corporation, Index Ventures, NEA, First Round Capital, Mitsui, SV Angel, China Pacific Insurance gusto.com Gusto (San Francisco, 2011) $90M Series C Oct-2016 General Catalyst Partners, CapitalG, Obvious Ventures brighthealthplan.com Bright Health (Minneapolis, 2015) $80M Series A Apr-2016 Bessemer Venture Partners, NEA, Flare Capital Partners maestrohealth.com Maestro Health (Chicago, 2013) $59M PE Oct-2016 vlocity.com Vlocity (San Francisco, 2014) $50M Series B Sep-2016 Sutter Hill Ventures, Salesforce, Kennet, TDF Ventures, Wildcat Venture Partners, New York Life Insurance, Accenture cyence.net Cyence (San Mateo, 2014) $40M Series A Sep-2016 NEA, Institutional Venture Partners, Dowling Capital Partners

14. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.15 Top investments in last one year Company Funding Amount Round Name Date Investors blueowl.xyz Blue Owl (San Francisco, 2016) $35M Series A Aug-2016 captricity.com Captricity (Oakland, 2011) $35M Series C Jan-2016 Social Capital, White Mountains, Accomplice lemonade.com Lemonade (New York City, 2015) $34M Series B Dec-2016 General Catalyst Partners, GV, Thrive Capital, Tusk Ventures, Aleph Venture Capital, Sequoia Capital, XL Innovate justworks.com Justworks (New York City, 2012) $33M Series C Mar-2016 Redpoint Ventures, Bain Capital Ventures, Thrive Capital, Index Ventures everquote.com EverQuote (Cambridge, 2011) $31M Series B Oct-2016 Savano Capital Partners, Stratim Capital, Oceanic, T Capital Partners huize.com Huize (Shenzhen, 2006) $31M Series B Mar-2016 CDF Capital namely.com Namely (New York City, 2012) $30M Series C Feb-2016 Sequoia Capital, Matrix Partners, True Ventures, Greenspring Associates financefox.ch FinanceFox CH (Zurich, 2014) $28M Series A Sep-2016 Horizons Ventures, Idinvest Partners, Speedinvest, Seedcamp, AngelList, Victory Park Capital, Salesforce, Target Global

15. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.16 Top investments in last one year Company Funding Amount Round Name Date Investors trov.com TrÅ•v (San Ramon, 2012) $26M Series C Apr-2016 Oak HC/FT, Anthemis Group, Guidewire Software, Suncorp eligible.com Eligible (San Francisco, 2011) $25M Angel Apr-2016 league.com League (Toronto, 2014) $25M Series A Jun-2016 OMERS Ventures, Real Ventures, BDC Capital, RBC, Power Corporation, Manulife Financial maxwellhealth.com Maxwell Health (Boston, 2012) $22M Series C Mar-2016 GuardianLife, Sun Life Financial, Adams Street Partners, Catalyst Heath Ventures, Industry Ventures, Schooner Capital, Tribeca Venture Partners, Vaizra Investments, Cambia Health Solutions, Cendana Capital, Lerer Hippeau Ventures datebao.com Datebao (Beijing, 2014) $20M Series B Mar-2016 Ceyuan, Fosun International, China Development Industrial Bank oneincsystems.com One, Inc (Rancho Cordova, 2005) $20M Series B Dec-2016 AXA Strategic Ventures, MassMutual Ventures, H&Q Asia Pacific snapsheetapp.com Snapsheet (Chicago, 2010) $20M Series C Oct-2016 F-Prime Capital Partners, IA Capital Group, Liberty Mutual goji.com Goji (Boston, 2007) $19M Series D Jun-2016

16. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.17 Top investments in last one year Company Funding Amount Round Name Date Investors thezebra.com Insurance Zebra (Austin, 2012) $17M Series A Jan-2016 Silverton Partners, Daher Capital, Ballast Point Ventures friendsurance.de Friendsurance (Berlin, 2010) $15M Series B Mar-2016 Horizons Ventures wkbins.com WuKongBao (Beijing, 2015) $15M Series A May-2016 huize.com Huize (Shenzhen, 2006) $15M Series B Aug-2016 Fortune Venture Capital policygenius.com PolicyGenius (New York City, 2014) $15M Series B Jan-2016 Revolution, Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures, MassMutual Ventures clark.de Clark (Berlin, 2015) $15M Series A Aug-2016 Finleap, Yabeo, GMPVC, HitFox Group, TA Ventures, Tenderloin, SevenVentures, Axel Springer SE, Kulczyk Investments hixme.com Hixme (Agoura Hills, 2013) $14M Series B Oct-2016 Propel Venture Partners, KPCB, Transamerica Ventures, Rosemark capeanalytics.com Cape Analytics, Inc (Palo Alto, 2014) $14M Series A Nov-2016 Formation 8, Data Collective, XL Innovate, Lux Capital, Khosla Ventures, Promus Ventures, Montage Ventures

17. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.18 Top investments in last one year Company Funding Amount Round Name Date Investors myhippo.com Hippo (Mountain View, 2015) $14M Series A Dec-2016 Horizons Ventures, RPM Ventures, Propel Venture Partners, GGV Capital, Pipeline Capital ladderlife.com Ladder Financial (San Francisco, 2015) $14M Series A Oct-2016 Canaan Partners, Lightspeed Venture Partners, Nyca Partners, Formation 8 zendrive.com Zendrive (San Francisco, 2013) $14M Series A Feb-2016 Sherpa Capital, Nyca Partners, Thomvest Ventures, BMW alan.eu Alan (Paris, 2016) $13M Series A Oct-2016 CNP Assurances, Partech Ventures next-insurance.com Next Insurance (Kfar Saba, 2016) $13M Seed Mar-2016 Ribbit Capital, TLV Partners revimedia.com ReviMedia (Brooklyn, 2010) $13M Series A Aug-2016 NewSpring Capital embroker.com Embroker (San Francisco, 2015) $12M Series A May-2016 Canaan Partners, Nyca Partners, XL Innovate, 500 Startups, Bee Partners, FinTech Collective 51shebao.com 51Shebao (Beijing, 2007) $10M Series B Jun-2016 Zhubajie, CBC Capital

18. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.19 Funnel view of Sector 111 53 93 191 475 1321 0 200 400 600 800 1000 1200 1400 M&A & IPO Late Series B Series A Funded Founded Number of Companies

20. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.21 Most Active Investors in Sector 13 13 12 10 6 6 6 6 6 6 0 3 6 8 11 14 500 Startups Startupbootcamp Techstars Global Insurance Accelerator NEA Plug and Play Tech Center Ribbit Capital Right Side Capital Management Rock Health Route 66 Ventures TotalNumberofRounds Snapsheet Insly QuanTemplate Drive Spotter Metromile Mojio Gusto Dash CollectiveHealth CoverHound Mojio ULU Dash Serious Social Media Collective Health Healthpocket Policybazaar Drive Spotter Stride Health Knip

24. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.25 Top IPOs in last few years IPO Date Company Overview Ticker Jun-2015 majesco.com Majesco (Mumbai, 1982) IT Software and Services provider for Insurance Industry MJCO Decv-2014 connecture.com Connecture (Brookfield, 1997) Web based solutions for health insurers SSM Partners, TTV Capital, LiveOak Venture Partners, Atlanta Technology Angels, Firewall Builder, Chrysalis Ventures, Great Point Partners, New Era Capital Corporation, Hauser Private Equity CNXR Sep-2013 benefitfocus.com Benefitfocus (Charleston, 2000) Benefits technology provider Goldman Sachs, Council Capital, i2E, Oak Investment Partners BNFT Jan-2012 guidewire.com Guidewire Software (San Mateo, 2001) P&C insurance software solutions Battery Ventures, US Venture Partners, Bay Partners GWRE Oct-2009 verisk.com Verisk Analytics (Jersey City, 1971) Data analytics and risk assessment firm VRSK

28. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.29 December 2016Tracxn BlueBox : Insurance Tech 1250+ companies in the sector, 340+ funded in last 5 years, $4.6B invested in 2015/2016

30. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.31 Top Business Models by Funding $2.7B $1.5B $1.4B $938M $110M $12M $2M 0 600 1200 1800 2400 3000 Internet-first Insurers Employer Insurance Enablers Distribution Platforms P2P Insurance Claims Management & Resolution Content TotalFundingAmount(inMillions) Avg. Age Jan-12 Jun-11 Jan-08 Sep-11 Jun-14 Jul-12 Jul-13 # Cos. 116 44 535 524 60 17 19 Zhong An Insurance Zenefits iPipeline Goji Lemonade DuangDuangAuto Clearsurance Oscar Gusto Vlocity Ins110 Friendsurance Bauxy Insurr

47. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.48 Interesting Unfunded Companies Company Overview Business Model joinroot.com Root (2015, Columbus) Car insurance startup using telemtatics Internet-first Insurers > Personal > Property & Casualty > Auto blinkblink.io Blink (2016, London) Flight-disruption insurance solution provider Distribution Platforms > Travel insurun.com Insurun (2015, Islip) SaaS platform for insurance agents Enablers > Back-end Solutions > Sales & Distribution ocare.com Ocare (2016, Mumbai) Dental insurance plans Distribution Platforms > Life & Health > Health cyber-foresight.com Cyber Foresight (2016, Hamilton) Cyber Exposure analysis platform for reinsurers Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber yatis.io Yatis (2015, Bangalore) Car tracking, maintenance, and safety app Enablers > Data Providers > Auto dropininc.com DropIn (2015, Los Angeles) On-Demand video platform for Insurance adjusters Enablers > Back-end Solutions > Claims Management terrenelabs.com Terrene Labs (2016, Mason) Risk management using Big Data Enablers > Back-end Solutions > Underwriting & Risk Management cybewrite.com Cybewrite (2015, Tel Aviv) Enterprise security assessment platform to underwrite cyber insurance Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber Curated list of companies by the sector analyst are defined as Interesting

60. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.61 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Companies founded in 2015/16 Entrepreneur Activity Link Investments in last one year Investment Trend Link IPOs in last few years Exit Outlook - IPO, Acquisitions Link Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link Internet-first Insurers – Most Funded Companies Sub Sector Understand Link Employer Insurance – Most Funded companies Sub Sector Understand Link Enablers– Most Funded Companies Sub Sector Understand Link Distribution Platforms – Most Funded Companies Sub Sector Understand Link P2P Insurance – Most Funded companies Sub Sector Understand Link Top Funded Deadpooled Companies Sub Sector Understand Link

63. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.64 Insurance Tech – Company List Internet-first Insurers Employer Insurance Enablers Distribution Platforms P2P Insurance Claims Management & Resolution Content Insurance Repository 475 FUNDED COMPANIES AND 846 UNFUNDED COMPANIES COVERS THE FOLLOWING SECTORS

64. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.65 Internet-first Insurers (1/15) Company Overview Business Model Total Funding instaCOVER (2005, Kirkland) insurance coverage for sales or lease transactions Keiretsu Forum Commercial $1.49M Cover Your Business (2016, Stamford) Commercial insurance provider Commercial Homesite Business Insurance (2013, Seattle) online small business insurance provider Commercial Arro Insure (2015, Dublin) Insurance provider for businesses Commercial insure4drones (2015, ) Drone insurance provider Commercial Digital Risks (2014, London) Insurance provider for digital businesses Commercial NAU Country Insurance Company (1981, Ramsey) Crop Insurance Provider Lightyear Capital Commercial Assured Risk Cover (2014, Pleasanton) Offering hurricane insurance coverage using technology and science Inventus Capital Partners, Indian Angel Network Commercial Go to BM List >> Employer Insurance

65. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.66 Internet-first Insurers (2/15) Company Overview Business Model Total Funding ClimateSecure (2014, Paris) Provides weather-risk management solutions and insurance AXA Strategic Ventures Commercial Sky Mutual (2015, Philadelphia) Weather risk management Commercial Assureli (2014, Houston) Insuring the funding to startups Commercial Founder Shield (2012, New York City) Business insurance for startups Interplay Ventures Commercial InsuranceforStartups (2012, Chicago) Insurance solutions for startups Commercial Cloudsurance (2015, Anaheim) Provides Insurance For Cloud Consumers Commercial > Cloud Insurance Hacksurance (2015, Lincoln) Website Insurance provider against Cyber-attacks Commercial > Cyber Insurance Jumpstart Insurance Solutions (2015, Berkeley) Earthquake Insurance provider Commercial > Emergency Crisis Go to BM List >> Employer Insurance

66. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.67 Internet-first Insurers (3/15) Company Overview Business Model Total Funding Alan (2016, Paris) Full stack health Insurance provider Partech Ventures, CNP Assurances Commercial > Employer Insurance $13M PassportCard (2012, Netanya) Real-time travel insurance solutions in Israel, Germany & Canada Personal Cover My Trip (, ) Online Travel Insurance Personal Mobbisurance (2014, Johannesburg) Mobile-based crop insurance provider Personal > Crop Insurance Safe Deposit Box Insurance Coverage (2012, Elgin) Safe deposit box insurance provider Advantage Capital Personal > Deposit Insurance $1M TypTap Insurance (2016, Ocala) Flood insurance quote provider Personal > Flood Insurance Bima (2010, Stockholm) Provider of mobile-delivered insurance in emerging markets Kinnevik AB, Digicel Group, LeapFrog Investments, Millicom Personal > Life & Health $65.4M Jagadiri (2015, Jakarta) Online insurance provider Personal > Life & Health Go to BM List >> Employer Insurance

79. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.80 Employer Insurance (1/7) Company Overview Business Model Total Funding Zenefits (2013, San Francisco) SaaS HR Platform for SMBs Fidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV Angel, Khosla Ventures, Founders Fund, General Catalyst Partners, Institutional Venture Partners, Venrock, Maverick Capital, Comcast Ventures, EPIC Ventures, TrueBridge Capital Partners, TPG, Foresite Capital, Canvas Ventures, Sound Ventures Benefits and Insurance $583.6M Gusto (2011, San Francisco) SaaS Payroll Management and Health Plan services Y Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective, Western Technology Investment, Rothenberg Ventures, Ribbit Capital, Obvious Ventures, Entree Capital, Homebrew, CapitalG, Designer Fund, Y Ventures, Aspect Ventures, Pivot Investment Partners, Cota Capital, CSC Venture Capital, Pear Ventures Benefits and Insurance $176.1M CollectiveHealth (2013, San Mateo) Self-insurance SaaS platform for employers to sponsor their employees Redpoint Ventures, NEA, Founders Fund, Google Ventures, Rock Health, Maverick Capital, S23P, RRE Ventures, Great Oaks Venture Capital, Formation 8, Subtraction Capital, Social Capital Benefits and Insurance $119M Namely (2012, New York City) Cloud-based HR management tool Sequoia Capital, True Ventures, Matrix Partners, Bullpen Capital, Four Rivers Group, Greenspring Associates, Gary Vaynerchuk, ajvaynerchuk, Bullpen Capital, Vayner/RSE, Lerer Hippeau Ventures Benefits and Insurance $107.85M PlanSource Holdings (2002, Orlando) Cloud-Based Benefits Administration and HCM Solution Great Hill Partners, ORIX, Lemhi Ventures, Timucuan Benefits and Insurance $94M Internet-first Insurers << Go to BM List >> Enablers

80. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.81 Employer Insurance (2/7) Company Overview Business Model Total Funding Maestro Health (2013, Chicago) Employee health and benefits service provider. SV Life Sciences, Oak HC/FT Benefits and Insurance $59.04M Maxwell Health (2012, Boston) SaaS platform for benefits management and goals based reward system Adams Street Partners, Tribeca Venture Partners, Industry Ventures, Cendana Capital, Cambia Health Solutions, Catalyst Heath Ventures, Schooner Capital, Vaizra Investments, GuardianLife, Costella Kirsch, Sun Life Financial, New Ground Ventures, TiE Angels Boston, Lerer Hippeau Ventures, Annox Capital, BoxGroup, Brothers Brook Benefits and Insurance $56.4M Justworks (2012, New York City) Online payroll and benefits platform Redpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive Capital, Bain Capital, Daring Journey Ventures Benefits and Insurance $53M League (2014, Toronto) Digital health platform that connects people to trusted health and wellness providers Foundation Capital, Real Ventures, BDC Capital, OMERS Ventures, RBC, Manulife Financial, Power Corporation, Quantum Valley Investments Benefits and Insurance $29M Hixme (2013, Agoura Hills) Health benefits where employer establishes cost and employee chooses the plan KPCB, Transamerica Ventures, Rosemark, Propel Venture Partners Benefits and Insurance $26.6M 51Shebao (2007, Beijing) Insurance and benefits services platform for enterprises CBC Capital, Zhubajie, Plum Ventures Benefits and Insurance $14M Lumity (2014, San Mateo) Platform for employers to optimize health plans and benefits decisions for employees. True Ventures, Rock Health, S23P, Social Capital Benefits and Insurance $14M Internet-first Insurers << Go to BM List >> Enablers

81. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.82 Employer Insurance (3/7) Company Overview Business Model Total Funding Bloom Health (2009, Minneapolis) Employee insurance management platform Sandbox Industries, BCBSVP Benefits and Insurance $12.5M BeneStream (2011, New York City) Medicaid migration platform Kapor Capital, BCBSVP, ARC Angel Fund NYC, Serious Change, Ford Foundation, TSEF.com, The Social Entrepreneurs Fund Benefits and Insurance $8.09M SmartHR (2015, Tokyo) Benefits Management DG Incubation, Open Network Lab, East Ventures, World Innovation Lab, 500 Startups Japan, Beenext Benefits and Insurance $5.59M Zane Benefits (2006, Salt Lake City) Employer insurance for SMBs Kickstart Seed Fund, Royal Street Benefits and Insurance $4.8M Allay (2014, San Francisco) HRMS for SMBs 500 Startups, AngelPad, Sandbox Industries, Silicon Badia, BCBSVP, Arnold Capital, Insure.VC Benefits and Insurance $3.5M Renew (2016, San Francisco) Retirement benefits solution provider Expa, Venrock, Madrona Venture Group, Refactor Capital Benefits and Insurance $3M Benefitter (2012, San Francisco) SaaS-based employee benefit management tools Rock Health, Asset Management Ventures, Asset Management Partners Benefits and Insurance $2.8M EaseCentral (2012, San Francisco) Platform for recruitment brokers to manage employee benefits and on- boarding Metamorphic Ventures, Transmedia Capital, Deep Fork Capital, Freestyle Capital, Upside Partnership Benefits and Insurance $2.1M Internet-first Insurers << Go to BM List >> Enablers

86. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.87 Enablers (1/68) Company Overview Business Model Total Funding eSecuritel (2001, Alpharetta) Insurance for wireless devices Mainsail Partners Enservio (2004, Needham) Contents claims management Bain Capital Ventures, Matrix Partners, Bain Capital Back-end Solutions > Claims Management $16.1M ClaimKit (2011, Overland Park) Providing software for claim management to Insurers Mid America Angels, Seed Step Angels, Women's Capital Connection, Flyover Capital Back-end Solutions > Claims Management $3.3M ClearRisk (2006, St. Johns) Web-based Risk management solutions for insurance industries & SMEs BDC Capital, GrowthWorks, First Angel Network Back-end Solutions > Claims Management $1.7M Claim (2009, Tumwater) Claim maps provides visual maps to have insights from claims data Alliance of Angels Back-end Solutions > Claims Management $694k ClaimCatcher (2012, ) Cross-claims data exchange platform shared by P&C insurers and health payers Back-end Solutions > Claims Management $500k eClaims Workflow (2012, Toronto) Claims management software for vendors and insurers Back-end Solutions > Claims Management Claimbot (2016, Austin) Chatbot for claim management Back-end Solutions > Claims Management Employer Insurance << Go to BM List >> Distribution Platforms

87. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.88 Enablers (2/68) Company Overview Business Model Total Funding VIP Software (2006, Tampa) Software solutions for claim and document management Back-end Solutions > Claims Management Claimstr (2014, Dublin) SaaS-based claim management and fraud detection software. Back-end Solutions > Claims Management Karma Software (2014, Brindisi) Claim management software solutions for insurance industry Back-end Solutions > Claims Management InsuBiz (2006, Edinburgh) Claims and Risk management solution for insurance companies Back-end Solutions > Claims Management Paul Pui Insurance (2015, Shanghai) Cloud based insurance claims software provider Back-end Solutions > Claims Management RateFast (2013, Santa Rosa) Software for managing workers' compensation claims Back-end Solutions > Claims Management ClaimLogik (2011, Melbourne) Cloud based claim management platform for Insurance industry Back-end Solutions > Claims Management Claimbase (, London) Claims management software for the Insurance markets Back-end Solutions > Claims Management Employer Insurance << Go to BM List >> Distribution Platforms

88. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.89 Enablers (3/68) Company Overview Business Model Total Funding Claims Software (2012, Los Angeles) Cloud-based software for claims management Back-end Solutions > Claims Management DropIn (2015, Los Angeles) On-Demand video platform for Insurance adjusters Back-end Solutions > Claims Management Virtual Claims Adjuster (2004, Mississauga) Claims management software provider Back-end Solutions > Claims Management Symbility Solutions (2002, Toronto) cloud-based and mobile-enabled software for Claims management Back-end Solutions > Claims Management n2uitive (2006, Seattle) SaaS Software and Analytics provider for Insurance Claims Adjusters Back-end Solutions > Claims Management General Claims (2015, Sao Paulo) Providing solution for claims management for insurance industry Back-end Solutions > Claims Management Scopious (2014, Augusta) Easing claims verification Back-end Solutions > Claims Management ClaimMate (2015, Chicago) Claims management solutions Back-end Solutions > Claims Management Employer Insurance << Go to BM List >> Distribution Platforms

154. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.155 Distribution Platforms (1/66) Company Overview Business Model Total Funding Insureon (1997, Chicago) Online business insurance aggregator Accretive, Oak HC/FT Commercial $31M Embroker (2015, San Francisco) Providing insurance platform for small and mid-sized businesses Canaan Partners, 500 Startups, Silicon Valley Bank, Bee Partners, Nyca Partners, FinTech Collective, XL Innovate Commercial $14.4M Next Insurance (2016, Kfar Saba) Portal for Small businesses to find Insurance products Ribbit Capital, TLV Partners Commercial $13M Finanzchef24 (2012, Munich) Online commercial insurance broker for small and mid-sized businesses Target Partners, HW Capital GmbH, GRENKE BANK Commercial $12.57M Coverwallet (2015, New York City) Insurance for small businesses Index Ventures, Highland Capital Partners, Founder Collective, Union Square Ventures, Two Sigma Ventures Commercial $9.8M Insgeek (2014, Beijing) Platform for SMEs to buy and provide insurance to its employees Legend Star, Fosun Kinzon Capital, Tusstar Commercial $7.24M Buildbunker (2015, San Francisco) Insurance for small business and freelancer Comcast Ventures, Route 66 Ventures, American Family Ventures Commercial $2M Meteo Protect (2011, Paris) Weather risk management solution provider Keiretsu Forum Commercial $1.5m Enablers << Go to BM List >> P2P Insurance

155. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.156 Distribution Platforms (2/66) Company Overview Business Model Total Funding Zensurance (2016, Toronto) Small Business Insurance provider The Next Big Idea Contest, Ferst Capital Commercial $1M Jubao56 (2015, Wuhan) Online insurance platform for logistics DL Capitals Angel Fund Commercial $650K Energetic Insurance (2016, Boston) Data-driven Insurance product for commercial solar financing Commercial Quote Dave (2015, Southport) Insurance quoting platform for SMBs Commercial Crossbordr (2016, Miami) Commercial insurance broker platform Commercial BizCover (2008, Surry Hills) Quote comparison platform for business insurance Commercial AUZi (2007, Brisbane) Insurance quotes for professional indemnity and public liability Commercial SmallBusinessQuote (2016, Massachusetts) Business Insurance Quote provider Commercial Enablers << Go to BM List >> P2P Insurance

156. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.157 Distribution Platforms (3/66) Company Overview Business Model Total Funding TechFold (2012, Stoke-on-trent) Van insurance comparison platform Commercial Unbrokerage (2016, Atlanta) Insurance platform for Small Business Commercial Liimex (2016, Frankfurt Am Main) Business Insurance provider Commercial CoverBoss (2016, Scottsdale) Insurance Platform for commercial business Commercial Inshur (2016, New York City) Mobile based digital platform to buy TNC Insurance Commercial SeguroAP (2016, Mendoza) Online platform providing personal accident insurance for business Commercial +Simple.fr (2015, Paris) Insurance broker for small businesses Commercial Trym (2016, Phoenix) Insurance platform for small business 500 Startups Commercial Enablers << Go to BM List >> P2P Insurance

220. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.221 P2P Insurance (1/8) Company Overview Business Model Total Funding Zero (2015, Easton) P2P business insurance platform Commercial Riskbazaar (2015, San Francisco) Peer-to-peer marketplace for risk contracts on the blockchain Commercial Gather (2014, Boston) Helping small business insure through captive insurance Commercial Shuidihuzhu (2016, Beijing) P2P insurance platform IDG Capital Partners, ZhenFund, Tencent, Meituan, Banyan Capital Health $7.7M Yiqihuzhu (2016, Hangzhou) Online P2P insurance platform Morningside Ventures, Matrix Partners China, Morningside Ventures, YI Capital Health $4.49M Baobaoji (2014, Shanghai) Online P2P insurance platform Shanshan Group Health $1.5M Banmahz (2015, Beijing) P2P insurance platform PeakValley Capital, Taoshicapital Health $763K Yitongbx (2016, Beijing) P2P healthcare insurance platform Skychee ventures Health $450K Distribution Platforms << Go to BM List >> Claims Management & Resolution

221. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.222 P2P Insurance (2/8) Company Overview Business Model Total Funding RenRenHuzhu (2016, Beijing) Mutual P2P insurance platform 91JinRong Health Tribe Cover (2016, Athlone) P2P Insurance platform in stealth mode. Health Mayihubao (2014, Shanghai) P2P insurance platform Health Friendsurance (2010, Berlin) online peer-to-peer insurance Horizons Ventures, e.ventures, German Startups Group, Infinity Ventures, Vantage Investment Advisory Limited Horizontal $15.3M TongJuBao (2014, Shanghai) Peer 2 Peer Risk Sharing SOSV Horizontal $13M Huddle Money (2016, Sydney) P2P platform for financial products. Horizontal $6M Fair (2016, Helsinki) Mobile based P2P insurance platform Horizontal Be Sure (, ) P2P insurance platform Horizontal Distribution Platforms << Go to BM List >> Claims Management & Resolution

222. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.223 P2P Insurance (3/8) Company Overview Business Model Total Funding Winpeer (2016, ) P2P insurance platform Horizontal Prince (2016, Kew) P2P Insurance platform Horizontal PeersMutual Protection (2015, Beijing) P2P Insurance platform in stealth mode Horizontal Wekeep (2015, Paris) P2P Insurance platform based on blockchain Horizontal KarmaCoverage (2014, Orlando) P2P Insurance coverage platform Horizontal BITPARK (2016, Tokyo) P2P Insurance platform in cryptocurrency Horizontal Shacom (2000, Taipei) P2P lending and mutual insurance solutions provider Horizontal Otherwise (2015, Paris) P2P Insurance broker Horizontal Distribution Platforms << Go to BM List >> Claims Management & Resolution

223. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.224 P2P Insurance (4/8) Distribution Platforms << Go to BM List >> Claims Management & Resolution

228. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.229 Claims Management & Resolution (1/3) Company Overview Business Model Total Funding SafeStuff (2015, Stockholm) A digital platform to estimate value of stuff and handle claims Bauxy (2014, San Francisco) claims reimbursement for eyecare Health $2.55M Dispute Bills (2015, Chicago) Medical bills claim management for consumers Health $400k MedClaims (2009, Philadelphia) Claims management for consumers Health $400k Peifubao (2014, Shanghai) Health insurance claim handling platform Health InterRisk Solutions (2009, Birkenhead) Providing a personal injury claim process North West Fund Health InterResolve (2004, Leeds) Car accident personal injury claim management Balderton Capital Health Benefit Defender (2014, Springfield) Claim reimbursement assistant for customers Health P2P Insurance << Go to BM List >> Content

231. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.232 Content (1/3) Company Overview Business Model Total Funding Clearsurance (2015, Newburyport) An insurance rating platform $2M Insurr (2016, Toronto) Information platform for brokers Agent Ave (2014, Twin City) Platform that manages insurers carrier data for insurance agents Bidbarg (2014, Tehran) Content platform for insurance Insquirer (2016, New York City) Platform providing knowledge on business insurance Coverager (2016, Chicago) Information portal for Insurance industry Malaysia Insurance Information (2016, Petaling Jaya) Information platform for life and general insurance ValChoice (2013, Boston) Insurance platform to measure and grade insurance companies Claims Management & Resolution << Go to BM List >> Insurance Repository

232. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.233 Content (2/3) Claims Management & Resolution << Go to BM List >> Insurance Repository

233. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.234 Content (3/3) Claims Management & Resolution << Go to BM List >> Insurance Repository

235. Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved. Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Q&A with Industry Experts Team 6 236

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