InsurTech Investment Updates Dec 2020

InsurTech Investment Trends
Dec 2020 Round-up
InsurTech State of Play
Winning Business Models
Growth Opportunities
By Sabine VanderLinden

InsurTech 2020 trends01
Where are investors placing their bets?02
Why is this important?03
Content
Top execution strategies04

4
$M InsurTech funding 2014-2020 USD
An estimated $7.3Bn were invested
across 326 funding rounds to date.
These represent 276 funded entities
between Jan 2020 and 28 Dec 2020.
140 new ventures were created in the
InsurTech space since the start of the
year with a focus on the agent channel,
health, travel, AI and lead generation.
This number is similar to the volume of
ventures created in 2009/ 2010.
There is certainly money being spent in
the sector. These are allocated to very
specific domain areas.
InsurTechs did receive investment funding over the past 12 months
© Alchemy Crew Ltd 2020. All rights reserved
Source: Data updated on 27 Dec 2020
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2014 2015 2016 2017 2018 2019 2020
$10Bn
$8.2Bn
InsurTech starts
$1.3Bn
$4Bn
$2.8Bn
$6.8Bn $7.3Bn

5
2018
304 InsurTechs received
investment. Renown raised
included Oscar, One Connect,
Root, Hippo. WeFox received
undisclosed round.
193 leading InsurTechs and 111
seed level ventures received
investment.
2019
included Friday, Go Bear,
Clover Health, Lemonade,
Collective Health, WeFox, Pie
Insurance.
investment.
2020
included Grab, Oscar, Hippo,
Pie Insurance, Ki Insurance,
PolicyGenius, Omnius.
investment.
What are the noticeable recent changes?
The most renown ventures received 95% of the funding while seed investment volumes remain similar to previous years.
Noticeable IPOs took place including Lemonade & Root. More acquisitions that took place in 2018 & 2019.

6
Remember: InsurTech is a small segment within FinTech
FinTech InsurTech
Funded
Ventures
Funding
14,500
70,000
$380bn
1,600 (11%)
4,800 (7%)
$45bn (12%)

7
NORTH
AMERICA
55%
1%
LATAM
23%
EUROPE
18%
ASIA
1%
OCEANIA
1%
AFRICA
Where was InsurTech investment taking place end 2019?
Source: Alchemy Crew analysis, 2019 Database sources review

8
NORTH
AMERICA
41%
3%
LATAM
30%
EUROPE
18%
ASIA
4%
OCEANIA
4%
AFRICA
Where is InsurTech investment taking place end Nov 2020?
Source: Alchemy Crew analysis, End 2020 Database sources review

9
NORTH
AMERICA
32%
4%
LATAM
30%
EUROPE
23%
ASIA
5%
OCEANIA
5%
AFRICA
Snapshot on the FinTech investment landscape
Source: Alchemy Crew analysis, FinTech Databases - Nov 2020

10
$7.3bn
276 venture funding
North
America
134
48.6%
Europe
68
24.6%
Asia
60
21.7%
Rest of the world
14 5.1%
Investment concluded between 1 January 2020 – 28 Dec 2020
Top 5 Investment Rounds within Top Three Markets
North America
§ Bright Health - Unicorn -> $500m, Sep 2020
§ Hippo - Unicorn -> $500m, Jul/Nov 2020
§ Oscar - Unicorn -> $365m, Jun/Dec 2020
§ Next Insurance - Unicorn -> $250m, Sep 2020
§ Pie Insurance -> $127m, May 2020
Europe
§ Ki Insurance, UK -> $500m, Sep 2020
§ Wefox, Germany - Unicorn -> $110m, Sep 2020
§ BIMA, Sweden -> $30m, Sep 2020
§ BoughtByMany, UK -> $98m, May 2020
§ Alan, France -> $55m, Apr 2020
Asia
§ Grab, Singapore - Decacorn -> $1bn, Feb/ Aug 2020
§ PolicyBazaar, India - Unicorn -> $48m, Jul 2020
§ Toss, South Korea - Unicorn -> $173m, Aug 2020
§ Shuidihuzhu, China -> $230m, Jul 2020
§ Digit Insurance, India -> $84m, Jan/Feb 2020
Pure Digital Players
Health & Benefits
Digitization & Telemetry
Cognitive Intelligence
Emerging Risks
Investments have gone towards mature ventures with proven business models
Business models
Source: Classification based on raises

Where are investors placing their bets?

