tracxn research - insurance tech landscape, february 2017

Insurance Tech Report February 2017 Copyright 2017, Tracxn Technologies Private Limited. All rights reserved.

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Insurance Tech Report February 2017 Copyright 2017, Tracxn Technologies Private Limited. All rights reserved.3

Contents

Topic Page No.

Scope of Report 04

Entrepreneur Activity 06

Investment Trend 09

Who is Investing 21

Exit Outlook - IPO, Acquisitions 25

Sub Sector Analysis 29

Interesting Companies 48

Useful Links 61

Company List 64

Team 237


Sector Overview

Scope of report

This report covers companies operating in Insurance Tech sector which includes internet first insurers, distribution platforms,P2P insurance platforms and companies that enable insurance players in terms of software solutions and data. It does notinclude traditional and offline insurance providers and multi-industry companies.

Disclaimer: The information and data in the report is based on global developments tracked in the sector till December 28, 2016. This is to categorically state that any eventsand relevant developments after the said date will not reflect in the report.

Business Model Descriptions

InsurersInternet first insurance companies (including companies acting as an MGA) which provides insurance online forLife, Health and P&C sectors

Employer Insurance Companies offering employers/employees a smarter way to manage employee benefits and insurance

EnablersCompanies enabling insurance companies, brokers and other insurance players. They provide software solutions, data analytics etc. to insurance players

Distribution Platforms

Companies offering online/mobile based platform where consumer, businesses can compare insurancequotes/buy insurance policies. They act as an insurance broker.

P2P Insurance Companies that provides a P2P insurance platform


Scope of Report

Entrepreneur Activity

Investment Trend

Who is Investing

Exit Outlook - IPO, Acquisitions

Sub Sector Analysis

Interesting Companies

Useful Links

Company List

Team

5


46

79

115124

159

279

153

0

50

100

150

200

250

300

2010 2011 2012 2013 2014 2015 2016

Nu

mb

er o

f C

om

pan

ies

6

YoY Number of companies founded

Bima Metromile Oscar Zhong An Insurance Clover Health Bright Health Blue Owl

CoverHound Gusto Namely Zenefits Vlocity Lemonade Alan


Large Upcoming Sectors

No. of Companies Founded

Average Age

No. of Companies Funded

Business ModelTotal

FundingExample

32 Aug-2014 10Distribution Platforms > On-Demand Insurance

$52M trov.comTrv

2012-San Ramon

60 Jun-2014 14 P2P Insurance $97MFriendsurance2010, Berlin

29 Feb-2014 8Distribution Platforms > Horizontal > Mobile-First

$64M financefox.chFinanceFox CH

2014, Zurich

10 Apr-2013 9Internet-first Insurers > Personal > Life & Health > Health

$1.1B hioscar.comOscar

2012, New York City

49 Jul-2012 16 Distribution Platforms > Commercial $93M insureon.comInsureon

1997, Chicago

72 Feb-2012 23Distribution Platforms > Property & Casualty > Auto

$196M goji.comGoji

2007, Boston

61 Nov-2011 29 Enablers > Data Providers > Auto $192M greenroad.comGreenRoad2004, Holon


Niche Upcoming Sectors

No. of Companies Founded

Average Age

No. of Companies Funded

Business ModelTotal

FundingExample

8 May-2015 6 P2P Insurance > Health $15M shuidihuzhu.comShuidihuzhu2016, Beijing

5 Jan-2015 1Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber

$40M cyence.netCyence

2014, San Mateo

6 Apr-2014 1Internet-first Insurers > Personal > Life & Health > Life

$16M ladderlife.comLadder Financial

2015, San Francisco

15 Aug-2011 7Enablers > Back-end Solutions > Fraud & Risk Management

$62M h2o.aiShift Technology

2013, Paris


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

9


YoY Number of Rounds and Total Funding

$98M $101M$46M

$97M

$480M

$302M

$633M

$2.8B

$1.9B

1713 15

38

63

85

106

163

182

0

40

80

120

160

200

0

600

1200

1800

2400

3000

2008 2009 2010 2011 2012 2013 2014 2015 2016

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Funding Amount Number of Rounds


YoY Number of Rounds by Stage

15

40 4548

77 81

12

15

27

39

68

72

4

6

8

10

12

17

0

20

40

60

80

100

120

140

160

180

2011 2012 2013 2014 2015 2016

Nu

mb

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f R

ou

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s

Seed Early Late


YoY Funding by Stage

$5M $26M$70M $61M $75M $104M$47M

$46M $100M

$468M

$935M$722M

$35M

$408M $123M

$93M

$1781M

$1057M

0

500

1000

1500

2000

2500

3000

2011 2012 2013 2014 2015 2016

Tota

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(in

Mill

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Seed Early Late


Average Ticket Size Early Stage

$0.5M$0.9M

$2.1M $2.3M$1.6M $1.4M

$2.0M

$5.1M

$3.6M

$11.2M$12.2M $11.9M

$6.9M $6.1M

$16.2M

$26.3M

$19.3M

0.0

6.0

12.0

18.0

24.0

30.0

2011 2012 2013 2014 2015 2016

Fun

din

g A

mo

un

t (i

n M

illio

ns)

