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© 2019 BALDERTON CAPITAL CONFIDENTIAL© 2019 BALDERTON CAPITAL CONFIDENTIAL
Disrupting Insurance
Event at The Family
26 November 2019
Rob Moffat
Partner, Balderton Capital
@robmoff @balderton
© 2019 BALDERTON CAPITAL CONFIDENTIAL
OUR MISSION: TO BE THE FIRST CHOICE FOR EUROPE’S BEST FOUNDERS
2
$3Bn
• $3Bn raised across 8 funds,
and invested in hundreds of
extraordinary founders
90
• >90 portfolio companies,
now in 50 countries across
the globe
20 years
• 20 years of investment
experience in Europe
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Our Partnership
Tim Bunting
Advised on $500B of Global
M&A and IPOs
Suranga Chandratillake
Founder of $B Public Video-
Tech Company on the West
Coast
Founder of $6.8B Company,
Europe’s First Nasdaq Tech
IPO
Scaled Leading Valley
Companies for 10+ years
10 Years of Venture
Experience
Bernard Liautaud
Lars Fjeldsoe-Nielsen
Daniel Waterhouse
Jerome Misso
15 years operational
experience in venture
Rob Moffat
7 years in venture with
Balderton
4 years venture & start-up
experience
James Wise
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Our Successes
SOLD $1.0B
IPO $2.2B
SOLD $0.8B
SOLD $0.9B
IPO $2.0B
SOLD $0.6B
IPO $0.8B
Current portfolioExits
SOLD $0.9B
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Why start a company in insurance?
Life insurance premiums are $2.3 trillion globally. Non-life
insurance premiums are $1.4 trillion globally.
Enormous
market
Still little startup activity
(when compared to
fintech for example)
Success in insurance is about great underwriting, low cost
operations and effective distribution. Tech can bring order-of-
magnitude improvement to all three of these
Data and tech
driven
Challenged
incumbents
© 2019 BALDERTON CAPITAL CONFIDENTIAL
A VC’s view on the insurance market
Marketing
Sales and Service
Data
(users, claims, external)
Underwriting (Machine Learning)
Cost of capital
Claims
Administration
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Opportunities for startups
Marketing
Sales and Service
Data
(users, claims, external)
Underwriting (Machine Learning)
Cost of capital
Claims
Administration
Opportunity
Opportunity
Disadvantage
(unless new proprietary data)
Disadvantage
Opportunity
Opportunity (at scale)
Opportunity (at scale)
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Challenges for startups
Need to be regulated to get going. In theory EU passport, in
practice by country (by state in the US)
Regulation
Jargon Insurance is full of jargon: MGA, loss ratio, solvency 2….
To get going you need to demonstrate capital to pay claims.
Either you raise €10M+ prelaunch to get your own insurance
license (Alan, Lemonade, Coya) or you partner with existing
insurers. This allows you to get going with little capital but they
can be slow and inflexible. Best partners are often the big
reinsuers: La Parisienne (Swiss Re), Munich Re Digital Partners
‘Capacity’
(capital)
To price your policies you need some historic claims data – but
this belongs to insurers and they hold it closely
Historic
claims data
© 2019 BALDERTON CAPITAL CONFIDENTIAL© 2019 BALDERTON CAPITAL CONFIDENTIAL
As inspiration, some high profile
insurtech companies
9
© 2019 BALDERTON CAPITAL CONFIDENTIAL
ZhongAn
2017 API, $5B market cap (was above $10B in past)
• Founded 2013
• Billions of policies sold
• 200 insurance products sold
• 400M customers served
• Investors: Ping An, Alibaba,
Tencent
Started as shipping insurance for returns embedded into Taobao, Tmall.
