Tracxn - Insurance Tech Startup Landscape

Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Insurance Tech - Jan 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on January 2, 2018.
Insurance Tech Feed Summary
4
Insurance Tech > Feed Summary
Internet first companies that provides insurance or enables insurance companies
• Inclusions: Includes Internet first Insurers, distribution
platforms, P2P insurance platforms, companies that
enable insurance players in terms of software solutions
and data.
• Exclusions: Does not include traditional and offline
insurance providers
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$7.7B
Funding
37
Mega
Companies
6071876
FundedCovered on
Tracxn
7
Unicorns
33
Soonicorns
77
Minicorns
21
IPO’d Cos
245
Late Stage Cos
69
18
Acquisitions
51
DeadPooled
115
Acquihired
Series A+ Cos
Applied Systems
(1980, University Park, Acq)
Oscar
(2012, New York City, $728M)
Clover Health
(2014, San Francisco, $425M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Insurance Tech
5
$400M - PE
Oscar (2012, New York City, $728M)
$120M - Series C
Lemonade (2015, New York City, $180M)
$160M - Series C
Clover Health (2014, San Francisco, $425M)
$90M - Series C
Gusto (2011, San Francisco, $176M)
$160M - Series B
Bright Health (2015, Minneapolis, $240M)
$80M - Series A
$153M - Series D
Metromile (2011, San Francisco, $206M)
$76.6M - Series E
Policybazaar (2008, Gurgaon, $164M)
$130M - Series D
$62.6M - Series C
Tinubu (2000, Moulineaux, $84M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Insurance Tech > Feed Summary > Investment Trend Summary
Seed Y Combinator (#5), Compound (#4), FJ Labs (#4)
Series A/B
MassMutual Ventures (#6), Bessemer Venture Partners (#5),
Route 66 Ventures (#5)
Series C+ GV (#2), Sound Ventures (#2), Spark Capital (#2)
Incubators 500 Startups (#19) Techstars (#15) Speedinvest (#4)
Other Notable
Investors
Startupbootcamp (#25), Global Insurance Accelerator (#10), Plug
and Play Tech Center (#9)
Debt Investors
Silicon Valley Bank (#3), Western Technology Investment (#3),
BEST Funds (#1)
Most Active InvestorsRecent Investments
163
191
341
294
74
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 85 98 151 171 174 -
$281M
$637M
$1.7B
$1.9B $1.8B
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$6.1B
$705M
$332M
$122M
$104M
US
Europe
India
Israel
Canada
$ Funding

Summary of exit outlook in Insurance Tech
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
General Catalyst
Partners
3
Zenefits (2013, San Francisco, $584M)
Goldman Sachs 3
Benefitfocus (2000, Charleston)
Brainchild 3
Y Combinator 2
Founders Fund 2
Aug 2017 Simply Business Acq by Travelers for $490M
Nov 2016 SquareTrade Acq by Allstate for $1.4B
Feb 2015 Octo Telematics Acq by Renova for $555M
Sep 2014 TriZetto Acq by Cognizant for $2.7B
Aug 2014 Open GI Acq by Montagu Private Equity for $490M
Nov 2013
Applied Systems Acq by Hellman & Friedman for
$1.8B
Insurance Tech > Feed Summary > Exit Outlook Summary
Guidewire
Software
3
Cyence (Oct 2017, $275M), ISCS (Dec 2016, $160M), FirstBest
(Aug 2016)
CVC Capital
Partners
1 Bolt Solutions (Dec 2017)
Thoma Bravo 1 iPipeline (Aug 2015)
Hellman &
Friedman
1 Applied Systems (Nov 2013, $1.8B)
Montagu Private
Equity
1 Open GI (Aug 2014, $490M)
Recent IPOs Top Acquisitions
Connecture Dec 2014
Web based solutions for health insurers
IPO MCap: $173M Current MCap: $173M
Benefitfocus Sep 2013
Benefits technology provider
IPO MCap: - Current MCap: $840M
Tune Insurance Feb 2013
Online first insurer
IPO MCap: - Current MCap: -
Health Insurance Innovations Feb 2013
A short-term health insurance distributor…
InsWeb Insurance Nov 2016
Online insurance comparison and lead gene…
Bravura Solutions Nov 2016
Software solutions for life insurance and…
GoCompare Nov 2016
Price comparison website.
IPO MCap: - Current MCap: $7.3M
Majesco Jul 2015
IT Software and Services provider for Ins…