Seed Series A Series B


Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

hioscar.comOscar

(New York City, 2012)$400M PE Feb-2016

Fidelity Investments, CapitalG, General Catalyst Partners, Founders Fund, Lakestar, Khosla Ventures, Thrive Capital, Ping An Ventures

cloverhealth.comClover Health

(San Francisco, 2014)$160M Series C May-2016 Greenoaks, First Round Capital, Sequoia Capital, AME Cloud Ventures, Spark Capital

metromile.comMetromile

(San Francisco, 2011)$153M Series D Sep-2016

Intact Financial Corporation, Index Ventures, NEA, First Round Capital, Mitsui, SV Angel, China Pacific Insurance

gusto.comGusto

(San Francisco, 2011)$90M Series C Oct-2016 General Catalyst Partners, CapitalG, Obvious Ventures

brighthealthplan.comBright Health

(Minneapolis, 2015)$80M Series A Apr-2016 Bessemer Venture Partners, NEA, Flare Capital Partners

maestrohealth.comMaestro Health(Chicago, 2013)

$59M PE Oct-2016

vlocity.comVlocity

(San Francisco, 2014)$50M Series B Sep-2016

Sutter Hill Ventures, Salesforce, Kennet, TDF Ventures, Wildcat Venture Partners, New York Life Insurance, Accenture

cyence.netCyence

(San Mateo, 2014)$40M Series A Sep-2016 NEA, Institutional Venture Partners, Dowling Capital Partners




Round Name

Date Investors

blueowl.xyzBlue Owl

(San Francisco, 2016)$35M Series A Aug-2016

captricity.comCaptricity

(Oakland, 2011)$35M Series C Jan-2016 Social Capital, White Mountains, Accomplice

lemonade.comLemonade

(New York City, 2015)$34M Series B Dec-2016

General Catalyst Partners, GV, Thrive Capital, Tusk Ventures, Aleph Venture Capital, Sequoia Capital, XL Innovate

justworks.comJustworks

(New York City, 2012)$33M Series C Mar-2016 Redpoint Ventures, Bain Capital Ventures, Thrive Capital, Index Ventures

everquote.comEverQuote

(Cambridge, 2011)$31M Series B Oct-2016 Savano Capital Partners, Stratim Capital, Oceanic, T Capital Partners

huize.comHuize

(Shenzhen, 2006)$31M Series B Mar-2016 CDF Capital

namely.comNamely

(New York City, 2012)$30M Series C Feb-2016 Sequoia Capital, Matrix Partners, True Ventures, Greenspring Associates

financefox.chFinanceFox CH(Zurich, 2014)

$28M Series A Sep-2016Horizons Ventures, Idinvest Partners, Speedinvest, Seedcamp, AngelList, Victory Park Capital, Salesforce, Target Global




Round Name

Date Investors

trov.comTrv

(San Ramon, 2012)$26M Series C Apr-2016 Oak HC/FT, Anthemis Group, Guidewire Software, Suncorp

eligible.comEligible

(San Francisco, 2011)$25M Angel Apr-2016

league.comLeague

(Toronto, 2014)$25M Series A Jun-2016

OMERS Ventures, Real Ventures, BDC Capital, RBC, Power Corporation, Manulife Financial

maxwellhealth.comMaxwell Health(Boston, 2012)

$22M Series C Mar-2016GuardianLife, Sun Life Financial, Adams Street Partners, Catalyst Heath Ventures, Industry Ventures, Schooner Capital, Tribeca Venture Partners, Vaizra Investments, Cambia Health Solutions, Cendana Capital, Lerer Hippeau Ventures

datebao.comDatebao

(Beijing, 2014)$20M Series B Mar-2016 Ceyuan, Fosun International, China Development Industrial Bank

oneincsystems.com

One, Inc(Rancho Cordova,

2005)$20M Series B Dec-2016 AXA Strategic Ventures, MassMutual Ventures, H&Q Asia Pacific

snapsheetapp.comSnapsheet

(Chicago, 2010)$20M Series C Oct-2016 F-Prime Capital Partners, IA Capital Group, Liberty Mutual

goji.comGoji

(Boston, 2007)$19M Series D Jun-2016




Round Name

Date Investors

thezebra.comInsurance Zebra(Austin, 2012)

$17M Series A Jan-2016 Silverton Partners, Daher Capital, Ballast Point Ventures

friendsurance.deFriendsurance(Berlin, 2010)

$15M Series B Mar-2016 Horizons Ventures

wkbins.comWuKongBao

(Beijing, 2015)$15M Series A May-2016

huize.comHuize

(Shenzhen, 2006)$15M Series B Aug-2016 Fortune Venture Capital

policygenius.comPolicyGenius

(New York City, 2014)$15M Series B Jan-2016

Revolution, Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures, MassMutual Ventures

clark.deClark

(Berlin, 2015)$15M Series A Aug-2016

Finleap, Yabeo, GMPVC, HitFox Group, TA Ventures, Tenderloin, SevenVentures, Axel Springer SE, Kulczyk Investments

hixme.comHixme

(Agoura Hills, 2013)$14M Series B Oct-2016 Propel Venture Partners, KPCB, Transamerica Ventures, Rosemark

capeanalytics.comCape Analytics, Inc(Palo Alto, 2014)

