US insurers backing blockchain claims venture
Who’s involved: US insurance companies USAA and State Farm
What’s happening: USAA and State Farm have revealed they are working on a project using real claims data to assess how blockchain technology can improve the efficiency of the subrogation process during auto claims
Significance of development: The subrogation process is regarded as a manual time-consuming process requiring physical checks to be conducted between insurers claim by claim. The two insurers said in 2018 the total amount of dollars demanded and issued through the subrogation process was $9.6bn
Timeline: The two firms started working together in 2018 and said “testing will continue” to see if blockchain is a viable option for subrogation
UK life insurance start-up secures $10m funding
Who’s involved: UK life insurance start-up Yulife; venture capital firms Creandum Funds, MMC Ventures, Notion Capital and Anthemis Exponential Ventures; digital platform RGAX; and equity crowdfunding platform OurCrowd
What’s happening: Yulife has raised $10m in a funding round led by Creandum Funds, with support from others, taking its total funding to $13m since its formation in 2016
Significance of development: According to Yulife, 87% of small to medium-size enterprises have no life insurance in place for employees and its offering provides users with an “end-to-end digital journey” through its wellbeing app
Timeline: With immediate effect
Northwestern Mutual pledges $150m for venture capital fund
Who’s involved: American financial services company Northwestern Mutual
What’s happening: Northwestern Mutual has designated $150m to create the Northwestern Mutual Future Ventures Fund II, an extension of its corporate venture capital fund
Significance of development: The firm said the fund’s extension will allow it to advance its investment strategy and increase opportunities with startups with technology that have the “potential to further transform how people experience and achieve financial security”.
Insurtechs supported by the first fund include Ladder and Gabi
Timeline: With immediate effect
Data provider Reg UK nets £2.4m funding
Who’s involved: Data analytics and risk management solutions provider Reg UK; private equity firm Disruptive Capital Finance
What’s happening: Reg UK has secured £2.4m ($3m) in funding from Disruptive Capital Finance
Significance of development: Reg UK’s goal is to improve the insurance industry by streamlining due diligence processes and improving risk management processes through advanced data analytics and tools. The investment will contribute towards the firm’s planned improvements of its platform, systems and team
Timeline: With immediate effect
Asian insurtech gains VC backing
Who’s involved: Technology-focused life insurer Singapore Life; venture capital firm Ion Pacific; insurer Aflac; and asset manager Standard Life Aberdeen
What’s happening: Singapore Life has received a $7.3m investment from Ion Pacific in an undisclosed funding round that included previous investors Aflac and Standard Life Aberdeen. This latest round takes its total external funding raised to $100m
Significance of development: Ion Pacific said the investment will give it greater exposure to the Southeast Asian insurance market
Timeline: With immediate effect