MassMutual Ventures launches $100m technology fund for Southeast Asia
Who’s involved: MassMutual Ventures (MMV), the venture capital arm of Massachusetts Mutual Life Insurance Company.
What's happening: MMV has launched a second fund of $100m for Southeast Asia that will invest in early- and growth-stage companies in the digital health, financial technology and enterprise software sectors.
Significance of development: MMV’s latest fund launch brings its total capital under management to $350m across four funds – two $100m funds in the US and $150m in Southeast Asia across two funds.
Since launching in 2014, MMV said it has backed nearly 40 companies in North America, Europe, Israel and Southeast Asia. Seven of those companies are part of MMV Southeast Asia’s current portfolio.
Insurify raises $23m in funding
Who’s involved: Insurify, a US-based artificial intelligence-powered insurance comparison platform
What's happening: Insurify has raised $23m in Series A funding, led by insurtech venture capital firm MTech Capital and venture fund Viola FinTech, with participation from Nationwide, Hearst Ventures and MassMutual Ventures.
Insurify has also hired Gene Shkolnik as its chief technology officer. Shkolnik is the former senior vice president of engineering at travel search engine Kayak.
Significance of development: The funding will help drive Insurify’s expansion into home, renters and life insurance comparison.
Slice and Sompo release travel insurance product
Who’s involved: US-based insurance cloud platform provider Slice Labs and Singapore-based insurer Sompo Holdings (Asia).
What's happening: Slice and Sompo have released an enhanced version of the travel insurance product, TravelJoy, in Thailand
Significance of development: The travel insurance product is available via the Line mobile messenger app in Thailand, which has 44m users. TravelJoy will include life and medical, flight delay/cancellation and baggage/belongings coverage.
Berkshire Hathaway Homestate Companies uses Clara Analytics for workers’ comp claims
Who’s involved: The Berkshire Hathaway Homestate Companies (BHHC), a group of six insurers that are part of the Berkshire Hathaway insurance group, and California-headquartered Clara Analytics, an artificial intelligence technology provider for the commercial insurance industry.
What's happening: BHHC has selected Clara Analytics products for its workers’ compensation claims operations.
Significance of development: Clara Analytics said its products increase efficiency and make data-driven decisions that substantially improve operations as well as client service.
State Farm Ventures invests in Cape Analytics
Who’s involved: US geospatial property intelligence provider Cape Analytics, and State Farm Ventures, the venture capital arm of US insurer State Farm, which focuses on investing in start-ups developing technologies.
What's happening: State Farm Ventures has made “a significant investment” in Cape Analytics. The size of the investment was undisclosed.
Significance of development: Cape Analytics said it will use the investment to accelerate the development of solutions for property insurers leveraging geospatial analytics.