$14M Series A Nov-2016Formation 8, Data Collective, XL Innovate, Lux Capital, Khosla Ventures, Promus Ventures, Montage Ventures




Round Name

Date Investors

myhippo.comHippo

(Mountain View, 2015)$14M Series A Dec-2016

Horizons Ventures, RPM Ventures, Propel Venture Partners, GGV Capital, Pipeline Capital

ladderlife.comLadder Financial

(San Francisco, 2015)$14M Series A Oct-2016 Canaan Partners, Lightspeed Venture Partners, Nyca Partners, Formation 8

zendrive.comZendrive

(San Francisco, 2013)$14M Series A Feb-2016 Sherpa Capital, Nyca Partners, Thomvest Ventures, BMW

alan.euAlan

(Paris, 2016)$13M Series A Oct-2016 CNP Assurances, Partech Ventures

next-insurance.comNext Insurance

(Kfar Saba, 2016)$13M Seed Mar-2016 Ribbit Capital, TLV Partners

revimedia.comReviMedia

(Brooklyn, 2010)$13M Series A Aug-2016 NewSpring Capital

embroker.comEmbroker

(San Francisco, 2015)$12M Series A May-2016

Canaan Partners, Nyca Partners, XL Innovate, 500 Startups, Bee Partners, FinTechCollective

51shebao.com51Shebao

(Beijing, 2007)$10M Series B Jun-2016 Zhubajie, CBC Capital


Funnel view of Sector

111

53

93

191

475

1321

0 200 400 600 800 1000 1200 1400

M&A & IPO

Late

Series B

Series A

Funded

Founded

Number of Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

20


Most Active Investors in Sector

13 13

12

10

6 6 6 6 6 6

0

3

6

8

11

14

500 Startups Startupbootcamp Techstars Global InsuranceAccelerator

NEA Plug and PlayTech Center

RibbitCapital

Right SideCapital

Management

RockHealth

Route 66Ventures

Tota

l Nu

mb

er o

f R

ou

nd

s

Snapsheet Insly QuanTemplate Drive Spotter Metromile Mojio Gusto Dash CollectiveHealth CoverHound

Mojio ULU DashSerious

Social MediaCollective

HealthHealthpocket Policybazaar Drive Spotter Stride Health Knip


Where are Top Investors investing


Top Investor by Stage of Entry


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

24


Top IPOs in last few years

IPO Date Company Overview Ticker

Jun-2015 majesco.comMajesco

(Mumbai, 1982)

IT Software and Services provider for Insurance IndustryMJCO

Decv-2014 connecture.comConnecture

(Brookfield, 1997)

Web based solutions for health insurersSSM Partners, TTV Capital, LiveOak Venture Partners, Atlanta Technology Angels, Firewall Builder, Chrysalis Ventures, Great Point Partners, New Era Capital Corporation, Hauser Private Equity

CNXR

Sep-2013 benefitfocus.comBenefitfocus

(Charleston, 2000)

Benefits technology providerGoldman Sachs, Council Capital, i2E, Oak Investment Partners BNFT

Jan-2012 guidewire.comGuidewire Software(San Mateo, 2001)

P&C insurance software solutionsBattery Ventures, US Venture Partners, Bay Partners GWRE

Oct-2009 verisk.comVerisk Analytics

(Jersey City, 1971)

Data analytics and risk assessment firmVRSK


Major Acquisitions in last one year


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

28


December 2016Tracxn BlueBox : Insurance Tech 1250+ companies in the sector, 340+ funded in last 5 years, $4.6B invested in 2015/2016


Insurance Tech Value Chain


Top Business Models by Funding

$2.7B

$1.5B$1.4B

$938M

$110M$12M $2M

0

600

1200

1800

2400

3000

Internet-first Insurers Employer Insurance Enablers Distribution Platforms P2P Insurance Claims Management &Resolution

Content

Tota

l Fu

nd

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Am

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(in

Mill

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s)

Avg. Age Jan-12 Jun-11 Jan-08 Sep-11 Jun-14 Jul-12 Jul-13

# Cos. 116 44 535 524 60 17 19

Zhong An Insurance Zenefits iPipeline Goji Lemonade DuangDuangAuto Clearsurance

Oscar Gusto Vlocity Ins110 Friendsurance Bauxy Insurr


Internet-first Insurers Business Model Description


Internet-first Insurers Entrepreneur Activity and Investment Trend


Internet-first Insurers Most Funded Companies


Employer Insurance Business Model Description


Employer Insurance Entrepreneur Activity and Investment Trend


Employer Insurance Most Funded Companies


Enablers Business Model Description


Enablers Entrepreneur Activity and Investment Trend


Enablers Most Funded Companies


Distribution Platforms Business Model Description


Distribution Platforms Entrepreneur Activity and Investment Trend


Distribution Platforms Most Funded Companies


P2P Insurance Business Model Description


P2P Insurance Entrepreneur Activity and Investment Trend


P2P Insurance Most Funded Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

47


Interesting Unfunded Companies

Company OverviewBusiness Model

joinroot.comRoot

(2015, Columbus)

Car insurance startup using telemtatics Internet-first Insurers > Personal > Property & Casualty > Auto

blinkblink.ioBlink

(2016, London)