Claims Management & Resolution
Property & Casualty
Claim Di (2013, Bangkok, $2M)
Enablers
Data Providers
GreenRoad (2004, Holon, $81.5M)
Distribution Platforms
Property & Casualty
Goji (2007, Boston, $89.91M)
Back-end Solutions
iPipeline (1995, Exton, $104.49M)
$1.4B
$2B
$5.6M
Employer Insurance
Marketplace
Liazon (2007, Buffalo, $30.8M)
Benefits and Insurance
Zenefits (2013, San Francisco, $583.6M)
Reinsurance
QuanTemplate (2011, Gibraltar, $7.99M)
$1.7B
January 2018Tracxn BlueBox – Insurance Tech
1870+ companies in the sector, 370 funded in last 5 years, $3.4B invested in last 2 Years
Most Active Investors: Startupbootcamp, 500 Startups, Techstars, Global Insurance Accelerator, Plug
and Play Tech Center
Internet-first Insurers
Life & Health
Oscar (2012, New York City, $727.5M)
Property & Casualty
SquareTrade (1999, San Francisco, $247M)
$2.5B P2P Insurance
Friendsurance (2010, Berlin, $15.3M)
$31M
Commercial
Next Insurance (2016, Palo Alto, $48M)
Life & Health
GoHealth (2001, Chicago, $50M)
On-Demand Insurance
Trov (2012, Danville, $90M)
Insurance Tech > Feed Summary > BlueBox
Cumulative funding in the market
7

Key Sub Sectors in Insurance Tech Sector
Summary of Key Markets
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Distribution Platforms >
Horizontal 243 $183M 22
Enablers > Back-end Solutions >
Suite 154 $215M 19
Employer Insurance >
Benefits and Insurance 40 $424M 18
On-Demand Insurance 45 $132M 27
Internet-first Insurers > Personal > Life &
Health >
Health
12 $981M 13
Underwriting & Risk Management >
Cyber
39 $204M 17
Commercial 60 $109M 18
Sales & Distribution 109 $73.1M 19
Enablers > Data Providers >
Auto 67 $71.5M 14
Policy Administration 101 $66.1M 12
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Companies providing insurance to consumers and
businesses directly through online platforms
189 62 $2.5B
Enablers
Companies providing insurance companies with data
and software solutions
830 302 $2B
Employer Insurance
Companies providing employers solutions for
managing employee benefits, insurance
52 38 $1.7B
Companies providing a platform where consumer,
business can compare insurance quotes...
676 176 $1.4B
P2P Insurance
Companies providing insurance through peer to peer
model
61 13 $31M
Companies providing a platform to consumers for
claims management
24 10 $5.6M
Insurance Tech > Feed Summary > Summary of Key Markets
8

List of Notable Companies in Insurance Tech
Notable Companies in the Sector (1/2)
9
Note: *(Founded Year, Location, Total Funding)
Insurance Tech > Feed Summary > Notable Companies in the Sector
Public
Verisk Analytics
(1971, New York City)*
Guidewire Software
(2001, San Mateo)
Leonteq
(2007, Zurich)
Bravura Solutions
(2004, Edinburgh)
Health Insurance
Innovations
(2004, Tampa)
Connecture
(1997, Brookfield, $72.2M)
Symbility Solutions
(2004, Toronto)
InsWeb Insurance
(1995, Gold River, $30M)
InsPro Technologies
(1986, Crum Lynne, $3M)
Rexit
(1998, Petaling Jaya)
Public
Cover-More
(1986, Sydney)
Silverbridge
(1995, Pretoria)
Benefitfocus
(2000, Charleston)
Ebix
(1976, Atlanta)
GoCompare
(2006, Newport)
Innovation Group
(1999, Portsmouth)
Insplanet
(1999, Stockholm)
Majesco
(1982, Morristown)
Sapiens
(1982, Rehovot)
Solera
(2006, Dallas)
Public
Tune Insurance
(2012, Kuala Lumpur)
Acquired
TriZetto
(1997, Greenwood Village,
$10.5M)
Applied Systems
(1980, University Park)
SquareTrade
Octo Telematics
(2002, London)
Open GI
(1979, Worcester)
Simply Business
(2000, London)
MediConnect Global
(1996, South Jordan, $271k)
Cyence
(2014, San Mateo, $40M)
Liazon
(2007, Buffalo, $30.8M)
NetQuote
(2009, Denver)
Acquired
insuranceQuotes.com
(1976, Denver)
ISCS
(1994, San Jose)

List of Notable Companies in Insurance Tech
Notable Companies in the Sector (2/2)
10
Note: *(Founded Year, Location, Total Funding)
Insurance Tech > Feed Summary > Notable Companies in the Sector
Unicorns
Oscar
Zenefits
Clover Health
Gusto

List of Notable Companies by Market in Insurance Tech
Notable Companies by Market (1/9)
12
Insurance Tech > Feed Summary > Notable Companies by Market
Horizontal
Tune Insurance (2012, Kuala Lumpur)
Online first insurer
Stage: Public
Personal
Internet-first health insurance provider
Unicorn. Stage: Series B
Fidelity Investments, General Catalyst Partners,
Founders Fund and 22 Other Investors
Healthcare insurance for senior citizens
Unicorn. Stage: Series D
GV, Greenoaks, First Round Capital and 14 Other
Investors
SquareTrade (1999, San Francisco, $247M)
Product insurance provider for consumer
electronics
Unicorn. Stage: Acquired
Bain Capital Ventures, Weston Presidio, Draper
Richards and 7 Other Investors
Personal
Health insurance provider
Soonicorn. Stage: Series B
Greenspring Associates, Greycroft Partners,
Redpoint Ventures and 6 Other Investors
Usage based car insurance
Soonicorn. Stage: Series D
Intact Financial, Index Ventures, New Enterprise
Associates and 7 Other Investors
Online home and renters insurance provider
Soonicorn. Stage: Series C
GV, General Catalyst Partners, Sequoia Capital and
11 Other Investors