12
Raised $10Bn, series H Raised $710m , series F
Ride-hailing platform which offers
card-linked wallet services such as
money transfers, online/in-store
payments, travel reservations, as
well as insurance too.
Modern homeowner policy that includes
services that matter for people such
as house cleaners, babysitters, water
backup, protection for the gas, water &
sewer connections
Ride-hailing delivery platform Online homeowner platform
For more information please check respective company websites
Pure Digital Players, with a focus on niche market segments1
10x
Raised $126m , series C
Provides personalized insurance &
services for a variety of pets
including rare species leveraging a
unique customer engagement &
personalized experiences.
Pet Insurance Platform

Oscar is one of the first InsurTechs that came to market in 2012. It
drove increased interest from underserved market participants when
it received investment funding from big players such as Goldman
Sachs and Alphabet.
Capabilities include:
§ Mobile first: makes it easy to manage a member’s health, find
great care, and see everything in one place. The user experience is
simplified and intuitive by limiting options. Pricing is made
transparent.
§ High touch servicing: includes telemedicine and personalized care
provided by a team of specialists. 3 concierges and one nurse are
allocated to each member to help answer questions and get a
complete picture of a member’s health.
§ Vertical integration: integrates with doctors and hospitals digitally
to optimise claims management. Also launched its own primary
care clinics.
§ Talk to a doctor: members can request a call from a doctor 24/7
and send pictures of symptoms. Doctors provide diagnoses and
recommendations live. Prescriptions are directly sent to the
pharmacy.
§ Stickiness through gamification services: gives members up to
$240/year when they hit step tracking goals, boosting the
company’s relationship with them and recurring engagement,
while simultaneously encouraging members to be more active.
Healthcare at the core
Direct-to-SME distribution
High touch monetized services
Collaborative ecosystems
Employs technology, design, and data to humanize health
care and put health at the centre of people’s wellness needs,
particularly for those who do not receive health care from an
employer. So key focused on SMEs/ SMBs.
As of January 2020, the venture had 400,000 members
generating $2Bn of revenues and announced a strategic
partnership with CIGNA.
Mission:Humanising healthcare
DomainArea:Internet-firstdigitalplatformintegrating keyhealthpartners
Founded:2012
Raised:$1.63Bn -SeriesD ->$365minvested in2020
Valuation:$3.2Bnest.
13

Home at the core
Direct-to-Consumer distribution
Mobile first & digitized engagement
Optimized claims processing & client servicing
Harness the power of behavioural economics and the essence of the
gig economy to design and deliver unique customer experiences
leveraging artificial intelligence as a core technology. Also facilitates
a digital, hassle free sign up process and the settlement of claims in
seconds rather than days to build trust and transparency within
insurance buyers while promoting social good. Premiums are
calculated for individual policyholders in real-time using credit history,
recent claims and unique geo-location information about the
property. Recently expanded into Pet Insurance. Focused on
becoming a force for good.
Now available in the USA, Holland, Germany and France.
Mission:InstantEverything.KillerPrices.Big Heart.
DomainArea:Internetfirstdigitised home &petinsurance
Founded:2015
Raised:$319M via IPO on2nd July–between$100&$120pershare today
Valuation:$6+Bn
Launched in 2015, Lemonade is now considered a disruptor within the renter &
pet insurance space leveraging customer-driven data, behavioural analytics
and emerging technologies to customise unique customer experiences.
§ Lemonade as a full insurance stack carrier: The founders of Lemonade knew
that this path was a risky approach due to the intertwined underlying
distribution framework insurance is built on. Their combined view was to
“start from scratch and be a fully-fledge carrier” from the beginning regardless
of market constraints. Lemonade quickly acquired 500k policyholders while
gaining capital to insure policies for $50Bn in insurance value.
Today in the US Lemonade owns 28% of the renter market. The business model is
targeted at The HENRYs – High Earners, Not Rich Yet. Now Lemonade can
cross-sell the Pet policy to its existing customer base while expanding in new
markets.
Core capabilities used by Lemonade include:
§ Communal sharing, trust and transparency: Lemonade’s designed model
was to re-established the basis of trust and transparency within the
insurance space. This is the reason why Lemonade linked peer risk
assessment, monetary claims payments and charity reward alignment.
§ Social good incentives: In order to re-engage users/ buyers with the true
core value of insurance, Lemonade believes that incentives that link values
& rewards are a key part of its value proposition.
§ Behavioural econometrics: The core team knew that it needed to leverage
artificial intelligence and behavioural user theories to reinvent the
relationship between the insurer and the buyer while capturing needs from a
user and customer psychological perspective.
§ Technology: The success of Lemonade’s business model depends heavily on
capital provision as well as accessing, leveraging and implementing the
latest emerging technologies to build a unique lens on customer behaviours,
their required engagement journeys and micro-services that marvel.
14
Congrats