Now full-service digital only insurer expanding internationally
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Lemonade
Full-stack insurer investing $100M’s to build a consumer brand
$480M invested,
mostly by Softbank
Launched in
Germany in 2019
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Root
Mobile telematics for US auto insurance
$530M invested, by
DST, Ribbit, Coatue,
Tiger
No plans to come to
Europe
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Wefox / One
‘Insurance wallet’ which has added full stack insurance
$160M invested by Mubadala,
Target and others
Work with offline brokers
Based in Berlin
© 2019 BALDERTON CAPITAL CONFIDENTIAL
Zego
Insurance for new mobility
$50M invested by Target,
Balderton, Local Globe
Based in London, live in
Spain France Ireland
Started by insuring
Deliveroo & Uber drivers
Now offer full range of
commercial and fleet
motor insurance
© 2019 BALDERTON CAPITAL CONFIDENTIAL© 2019 BALDERTON CAPITAL CONFIDENTIAL
Rob Moffat
@robmoff
rmoffat@balderton.com
balderton.com
@balderton
THANK YOU.
Building an insurance startup with Alan, Luko, Coverd & Balderton
Former CMO at Save, he drove the
company from 3 to 180 shops all
over Europe in 2 years.
HUGO SAIAS
He is the funnel conversion
specialist and has already brought
several ecommerce plaDorms
towards growth.
MAXIME THIMONIER
CEO - HUGO SAIAS
Former CMO at Save, he drove
the company from 3 to 180
shops all over Europe in 2 years.
She has created several digital brand
idenFFes, and is working at the heart of
the Coverd user experience.
CPO - COLINE CHERBONNEL
He is the funnel conversion specialist
and has already brought several
ecommerce plaDorms towards growth.
CMO - MAXIME THIMONIER
CTO - NICOLAS SCHWARTZ
He was #3 at Blablacar and led the product
team from MVP to an internaFonal
infrastructure with millions of users.
CSO - JULIEN GELOT
He’s the guy who drove the mobile phone insurance market for
the past 20 years on the insurer side (Cardif) - Orange, Fnac,
Darty, Cdiscount, wherever you bought it, Julien was part of it.
Team
Your smartphone is weak.
More than mobile phone insurance, 

a premium protecKon plan.
Insurance for all damage/theT
Accessories to protect your phone from drops
Online Support for all the other issues
…
Why should I buy your
opKonal insurance?
How people see insurers
(and brokers)
So how to build insurance
brand awareness?
First, build a great product.
Build the best
policy you can
Treat claims
instantly
Explain your costs
and revenus
Put long-term 

contract aside
Second,
communicate on the risks
your are standing for.
Third, go beyond
product and coverage.
Bet on claimers
How to build a insurance
without historical data & capital?
Luko’s story: How to get 20’000 clients without…
— Luko & capital
— Luko & historical data
— Beyond the insurance contract
Summary
— Luko & capital
— Luko & historical data
— Beyond the insurance contract
MGA
Managing General Agent
— Luko & capital
Distribution
Pricing
Claim
— Luko & capital
— Luko & historical data
— Beyond the insurance contract
— Luko & historical data
How to fill the gap?
Building an insurance startup with Alan, Luko, Coverd & Balderton
— Luko & capital
— Luko & historical data
— Beyond the insurance contract
— Beyond the insurance contract
Historical data or capital
« Who has the best
contract or warranties? »
50
51
51
50
— Beyond the insurance contract
Historical data or capital
« Who has the best
contract or warranties? »
50
51
51
50
— Beyond the insurance contract
Historical data or capital
Engagement
« Who has the best
contract or warranties? »
Customer love
50
51
51
50
Instead of selling a financial contract
Luko prevents & solves accidents
— Beyond the insurance contract
1. Prevention
2. New services
3. Building Trust
INSURANCE AS AN ALLY:
— Beyond the insurance contract
1. Prevention
2. New services
3. Building Trust
House monitoring & maintenance
INSURANCE AS AN ALLY:
Luko detects & prevents accidents
In 2min, stick 3 small sensors
on your front door, main water
supply pipe and electric meters
We use machine learning to
analyse home activity
We alert you before
something bad happens
Luko Door Alert
!
Your door just opened
— Beyond the insurance contract
1. Prevention
2. New services
3. Building Trust
Regular touch points
House monitoring & maintenance
INSURANCE AS AN ALLY:
Building an insurance startup with Alan, Luko, Coverd & Balderton
— Beyond the insurance contract
1. Prevention
2. New services
3. Building Trust
Compensation model - Giveback
Regular touch points
House monitoring & maintenance
INSURANCE AS AN ALLY:
Building an insurance startup with Alan, Luko, Coverd & Balderton
People come for the good reasons
Engagement, fidelity
Less accidents and frauds
Less money on ads and acqu.
