Zhong An partners with Grab to offer digital insurance
Who's involved? ZhongAn Online P&C Insurance, an internet-based insurer in China and Grab Holdings, a Singapore-based that offers taxis, ride-sharing and logistics services through its app
What's happening? Zhong An and Grab will establish a joint venture company to enter the digital insurance distribution business in Southeast Asia
The JV aims to create a digital insurance marketplace offering insurance products in a range of categories with fractionalised premiums, directly to users through the Grab mobile app
Significance of deal:Grab says the platformwill give millions of uninsured and underinsured people access to insurance products through their mobile phones, allowing them to directly browse and pay for affordable insurance products through the Grab app
Timeline:The platform will be launched in Singapore in the first half of 2019, before being rolled out in other markets
Zurich backs travel insurance startup
Who's involved? Zurich and London-based travel insurance startup Pluto
What's happening? Zurich is supporting a mobile-focused offering from Pluto, aimed at millennials. It claims to provide an insurance quote in around 60 seconds, or around three minutes when a customer builds their own policy
Significance of deal:Zurich expects Pluto to do for travel insurance what online startup Monzo has done to banking by challenging the status quo.
Zurich says millennials are an interesting demographic as they grew up keeping up with the latest technological advances
Timeline: Pluto launched in December 2018 and the Zurich deal is with immediate effect
MetLife invites applications for digital accelerator programme
Who's involved? MetLife and networking and startup accelerator, Techstars
What's happening? MetLife has announced that applications are now open for the second MetLife Digital Accelerator programme, powered by Techstars
Significance of development: Selected entrepreneurs will join a 13-week mentorship programme and gain access to a network of MetLife and Techstars leaders and experts
At the conclusion of the programme, each founder will present their accomplishments to MetLife, potential investors, local entrepreneurs and the media at a demonstration day
Timeline:MetLife’s first digital accelerator in partnership with Techstars concluded in October 2018. MetLife is now pursuing pilots with nine of the 10 companies, with five tests already in flight. Startups may apply at www.techstars.com/apply
Risk trading insurtech Akinova secures investment
Who's involved? Digital risk trading insurtech start-up Akinova, Hiscox Re and MS&AD Insurance Group
What's happening? Hiscox Re and MS&AD Insurance Group, via its venture capital arm MS&AD Ventures, have invested in Akinova and will help it develop an electronic marketplace for the transfer and trading of re/insurance risk
Significance of deal: Akinova said the addition of these two global re/insurers to the Akinova ecosystem will further accelerate its progress ahead of the marketplace’s launch
Timeline: With immediate effect
