Lens on 1st Half 2020 Post-Covid19 Investment With New Insight up to Sep 2020

2020 ½ Half Review
InsurTech Investment Trends
& Digitization Activities
Lessons from the World,
Europe & Africa
Sabine VanderLinden
Alchemy Crew

2
I would first like to thank our InsurTech, insurer, investor and wider
community for reaching out.
I realized that while so many got access to this content through the
organizers of the events I participated to recently, many others did
not, and wanted to share a snapshot of what was presented.
You will find, I hope, an interesting investor lens in these slides, which
I presented at the Exec InsurTech Remote Conference and at the
Digital Insurance Innovation Conference – Africa 2020 in
collaboration with the West Africa Business School.
Two great events with a lens on the future of insurance within
different marketplaces.
I have added a few case studies I have presented at other
conferences here too, as well as an updated snapshot on investment
trends spanning July 2020 to September 2020.
Enjoy, take care & do reach out if you have any questions.
Sabine VdL

3
InsurTech Trends01
Lens on Africa02
Where are investors placing their bets?03
July to September 202004
So What!05
Thoughts for a better future06
Bio and get in touch links!07

5
4,600
1,550 (34%)
$42Bn
Total number of InsurTech startups
InsurTechs that have received funding to date
Amount invested to date
© Alchemy Crew Ltd 2020. All rights reserved
Conclusions Updated: Sep 2020

6
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2014 2015 2016 2017 2018 2019 2020
(Current)
2020
(Forecast)
InsurTech Funding between 2014 – 2020 in USD
$2.3Bn
$4Bn
$7Bn
$6Bn
$2.3Bn$2.1Bn
$4.1Bn
$1Bn
Since the beginning of 2020, $2.3Bn have been
invested over 140 growth ventures (As of 26 July
$2.6Bn and 165 ventures).
69 of these were funded between March 27 and 7
July 2020.
Only 40 new ventures were created in the
InsurTech space since the start of the year with a
focus on the agent channel, health, travel and lead
generation.
Investment predictions within the InsurTech space
are forecast to reduce by 45% to 40%. But let’s see
as things are changing daily.
There is certainly money being spent in the sector.
These are allocated to very specific domain areas.
InsurTech
$M
InsurTechs did receive investment funding over
the first 6 months of the year

7
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2018 2019 2020 (Current)
InsurTech Funding Comparison
First Half 2018, 2019 and 2020 in USD
$M
$2.3Bn
$3.3Bn
$3Bn
2018: 190 InsurTechs received investment.
Renown raised included Oscar, One Connect,
Root, Hippo. WeFox received undisclosed
round. 140+ seed rounds were made across
these companies.
Renown raised included Clover Health,
Lemonade, Collective Health, WeFox, Pie
Insurance. 120+ seed rounds were made
across these companies.
Renown raised included Oscar, Pie Insurance,
PolicyGenius, Omnius. 90+ seed rounds were
made across these companies.
Investments made in 2020 seem not that far from the
investments made over the past two years

Confidentiality Statement
Co.LAB Ltd (Co.LAB) has prepared this document in good faith. The responsibility lies with the recipient to evaluate the document for
applicability. The information in this documentation is proprietary and is provided upon recipient’s covenant to keep such information
confidential. The recipient is not permitted to create any modifications or derivative works of this presentation or to use it for commercial or
other public purposes without the prior written permission of Co.LAB. Information supplied in this document may not be used for any purpose
other than for which it was supplied. Further, this information may not be transferred to other parties without prior consent of Co.LAB. In no
event may this information be supplied to third parties without Co.LAB’s prior written consent.
The following notice shall be reproduced on any copies permitted to be made.
NORTH
AMERICA
55%
1%
LATAM
23%
EUROPE
18%
ASIA
1%
OCEANIA
1%
AFRICA
n: 136 ½ year investment results across the globe total (99% due to decimal point)
Where were the recent InsurTech investments taking place?
8© Alchemy Crew Ltd 2020. All rights reserved

9
$2.3bn
136 ventures
North
America
75
Europe
31
Asia
25
Rest of the world
5
Investment concluded between 1 January 2020 – 30 June 2020
Top 5 Investment Rounds within Top Three Markets
North America
§ Oscar ($1.5bn) -> $225m series D
§ Pie Insurance ($192m) -> $127m series C
§ PolicyGenius ($164m) -> $111m series D
§ Unqork ($158m) -> $51m series B
§ Justworks ($148m) -> $50m series E
Europe
§ BoughtByMany - UK ($126m) -> $98m series C
§ Alan – France ($136m) -> $56m series C
§ Tractable – UK ($60m) -> $25m series C
§ Concirrus – UK ($36m) -> $20m series B
§ Instanda – UK ($28m) -> $19m series C
Asia
§ Digit Insurance – India ($224m) -> $84m series C
§ GoBear – Singapore ($97m) -> $17m series C
§ CXA Group – Singapore ($58m) -> undisclosed series C
§ Insgeek – China ($47m) -> $25m series C
§ Vymo – San Fran ($23m) -> undisclosed series C
Pure Digital Players
Health & Benefits
Digitization
Cognitive Intelligence
Emerging Risks
Investments have gone towards mature ventures with proven business models