Launched in 2015, Root uses telematics to record and
subsequently analyse driving behaviour to limit insurance risk and
reduce insurance premiums. Policyholders can save up to 20% on
the typical insurance policy through a direct-to-consumer model.
§ Usage based scoring and driving assessment: charges drivers
based on their actual driving rather than on the typical
statistical approach used in insurance including
demographics, credit score, driving history, location and age.
§ Gamified live estimates: drivers simply let Root watch how
they drive for a little bit and come up with a quote based on
that actual recent driving history.
§ Mobile first: no paperwork. Everything is on the phone. Data
is collected through a mobile device’s location tracking
features (accelerometer, gyroscope, global navigation
systems and compass) that are monitored through an App.
§ Persistence monitoring: enables Root to build a complete
profile of a user within two weeks and calculate personalized
insurance premiums based on driving habits through its
algorithm. The location tracking features can then be
disabled post assessment.
15
Motor telemetry at the core
Usage-based/ behavioural pricing
Mobile first engagement
Gamification services
Fuelled by the ubiquity of smartphones and the availability of
telematics devices, Root provides driver behaviour-linked
insurance nearly across the 50 United States.
The app has been downloaded over 1m times on Google Play
Store and ranks #35 in the finance category of the App Store.
Recently expanded into renter insurance
Mission:Reimagining the servicespeople need so thattheyserve thembetter
DomainArea:Internetfirstusage-based telematicsinsurance company
Founded:2015
Raised:$725M via IPO on28th October–between$15&$17pershare today
Valuation:$4.3+Bn
Congrats

Tech at the core
Broker channel enablement
Mobile first & digitized engagement
Optimized claims processing & client servicing
WeFox Group provides sales and management solutions for insurance
companies. It offers two platforms WeFox and One. The WeFox
platform features solutions for connecting insurance companies to
brokers that helps in managing & consulting customers digitally.
The platform generated $100m in revenues in 2020 and now has over
500,000 customers which makes in one of Europe’s leading
InsurTechs.
One is a platform for life & health insurance policies.
Mission:Enabling people to feelsafe
DomainArea:Digitalinsurance platformtargeting brokers,insurers,customers
Founded:2015
Raised:$357+M -seriesB
Valuation:$1.76Bnest.
Launched in 2015, Wefox is one of the few InsurTechs that dedicated its
attention to the broker channel to help the channel ensure that it takes
advantage of the digital economy too.
In 2020, its multi-tenet approach became key for it to scale and grow
revenues to $100m during the year.
§ New business acquisition focus: Sales & marketing focused
solutions. Digitizing the way insurance is bought, sold and
managed. Delivers a SaaS model for the platform.
§ Transparent digital platform: Digital insurance platform that
enables consumers, brokers, and insurance companies to transact
and manage their insurance products & services. Acts as a virtual
wallet for consumers to visualize and manage all of their private
insurance policies. Drive transparency among platform partners.
Two sided-business model:
§ Customer frictionless engagement: Provides its app to consumers for
free but charges a fee to independent agents, brokers, and insurance
companies. Independent agents and brokers are the company’s main
revenue source.
§ Broker & agents at the core: Optimises the broker experience. Gains
customers through its 1,500+ broker partners. Of the company’s
500,000+ customers, 80% came from brokers while 20% signed up
directly.
§ One: Key enabler. By adding more broker partners and customers to
the Wefox platform will help expose a greater user base to One’s life
and health insurance offerings, and vice versa.
16