Flight-disruption insurance solution providerDistribution Platforms > Travel

insurun.comInsurun

(2015, Islip)

SaaS platform for insurance agents Enablers > Back-end Solutions > Sales & Distribution

ocare.comOcare

(2016, Mumbai)

Dental insurance plansDistribution Platforms > Life & Health > Health

cyber-foresight.comCyber Foresight

(2016, Hamilton)

Cyber Exposure analysis platform for reinsurers Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber

yatis.ioYatis

(2015, Bangalore)

Car tracking, maintenance, and safety appEnablers > Data Providers > Auto

dropininc.comDropIn

(2015, Los Angeles)

On-Demand video platform for Insurance adjusters Enablers > Back-end Solutions > Claims Management

terrenelabs.comTerrene Labs

(2016, Mason)

Risk management using Big Data Enablers > Back-end Solutions > Underwriting & Risk Management

cybewrite.comCybewrite

(2015, Tel Aviv)

Enterprise security assessment platform to underwrite cyber insurance Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber

Curated list of companies by the sector analyst are defined as Interesting


Interesting Seed Companies


Interesting Series A Companies


Interesting Series B Companies


Interesting Late Stage Companies


Top Funded Deadpooled Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

60


Useful Links

Slide Title Content Platform Link

List of All Companies in readable format Companies Link

Companies founded in 2015/16 Entrepreneur Activity Link

Investments in last one year Investment Trend Link

IPOs in last few years Exit Outlook - IPO, Acquisitions Link

Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link

Internet-first Insurers Most Funded Companies Sub Sector Understand Link

Employer Insurance Most Funded companies Sub Sector Understand Link

Enablers Most Funded Companies Sub Sector Understand Link

Distribution Platforms Most Funded Companies Sub Sector Understand Link

P2P Insurance Most Funded companies Sub Sector Understand Link

Top Funded Deadpooled Companies Sub Sector Understand Link

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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

63


Insurance Tech Company List

Internet-first Insurers

Employer Insurance

EnablersDistribution

Platforms P2P

Insurance Claims Management

& ResolutionContent

Insurance Repository

475 FUNDED COMPANIES AND 846 UNFUNDED COMPANIES

COVERS THE FOLLOWING SECTORS


Internet-first Insurers (1/15)Company Overview Business Model Total Funding

instaCOVER(2005, Kirkland)

insurance coverage for sales or lease transactionsKeiretsu Forum Commercial $1.49M

Cover Your Business(2016, Stamford)

Commercial insurance providerCommercial

Homesite Business Insurance(2013, Seattle)

online small business insurance providerCommercial

Arro Insure(2015, Dublin)

Insurance provider for businessesCommercial

insure4drones(2015, )

Drone insurance providerCommercial

Digital Risks(2014, London)

Insurance provider for digital businessesCommercial

NAU Country Insurance Company

(1981, Ramsey)

Crop Insurance ProviderLightyear Capital Commercial

Assured Risk Cover(2014, Pleasanton)

Offering hurricane insurance coverage using technology and scienceInventus Capital Partners, Indian Angel Network Commercial

Go to BM List >>Employer

Insurance



ClimateSecure(2014, Paris)

Provides weather-risk management solutions and insuranceAXA Strategic Ventures Commercial

Sky Mutual(2015, Philadelphia)

Weather risk managementCommercial

Assureli(2014, Houston)

Insuring the funding to startupsCommercial

Founder Shield(2012, New York City)

Business insurance for startupsInterplay Ventures Commercial

InsuranceforStartups(2012, Chicago)

Insurance solutions for startupsCommercial

Cloudsurance(2015, Anaheim)

Provides Insurance For Cloud ConsumersCommercial > Cloud Insurance

Hacksurance(2015, Lincoln)

Website Insurance provider against Cyber-attacksCommercial > Cyber Insurance

Jumpstart Insurance Solutions(2015, Berkeley)

Earthquake Insurance providerCommercial > Emergency Crisis


Insurance



Alan(2016, Paris)

Full stack health Insurance providerPartech Ventures, CNP Assurances

Commercial > Employer Insurance

$13M

PassportCard(2012, Netanya)

Real-time travel insurance solutions in Israel, Germany & CanadaPersonal

Cover My Trip(, )

Online Travel InsurancePersonal

Mobbisurance(2014, Johannesburg)

Mobile-based crop insurance providerPersonal > Crop Insurance

Safe Deposit Box Insurance Coverage

(2012, Elgin)

Safe deposit box insurance providerAdvantage Capital Personal > Deposit Insurance $1M

TypTap Insurance(2016, Ocala)

Flood insurance quote providerPersonal > Flood Insurance

Bima(2010, Stockholm)

Provider of mobile-delivered insurance in emerging marketsKinnevik AB, Digicel Group, LeapFrog Investments, Millicom Personal > Life & Health $65.4M

Jagadiri(2015, Jakarta)

Online insurance providerPersonal > Life & Health


Insurance


Internet-first Insurers (4/15)


Insurance




Insurance


Employer Insurance (1/7)Company Overview Business Model Total Funding

Zenefits(2013, San Francisco)