13
Personal
Bima (2010, Stockholm, $112M)
Provider of mobile-delivered insurance in emerging
markets
Allianz, Axiata, LeapFrog Investments and 3 Other
Investors
Employer Insurance
SaaS HR Platform for SMBs
Unicorn. Stage: Series C
Fidelity Investments, IVP, Founders Fund and 31
Other Investors
Cloud-based HRMS and payroll management
solution
General Catalyst Partners, Obvious Ventures,
CapitalG and 23 Other Investors
Namely (2012, New York City, $158M)
Cloud-based HR management tool
Altimeter Capital, Scale Venture Partners, Sequoia
Capital and 10 Other Investors
CollectiveHealth (2013, San Mateo, $119M)
Self-insurance SaaS platform for employers to
sponsor their employees
New Enterprise Associates, Founders Fund, RRE
Ventures and 9 Other Investors
Maestro Health (2013, Chicago, $59M)
Employee health and benefits service provider
Soonicorn. Stage: Funded
Oak HC/FT, SV Health Investors, Alta Partners
Maxwell Health (2012, Boston, $56.4M)
SaaS platform for benefits management and goals
based reward system
GuardianLife, Sun Life Financial, Adams Street
Partners and 16 Other Investors

14
Employer Insurance
Justworks (2012, New York City, $53M)
Online payroll and benefits platform
Redpoint Ventures, Bain Capital Ventures, Thrive
Benefitfocus (2000, Charleston)
Benefits technology provider
Stage: Public
Mercer LLC, i2E, Goldman Sachs and 3 Other
Investors
Marketplace
Connexions Asia (2013, Singapore, $33M)
Insurance and wellness marketplace for employees
B Capital Group, EDBI, NSI Ventures and 5 Other
Investors
Liazon (2007, Buffalo, $30.8M)
Benefits marketplace for employees
Stage: Acquired
Bessemer Venture Partners, Bain Capital Ventures,
Rand Capital and 6 Other Investors
Horizontal
Leading online insurance aggregator in India.
Soonicorn. Stage: Series E
True North Co, IDG Ventures India, Temasek and 10
Other Investors
FinanceFox (2014, Zurich, $33.5M)
Personal insurance advisor
Soonicorn. Stage: Series A
Horizons Ventures, Idinvest Partners, Speedinvest
and 5 Other Investors
InsWeb Insurance (1995, Gold River, $30M)
Online insurance comparison and lead generation
platform
Stage: Public
SoftBank Group
GoCompare (2006, Newport)
Price comparison website.
Stage: Public

15
Horizontal
Insplanet (1999, Stockholm)
Online insurance aggregator in Sweden
Stage: Public
insuranceQuotes.com (1976, Denver)
Insurance quote comparison platform
Stage: Acquired
NetQuote (2009, Denver)
Online insurance marketplace for Auto
Stage: Acquired
Stripes Group, Spectrum Equity, Red Badge
Property & Casualty
Goji (2007, Boston, $105M)
Auto insurance marketplace
Hudson Structured, Spark Capital, Thayer Street
Partners Management and 4 Other Investors
Insurance Zebra (2012, Austin, $61.5M)
Real-time car insurance comparison platform
Accel Partners, Silverton Partners, Daher Capital
CoverHound (2010, San Francisco, $53M)
Insurance marketplace for comparing and
purchasing insurance plans
ACE Group, RRE Ventures, Blumberg Capital and 7
Other Investors
Life & Health
Health I.Q. (2012, Mountain View, $81M)
Offers health quizzes to improve health
consciousness and provides life insurance quotes
using science and data
Andreessen Horowitz, Charles River Ventures, First
Round Capital and 6 Other Investors
GoHealth (2001, Chicago, $50M)
Price comparison and shopping portal for health
insurance
Norwest Equity Partners
Health Insurance Innovations (2004,
Tampa)
A short-term health insurance distributor
Stage: Public

16
Commercial
Insureon (1997, Chicago, $31M)
Online business insurance aggregator
Oak HC/FT, Accretive
Simply Business (2000, London)
Online insurance broker
Stage: Acquired
AnaCap Financial Partners
Travel
1Cover Travel Insurance (2003, Sydney)
Online travel insurance platform
Soonicorn. Stage: Unfunded
Cover-More (1986, Sydney)
Distribution platform for travel insurance
Stage: Public
On-Demand Insurance
On-demand insurance platform for personal items
Baloise, Oak HC/FT, Suncorp Group and 6 Other
Investors