17
Raised $193m, series C Raised $47m, series C
Provides digitized workers'
compensation insurance to SMEs/
SMBs. Use data analytics to
customize policies.
Provides and enables a low-cost
online platform that customizes
differential group insurance
advantages for SMEs.
Workers Compensation Marketplace Comparison Platform
More targeted small business and gig economy worker propositions2
Raised $631m, series D
Platform for the self-employed
professional such as carpenters,
contractors, cleaners, beauty salons
& low-touch integrated services.
SME insurance platform

18
Online platform targeted to the delivery driver working for gig
economy market players. Zego facilitates the purchase of on-demand
car, van, scooter and bike insurance. Users can get their vehicles
insured for the time they are delivering the goods. Zego offers
insurance on a per hour basis and starts its premium from £0.65 per
hour for the vehicle and the riders including Social, Domestic and
Pleasure as well as Hire and Reward insurance.
Mission:Building a world where insurance no longerlimitsourchoices
Industry:InternetFirstInsurTech&MobilityCompany
Founded:2016
Raise:$52M,seriesB
Acquired:Drivit
Launched in 2016 by two former Deliveroo directors, Zego has
become one of the most respected gig economy insurance
providers targeting anything on wheels across Europe at present.
§ Mobility focused the gig economy has brought about an interesting
set of challenges for drivers that must pay for expensive yearly
policies to participate to the gig economy.
§ Tailored and flexible policies were created to suit the drivers’ and
riders’ needs, giving them the same flexibility that one gets from using
services from home to work.
§ Digital first policy means that the policy is short, completely paperless
and available through mobile devices.
§ On-Demand enables no high upfront or fixed insurance costs. The
product is designed to enable the customer to truly gain flexible
coverage during their working hours.
§ Rich integrated partner list enables Zego to become the company of
choice for many drivers and riders through integrated APIs.
Gig worker at the core
Direct-to-SME distribution
High touch digitized services
Collaborative ecosystems

Tapoly provides an end to end software as a service solution
connecting insurers with their distribution partners, and a
seamless API integration with direct channels. On-demand
insurance platform offering a full stack of commercial liability
products for SMEs and freelancers in the UK.
In 2020, Tapoly moved into insurance malpractice.
Mission: Enable on-demand insurance forSMEsand freelancersaround the world
DomainArea: InsurTechforthe gig economy
Founded:2016
License:MGA/CoverholderofLloyd’sofLondon
Raised: $1M-seed
In 2016, Tapoly creates a new class of business, “On demand insurance” for
the Gig Economy and the Sharing Economy, moving away from annual
policies to an instant, flexible, personalized, contract-based pricing model.
Usage-based: Flexible/ contract-based offers with granular pricing by the
hour, day, yearly, or anything in between.
Omni-channel: The platform can handle multiple product offerings, in
different countries and across various channels.
End-to-End: A complete fulfilment platform which includes rating, quoting,
binding, billing, policy changes/administration, payment, FNOL claims
processing, and real-time reporting. AI enabled to ease pricing,
underwriting, customer acquisition and servicing.
Customized workflow: Insurers can customize their products, pricing and
workflows with an easy and configurable interface.
19
MGA-led SME distribution
On-Demand insurance
Usage-based pricing
SaaS personalized engagement & services

20
Raised $41m, series B Raised $60m, series C Raised $10m, series A
insurance underwriting tools which
enables insurers to gather and
analyze data from billions of IoT
devices to predict future events.
AI-powered visual analysis &
inspection solutions for auto
insurance, preventative
maintenance and healthcare.
API-based insurance & payment
gateway for event management
firms that offers fraud & risk
management solutions.
Underwriting Analytics Claims Management Payment
Solutions able to digitize important parts of the insurance value chain3