Oscar is one of the first InsurTechs to come to market in 2012. It drove
increased interest from the marketplace in 2015 when it received
$145M investment funding from big players such as Goldman Sachs
and Alphabet today.
Business model is targeted at self-employed and small businesses to drive
sustainable growth by democratising friction-free engagement
Capabilities include:
§ Mobile first makes it easy to manage a member’s health, find great
care, and see everything in one place. The user experience is simplified
and intuitive by limiting options. Pricing is made transparent
§ High touch servicing includes telemedicine and personalized care
provided by a team of specialists. 3 concierges and one nurse are
dedicated per member to help answer questions and get a complete
picture of a member’s health
§ Vertical integration integrates with doctors and hospitals digitally to
optimise claims management. Also launched its own primary care
clinics.
§ Talk to a doctor: members can request a call from a doctor 24/7 and
send pictures of symptoms. Doctors provide diagnoses and
recommendations live. Prescriptions are directly sent to the pharmacy
§ Stickiness through gamification services gives members up to
$240/year when they hit step tracking goals, boosting the company’s
relationship with them and recurring engagement, while simultaneously
encouraging members to be more active
Healthcare at the core
Direct-to-SME distribution
High touch monetised services
Collaborative ecosystems
Employs technology, design, and data to humanize health
care and put health at the centre of people’s wellness needs,
particularly for those who do not receive health care from an
employer. So key focused on SMEs.
Mission:Humanising healthcare
DomainArea:Internet-firstdigitalplatformintegrating keyhealthpartners
Founded:2012
Raised:$1.5Bn -SeriesD ->$225minvested inJune 2020
Valuation:$3.2Bnest.
10

Home at the core
Direct-to-Consumer distribution
Mobile first & digitised engagement
Optimised claims processing & client servicing
Harness the power of behavioural economics and the essence of the
gig economy to design and deliver unique customer experiences
leveraging artificial intelligence as a core technology. Also facilitates
a digital, hassle free sign up process and the settlement of claims in
seconds rather than weeks to build trust and transparency within
insurance buyers while promoting social good. Premiums are
calculated for individual policyholders in real-time using credit history,
recent claims and unique geo-location information about the
property. Recently expanded into Pet Insurance. Focused on
becoming a force for good.
Mission:InstantEverything.KillerPrices.Big Heart.
DomainArea:Internetfirstdigitised home &petinsurance
Founded:2015
Raised:$319M thisweekvia IPO on2nd July–between$75&$80pershare today
Valuation:$4.3+Bn
Launched in 2015, Lemonade became one of an insurance disruptors within
renter & pet insurance space leveraging customer-driven data, behavioural
analytics and emerging technologies to customise unique customer
experiences.
§ Lemonade as a full insurance stack carrier: The founders of Lemonade
knew that this path was a risky approach due to the intertwined
underlying distribution framework insurance is built on. Their view was to
“start from scratch and be a fully-fledge carrier” regardless of market
constraints. Lemonade quickly acquired 500k policyholders while gaining
capital to insure policies for $50Bn in insurance value.
Today in the US Lemonade owns 28% of the renter market. The business model
is targeted at The HENRYs – High Earners, Not Rich Yet. Now Lemonade can
cross-sell the Pet policy to its existing customer segments.
Core capabilities used by Lemonade include:
§ Communal sharing, trust and transparency: Lemonade’s designed model
was to re-established the basis of trust and transparency within the
insurance space. This is the reason why Lemonade linked peer risk
assessment, monetary claims payments and charity reward alignment.
§ Social good incentives: In order to re-engage users/ buyers with the true
core value of insurance, Lemonade believes that incentives that link
values & rewards are a key part of its value proposition.
§ Behavioural econometrics: The core team knew that it needed to
leverage artificial intelligence and behavioural user theories to reinvent
the relationship between the insurer and the buyer while capturing needs
from a user and customer psychological perspective.
§ Technology: The success of the business model depends heavily on
accessing, leveraging and implementing the latest emerging technologies
to build unique assets, customer journeys and sticky relationships.
© Alchemy Crew Ltd 2020. All rights reserved 11
Congrats

Trends within the African Markets
150+ ventures across markets. 137 are active. 6 have been acquired.
South Africa
Kenya
Nigeria
Ghana
Tanzania
Tunisia
4%
15%
15%
60%
3%
2%
28 fully funded entities approx. $15m - $25m excluding Affinity Health ($669m acquired)