— Luko, beyond insurance
People come for the good reasons
Engagement, fidelity
Less accidents and frauds
Less money on ads and acqu.
More (happy) insurees
— Luko, beyond insurance
More (happy) insurees
People come for the good reasons
Engagement, fidelity
Less accidents and frauds
Less money on ads and acqu.
2-3 x lower than the market
More (happy) insurees
People come for the good reasons
Engagement, fidelity
Less accidents and frauds
Less money on ads and acqu.
2-3 x lower than the market
trust, word-of-mouth, strong growth
More (happy) insurees
People come for the good reasons
Engagement, fidelity
Less accidents and frauds
Less money on ads and acqu.
Very good technical results
Very good technical results
2-3 x lower than the market
trust, word-of-mouth, strong growth
Our users it
Source : Bain / Research Now NPS 2017
Luko Pre Claim NPS
72
Luko Post Claim NPS
75
EU Highest rated NPS
40
EU Average NPS
15
4,8/5
out of 100 Google Customers Reviews
Thank you all!
THEFAMILYxLUKO
one month free !
Building an insurance startup
The Family, Nov 26th
Vision - a healthcare
company
Alan is your friend
in health,
your partner to
better living.
Our vision
Health systems are already jammed
and can’t keep up with the way we live.
Individuals
– Lack of information
– Long wait times
– No trusted network
Doctors
– More and more administrative work
– Pushed for more and more efficiency
– Hard to stay in touch with latest trends
Hospitals and providers
– Financial issues middle-term
– Feel dehumanised
– Hard to invest in technology
Fluid and fair healthcare for everyone.
Users
Our mission
Care
providersDoctors
the best health insurance.
We started by building
47m signed ARR
4,000 companies
130 people
62, 000 membres
75M€ levés
Agréé depuis 2016
Going beyond coverage
● Simple product range for the
majority of our target
segments and for SMBs
● Increased flexibility as we
go upmarket, but always
simplicity towards the
customer
● Select differentiated
guarantees
To start with - Simple coverage
Moving beyond the coverage
● Product
● Go-to-market
● Brand
FairFluid
Partner in
Health
When I’m with
Alan, I trust that I
will get the best
value for the price
When I’m with Alan,
I get the fastest and
most reliable
product and service
When I’m with
Alan, my life is 10x
easier when it
comes to health
and well being
Product
Fluid: The best Health Insurance
experience
Quicker, better & more
accurate reimbursements
Mobile-first Unique customer care
Internalized claim management
stack for a very differentiated
claim experience
Health insurance experience
our members love, 100% online.
Alan members can contact a
User Care Expert in a few
minutes via the chat and get an
answer to all their questions.
Partner in Health: Services for better
living
Alan Map Telemedicine Prevention
Find a well-reimbursed care
provider depending on the
location and required specialty.
With LIVI, talk to a doctor
whenever and wherever they
want, for free and without
usage limits.
From content to medical
notifications to meditation app
reimbursements, we help our
users manage their health
proactively.
