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InsureTech
- 2. MEANING Insurance Technology Intersection of Insurance and Technology is called as “Insurtech”. In simple words, technology built over insurance related process to simplify complex paperwork process and thus increasing efficiency in the current insurance industry model.
- 3. NECESSITY Complexity Threats of loss to startups Consistency in customer experience Hassle free claims Customization Rise in assets
- 5. BUSINESS MODELS •Internet-first Insurers •P2P Insurance •Employer Insurance •Distribution Platforms •Claims Management & Resolution •Enablers Business Models
- 6. INTERNET-FIRST INSURERS Internet -First Insuranc e Horizont al Personal Property & Casualty Device Auto Home Remodel ing IOT Life & Health Life Health Games Marriage Renters Unempl oyment Student Pet Private Liability Deposit Litigatio n Crop Flood Travel Sports Commer cial Emergen cy Crisis Cyber Insuranc e Cloud Insuranc e Employe r Insuranc e
- 7. INTERNET-FIRST INSURERS No. of companies • 211 Funded • 70 Total Funding (Last 2 years) • $2.383 Billion Overall Funding • $4.62 Billion
- 8. INTERNET-FIRST INSURERS Horizontal, $1.4 Billion Personal, $2.6 Billion Commercial, $62 Million TOTAL FUNDING BREAKUP
- 9. INTERNET-FIRST INSURERS Horizontal, $44 Million Personal, $1.34 Billion Commercial, $62 Million INVESTMENTS IN LAST 2 YEARS
- 10. INTERNET-FIRST INSURERS Unicorn ZhongAn Insurance ($931.30 Million) Oscar ($727.50 Million) Clover Health ($325 Million) Soonicorn Metromile ($205.50 Million) Lemonade ($180 Million) Root ($7 Million) Digit Insurance ($54.27 Million) Bright Health ($240 Million) Bima ($112.20 Million) Minicorn Acko($30.96 Million) Hippo($53.40 Million) Hellas Direct($29.03 Million) Sonnet Singapore Life($50 Million) Ladder($46.5 Million) Ottonova($44.10 Million) Figo Pet($7.90 Million) Alan($13 Million) At-Bay($6 Million)
- 11. P2P INSURANCE P2P Insurance Horizontal Deductibles Investing Transaction s Property & Casualty Auto Device Life & Health Commercial Unemploym ent
- 12. P2P INSURANCE No. of companies • 73 Funded • 22 Total Funding (Last 2 years) • $47.5 Million Overall Funding • $81 Million
- 13. P2P INSURANCE Horizontal, $36 Million Property & Casualty, $4 Million Life & Health, $41 Million TOTAL FUNDING BREAKUP
- 14. P2P INSURANCE Horizontal, $7.67 Million Property & Casualty, $1.16 Million Life & Health, $38.7 Million INVESTMENTS IN LAST 2 YEARS
- 16. EMPLOYER INSURANCE Employer Insurance Benefits & Insurance Marketplace Self-Funded Insurance
- 17. EMPLOYER INSURANCE No. of companies • 53 Funded • 38 Total Funding (Last 2 years) • $577 Million Overall Funding • $1.9 Billion
- 18. EMPLOYER INSURANCE Benefits & Insurance, $1.8 Billion Marketplace, $113 Million TOTAL FUNDING BREAKUP
- 19. EMPLOYER INSURANCE Benefits & Insurance, $527 Million Marketplace, $40.1 Million INVESTMENTS IN LAST 2 YEARS
- 20. EMPLOYER INSURANCE Unicorn Zenefits($583 Million) Gusto($176.10 Million) Soonicorn CollectiveHealth($230 Million) Namely($ 157.85 Million) Justworks($93 Million) Maestro Health($56.40 Million) Maxwell Health($56.40 Million) Via Benefits($ 33 Million) Minicorn Lumity($33 Million) SmartHR($32.19 Million) League($29 Million) Hixme($26.6 Million) EaseCentral($11.50 Million) Benestream($8.98 Million) Flock($5.47 Million) Goco.io($43.1 Million)
- 21. DISTRIBUTION PLATFORMS Employer Insurance Horizontal Mobile- First Property & Casualty Auto Home Loan Device Life & Health Health Life Annuities Commercia l Cyber Insurance Travel On- Demand Insurance Pet Insurance Crypto Economy
- 22. DISTRIBUTION PLATFORMS No. of companies • 815 Funded • 228 Total Funding (Last 2 years) • $895 Million Overall Funding • $1.72 Billion