14
Africa’s top new market entrants
Raised $3.6m seed
Provides AI-based car insurance via
chatbot used to support usage-
based quote and pricing. Also offers
an app-based platform for quoting,
buying, and claiming policies.
AI-based car insurance
Raised $3m seed
Provides low-cost health insurance
to the informal segment of the
population in need for better
protection. Offers health plans for 3
and 6 months. User can pay for
cover via m-pesa.
Mobile micro-health insurance
Raised $1.2m seed
Online platform for on-demand
micro health & life insurance
financing. It offers health insurance
loans at zero premium and insurance
policies at monthly premiums.
Distribute via partnerships to reduce
the fear of health financing shocks.
On-demand health insurance
Raised $2m seed
Offers short-term P2P insurance.
Products are underwritten by Old Mutual
Insure & Compass Insure. With a “snap”,
users can create a pool, pay premiums
online, & track the amount left in the
pool. The unused amount from the pool
is given back to the members.
Peer to peer insurance platform

15
First ½ half 2020: 1% of total funds were invested in African InsurTechs
Raised $1.3m series A
Delivers insurance solutions that
leverage digital channels, such as
mobile phones, to reach the greatest
number of people. Their intent is to
build sustainable inclusive insurance
solutions. They are backed by RGA.
Next gen ins. policy system
Undisclosed - seed
Provides an app-based platform for on-
demand P&C insurance including bicycle,
binoculars, golf clubs, and cameras, with
cover including accidental damage, loss,
and theft. Users can use the app to file and
monitor their claims.
On-demand insurance for things
Undisclosed - seed
Online comparison platform for life
insurances. Aims to deliver perfectly
crafted policies. Offers quotes for
individuals and families. Insurance
partners include great names such as
Sanlam, Momentum, and Old Mutual.
Life ins. comparison platform

Where are investors placing their bets?

17
Raised $54m series C Raised $98m series C Raised $18m series B
Provides multiple health plans
via its platform and app for
freelancers, businesses, hotels,
restaurants, etc.
Provides insurance policies for a
variety of pets including rare
species leveraging social media to
drive a personalized experience.
Provides monthly subscription-based
pay-per-mile insurance to auto users
using a plugged Miles Tracker. Price
is based on miles driven.
Health Insurance Platform Pet Insurance Platform Auto Insurance Platform
For more information please check respective company websites
Pure Digital Players, with a focus on niche market segments1

18
Raised $127m series C Raised $25m series C Raised $3m seed
Provides digitized workers'
compensation insurance to
SMBs. Use data analytics to
customize policies.
Provides a low cost online
platform that customizes
differential group insurance
advantages for SMEs.
On-Demand online platform
aimed at young urban City
renters and home sharers
within the gig economy.
Marketplace Comparison Platform On-Demand Platform
More targeted SME and the gig economy worker propositions2

19
19
Online platform targeted to the delivery driver market working
for gig economy market players. Zego facilitates the purchase of
on-demand car, van, scooter and bike insurance. Users can get
their vehicles insured for the time they are delivering the goods.
Zego offers insurance on per hour basis and starts its premium
from £0.65 per hour for the vehicle and the riders including
Social, Domestic and Pleasure as well as Hire and Reward
insurance.
Mission:Building a world where insurance no longerlimitsourchoices
Industry:InternetFirstInsurTech&MobilityCompany
Founded:2016
Raise:$52M,seriesB
Launched in 2016 by two former Deliveroo directors, Zego has
become one of the most respected gig economy insurance
providers targeting anything on wheels across Europe at present.
Capabilities include:
§ Mobility focused the gig economy has brought about an interesting
set of challenges for drivers that must pay for expensive yearly policies
to participate to the gig economy
§ Tailored and flexible policies were created to suit the drivers’ and
riders’ needs, giving them the same flexibility one gets from using
services from home to work.
§ Digital first policy means that the policy is short, completely paperless
and available through mobile devices
§ On-Demand enables no high upfront or fixed insurance costs. The
product is designed to enable the customer to truly gain flexible
coverage during their working hours.
§ Rich integrated partner list enables Zego to become the company of
choice for many drivers and riders through integrated APIs
Gig worker at the core
Direct-to-SME distribution
High touch digitised services
Collaborative ecosystems

20
Raised $20m series B Raised $25m series C Raised $5m series A
insurance underwriting tools which
enables insurers to gather and
analyze data from billions of IoT
devices to predict future events.
AI-powered visual analysis &
inspection solutions for
insurance, preventative
maintenance and healthcare.
API-based insurance & payment
gateway for event management
firms that offers fraud & risk
management solutions.
Underwriting Analytics Claims Management Payment
Solutions able to digitize important parts of the insurance value chain3