Go-to-market
● Market segmentation
● Tailored messaging
● Sales approach
Tailored messaging
● The way we sell is as important as what
we sell and key to move the discussion
towards a different value delivered
● A “smart & soft” approach which
differentiates us from traditional
insurers
● Maintain the “counseling” angle that
some customers appreciate
Sales approach
Brand
Moving beyond the coverage
● Building a healthcare company - insurance is just one part of
what we do
● Simplify the coverage so that we can easily move on to other
value drivers
● Focus on the product, to deliver tangible value beyond
coverage
● Deploy a go-to-market that is in sync with the broader value
proposition
● Build a brand that’s about more than just insurance
Website thefamily.co
Youtube Startupfood
Insta Welcome2TheFamily
Apple Podcast The Family
Events The Family Meetups
THAT’S ALL FOLKS
TALK TO PEOPLE YOU DON’T KNOW

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Building an insurance startup with Alan, Luko, Coverd & Balderton

  • 1. © 2019 BALDERTON CAPITAL CONFIDENTIAL© 2019 BALDERTON CAPITAL CONFIDENTIAL Disrupting Insurance Event at The Family 26 November 2019 Rob Moffat Partner, Balderton Capital @robmoff @balderton
  • 2. © 2019 BALDERTON CAPITAL CONFIDENTIAL OUR MISSION: TO BE THE FIRST CHOICE FOR EUROPE’S BEST FOUNDERS 2 $3Bn • $3Bn raised across 8 funds, and invested in hundreds of extraordinary founders 90 • >90 portfolio companies, now in 50 countries across the globe 20 years • 20 years of investment experience in Europe
  • 3. © 2019 BALDERTON CAPITAL CONFIDENTIAL Our Partnership Tim Bunting Advised on $500B of Global M&A and IPOs Suranga Chandratillake Founder of $B Public Video- Tech Company on the West Coast Founder of $6.8B Company, Europe’s First Nasdaq Tech IPO Scaled Leading Valley Companies for 10+ years 10 Years of Venture Experience Bernard Liautaud Lars Fjeldsoe-Nielsen Daniel Waterhouse Jerome Misso 15 years operational experience in venture Rob Moffat 7 years in venture with Balderton 4 years venture & start-up experience James Wise
  • 4. © 2019 BALDERTON CAPITAL CONFIDENTIAL Our Successes SOLD $1.0B IPO $2.2B SOLD $0.8B SOLD $0.9B IPO $2.0B SOLD $0.6B IPO $0.8B Current portfolioExits SOLD $0.9B
  • 5. © 2019 BALDERTON CAPITAL CONFIDENTIAL Why start a company in insurance? Life insurance premiums are $2.3 trillion globally. Non-life insurance premiums are $1.4 trillion globally. Enormous market Still little startup activity (when compared to fintech for example) Success in insurance is about great underwriting, low cost operations and effective distribution. Tech can bring order-of- magnitude improvement to all three of these Data and tech driven Challenged incumbents
  • 6. © 2019 BALDERTON CAPITAL CONFIDENTIAL A VC’s view on the insurance market Marketing Sales and Service Data (users, claims, external) Underwriting (Machine Learning) Cost of capital Claims Administration
  • 7. © 2019 BALDERTON CAPITAL CONFIDENTIAL Opportunities for startups Marketing Sales and Service Data (users, claims, external) Underwriting (Machine Learning) Cost of capital Claims Administration Opportunity Opportunity Disadvantage (unless new proprietary data) Disadvantage Opportunity Opportunity (at scale) Opportunity (at scale)
  • 8. © 2019 BALDERTON CAPITAL CONFIDENTIAL Challenges for startups Need to be regulated to get going. In theory EU passport, in practice by country (by state in the US) Regulation Jargon Insurance is full of jargon: MGA, loss ratio, solvency 2…. To get going you need to demonstrate capital to pay claims. Either you raise €10M+ prelaunch to get your own insurance license (Alan, Lemonade, Coya) or you partner with existing insurers. This allows you to get going with little capital but they can be slow and inflexible. Best partners are often the big reinsuers: La Parisienne (Swiss Re), Munich Re Digital Partners ‘Capacity’ (capital) To price your policies you need some historic claims data – but this belongs to insurers and they hold it closely Historic claims data
  • 9. © 2019 BALDERTON CAPITAL CONFIDENTIAL© 2019 BALDERTON CAPITAL CONFIDENTIAL As inspiration, some high profile insurtech companies 9
  • 10. © 2019 BALDERTON CAPITAL CONFIDENTIAL ZhongAn 2017 API, $5B market cap (was above $10B in past) • Founded 2013 • Billions of policies sold • 200 insurance products sold • 400M customers served • Investors: Ping An, Alibaba, Tencent Started as shipping insurance for returns embedded into Taobao, Tmall. Now full-service digital only insurer expanding internationally
  • 11. © 2019 BALDERTON CAPITAL CONFIDENTIAL Lemonade Full-stack insurer investing $100M’s to build a consumer brand $480M invested, mostly by Softbank Launched in Germany in 2019
  • 12. © 2019 BALDERTON CAPITAL CONFIDENTIAL Root Mobile telematics for US auto insurance $530M invested, by DST, Ribbit, Coatue, Tiger No plans to come to Europe
  • 13. © 2019 BALDERTON CAPITAL CONFIDENTIAL Wefox / One ‘Insurance wallet’ which has added full stack insurance $160M invested by Mubadala, Target and others Work with offline brokers Based in Berlin
  • 14. © 2019 BALDERTON CAPITAL CONFIDENTIAL Zego Insurance for new mobility $50M invested by Target, Balderton, Local Globe Based in London, live in Spain France Ireland Started by insuring Deliveroo & Uber drivers Now offer full range of commercial and fleet motor insurance
  • 15. © 2019 BALDERTON CAPITAL CONFIDENTIAL© 2019 BALDERTON CAPITAL CONFIDENTIAL Rob Moffat @robmoff rmoffat@balderton.com balderton.com @balderton THANK YOU.
