Lloyd’s searches for next group of insurtech innovators
Who’s involved? Lloyd’s Lab and L Marks, a corporate innovation and early-stage investor specialist
What’s happening? Lloyd’s Lab has launched a global search for the next group of insurtech innovators. The initiative is being led by L Marks
Significance of deal: The second Lloyd’s Lab insurtech group will be offered the opportunity to develop their ideas, with access to a co-working space located in the Lloyd’s building in London, potential investment and the chance to develop products, platforms and processes, which will help shape Lloyd’s
Timeline: With the inaugural Lloyd’s Lab cohort’s programme finishing on 12 December, applications for the second Lloyd’s Lab insurtech group will close on 3 February 2019
Zesty.ai closes $13m funding round
Who’s involved? Zesty.ai,an artificial Intelligence (AI) startup based in the San Francisco Bay area; Luxembourg-based private investment fund, Blamar; and venture capital fund Plug & Play Ventures
What’s happening? Zesty.ai has closed its series A financing round of $13m. Blamar led the financing while Plug & Play Ventures and existing investors also participated in the round
Significance of deal: Zesty.ai uses AI to help property and casualty re/insurers, managing general agents and insurtechs better assess risk. The company leverages satellite and aerial imagery, combined with structured data sources, to capture billions of data points on buildings
Timeline: Zesty.ai will now use the capital infusion to expand its data science, engineering and customer success teams
Apicil and OAV launch insurtech fund
Who’s involved? Odysseus Alternative Ventures (OAV), the private equity and venture capital arm of Reech Corporations Group; and French mutual insurer Apicil Group
What’s happening? OAV and Apicil have launched an insurtech fund with a commitment of €10m. The fund will invest in French and European start-ups seeking to develop new technologies, new business models and new forms of delivery for the insurance sector
Significance of deal: In the future, it is hoped to use the Insurtech Capital Fund in partnership with other European insurance companies in Germany, Switzerland, the Netherlands and the UK.
Timeline: Apicil said the partnership fits within its 2020 strategic plan, which aims to accelerate the digitalisation of its activities
Certua rolls out enterprise insurance platform
Who’s involved? UK-based financial technology company Certua; personal risk management firm Sherpa; reinsurer Gen Re; and mutual insurer Scottish Friendly
What’s happening? Certua has launched its enterprise insurance platform, which companies can access via an application programming interface (API)
Significance of deal: The platform is designed to allow insurers looking to distribute new insurance products to get to market quickly and access digital markets by removing technological barriers to entry
Timeline: Sherpa is the first distribution partner to use the platform. Insurance cover sold by Sherpa is underwritten by Gen Re and administered by Scottish Friendly