17
Enablers
Data Providers
GreenRoad (2004, Holon, $81.5M)
OBD system for fleet management through
telematics
Soonicorn. Stage: Series G
Israel Growth Partners, Generation Investment
Management, Amadeus Capital and 6 Other
Investors
Zubie (2012, Charleston, $25.5M)
Plugin device to monitor vehicle data and usage
based Insurance
Melody, OpenAir Equity Partners, Castrol
InnoVentures and 4 Other Investors
Octo Telematics (2002, London)
Telematics solutions for Insurance market
Stage: Acquired
Pamplona Capital Management, Keensight Capital,
Amadeus Capital
Back-end Solutions
Vlocity (2014, San Francisco, $92.8M)
Omni-Channel cloud software for delivering
industry-specific experiences to customers.
Sutter Hill Ventures, Salesforce, Kennet Partners
BitSight Tech (2011, Cambridge, $90M)
Vulnerability Assessment using collective data
GGV Capital, Flybridge Capital Partners, Globespan
Capital Partners and 8 Other Investors
Cloud-based SaaS platform provider for credit
insurance
Bpifrance, FSI, Gimv
Back-end Solutions
H2O.ai (2011, Mountain View, $75M)
Provides an open source machine learning platform
NVIDIA, Wells Fargo, New York Life Insurance and
9 Other Investors
Connecture (1997, Brookfield, $72.2M)
Web based solutions for health insurers
Stage: Public
Francisco Partners, Chrysalis Ventures, Great Point
SecurityScorecard (2013, New York City,
$62.1M)
Scorecard based security awareness and risk level
intelligence of an enterprise
Nokia Growth Partners, Moody, AXA and 7 Other
Investors

18
Enablers
Back-end Solutions
Captricity (2011, Oakland, $49M)
Data from paper as a service for various industries
including Insurance
Social Capital, White Mountains, Accomplice and 2
Other Investors
Cyence (2014, San Mateo, $40M)
Platform that models cyber risks in financial and
economic terms
Soonicorn. Stage: Acquired
New Enterprise Associates, IVP, Dowling Capital
Premfina (2015, London, $36M)
Saas for Insurance finance
Fineqia, Draper Esprit, Rakuten and 5 Other
Investors
Back-end Solutions
Snapsheet (2010, Chicago, $35.6M)
Insurance claims solutions provider to insurance
players
Tola Capital, FPrime Capital Partners, IA Capital
Group and 8 Other Investors
Wefox (2014, Berlin, $33.5M)
Insurance policy management platform
Target Global, Horizons Ventures, Idinvest Partners
CyberGRX (2015, Denver, $29M)
Third-party cyber risk management platform
Bessemer Venture Partners, Allegis Capital, GV and
6 Other Investors
Back-end Solutions
TriZetto (1997, Greenwood Village, $10.5M)
Software solution for healthcare payers and
providers
HLM Venture Partners, Delphi Ventures, Eight
Roads Ventures and 1 Other Investors
InsPro Technologies (1986, Crum Lynne, $3M)
Insurance policy administration software for
insurers
Stage: Public
Agility Partners, Cross Atlantic Capital Partners
MediConnect Global (1996, South Jordan,
$271k)
Medical record and health information exchange for
insurers, law firms and health partners
Stage: Acquired
Signal Peak, Mercato Partners

19
Enablers
Back-end Solutions
Applied Systems (1980, University Park)
Software provider for Insurance Industry
JMI Management, Vista Equity Partners, The Carlyle
Group
Leonteq (2007, Zurich)
Products and Services provider for Structured
Products
Stage: Public
Rexit (1998, Petaling Jaya)
Software solutions for general insurance and
financial services industry
Stage: Public
Silverbridge (1995, Pretoria)
Policy administration software for insurers
Stage: Public
Bravura Solutions (2004, Edinburgh)
Software solutions for life insurance and wealth
management
Stage: Public
Back-end Solutions
Ebix (1976, Atlanta)
Software & e-commerce solutions to the insurance
& healthcare industry
Stage: Public
Coral Group
Guidewire Software (2001, San Mateo)
P&C insurance software solutions
Stage: Public
U.S Venture Partners, Battery Ventures, Bay
Partners
Innovation Group (1999, Portsmouth)
Software solutions to Insurance Industry
Stage: Public
The Carlyle Group
ISCS (1994, San Jose)
Software solution for insurance companies
Stage: Acquired
Back-end Solutions
Majesco (1982, Morristown)
IT Software and Services provider for Insurance
Industry
Stage: Public
Open GI (1979, Worcester)
Software Provider for Insurance Market
Stage: Acquired
Montagu Private Equity
Sapiens (1982, Rehovot)
Core software solutions for insurance industry
Stage: Public
Formula Systems, MAGNUM TECHNOLOGY, Genesis
Solera (2006, Dallas)
Insurance life cycle management platforms
Stage: Public
Goldman Sachs, Baring Private Equity Asia, Vista
Equity Partners and 1 Other Investors

20
Enablers
Back-end Solutions
Symbility Solutions (1999, Toronto)
cloud-based and mobile-enabled software for
Claims management
Stage: Public
Verisk Analytics (1971, New York City)
Data analytics and risk assessment firm
Stage: Public
MMV Financial

List of Notable Companies in Insurance Tech in China
Notable Companies in the Sector in China
21
Insurance Tech > Feed Summary > Notable Companies in the Sector in China
Public
WXB
(2014, Hangzhou, $10M)
Unicorns
ZhongAn Insurance
(2013, Shanghai, $931M)
FWD
(2013, Hong Kong, $425M)
Instony
(2011, Shanghai, $84M)
Soonicorns
Datebao
(2014, Beijing, $49.4M)