SaaS HR Platform for SMBsFidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV Angel, Khosla Ventures, Founders Fund, General Catalyst Partners, Institutional Venture Partners, Venrock, Maverick Capital, Comcast Ventures, EPIC Ventures, TrueBridge Capital Partners, TPG, Foresite Capital, Canvas Ventures, Sound Ventures

Benefits and Insurance $583.6M

Gusto(2011, San Francisco)

SaaS Payroll Management and Health Plan servicesY Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective, Western Technology Investment, Rothenberg Ventures, Ribbit Capital, Obvious Ventures, Entree Capital, Homebrew, CapitalG, Designer Fund, Y Ventures, Aspect Ventures, Pivot Investment Partners, Cota Capital, CSC Venture Capital, Pear Ventures


CollectiveHealth(2013, San Mateo)

Self-insurance SaaS platform for employers to sponsor their employeesRedpoint Ventures, NEA, Founders Fund, Google Ventures, Rock Health, Maverick Capital, S23P, RRE Ventures, Great Oaks Venture Capital, Formation 8, Subtraction Capital, Social Capital

Benefits and Insurance $119M

Namely(2012, New York City)

Cloud-based HR management toolSequoia Capital, True Ventures, Matrix Partners, Bullpen Capital, Four Rivers Group, Greenspring Associates, Gary Vaynerchuk, ajvaynerchuk, Bullpen Capital, Vayner/RSE, Lerer Hippeau Ventures


PlanSource Holdings(2002, Orlando)

Cloud-Based Benefits Administration and HCM SolutionGreat Hill Partners, ORIX, Lemhi Ventures, Timucuan Benefits and Insurance $94M

Internet-first

Insurers > Enablers



Maestro Health(2013, Chicago)

Employee health and benefits service provider.SV Life Sciences, Oak HC/FT Benefits and Insurance $59.04M

Maxwell Health(2012, Boston)

SaaS platform for benefits management and goals based reward systemAdams Street Partners, Tribeca Venture Partners, Industry Ventures, Cendana Capital, Cambia Health Solutions, Catalyst Heath Ventures, Schooner Capital, Vaizra Investments, GuardianLife, Costella Kirsch, Sun Life Financial, New Ground Ventures, TiE Angels Boston, Lerer Hippeau Ventures, Annox Capital, BoxGroup, Brothers Brook


Justworks(2012, New York City)

Online payroll and benefits platformRedpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive Capital, Bain Capital, Daring Journey Ventures


League(2014, Toronto)

Digital health platform that connects people to trusted health and wellness providersFoundation Capital, Real Ventures, BDC Capital, OMERS Ventures, RBC, Manulife Financial, Power Corporation, Quantum Valley Investments


Hixme(2013, Agoura Hills)

Health benefits where employer establishes cost and employee chooses the planKPCB, Transamerica Ventures, Rosemark, Propel Venture Partners


51Shebao(2007, Beijing)

Insurance and benefits services platform for enterprisesCBC Capital, Zhubajie, Plum Ventures Benefits and Insurance $14M

Lumity(2014, San Mateo)

Platform for employers to optimize health plans and benefits decisions for employees.True Ventures, Rock Health, S23P, Social Capital


Internet-first

Insurers > Enablers



Bloom Health(2009, Minneapolis)

Employee insurance management platformSandbox Industries, BCBSVP Benefits and Insurance $12.5M

BeneStream(2011, New York City)

Medicaid migration platformKapor Capital, BCBSVP, ARC Angel Fund NYC, Serious Change, Ford Foundation, TSEF.com, The Social Entrepreneurs Fund


SmartHR(2015, Tokyo)

Benefits ManagementDG Incubation, Open Network Lab, East Ventures, World Innovation Lab, 500 Startups Japan, Beenext


Zane Benefits(2006, Salt Lake City)

Employer insurance for SMBsKickstart Seed Fund, Royal Street Benefits and Insurance $4.8M

Allay(2014, San Francisco)

HRMS for SMBs500 Startups, AngelPad, Sandbox Industries, Silicon Badia, BCBSVP, Arnold Capital, Insure.VC


Renew(2016, San Francisco)

Retirement benefits solution providerExpa, Venrock, Madrona Venture Group, Refactor Capital Benefits and Insurance $3M

Benefitter(2012, San Francisco)

SaaS-based employee benefit management toolsRock Health, Asset Management Ventures, Asset Management Partners Benefits and Insurance $2.8M

EaseCentral(2012, San Francisco)

Platform for recruitment brokers to manage employee benefits and on-boardingMetamorphic Ventures, Transmedia Capital, Deep Fork Capital, Freestyle Capital, Upside Partnership


Internet-first

Insurers > Enablers


Employer Insurance (4/7)

Internet-first

Insurers > Enablers



Internet-first

Insurers > Enablers


Enablers (1/68)Company Overview Business Model Total Funding

eSecuritel(2001, Alpharetta)

Insurance for wireless devicesMainsail Partners

Enservio(2004, Needham)

Contents claims managementBain Capital Ventures, Matrix Partners, Bain Capital

Back-end Solutions > Claims Management

$16.1M

ClaimKit(2011, Overland Park)

Providing software for claim management to InsurersMid America Angels, Seed Step Angels, Women's Capital Connection, Flyover Capital


$3.3M

ClearRisk(2006, St. Johns)