  • 17. Former CMO at Save, he drove the company from 3 to 180 shops all over Europe in 2 years. HUGO SAIAS He is the funnel conversion specialist and has already brought several ecommerce plaDorms towards growth. MAXIME THIMONIER CEO - HUGO SAIAS Former CMO at Save, he drove the company from 3 to 180 shops all over Europe in 2 years. She has created several digital brand idenFFes, and is working at the heart of the Coverd user experience. CPO - COLINE CHERBONNEL He is the funnel conversion specialist and has already brought several ecommerce plaDorms towards growth. CMO - MAXIME THIMONIER CTO - NICOLAS SCHWARTZ He was #3 at Blablacar and led the product team from MVP to an internaFonal infrastructure with millions of users. CSO - JULIEN GELOT He’s the guy who drove the mobile phone insurance market for the past 20 years on the insurer side (Cardif) - Orange, Fnac, Darty, Cdiscount, wherever you bought it, Julien was part of it. Team
  • 19. More than mobile phone insurance, 
 a premium protecKon plan. Insurance for all damage/theT Accessories to protect your phone from drops Online Support for all the other issues …
  • 20. Why should I buy your opKonal insurance?
  • 21. How people see insurers (and brokers)
  • 22. So how to build insurance brand awareness?
  • 23. First, build a great product. Build the best policy you can Treat claims instantly Explain your costs and revenus Put long-term 
 contract aside
  • 24. Second, communicate on the risks your are standing for.
  • 25. Third, go beyond product and coverage.
  • 27. How to build a insurance without historical data & capital? Luko’s story: How to get 20’000 clients without…
  • 28. — Luko & capital — Luko & historical data — Beyond the insurance contract Summary
  • 29. — Luko & capital — Luko & historical data — Beyond the insurance contract
  • 30. MGA Managing General Agent — Luko & capital Distribution Pricing Claim
  • 31. — Luko & capital — Luko & historical data — Beyond the insurance contract
  • 32. — Luko & historical data How to fill the gap?