21
Raised $140m, series C Raised $91m, series C Raised $6m, series A
Provides coverage for computer
replacement, lost business income,
breach response costs, etc.
Customizes cyber policies
based on the analysis of a
company digital risk footprint.
Uses artificial intelligence-
based analytics to provide
cyber underwriting models.
Cyber Insurance Platform Cyber Exposure Evaluation Cyber Underwriting
No surprise… Reducing cyber crime. remains top of mind4

22
Zeguro provides tailored cyber insurance and a virtual cybersecurity
officer for small to mid-sized enterprises. Zeguro’s unique approach
enables them to overcome the challenges faced by brokers and
carriers with distribution and pricing. Licensed as an insurance
producer currently in CA & NY, the company also operates its
commercial insurance agency and brokerage business as Zeguro
Insurance Services across the majority of US states.
Mission:Protectsmallbusinessesfromcybersecuritythreats
DomainArea:Digitalcybersecurityand analytics
Founded:2017
Raised:£5M -seed
Zeguro’s Cyber Risk Prevention & Mitigation platform provides training,
monitoring, compliance and cyber insurance policies tailored to their
client's unique risk profiles. It has also recently developed end to end
insurance policy quotes for SMEs in minutes across all 50 US states.
Some of Zeguro’s partnerships and key highlights include:
▪ Partnership with Allianz’s specialist corporate insurer, Allianz Global
Corporate & Specialty, in which Zeguro acts as a virtual chief
information security officer (CISO) to those who purchase Allianz’s
cyber insurance coverage to further manage their cyber exposure
and decrease the overall risk of financial loss following a cyber
attack.
▪ Partnership with QBE Insurance Group to create an insurance
product that is designed specifically for small to medium
enterprises. This will allow SME customers to take control and have
oversight of their cyber exposure through an interface that
automates cybersecurity processes.
▪ Partnership with HSB, a leading specialist insurer part of the Munich
Re Group, provides capacity to support Zeguro’s cyber insurance
products for SMEs. Businesses can buy insurance tailored to them in
a few clicks from within the platform.
Broker-to-SME distribution
Tailored cyber-risk prevention
Digital cyber-risk mitigation platform
Works with key ecosystem partnerships

23
Raised $23m, series A Raised $31m+ , series B Raised $8m, seed
Provides AI-based handwriting
recognition technology able to
digitize & process claims as well
as series of policy documents.
Utilizes geospatial imagery, computer
vision, and machine learning to
instantly and automatically extract
proprietary property data.
Provides an AI talkbot platform that
allows users to records voice
conversations with text translations
and interacts with real humans.
Cognitive Automation Cognitive Analytics Cognitive Engagement
Cognitive intelligence supports a range of operational activities5

2 4IN V E ST M E N T O VE RVIE W - M A RCH 2 0 2 0
Credit building tool and an alternative to tenancy
deposits for renters which is developing an
ecosystem of financial wellness for Renters
§ Rental market is huge, fragmented and not fit to
serve the financial needs of 21st-century Renters
§ Leverages Open Banking data & APIs at its core
§ The platform gateway also called “Canopy
RentPassport” connects with a rental household at
the point of moving and then living in a rental
property
The mission is to power financial resilience for
Renters around the world with a goal of reducing
household costs for millions of rental households
Date: 1 July 2020
Raise: $2.5m seed -> $12.5m
24© Alchemy Crew Ltd 2020. All rights reserved

Digital Transformation
Also called Dx is the adoption of digital technology to transform services or businesses
by replacing non-digital or manual processes with digital processes replacing older
technologies with newer/ emerging digital technologies.
Digital transformation enables a business to move from simple automation,
simplification and efficiency savings to new types of innovation to drive growth.
Definition

Digital Transformation
Dx requires the integration of digital technology into all areas of a business,
fundamentally changing how on organization operate and deliver value to customers.
Dx does not only impact internal functions and processes, it also impacts the design of
business models and demands new mindsets and a cultural change. The process of
transformation requires organizations to continually challenge the status quo, use
experimentation techniques, and get comfortable with failure.
Requirements