Web-based Risk management solutions for insurance industries & SMEsBDC Capital, GrowthWorks, First Angel Network


$1.7M

Claim(2009, Tumwater)

Claim maps provides visual maps to have insights from claims dataAlliance of Angels


$694k

ClaimCatcher(2012, )

Cross-claims data exchange platform shared by P&C insurers and health payers


$500k

eClaims Workflow(2012, Toronto)

Claims management software for vendors and insurersBack-end Solutions > Claims Management

Claimbot(2016, Austin)

Chatbot for claim managementBack-end Solutions > Claims Management

Employer

Insurance >

Distribution

Platforms



VIP Software(2006, Tampa)

Software solutions for claim and document management Back-end Solutions > Claims Management

Claimstr(2014, Dublin)

SaaS-based claim management and fraud detection software.Back-end Solutions > Claims Management

Karma Software(2014, Brindisi)

Claim management software solutions for insurance industryBack-end Solutions > Claims Management

InsuBiz(2006, Edinburgh)

Claims and Risk management solution for insurance companiesBack-end Solutions > Claims Management

Paul Pui Insurance(2015, Shanghai)

Cloud based insurance claims software providerBack-end Solutions > Claims Management

RateFast(2013, Santa Rosa)

Software for managing workers' compensation claimsBack-end Solutions > Claims Management

ClaimLogik(2011, Melbourne)

Cloud based claim management platform for Insurance industryBack-end Solutions > Claims Management

Claimbase(, London)

Claims management software for the Insurance marketsBack-end Solutions > Claims Management

Employer

Insurance >

Distribution

Platforms



Claims Software(2012, Los Angeles)

Cloud-based software for claims management Back-end Solutions > Claims Management

DropIn(2015, Los Angeles)

On-Demand video platform for Insurance adjustersBack-end Solutions > Claims Management

Virtual Claims Adjuster(2004, Mississauga)

Claims management software providerBack-end Solutions > Claims Management

Symbility Solutions(2002, Toronto)

cloud-based and mobile-enabled software for Claims managementBack-end Solutions > Claims Management

n2uitive(2006, Seattle)

SaaS Software and Analytics provider for Insurance Claims AdjustersBack-end Solutions > Claims Management

General Claims(2015, Sao Paulo)

Providing solution for claims management for insurance industryBack-end Solutions > Claims Management

Scopious(2014, Augusta)

Easing claims verificationBack-end Solutions > Claims Management

ClaimMate(2015, Chicago)

Claims management solutionsBack-end Solutions > Claims Management

Employer

Insurance >

Distribution

Platforms


Enablers (4/68)

Employer

Insurance >

Distribution

Platforms


Enablers (5/68)

Employer

Insurance >

Distribution

Platforms


Enablers (6/68)

Employer

Insurance >

Distribution

Platforms


Enablers (7/68)

Employer

Insurance >

Distribution

Platforms


Enablers (8/68)

Employer

Insurance >

Distribution

Platforms


Enablers (9/68)

Employer

Insurance >

Distribution

Platforms


Enablers (10/68)

Employer

Insurance >

Distribution

Platforms


Enablers (11/68)

Employer

Insurance >

Distribution

Platforms


Enablers (12/68)

Employer

Insurance >

Distribution

Platforms


Enablers (13/68)

Employer

Insurance >

Distribution

Platforms


Enablers (14/68)

Employer

Insurance >

Distribution

Platforms


Enablers (15/68)

Employer

Insurance >

Distribution

Platforms


Enablers (16/68)

Employer

Insurance >

Distribution

Platforms


Enablers (17/68)

Employer

Insurance >

Distribution

Platforms


Enablers (18/68)

Employer

Insurance >

Distribution

Platforms


Enablers (19/68)

Employer

Insurance >

Distribution

Platforms


Enablers (20/68)

Employer

Insurance >

Distribution

Platforms


Enablers (21/68)

Employer

Insurance >

Distribution

Platforms


Enablers (22/68)

Employer

Insurance >

Distribution

Platforms


Enablers (23/68)

Employer

Insurance >

Distribution

Platforms


Enablers (24/68)

Employer

Insurance >

Distribution

Platforms


Enablers (25/68)

Employer

Insurance >

Distribution

Platforms


Enablers (26/68)

Employer

Insurance >

Distribution

Platforms


Enablers (27/68)

Employer

Insurance >

Distribution

Platforms


Enablers (28/68)

Employer

Insurance >

Distribution

Platforms


Enablers (29/68)

Employer

Insurance >

Distribution

Platforms


Enablers (30/68)

Employer

Insurance >

Distribution

Platforms


Enablers (31/68)

Employer

Insurance >

Distribution

Platforms


Enablers (32/68)

Employer

Insurance >

Distribution

Platforms


Enablers (33/68)

Employer

Insurance >

Distribution

Platforms


Enablers (34/68)

Employer

Insurance >

Distribution

Platforms


Enablers (35/68)

Employer

Insurance >

Distribution

Platforms


Enablers (36/68)

Employer

Insurance >

Distribution

Platforms


Enablers (37/68)

Employer

Insurance >

Distribution

Platforms


Enablers (38/68)

Employer

Insurance >

Distribution

Platforms


Enablers (39/68)