Recent News in Insurance Tech Sector
Recent News
22
Jan 2018
Amazon likely to invest in Acko General Insurance soon,
Moneycontrol
Dec 2017
Vancouver connected-car startup Mojio raises $30-million to fund
expansion, FundingSMEs
Dec 2017 Root Approved to Sell Auto Insurance in Arkansas, Insurance Journal
Dec 2017
Democrance Secures USD 500K Grant For MicorInsurance Project,
amunicorns.com
Dec 2017 Softbank Leads $120 Million Investment in Lemonade, nybizdaily.com
Dec 2017 NetApp Selected by CDL, StorageNewsletter
Dec 2017
eBaoTech Announces Global Launch of eBaoCloud InsureMO, PR
Newswire
Dec 2017
Oscar Health expects to generate $1 billion in revenue and sign up
250,000 members in 2018, Tech News Platform
Dec 2017 Inzmo Raises Single-Digit Million Funding Round, FinSMEs
Dec 2017
Benefitfocus Wins Gold in the 2017 Brandon Hall Group Excellence
Awards in Technology, PR Newswire
Dec 2017
Affinion Insurance Solutions Partners with Tomorrow Ideas, PR
Newswire
Dec 2017
Entrepreneur Magazine Ranks St. Pete-based Squaremouth One of
the Best Companies in the U.S., PressReleasePoint
Dec 2017
Collective Health Doubles Enterprise Clients and Prepares for Rapid
2018 Expansion, Business Wire
Dec 2017 Verisk Analytics : Honda Joins the Verisk Data Exchange, 4-Traders
Key Recent News Key Recent News
Dec 2017
Octo Telematics shows how car insurance premiums benefit UK
telematics users in 2017, Telematics News
Dec 2017 Lemonade OK'd to Offer Insurance in Arkansas, Insurance Journal
Dec 2017 Bravura : signs a major deal with ASB Bank, 4-Traders
Dec 2017
Bima raises $97M from Allianz for microinsurance aimed at
emerging markets, TechCrunch
Dec 2017
Insurance startup Lemonade gets funding from SoftBank, Google
Ventures and others, The Business Journals
Dec 2017 Millicom Sells Part of its Stake in BIMA, PR Newswire
Dec 2017
Trov Partners with Waymo to Insure Driverless Ride-Hailing
Service, IIReporter
Dec 2017
GoCompare to buy MyVoucherCodes.co.uk for 35 million pounds,
Reuters
Dec 2017
IFC mulls investing up to $10m in online insurance broker Coverfox,
Deal Street Asia
Dec 2017
QIC chooses Sequel to deliver a single global risk exposure platform,
Financial IT
Dec 2017 DreamQuark wins the 2017 Fintech of the Year, Digital Journal
Dec 2017
Goji unveils new advisory board ahead of foray into IFA market,
P2PFinanceNews
Dec 2017
PICC Re & AIR Worldwide partner to better manage reinsurer’s
growing portfolio, Reinsurance News
Dec 2017
Skymet secures series C funding from InsuResilience investment
fund, Indiatimes
Insurance Tech > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
23
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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$99M
$489M
$281M
$637M
$1.7B
$1.9B
$1.8B
0
20
40
60
80
100
120
140
160
180
200
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Insurance Tech; 2011-2017
Global Funding Trends (1/2)
25
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
*YTD
Insurance Tech > Investment Trends > Global Funding Trends
#Rounds
$Funding
63% $ Funding
42% $ Funding
31% # of Rounds
21% # of Rounds

$9M $28M
$73M $57M $53M $117M $116M
$57M
$53M
$128M $486M
$794M $700M
$964M
$33M $408M $80M $93M $875M $1.1B $760M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
19 41 51 45 79 97 73
11
14 27
43
58 55
75
4 6 7 10 14 19 26
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
34
0
Total # of Rounds
$0K
$379M
$117M
$368M
$1.4B
$1.5B
$1.2B
$0K
0
5
10
15
20
25
30
0
200000000
400000000
600000000
800000000
1E+09
1.2E+09
1.4E+09
1.6E+09
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
26
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Insurance Tech; 2011-2017
Insurance Tech > Investment Trends > Global Funding Trends
20
39
48
40
70
89
78 384
$1.5M
$2.9M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
0
50
100
150
200
250
300
350
400
450
2001-2011 2012 2013 2014 2015 2016 2017 Total
Entrants in Funding Club Avg. Ticket Size
- 4 3 10 18 24 25 - $1.5M $1.7M $1.8M $3.6M $2.8M $3.6M $5.7M $2.9M
$99M
$0K
Total $ Invested