Purpose:BecomeTheInclusiveFinancialServicesTechAggregator
Ambition:Bringtotheworldequalopportunities
Founded:2014,originatingfromAlipay
Revenues: $17Bn(2019)->43%fromdigitalpayment&merchantservices
MarketCap:$250Bn-$300Bn (Oct2020)
Aimingtoraise$34BnthroughIPO
Tech enabled-online supermarket of financial offerings.
FinTech unicorn and major financial player within the Chinese
FinTech scene which effectively established an ecosystem
centred around Internet finance with 1.3 billion active users.
Clear focused on the underserved market segments for payment,
wealth management, financing, and credit.
SME services: Zhimab Credit for credit scoring, Alipay for mobile and
online payment, Yu’e Bao for money market funds, Mybank for digital-
only banking, Ant Forest for carbon footprint management, Ant Cloud, a
cloud data management platform
Financial Inclusion
Case study

Lend
Borrow
Pay
SMEs
Consumers
uses rich sources of data to define its customers buying worthiness through a trust score. It has become
part of the fabric of the Chinese financial systems through its technology platform which allow users to
pay, lend and borrow. ½ half 2020, 63% of its revenues are generated from fees & commissions.
Pay: People pay using
Alipay or WeChat for
their purchase which
do not charge any
transaction fees for
the service.
Lend: Individuals can
then ask for small loans
directly from the Alipay
platform (based on the
trust score) for which it
charges a small fee.
Borrow: Money within
an Alipay account can
then be used to invest
(via Yu’e Boo) for which
the group earns a small
commission.
Financial Inclusion

Core capabilities include mobile wallet Alipay used as a hook into a broader financial services
ecosystem, where financial institutions are charged tech & service fees with high margins.
Mobile First: The “3-1-0 lending approach” enables SME borrowers to complete their online loan applications
in 3 minutes, obtain approval in 1 second with 0 human touch.
Data & AI-driven: Developed sophisticated machine learning algorithms that allow third parties to connect to
Ant’s databases and provide credit checking to their customers.
Multifaceted credit ranking algorithm for SMEs and individual consumers allows the use of credit history,
behavior & preference, fulfillment capacity, identity characteristics and social relationships to create a score
between 350–950 that provides SMEs & individuals access to benefits such as lending or free car rentals.
Free of charge ecosystem tools for SMEs: Parent company Alipay will provide small & micro enterprise (SME)
owners with digital tools that are free of charge, helping them save at least 50 billion yuan ($7.3 billion) in
operating expenses over the next three years.
Partnerships & APIs: Partnerships with local Chinese regional banks such as MyBank CNY which allows them
to lend to Chinese SMEs at competitive rates (6-16%) as opposed to brick-and-mortar banks (20-40%) and
informal lenders (100%) through use of their APIs.
Financial Inclusion

Insurers are making investments in emerging technologies1
1
5
2 3 4
6 7
Big Data IoT Cloud Mobile
AI Blockchain 5G

Significant funding has already been allocated to those 7 practices2
1
2
3
4
5
6
7
Big Data
IoT
Cloud
Mobile
AI
Blockchain
5G
1,100 ventures – Investment $28Bn
600 ventures – Investment $57Bn
200 ventures – Investment $6Bn
§ Palantir – Decision making analytics – $3Bn
§ DataRobot – ML automation – $702m
§ Ligado – Satellite connectivity – $4.3Bn
§ Landis + Gyr – Smart meters – $1.03Bn
§ Improbable – Video gaming simulation – $789m
§ SoftLayer – hosting services – $764m
§ Bytedance – Mobile app developer – $3Bn
§ Snapchat – Multimedia messaging – $2.6Bn
§ Didi – Ride-hailing – $20.5Bn
§ Cruise – Autonomous driving – $7.3Bn
§ SoFi – P2P platform for customer loans – $2.7Bn
§ Robinhood – Trading platform – $2.4Bn
§ Altiostar – Enterprise virtualization – $317m
§ Silver Peak – SD-WAN solutions provider – $251Bn
Note: Analysis based on 1.2 million ventures that raised $1.5 Trillion in 2019