Employer

Insurance >

Distribution

Platforms


Enablers (40/68)

Employer

Insurance >

Distribution

Platforms


Enablers (41/68)

Employer

Insurance >

Distribution

Platforms


Enablers (42/68)

Employer

Insurance >

Distribution

Platforms


Enablers (43/68)

Employer

Insurance >

Distribution

Platforms


Enablers (44/68)

Employer

Insurance >

Distribution

Platforms


Enablers (45/68)

Employer

Insurance >

Distribution

Platforms


Enablers (46/68)

Employer

Insurance >

Distribution

Platforms


Enablers (47/68)

Employer

Insurance >

Distribution

Platforms


Enablers (48/68)

Employer

Insurance >

Distribution

Platforms


Enablers (49/68)

Employer

Insurance >

Distribution

Platforms


Enablers (50/68)

Employer

Insurance >

Distribution

Platforms


Enablers (51/68)

Employer

Insurance >

Distribution

Platforms


Enablers (52/68)

Employer

Insurance >

Distribution

Platforms


Enablers (53/68)

Employer

Insurance >

Distribution

Platforms


Enablers (54/68)

Employer

Insurance >

Distribution

Platforms


Enablers (55/68)

Employer

Insurance >

Distribution

Platforms


Enablers (56/68)

Employer

Insurance >

Distribution

Platforms


Enablers (57/68)

Employer

Insurance >

Distribution

Platforms


Enablers (58/68)

Employer

Insurance >

Distribution

Platforms


Enablers (59/68)

Employer

Insurance >

Distribution

Platforms


Enablers (60/68)

Employer

Insurance >

Distribution

Platforms


Enablers (61/68)

Employer

Insurance >

Distribution

Platforms


Enablers (62/68)

Employer

Insurance >

Distribution

Platforms


Enablers (63/68)

Employer

Insurance >

Distribution

Platforms


Enablers (64/68)

Employer

Insurance >

Distribution

Platforms


Enablers (65/68)

Employer

Insurance >

Distribution

Platforms


Enablers (66/68)

Employer

Insurance >

Distribution

Platforms


Enablers (67/68)

Employer

Insurance >

Distribution

Platforms


Enablers (68/68)

Employer

Insurance >

Distribution

Platforms


Distribution Platforms (1/66)Company Overview Business Model Total Funding

Insureon(1997, Chicago)

Online business insurance aggregatorAccretive, Oak HC/FT Commercial $31M

Embroker(2015, San Francisco)

Providing insurance platform for small and mid-sized businessesCanaan Partners, 500 Startups, Silicon Valley Bank, Bee Partners, Nyca Partners, FinTech Collective, XL Innovate

Commercial $14.4M

Next Insurance(2016, Kfar Saba)

Portal for Small businesses to find Insurance productsRibbit Capital, TLV Partners Commercial $13M

Finanzchef24(2012, Munich)

Online commercial insurance broker for small and mid-sized businessesTarget Partners, HW Capital GmbH, GRENKE BANK Commercial $12.57M

Coverwallet(2015, New York City)

Insurance for small businessesIndex Ventures, Highland Capital Partners, Founder Collective, Union Square Ventures, Two Sigma Ventures

Commercial $9.8M

Insgeek(2014, Beijing)

Platform for SMEs to buy and provide insurance to its employeesLegend Star, Fosun Kinzon Capital, Tusstar Commercial $7.24M

Buildbunker(2015, San Francisco)

Insurance for small business and freelancerComcast Ventures, Route 66 Ventures, American Family Ventures Commercial $2M

Meteo Protect(2011, Paris)

Weather risk management solution providerKeiretsu Forum Commercial $1.5m

Enablers > P2P Insurance



Zensurance(2016, Toronto)

Small Business Insurance providerThe Next Big Idea Contest, Ferst Capital Commercial $1M

Jubao56(2015, Wuhan)

Online insurance platform for logisticsDL Capitals Angel Fund Commercial $650K

Energetic Insurance(2016, Boston)

Data-driven Insurance product for commercial solar financingCommercial

Quote Dave(2015, Southport)

Insurance quoting platform for SMBsCommercial

Crossbordr(2016, Miami)

Commercial insurance broker platformCommercial

BizCover(2008, Surry Hills)

Quote comparison platform for business insuranceCommercial

AUZi(2007, Brisbane)

Insurance quotes for professional indemnity and public liabilityCommercial

SmallBusinessQuote(2016, Massachusetts)

Business Insurance Quote providerCommercial




TechFold(2012, Stoke-on-trent)

Van insurance comparison platformCommercial

Unbrokerage(2016, Atlanta)

Insurance platform for Small BusinessCommercial

Liimex(2016, Frankfurt Am Main)

Business Insurance providerCommercial

CoverBoss(2016, Scottsdale)

Insurance Platform for commercial businessCommercial

Inshur(2016, New York City)

Mobile based digital platform to buy TNC InsuranceCommercial

SeguroAP(2016, Mendoza)

Online platform providing personal accident insurance for businessCommercial

+Simple.fr(2015, Paris)

Insurance broker for small businessesCommercial

Trym(2016, Phoenix)

Insurance platform for small business500 Startups Commercial



Distribution Platforms (4/66)