Insurance Tech > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Insurance Tech
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 2.6B 125
New York City 1.4B 80
Minneapolis 298M 19
Chicago 239M 21
Delhi NCR 191M 21
Boston 163M 17
Cambridge 141M 14
Stockholm 114M 9
Exton 105M 4
Austin 101M 20
Total Funding
566
190
45
13
18
15
17
3
# Rounds
$6.1B
$705M
$332M
$122M
$104M
$86.6M
$71.7M
$16.2M
US
Europe
India
Israel
Canada
SEA
Latam
Australia
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.6 $0.8
$1.8 $2.0
$0.9
$1.7
$2.0
2011 2012 2013 2014 2015 2016 2017
$3.7 $4.8 $4.9
$11.0 $9.6
$12.8
$7.7
$7.0
$0.0
$7.1
$15.2
$25.4
$19.9
$27.9
$8.3
$67.9
$16.0 $13.3
$87.5
$65.2
$40.0
Insurance Tech > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Insurance Tech; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$5K* $11M
$50K $31M
$92K $80M
$50K $1B
$22M
$7M
$2.8M
$0.3M
Series C+
Series B
Series A
Seed
Stage

Note: 249 companies with undisclosed funding amount are not included
29
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
101
160
89
22
14
No. of Companies
Insurance Tech > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Insurance Tech; as of Jan 2018
Distribution of companies by Funding Range
$33M
$597M
$2.B
$1.5B
$3.5B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
32%
13%
6%
4%
30
Note: Numbers in the brackets show the count of companies
Time to raise
next round
69
116
245
607
1876
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
32% 4%
(69)
2%
(33)
6%
(121)
3%
(51)
58%
(1097)
40% 10%
(59)
4%
(24)
10%
(60)
1%
(8)
48%
(294)
47% 17%
(41)
2%
(6)
12%
(30)
0%
(1)
40%
(98)
59% 31%
(36)
3%
(4)
13%
(15)
1%
(1)
27%
(31)
- 42%
(29)
4%
(3)
14%
(10)
- 29%
(20)
Insurance Tech > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Insurance Tech
Funding Funnel
15 Months
15 Months
22 Months
Investment backedBootstrapped
33
7
10
14
2
7
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Insurance Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Insurance Tech; Jan 2016-Jan 2018
Notable Investments in last 24 months (1/11)
LATE STAGE
$400M - PE Feb 2016
Internet-first health insurance provider
Fidelity Investments, Lakestar, Ping An Ventures
$160M - Series C May 2016
Greenoaks, AME Cloud Ventures, Spark Capital,
Arena Ventures, Casdin Capital, Floodgate Fund,
Nexus Venture Partners, Refactor Capital, Wildcat
Venture Partners
$153M - Series D Sep 2016
Mitsui, China Pacific Insurance
$130M - Series D May 2017
GV
LATE STAGE
$120M - Series C Dec 2017
$90M - Series C Oct 2016
solution
Obvious Ventures
$76.6M - Series E Oct 2017
True North Co, IDG Ventures India, Wellington
Management
$62.6M - Series C Oct 2017
insurance
Bpifrance
$59M - PE Oct 2016
LATE STAGE
$50M - Series D Jan 2017
Altimeter Capital, Scale Venture Partners
$45M - Series D Apr 2017
Suncorp Group, Munich Re
$40M - Series C Sep 2016
BitSight Tech (2011, Cambridge, $90M)
Vulnerability Assessment using collective data
GGV Capital
$40M - Series C Nov 2017
H2O.ai (2011, Mountain View, $75M)
Provides an open source machine learning platform
NVIDIA, Wells Fargo, New York Life Insurance,
Crane Venture Partners, Aegon

LATE STAGE
$35M - Series C Jan 2016
including Insurance
White Mountains, Accomplice
$34.6M - Series C Nov 2017
Health I.Q. (2012, Mountain View, $81M)
Offers health quizzes to improve health
consciousness and provides life insurance quotes
using science and data
Andreessen Horowitz, Foundation Capital
$33M - Series C Mar 2016
Redpoint Ventures
$30M - Series C Feb 2016
LATE STAGE
$30M - Series C Dec 2017
markets
Allianz
$30M - Series C Apr 2017
PolicyGenius (2014, New York City, $52M)
Online insurance shopping
Norwest Venture Partners, Fika Ventures
$27.5M - Series C Oct 2017
$62.1M)
Nokia Growth Partners, Moody, AXA, Intel Capital
$25.5M - Series C Apr 2016
Oak HC/FT, Guidewire Software, Suncorp
LATE STAGE
$22.4M - Series C Jun 2017
Ottonova (2015, Munich, $44.1M)
Health Insurance provider
Debeka
$22M - Series C Mar 2016
based reward system
GuardianLife, Sun Life Financial, Industry Ventures,
Cendana Capital
$20M - Series C Oct 2016
players
FPrime Capital Partners, IA Capital Group, Liberty
Mutual
$18.9M - Series C Jun 2016

