From bitcoin wallets to peer-to-peer lending marketplaces to data automation tools, more tech startups are receiving investments from insurance companies than ever before. Insurance corporates have completed over 35 investments to private tech companies in 2015 year-to-date (YTD). That’s already a 43% increase from all of 2014, and a whopping 725% rise from all of 2013, according to CB Insights data.
(Note: This research brief primarily analyzes non-healthcare insurance corporations. A complete list of the insurance companies and their corporate VC arms used in this analysis is provided at the end of this research brief.)
Investments by type
Interestingly, the wide majority of corporate insurance investments have not gone to insurance tech startups. Since the start of 2010, only 13% of deals by insurance corporates went to insurance tech startups. As we have previously detailed, lending, wealth management and insurance-comparison platforms continue to be three hot areas for insurance corporates. Non-insurance tech deals have gone to online community coordination tools (VolunteerSpot), cloud mortgage software (Roostify), and on-demand roadside assistance apps (Urgent.ly).
Insurance tech investments
Below are a handful of the insurance tech startups backed by corporate insurance investors from Allianz Digital Corporate Ventures to AXA Strategic Ventures to MassMutual Ventures.
|Select Insurance Tech Investments By Corporate Insurance Investors|
|Company||Description||Total Funding||Insurance Corporate Investor|
|(Quantemplate)||Insurance reporting and analytics software||$8.0M||Allianz Digital Corporate Ventures, Transamerica Ventures|
|(PolicyGenius)||Online policy comparison platform||$6.1M||AXA Strategic Ventures, Transamerica Ventures|
|(Limelight Health)||Mobile quoting platform for health insurance professionals||$3.3M||AXA Strategic Ventures, MassMutual Ventures|
|(Picwell)||Predictive recommendation platform for health plan selection||$4.0M||MassMutual Ventures|
|(Coverhound)||Online platform for comparing and buying P&C insurance||$56.2M||American Family Ventures, ACE Group Holdings|
For reference, active insurance CVCs and corporates since 2010 included in this venture capital financing analysis are listed below:
- AXA Strategic Ventures
- MassMutual Ventures
- Ping An Ventures
- TransAmerica Ventures
- Northwestern Mutual Capital
- American Family Ventures
- New York Life Insurance
- China Life Insurance
- American International Group
- Allianz Digital Corporate Ventures
- ACE Group
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