  • 34. — Luko & capital — Luko & historical data — Beyond the insurance contract
  • 35. — Beyond the insurance contract Historical data or capital « Who has the best contract or warranties? » 50 51 51 50
  • 36. — Beyond the insurance contract Historical data or capital « Who has the best contract or warranties? » 50 51 51 50
  • 37. — Beyond the insurance contract Historical data or capital Engagement « Who has the best contract or warranties? » Customer love 50 51 51 50
  • 38. Instead of selling a financial contract Luko prevents & solves accidents
  • 39. — Beyond the insurance contract 1. Prevention 2. New services 3. Building Trust INSURANCE AS AN ALLY:
  • 40. — Beyond the insurance contract 1. Prevention 2. New services 3. Building Trust House monitoring & maintenance INSURANCE AS AN ALLY:
  • 41. Luko detects & prevents accidents In 2min, stick 3 small sensors on your front door, main water supply pipe and electric meters We use machine learning to analyse home activity We alert you before something bad happens Luko Door Alert ! Your door just opened
  • 42. — Beyond the insurance contract 1. Prevention 2. New services 3. Building Trust Regular touch points House monitoring & maintenance INSURANCE AS AN ALLY:
  • 44. — Beyond the insurance contract 1. Prevention 2. New services 3. Building Trust Compensation model - Giveback Regular touch points House monitoring & maintenance INSURANCE AS AN ALLY:
  • 46. People come for the good reasons Engagement, fidelity Less accidents and frauds Less money on ads and acqu. — Luko, beyond insurance
  • 47. People come for the good reasons Engagement, fidelity Less accidents and frauds Less money on ads and acqu. More (happy) insurees — Luko, beyond insurance
  • 48. More (happy) insurees People come for the good reasons Engagement, fidelity Less accidents and frauds Less money on ads and acqu. 2-3 x lower than the market
  • 49. More (happy) insurees People come for the good reasons Engagement, fidelity Less accidents and frauds Less money on ads and acqu. 2-3 x lower than the market trust, word-of-mouth, strong growth
  • 50. More (happy) insurees People come for the good reasons Engagement, fidelity Less accidents and frauds Less money on ads and acqu. Very good technical results Very good technical results 2-3 x lower than the market trust, word-of-mouth, strong growth
  • 51. Our users it Source : Bain / Research Now NPS 2017 Luko Pre Claim NPS 72 Luko Post Claim NPS 75 EU Highest rated NPS 40 EU Average NPS 15 4,8/5 out of 100 Google Customers Reviews
  • 53. Building an insurance startup The Family, Nov 26th
  • 54. Vision - a healthcare company
  • 55. Alan is your friend in health, your partner to better living. Our vision
  • 56. Health systems are already jammed and can’t keep up with the way we live. Individuals – Lack of information – Long wait times – No trusted network Doctors – More and more administrative work – Pushed for more and more efficiency – Hard to stay in touch with latest trends Hospitals and providers – Financial issues middle-term – Feel dehumanised – Hard to invest in technology
  • 57. Fluid and fair healthcare for everyone. Users Our mission Care providersDoctors
  • 58. the best health insurance. We started by building 47m signed ARR 4,000 companies 130 people 62, 000 membres 75M€ levés Agréé depuis 2016
  • 60. ● Simple product range for the majority of our target segments and for SMBs ● Increased flexibility as we go upmarket, but always simplicity towards the customer ● Select differentiated guarantees To start with - Simple coverage
  • 61. Moving beyond the coverage ● Product ● Go-to-market ● Brand
  • 62. FairFluid Partner in Health When I’m with Alan, I trust that I will get the best value for the price When I’m with Alan, I get the fastest and most reliable product and service When I’m with Alan, my life is 10x easier when it comes to health and well being Product
  • 63. Fluid: The best Health Insurance experience Quicker, better & more accurate reimbursements Mobile-first Unique customer care Internalized claim management stack for a very differentiated claim experience Health insurance experience our members love, 100% online. Alan members can contact a User Care Expert in a few minutes via the chat and get an answer to all their questions.
  • 64. Partner in Health: Services for better living Alan Map Telemedicine Prevention Find a well-reimbursed care provider depending on the location and required specialty. With LIVI, talk to a doctor whenever and wherever they want, for free and without usage limits. From content to medical notifications to meditation app reimbursements, we help our users manage their health proactively.
  • 65. Go-to-market ● Market segmentation ● Tailored messaging ● Sales approach
  • 67. ● The way we sell is as important as what we sell and key to move the discussion towards a different value delivered ● A “smart & soft” approach which differentiates us from traditional insurers ● Maintain the “counseling” angle that some customers appreciate Sales approach
  • 68. Brand
  • 69. Moving beyond the coverage ● Building a healthcare company - insurance is just one part of what we do ● Simplify the coverage so that we can easily move on to other value drivers ● Focus on the product, to deliver tangible value beyond coverage ● Deploy a go-to-market that is in sync with the broader value proposition ● Build a brand that’s about more than just insurance
  • 70. Website thefamily.co Youtube Startupfood Insta Welcome2TheFamily Apple Podcast The Family Events The Family Meetups THAT’S ALL FOLKS TALK TO PEOPLE YOU DON’T KNOW