LATE STAGE
$16.8M - Series C Apr 2017
markets
Axiata
$15M - Series C Nov 2017
Hudson Structured
$15M - Series C Jun 2017
Coverfox (2011, Mumbai, $35.1M)
Insurance aggregator and selling platform
Transamerica Ventures
$14.1M - Series C Jul 2017
Gravie (2013, Minneapolis, $44M)
Health Insurance Marketplace
GE Ventures
LATE STAGE
$14M - Series C Sep 2017
ComparaOnline Chile (2009, Providencia,
$39M)
Price comparison site for financial products
Bamboo Capital Partners, IFC
$12M - Series D Jun 2017
players
Tola Capital
$6M - Series C May 2016
Zubie (2012, Charleston, $25.5M)
Plugin device to monitor vehicle data and usage
based Insurance
Melody
$4.5M - Series C Jul 2016
Finanzchef24 (2012, Munich, $12.6M)
Online commercial insurance broker for small and
mid-sized businesses
LATE STAGE
$4.3M - Series D Nov 2017
players
Series D Feb 2016
Intact Financial
Series D Jul 2017
Baloise
Series C Dec 2017
Skymet Weather (2003, Noida, $5.2M)
Crop insurance and weather forecasting data
services
InsuResilience Investment, BlueOrchard Finance

EARLY STAGE
$160M - Series B Jun 2017
Greenspring Associates, Greycroft Partners,
Redpoint Ventures, Cross Creek Advisors
$80M - Series A Apr 2016
Bessemer Venture Partners, Flare Capital Partners,
Waterline Ventures
$60M - Series B Mar 2017
Decisely (2006, Alpharetta, $60M)
Health Benefits, Insurance & HR Administration
provider for SMBs
Two Sigma Private Investments, Epic Brokers
$54.3M - Series B Jun 2017
Digit Insurance (2016, Bangalore, $54.3M)
Internet first general insurer
Fairfax Financial Holdings
EARLY STAGE
$50M - Series B Sep 2016
Omni-Channel cloud software for delivering
industry-specific experiences to customers.
Sutter Hill Ventures, TDF Ventures, Wildcat Venture
Partners, New York Life Insurance
$50M - Series A Apr 2017
Singapore Life (2014, Singapore, $50M)
Internet first life insurance provider
Credit China Holdings, IPGL
$40M - Series B Sep 2017
Accel Partners
$40M - Series A Sep 2016
Platform that models cyber risks in financial and
economic terms
New Enterprise Associates, IVP, Dowling Capital
Partners
EARLY STAGE
$36M - Series B Oct 2017
Draper Esprit, Rubicon Venture Capital, Talis Capital
$35M - Series A Aug 2016
Blue Owl (2016, San Francisco, $35M)
Insurance Tech startup leveraging data science to
reduce auto collisions
$34M - Series B Dec 2016
General Catalyst Partners, GV, Thrive Capital, Tusk
Ventures
$31.1M - Series B Oct 2016
EverQuote (2011, Cambridge, $32.7M)
Car Insurance comparison platform
Savano Capital Partners, Oceanic Partners, T Capital
Partners

EARLY STAGE
$29M - Series A May 2017
Portal for Small businesses to find Insurance
products
Munich Re, Nationwide, Markel Corp
$28M - Series B Oct 2017
Shift Technology (2013, Paris, $39.8M)
Using data science to detect fraud in insurance and
e-commerce
Horizons Ventures, Target Global
Target Global, Victory Park Capital
$25M - Series B Feb 2017
Connexions Asia (2013, Singapore, $33M)
Insurance and wellness marketplace for employees
B Capital Group, EDBI, Philips, RGAx
EARLY STAGE
$25M - Series A Jun 2016
League (2014, Toronto, $29M)
Digital health platform that connects people to
trusted health and wellness providers
BDC Capital, Manulife Financial
$23.5M - Series B Aug 2017
Stride Health (2013, San Francisco, $38.9M)
Health insurance advisor
FPrime Capital Partners, Portag3 Ventures
$23.4M - Series B Nov 2017
Mojio (2012, Vancouver, $40.7M)
Cloud-connected device and platform for cars
Trend Forward Capital, Innogy Venture Capital
$20M - Series B Jun 2016
$62.1M)
GV, Two Sigma Ventures
EARLY STAGE
$20M - Series B Dec 2016
One (2005, Folsom, $52.2M)
Insurance software for policy management for
Carriers, MGAs and agencies
AXA Strategic Ventures, MassMutual Ventures
$20M - Series B Apr 2017
Bessemer Venture Partners
$19M - Series B Aug 2017
Lumity (2014, San Mateo, $33M)
Platform for employers to optimize health plans and
benefits decisions for employees.
DFJ
$18.5M - Series B Sep 2017
Coverwallet (2015, New York City, $28.3M)
Insurance for small businesses
Foundation Capital