P2P Insurance (1/8)Company Overview Business Model Total Funding

Zero(2015, Easton)

P2P business insurance platformCommercial

Riskbazaar(2015, San Francisco)

Peer-to-peer marketplace for risk contracts on the blockchainCommercial

Gather(2014, Boston)

Helping small business insure through captive insuranceCommercial

Shuidihuzhu(2016, Beijing)

P2P insurance platformIDG Capital Partners, ZhenFund, Tencent, Meituan, Banyan Capital Health $7.7M

Yiqihuzhu(2016, Hangzhou)

Online P2P insurance platformMorningside Ventures, Matrix Partners China, Morningside Ventures, YI Capital

Health $4.49M

Baobaoji(2014, Shanghai)

Online P2P insurance platformShanshan Group Health $1.5M

Banmahz(2015, Beijing)

P2P insurance platformPeakValley Capital, Taoshicapital Health $763K

Yitongbx(2016, Beijing)

P2P healthcare insurance platformSkychee ventures Health $450K

Distribution

Platforms >

Claims

Management &

Resolution



RenRenHuzhu(2016, Beijing)

Mutual P2P insurance platform91JinRong Health

Tribe Cover(2016, Athlone)

P2P Insurance platform in stealth mode.Health

Mayihubao(2014, Shanghai)

P2P insurance platformHealth

Friendsurance(2010, Berlin)

online peer-to-peer insuranceHorizons Ventures, e.ventures, German Startups Group, Infinity Ventures, Vantage Investment Advisory Limited

Horizontal $15.3M

TongJuBao(2014, Shanghai)

Peer 2 Peer Risk SharingSOSV Horizontal $13M

Huddle Money(2016, Sydney)

P2P platform for financial products.Horizontal $6M

Fair(2016, Helsinki)

Mobile based P2P insurance platformHorizontal

Be Sure(, )

P2P insurance platformHorizontal

Distribution

Platforms >

Claims

Management &

Resolution



Winpeer(2016, )

P2P insurance platformHorizontal

Prince(2016, Kew)

P2P Insurance platformHorizontal

PeersMutual Protection(2015, Beijing)

P2P Insurance platform in stealth modeHorizontal

Wekeep(2015, Paris)

P2P Insurance platform based on blockchainHorizontal

KarmaCoverage(2014, Orlando)

P2P Insurance coverage platformHorizontal

BITPARK(2016, Tokyo)

P2P Insurance platform in cryptocurrencyHorizontal

Shacom(2000, Taipei)

P2P lending and mutual insurance solutions providerHorizontal

Otherwise(2015, Paris)

P2P Insurance brokerHorizontal

Distribution

Platforms >

Claims

Management &

Resolution


P2P Insurance (4/8)

Distribution

Platforms >

Claims

Management &

Resolution


P2P Insurance (5/8)

Distribution

Platforms >

Claims

Management &

Resolution


P2P Insurance (6/8)

Distribution

Platforms >

Claims

Management &

Resolution


P2P Insurance (7/8)

Distribution

Platforms >

Claims

Management &

Resolution


P2P Insurance (8/8)

Distribution

Platforms >

Claims

Management &

Resolution


Claims Management & Resolution (1/3)Company Overview Business Model Total Funding

SafeStuff(2015, Stockholm)

A digital platform to estimate value of stuff and handle claims

Bauxy(2014, San Francisco)

claims reimbursement for eyecareHealth $2.55M

Dispute Bills(2015, Chicago)

Medical bills claim management for consumersHealth $400k

MedClaims(2009, Philadelphia)

Claims management for consumersHealth $400k

Peifubao(2014, Shanghai)

Health insurance claim handling platformHealth

InterRisk Solutions(2009, Birkenhead)

Providing a personal injury claim processNorth West Fund Health

InterResolve(2004, Leeds)

Car accident personal injury claim managementBalderton Capital Health

Benefit Defender(2014, Springfield)

Claim reimbursement assistant for customersHealth

P2P Insurance > Content


Claims Management & Resolution (2/3)



Claims Management & Resolution (3/3)



Content (1/3)Company Overview Business Model Total Funding

Clearsurance(2015, Newburyport)

An insurance rating platform$2M

Insurr(2016, Toronto)

Information platform for brokers

Agent Ave(2014, Twin City)

Platform that manages insurers carrier data for insurance agents

Bidbarg(2014, Tehran)

Content platform for insurance

Insquirer(2016, New York City)

Platform providing knowledge on business insurance

Coverager(2016, Chicago)

Information portal for Insurance industry

Malaysia Insurance Information

(2016, Petaling Jaya)

Information platform for life and general insurance

ValChoice(2013, Boston)

Insurance platform to measure and grade insurance companies

Claims

Management &

Resolution

>Insurance

Repository


Content (2/3)

Claims

Management &

Resolution

>Insurance

Repository


Content (3/3)

Claims

Management &

Resolution

>Insurance

Repository


Insurance Repository

Content


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Q&A with Industry Experts

Team

236

236


Team

237

Tarun Bansal

Lead Analyst Fintech

https://www.linkedin.com/in/tarunbansal19https://twitter.com/tbansal19


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tracxn research - insurance tech landscape, february 2017

Data & Analytics