PingAn’s OneConnect ties up with Indonesian insurer
Who’s involved: Technology platform OneConnect, an affiliate of China’s PingAn Group; and insurer Asuransi Sinarmas, a unit of Sinarmas, one of the largest conglomerates in Indonesia.
What’s happening: OneConnect has signed a memorandum of understanding with Asuransi Sinarmas.
Significance of development: OneConnect will enable Asuransi Sinarmas to launch a claims solution to improve operational efficiency and reduce costs. As OneConnect continues to expand its footprint in Indonesia and Southeast Asia, the collaboration will accelerate between the two players.
Greenlight Re Innovations invests in SME-focused start-up
Who’s involved: Greenlight Re Innovations, part of Greenlight Capital Re; and Coterie Applications, a digital managing general underwriter focusing on the small and medium-sized enterprise (SME) commercial insurance market.
What’s happening: Greenlight Re Innovations has invested in Coterie. The size of the investment was not disclosed.
Significance of development: Greenlight Re chief executive Simon Burton said the SME commercial space in the US has not yet been effectively streamlined by technology and digital distribution. Burton said: “We share Coterie’s belief that there are significant opportunities to target customers.”
Everis and NTT DATA publish InsurTech Outlook 2019
Who’s involved: Consulting firm Everis and IT consultancy NTT Data.
What’s happening: The two firms have published a report on the insurance technology market.
Significance of development: Highlights from the report include during the period 2016-2018, the insurtech ecosystem received a total investment of $11.2bn, more than double for the amount between 2010 and 2015.
The report said while the majority of insurers’ investments in insurtech companies are set in more mature firms, a wide group of surveyed executives show their preference for investing at the early stages, except for Latin American companies where they prefer more advanced phases.
Broker Buddha in $4.5m funding round
Who’s involved: US-based technology company Broker Buddha, which has developed a system to help commercial insurance brokers by simplifying the application and renewal process; and US venture capital firm Vertex Ventures.
What’s happening: Broker Buddha has announced a $4.5m funding round led by Vertex Ventures.
Significance of development: The new capital will help Broker Buddha expand its offering, grow the team and increase marketing efforts.
Chinese insurtech raises $282m
Who’s involved: Chinese online life and health insurance platform Duobaoyu; and private equity firm Yunfeng Capital.
What’s happening: Duobaoyu has reportedly raised $282m in its latest round of funding. The round was led by Yunfeng Capital.
Significance of development: It is said the funds will be used to improve users’ experience with Duobaoyu and its technology.