Flat rate insurance for WhatsApp and other news from Insurtech

Startups that focus on the insurance sector are no less busy than fintechs and rarely receive public attention. Here is a brief summary of what has happened in the Insurtech world during the last two weeks. The most important financings, cooperations, personal data and technical developments in a compact format.

$400 million for Wefox

Probably the biggest news on the scene in recent weeks comes from Wefox. Because the insurtech raises $400 million as part of a Series D financing. The capital raise (equity and borrowed funds) is led by Mubadala Investment Company, with a total valuation increase from $3 billion to $4.5 billion. . The new funds will flow into product development and further expansion in Europe, Asia and the US Read More (EN)…

Fresh sells flat rate insurance

The latest insurtech comes from Munich: Ökovation Ventures, as the main investor, has provided Fresh Insurance with more than 5 million euros in seed capital. With “Fresh Single Flat”, the insurer offers flat-rate insurance that covers household goods, civil liability, accidents, glassware and electronics, pets, bicycles and objects in the same contract. Subsequently, the insurance should also be able to optionally be supplemented by comprehensive vehicle insurance. Fresh wants to sell the flat-rate insurance for individuals exclusively through WhatsApp. Keep reading …

Element offers insurance to homebuyers

Digital insurer Element is expanding its product offering to include insurance for anyone who buys property. The insurtech is the bearer of risks and also assumes the management of claims. Customers are served by the various business partners. The insurance is meant to cover risks that may be involved in purchasing an existing property, such as hidden defects like mold or mildew. With “Immo Warranty” no (expensive) expert opinion is required. Clients can individually coordinate the amount of coverage, personal contribution and term with business partners. Keep reading …

Allianz enters Cyber-Insurtech

Allianz intends to invest €1bn in young companies through its internal investment fund Allianz X. The latest deal is a stake in San Francisco-based Cyber-Insurtech Coalition. Coaltion is a one stop shop for cyber insurance and security solutions. Allianz participates in the current round of financing Series F with a total volume of 250 million dollars. The company intends to use the money to fuel its expansion, with a focus on SMEs. Keep reading …

Insify arrives in Germany

Dutch insurtech Insify secured €15m Series A funding in February with plans to boost its expansion. Insify, which wants to promote commercial insurance (business civil liability insurance, professional civil liability insurance or inventory and property insurance), is now entering the German market. Unlike the usual annual contracts, Insify offers monthly payments and a daily right to cancel the insurance. Read more (NL)…

$120 million for YuLife

Japan’s third-largest insurer, Dai-ichi Life Insurance, is leading the $120 million Series C financing, which comes less than a year after Series B ($70 million) closed. The total financing of the insurtech increases to 206 million dollars. YuLife offers commercial life, health and income insurance that it says serves more than 500,000 people. In addition, Insurtech takes care of the healthy lifestyle of the employees. Companies can reward this with coupons and discounts from leading brands (Amazon, Asos). Read more (EN)…

Orus gets 5 million euros

Frst, Partech, Portage Ventures and twenty business angels participate in the initial financing of 5 million euros of the French insurtech Orus. Das wants to focus on the SME market and develop exclusive products for various sectors of the economy and offer them digitally. The first product is a hospitality policy that covers various risks in one contract, including liability, theft, fire, water damage, electrical damage, legal protection, and business interruption. Read more (EN)…

Konsileo closes £4.7m Series A round

London’s Konsileo successfully completes its Series A round with a volume of 4.7 million pounds (almost 5.6 million euros). The funding is led by committed capital, which first invested in the insurtech in 2018. Konsileo has developed its own brokerage platform that includes compliance checks and policy management. Insurtech will invest the fresh funds in the development of the platform and the connection of other brokers. Read more (EN)…

Lemonade pays $4 million to settle class action lawsuit

Lemonade agrees to pay $4 million to settle a class action lawsuit alleging biometric harvesting. In this, Lemonade is accused of having illegally recorded and stored biometric data of its customers through its software. Lemonade claims it has stopped processing since the lawsuit was filed in May 2021. The insurtech is now committed to deleting all collected biometric identifiers, including retinal scans, fingerprints, voiceprints, and scans of faces or hands. Read more (EN)…

Former CEO of Axa moves to Element

According to information from the Handelsblatt, Element ensures an outstanding reinforcement. Astrid Stange, Axa’s chief operating officer until last year, will manage the insurer’s business together with CEO Christian Macht from August. Continue reading (Paid)…

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