21
Raised $90m series C Raised $34m series B Raised $6m series A
Provides coverage for
computer replacement, lost
business income, breach
response costs and else.
Customizes cyber policies
based on the analysis of a
company digital risk footprint.
Uses artificial intelligence-
based analytics to provide
cyber underwriting models.
Cyber Insurance Platform Cyber Exposure Evaluation Cyber Underwriting
No surprise…
Cyber risk prevention & the reduction of cyber crime are top of mind
4

22
Raised $13m series A Undisclosed series B Raised $6m seed
Provides AI-based handwriting
recognition solutions to digitize
and process claims and policy
documents and appendices.
Utilizes geospatial imagery, computer
vision, and machine learning to
instantly and automatically extract
proprietary property data.
Provides an AI talkbot platform that
allows users to records voice
conversations with text translations
and interacts with real humans.
Cognitive Automation Cognitive Analytics Cognitive Engagement
Cognitive intelligence solution able to support a range of operational
transformation activities
5

2 3IN V E ST M E N T O VE RVIE W - M A RCH 2 0 2 0
Credit building tool and an alternative to tenancy
deposits for renters which is developing an
ecosystem of financial wellness for Renters
§ Rental market is huge, fragmented and not fit to
serve the financial needs of 21st-century Renters
§ Leverages Open Banking data & APIs at its core
§ The platform gateway also called “Canopy
RentPassport” connects with a rental household at
the point of moving and then living in a rental
property
The mission is to power financial resilience for
Renters around the world with the goal of reducing
household costs for millions of rental households
Date: 1 July 2020
Raise: $2.5m seed

24
What happened between July &
September 2020?

25
9 Months of Investment Patterns & Where Future Growth Might Come From?
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
Investment Funding in Ventures
Updates 30th September 2020
2015 2016 2017 2018 2019 2020 (current) 2020 (forecast)
$4.5Bn
$2.9Bn
$5.2Bn
$9.0Bn $8.7Bn
$5.2Bn
current
$6.1Bn
forecast
Notes: Investment information is
linked to investors like me updating
their data on major platforms. It
looks like lots of us decided to
update our info this year 😉!
Spike changes in top line investment numbers linked
to 2020 updates from ventures that had received but
not declared investment funding… so that to receive
investment funding!
2020 will not be a bad year for InsurTechs.
Poor digital propositions will consolidate or
disappear. Great mature ones will receive
funding. Great talent will build new ventures!

26
Which InsurTechs Raised Funding Since July 2020?
1
2
3
4
5
Grab
Ride Hailing
August 2020 $200M series H $10Bn
Venture Date Recent Funding Total Funding
Bright Health
Health
September 2020 $500M series E $1.5Bn
Next Insurance
SME
September 2020 $250M series D $631M
Policy Bazaar
Digital Distribution
July 2020 $47.4M series F $560M
Toss
Payment
August 2020 $173M series E $530M
So much is happening. This can be seen by just reviewing those 5 players as the market reconfigures itself.
SMEs & the gig worker are still on the card, with a slightly different light & focus on service innovation!
77 funding rounds between July/September 2020

27
Focus on micro-niches & segment, segment, segment01
Bring big data analytics combined with Open API strategies02
Drive into cognitive intelligence -> automate, underwrite
& engage (which means more than distribution…)
03
Build end-to-end low touch & friction-free interactions
combined with transparency and purpose-driven propositions
04
Join the dots by including very unique & advantageous
platform and ecosystem thinking into the mix05
Conclusions

Co-founder, CEO and Managing Partner of Alchemy Crew, a venture validation firm.
Former CEO of Startupbootcamp InsurTech located in London and Hartford InsurTech
Hub’s Accelerator located in Connecticut, USA and a pioneer in building insurance
innovation ecosystems. Over 30 insurers were involved with both initiatives, which
accelerated 70 ventures and helped these raise over $100m in funding. In 2019, Sabine re-
designed and scaled a new set of programming called CoLab, a co-creation environment
which eases corporates’ ability to achieve measurable outcomes from working with
growth tech ventures. Utilising her extensive expertise gleaned from her consulting and
execution work from working with 100s of well-known financial services and insurance
institutions, Sabine is passionate about encouraging organisations to leverage the power
of innovation in practical ways. From facilitating numerous early-stage start-ups and
growth ventures to enter new markets in partnership with leading insurers, finance
organisations, investors and mentors to supporting incumbent players execute effectively
sustainable growth strategies. Sabine sits on a number of boards & advices a number of
venture funds.
About Sabine VdL:

Contact:
Linkedin: sabinevanderlinden
Twitter: SabineVdL
Website: alchemycrew.com

Lens on 1st Half 2020 Post-Covid19 Investment With New Insight up to Sep 2020

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