- 23. DISTRIBUTION PLATFORMS Horizontal, $596 Million Property & Casualty, $460… Life & Health, $345 Million Commercial, $161 Million On-Demand Insurance, $152 Million Pet Insurance, $9 Million TOTAL FUNDING BREAKUP
- 24. DISTRIBUTION PLATFORMS Horizontal, $527 Million Property & Casualty, $262 Million Life & Health, $137 Million Commercial, $104 Million On-Demand Insurance, $130 Million Pet Insurance, $9 Million INVESTMENTS IN LAST 2 YEARS
- 25. DISTRIBUTION PLATFORMS Unicorn Instony($84 Million) Soonicorn PolicyBazaar($163.56 Million) GoCompare GoJi($104.91 Million) CoverHound($53.05 Million) Insurance Zebra($61.53 Million) Databao($49.39 Million) Minicorn Coverfox($52.68 Million) PolicyGenius($52.05 Million) Huize($46 Million) ComparaOnline Chile ($39 Million) Quilt($3.25 Million) Cover($11.12 Million) Knip($15.70 Million) Clark($14.74 Million)
- 26. CLAIMS MANAGEMENT & RESOLUTION Claims Management & Resolution Health & Life Property & Casualty Travel
- 27. CLAIMS MANAGEMENT & RESOLUTION No. of companies • 29 Funded • 11 Total Funding (Last 2 years) • $5.83 Million Overall Funding • $13 Million
- 28. CLAIMS MANAGEMENT & RESOLUTION Health & Life, $4 Million Property & Casualty, $9 Million TOTAL FUNDING BREAKUP
- 29. CLAIMS MANAGEMENT & RESOLUTION Health & Life, $2.83 Million Property & Casualty, $5 Million INVESTMENTS IN LAST 2 YEARS
- 30. CLAIMS MANAGEMENT & RESOLUTION Minicorn Claim Di ($2 Million)
- 31. ENABLERS Enablers Data Providers Auto Health Real Estate Drones Back-end Solutions Suite Policy Administratio n Underwriting & Risk Management Sales & Distribution Claims Management Fraud & Risk Management Customer Relationship Management Financial& Regulatory Compliance Payment Collection Point of sale Insurance Reinsurance
- 32. ENABLERS No. of companies • 914 Funded • 333 Total Funding (Last 2 years) • $1.65 Billion Overall Funding • $3.3 Billion
- 33. ENABLERS Data Providers, $307 Million Back-end Solution, $3 Billion Point of Sale Insurance,… Reinsurance, $20 Million TOTAL FUNDING BREAKUP
- 34. ENABLERS Data Providers, $92.6… Back-end Solutions, $1.56 Billion Point of Sale Insurance, $120 K Reinsurance, $5.3 Million INVESTMENTS IN LAST 2 YEARS
- 35. ENABLERS Unicorn Guidewire Software(IPO) Soonicorn 22 Companies 2 Acquisitions Minicorn 38 Companies 1 IPO •LineData(1998) 3 Shutdowns
- 36. INVESTMENTS YOY Investments (2011 till 2018) Key Markets (Last 2 Years)
- 37. INVESTMENTS 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2011 2012 2013 2014 2015 2016 2017 2018 Investments in Millions ($)
- 38. KEY MARKETS Sectors $ Invested Number of Rounds Employer Insurance $503 Million 18 Distribution Platforms $433 Million 52 Enablers $462 Million 59 Internet-First Insurers $665 Million 11
- 40. ACTIVE INVESTORS
- 41. GLOBAL (TOP 5) Company Name Founding Year Location Stage Funding in Million ($) Root 2015 Columbus Series C $58 Million Slice Labs 2015 New York Series A $20.3 Million Coverfox 2011 Mumbai Series C $52.7 Million Zenefits 2013 San Francisco Series C $584 Million Justworks 2012 New York Series D $93 Million
- 42. INDIA (TOP 5) Company Name Founding Year Location Stage Funding in Million ($) Coverfox 2011 Mumbai Series C $52.7 Million RenewBuy 2014 Gurgaon Series B $14.7 Million PolicyBazaar 2008 Gurgaon Series E $163.6 Million Digit Insurance 2016 Bangalore Series B $54.3 Million Acko 2017 Mumbai Seed $31 Million
- 43. FAQ’S Global insurance industry is currently estimated at $189 Billion By 2019 global insurance industry is expected to reach $205 Billion Globally there are 700 to 800 Insuretech firms which are addressing the requirements of $4.5 Trillion insurance industry New business models will have an edge and will take over the traditional business models Technology will cut down 60% manual jobs Big Data, Analytics and Recomendations will play a key role in providing seemless customer experience
- 45. THANKS A LOT Shubhankar Dutta