Insurtech Q1 2018 Startup Highlights

May 2018
Q1 Startup Highlights
INSURANCE TECHNOLOGY

Quarterly insurance technology highlights
2
This brief overview of the insurance technology sector provides three sections
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SectorSummary
Macro-level viewson the
state of the insurance
technology sector
LatestActivity
Major funding and exit
events from the previous
quarter
CategoryDiscovery
Deep dive into a single
insurance technology
category

INSURANCE TECHNOLOGY
14 Categories
1,475 Companies
$22B Funding
4Sector stats are continuously changing,data cumulativethrough March 2018

The graphic above shows only a sampling of companiesin each category. Data cumulativethrough March 2018
INSURANCE
TECHNOLOGY
The Venture Scanner researchplatform
currently tracks 1475 Insurance Technology
startups with $22B in funding
ConsumerManagementPlatforms
(106Companies)
InsuranceComparison/Marketplace
(411Companies)
InsuranceEducation/Resources
(38Companies)
InsuranceInfrastructure/Backend
(289Companies)
InsuranceUserAcquisition
(121Companies)
Life,Home,P&C
(155Companies)
P2PInsurance
(35Companies)
Product
(46Companies)
Reinsurance
(30Companies)
Automotive
(165Companies)
EmployeeBenefitsPlatforms
(90Companies)
Enterprise/Commercial
(159Companies)
Health/Travel
(162Companies)
InsuranceData/Intelligence
(126Companies)
5

Health
Life, Home, P&C
Auto
Insurance Data
Insurance Marketplace
Employee Benefits
Enterprise
Insurance Backend
Consumer Management
Product Insurance
Reinsurance
User Acquisition
Insurance Education
6
Innovation quadrant for insurance technology
AverageFunding of Companiesin Category
ESTABLISHED HEAVYWEIGHTS
PIONEERS DISRUPTORS
AverageAgeofCompaniesinCategory
This quadrant shows a relative segmentationof the categories with respect to oneanother, data cumulativethrough March 2018
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P2P Insurance

0
1
2
3
4
5
6
7
8
2011 2012 2013 2014 2015 2016 2017 2018
Funding($B)
Q1 Q2 Q3 Q4
7
Insurance technology funding is well above where it started 5 years ago
Overall insurance technology funding grew at a CAGR of 33% from 2012-2017
Insurance Technology Annual Funding Over Time
Data cumulativethrough March 2018

0
1
2
3
4
5
6
2011 2012 2013 2014 2015 2016 2017 2018
Funding($B)
Q1 Q2 Q3 Q4
8
Insurance technology funding in Q1 2018 increased from the Q1 funding in past years
The funding in Q1 2018 is 53% higher than the average funding of all Q1s from 2011-2017
Insurance Technology Quarterly Funding Over Time

9
Insurance technology exit events saw strong growth in recent years
Exits grew at a CAGR of 47% from 2012-2017,
and the number of exits in Q1 2018 is 60% of that in Q1 2017
Insurance Technology Exit Events Over Time
0
5
10
15
20
25
30
35
40
2011 2012 2013 2014 2015 2016 2017 2018
ExitEvents(AcquisitionsandIPOs)
Q1 Q2 Q3 Q4

11
Insurance technology funding events were dominated by early stage rounds in Q1 2018
There were 30 funding events in Q1 2018, 73% of which were Seed or Series A
Recent Insurance Technology Funding Round Counts
Graph shows only the funding rounds listed therein
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2
4
6
8
10
12
14
Seed A B C D Late Stage
FundingEvents
Funding Event

12
Companies in the Health Insurance category raised the most funding in Q1 2018
Insurance technology startups raised $597M in Q1 2018,
with Health Insurance companies raising the most funding at $280M
Quarterly Insurance Technology Category Funding
Companiesare categorized by function, and therefore can exist in multiple categories
0
50
100
150
200
250
300
QuarterlyFunding($M)

13
Q1 2018 insurance technology funding events
Notable Recent Insurance Technology Funding Events
Company FundingType Amount Date
Venture $165,000,000 Mar 27, 2018
Series D $110,000,000 Feb 28, 2018
Series C $51,000,000 Mar 27, 2018
Series D $40,000,000 Mar 6, 2018
Series B $30,000,000 Jan 24, 2018
The top 5 insurtech events accounted for 55% of quarterly funding

14
Q1 2018 insurance technology exit events
Notable Recent Insurance Technology Exit Events
Company Acquirer Amount Date
$155,000,000 Jan 22, 2018
$20,000,000 Jan 16, 2018
$16,041,800 Jan 2, 2018
Unknown Feb 7, 2018
Unknown Jan 8, 2018
There were 6 insurtech exits this past quarter, all of which were acquisitions

Category Discovery – Auto Insurance
Every quarter a newcategory will receivea deep dive,providing comparisonsto
other categories and discussingtrends
15

16
Auto Insurance is the third most-funded category within insurance technology
The Auto Insurance category accounts for 19% of funding in the sector
and saw 1% growth last quarter
Venture Investing in Insurance Technology
Companiesare categorized by function, and therefore can exist in multiple categories. Data cumulativethrough March 2018
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
GrowthfromPreviousQuarter
Funding($B)
Previous Total Quarterly Funding Percent Growth

17
Auto Insurance companies are generally better funded than their peers
Auto Insurance has a median funding $9M higher than the average of other categories,
and a third quartile that is $33M higher
Insurance Technology Category Funding Quartiles
Companiesare categorized by function, and therefore can exist in multiple categories. Data cumulativethrough March 2018
0
10
20
30
40
50
60
FundingQuartiles($M)
First Quartile Median Third Quartile

18
Auto Insurance funding events dropped from 2016 but showed overall growth
Overall Auto Insurance funding events grew at a CAGR of 22% from 2012-2017,
and the number of funding events in Q1 2018 is on par with that of Q1 2017
Auto Insurance Total Annual Funding Events
-
5
10
15
20
25
30
2011 2012 2013 2014 2015 2016 2017 2018
FundingEvents
Q1 Q2 Q3 Q4

19
Funding within Auto Insurance is highly concentrated
Auto Insurance Companies with Largest Funding Amounts
Company LatestRound TotalRaised Location
Post-IPO Equity $4,750,000,000 Shenzhen, China
Private Equity $515,000,000 Amstelveen, Netherlands
Corporate Round $346,600,000 Gurgaon, India
Private Equity $308,370,000 Labège, France
Series D $205,500,000 San Francisco, CA, USA
The top 5 Auto Insurance companies by total funding account for
84% of overall category funding

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Insurtech Q1 2018 Startup Highlights

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