34
102 investments
167 acquisitions
146 investments
17 acquisitions
Bakkt: Bitcoin trading platform
Realty Mogul: Online crowdfunding
Zignals: Real-time market alerts
Facebook: Social networking site
Uber/Grab: Ride hailing platform
Strides Software: Streamline the
donation, collection, tracking
Aorato: Directory protection
BlueTalon: Controlled access
Adallom: Cloud security
Hexadite: Automated cyber
incidence
68 investments
77 acquisitions
Deliveroo: Online ordering platform
Acko: Tech-led auto insurance
BankBazaar: Distribution platform
ToneTag: Contactless payment
Paypal Credit: Financing options
Wisdo: Wisdom App for patients &
caregivers
Gojek: Bike-taxi aggregator
Behavox: Employee surveillance
Oscar: Healthcare insurance
23andme: Gene indexing service
RedCarpetUp: Financing platform
Vittana: Microfinance Lender
Payfort: Payment gateway
TextPayMe: SMS based payment
service
Emvantage: Online payment gateway
InIt: SaaS for customs filing
103 investments
233 acquisitions
Fitbit: Personal tracker
Deep mind: Deep learning
Nest: Home monitoring
Waze: Social driving & navigation
InvestmentsAcquisitions
Paytm: Mobile payment platform
Baiwang: Invoice management
Aqumon: Robo-advisory tool
Ant Financial: Internet finance
ZongAn: Digital Insurance
Groupon: Daily deals website
Trendyol: Online retailer
Lazada: Online marketplace
Daraz: Online marketplace
Ververica: Data streaming analytics
Aslan: online airfare booking platform
Very few are following the path of BigTech players3
Note: Analysis – May 2020

4
1
2
3
4
5
6
Personalization
Circular
Economy
Asset Sharing
Usage-based
Collaborative
Ecosystems
Agile design
Some companies are tailoring, and hyper-
personalizing offers to meet the needs of
the emerging customer using digitization
& friction-free engagement methods.
Some companies only charge a customer
when a product or service is being used,
rather than asking for upfront payment. A
great model to build market share models.
Some companies are moving away from
linear consumption models to embrace
circular model focused on re-use, re-sell
and recycle of core products and assets.
Some companies focus on developing
differentiated ecosystems where risk is split
among business partners while growth
aligned with core competences.
Some companies recognize the power of
asset efficiencies through the sharing of
key assets (e.g. fleet, home, drills, etc.)
through two-sided online marketplaces.
Some companies build capabilities to ease
the fast & swift adaptation to new market
dynamics. This requires cultural & mindset
shifts where the market needs it most.
Insurers must combine key technologies into unique capabilities

36
Understand market & tech drivers
Focus on the customer
Refine your customer journeys
Validate through experiments
Don’t try to do everything, but invest in talent
Partner, invest, acquire…
Start with strategy
Evaluate emerging business models
5 Success requires a new lens on transformative execution

Sabine is a respected influencer. With over 30,000 followers across channels she engages
with her Influencer friends to make a difference within the insurance sector. She has built
a 20,000 newsletter list and 1,000 of insurers from across the globe attended her
Startupbootcamp InsurTech Investor Days aver a 5 year-period.
Sabine is also one of the co-founder, CEO and Managing Partner of Alchemy Crew a
venture validation lab using open innovation, ecosystem thinking and parallel
experimentation techniques to accelerate the identification, validation and
commercialization of new world products and services supported by game changing
business models.
Sabine was the CEO & co-founder of Startupbootcamp InsurTech (UK) & Hartford’s
InsurTech Hub Accelerator (Hartford, CT, USA) where she worked with over 30 corporate
insurers, accelerated in 70+ startup ventures, helping them raise over $100m in funding.
She has an observatory seat in each venture and sits as a board member on a few of
these.
She is a pioneer in building innovation ecosystems, a board member, a co-editor of
bestseller The INSURTECH Book, a multi-award winner and a top #50InsurTech Influencer.
About Sabine:

38
Thank you
If you want to access our future lens research work on business
model reinvention within finance & insurance:
Register to our newsletter on alchemycrew.com
… or reach out to me or my team on:
Linkedin: sabinevanderlinden
Twitter: @SabineVdL
Email: hello@alchemycrew.com

InsurTech Investment Updates Dec 2020

InsurTech Investment Updates Dec 2020

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