EARLY STAGE
$17.6M - Series A Dec 2017
FRISS (2006, Utrecht, $17.6M)
Analytics software for fraud, risk and compliance in
the P&C insurance sector
Aquiline Capital Partners, BlackFin Capital Partners
$17M - Series A Jan 2016
Daher Capital, Ballast Point Ventures
$15.3M - Series B Mar 2016
online peer-to-peer insurance
$15M - Series B Jan 2016
Revolution, MassMutual Ventures
$14.7M - Series A Aug 2016
Clark (2015, Berlin, $14.7M)
Mobile insurance platform to manage insurance
GMPVC, HitFox Group, Tenderloin Ventures,
SevenVentures, Kulczyk Investments
EARLY STAGE
Hippo (2015, Mountain View, $28.4M)
Home insurance startup
Hixme (2013, Agoura Hills, $26.6M)
Health benefits where employer establishes cost and
employee chooses the plan
Propel Venture Partners, Transamerica Ventures,
Rosemark Smart Capital
$14M - Series A Dec 2016
Hippo (2015, Mountain View, $28.4M)
Home insurance startup
Horizons Ventures, RPM Ventures, Propel Venture
Partners, GGV Capital, Pipeline Capital Partners
$14M - Series A Oct 2016
Ladder (2015, San Francisco, $16M)
Life insurance provider
Canaan Partners, Lightspeed Venture Partners,
Formation 8, Nyca
EARLY STAGE
$13.5M - Series A Feb 2016
Zendrive (2013, San Francisco, $15M)
Intelligence for smart driving
Sherpa Capital, Thomvest Ventures, Nyca
Alan (2016, Paris, $13M)
Full stack health Insurance provider
CNP Assurances, Partech Ventures
$12.3M - Series A Oct 2017
Ensurem (2015, Largo, $14M)
Insurance marketplace for life and health products
$12.2M - Series A May 2016
Embroker (2015, San Francisco, $14.4M)
Providing insurance platform for small and mid-
sized businesses
Canaan Partners, XL Innovate, Vertical Ventures,
Vertical Venture Partners

EARLY STAGE
Slice Labs (2015, New York City, $20.3M)
On-demand insurance platform for sharing economy
Sompo Japan Nipponkoa Insurance, Plug and Play
Tech Center, Tusk Ventures
$11.5M - Series A Sep 2017
Clearcover (2016, Chicago, $11.5M)
An insurance starup in stealth mode.
Lightbank, Greycroft Partners, Silicon Valley Bank
$10M - Series A May 2016
Shift Technology (2013, Paris, $39.8M)
Using data science to detect fraud in insurance and
e-commerce
Accel Partners
RenewBuy (2014, Gurgaon, $14.7M)
Online motor insurance comparison provider
Amicus Capital
EARLY STAGE
$9M - Series A Jul 2016
Allegis Capital, The Blackstone Group, Ten Eleven
Ventures, Rally Ventures, GV, MassMutual Ventures,
Secure Octane
$8.8M - Series A Nov 2016
AttackIQ (2013, San Diego, $8.8M)
Automated security testing platform
Index Ventures, Qualcomm Ventures, Telstra
$8M - Series A Jul 2017
Cover (2016, San Francisco, $11.1M)
Mobile first insurance advisor
Social Capital
$7.8M - Series A Nov 2016
Union Square Ventures
EARLY STAGE
Mojio (2012, Vancouver, $40.7M)
Cloud-connected device and platform for cars
Amazon
Zipari (2014, Brooklyn, $7.3M)
Platform to enhance customer experience
$7M - Series A Nov 2017
Matic Insurance (2014, Lviv, $7M)
Home insurance quote provider
Mr. Cooper, Nationwide Mutual Capital, National
General Insurance, ManchesterStory Group,
Anthemis Group
Carpe Data (2016, Santa Barbara, $6.6M)
Predictive scoring and data products to P&C and life
insurance companies
Aquiline Capital Partners

EARLY STAGE
$6.5M - Series A Jun 2017
EaseCentral (2012, San Francisco, $11.5M)
Platform for recruitment brokers to manage
employee benefits and on-boarding
Propel Venture Partners
$6M - Series B Jul 2016
$39M)
$6M - Series A Jun 2017
products
American Express
$5.5M - Series A Jan 2016
AngelList, Idinvest Partners, Seedcamp, Speedinvest,
Victory Park Capital, Salesforce
EARLY STAGE
Salesforce, AngelList, Seedcamp, Speedinvest
SmartHR (2015, Tokyo, $5.6M)
Benefits Management
World Innovation Lab, 500 Startups Japan
$4.8M - Series A Jul 2017
$4.6M - Series A Mar 2017
Insurify (2013, Cambridge, $6.6M)
Car insurance comparison platform
MassMutual Ventures, Nationwide Mutual Capital
Spruce (2016, New York City, $4.5M)
Title insurance provider
Bessemer Venture Partners, Omidyar Network,
Third Prime Capital
EARLY STAGE
Coverfy (2016, Barcelona, $4.9M)
Mobile insurance broker
Seaya Ventures
$4M - Series A Mar 2016
Figo Pet Insurance (2012, Chicago, $7.9M)
Pet insurance provider
Stonestep (2012, Zug, $4M)
Microinsurance as a service platform provider
XL Innovate
Flock (2015, San Francisco, $5.5M)
SaaS platform for employee benefits management
The Hartford
$3.3M - Series A Dec 2017
QuanTemplate (2011, Gibraltar, $13.4M)
Offers data driven decision making and compliance
solution to reinsurance market
Columbia Lake Partners

EARLY STAGE
$3M - Series A Jan 2016
Picwell (2012, Philadelphia, $10M)
Predictive Analytics for personalized health
insurance decision-making
BlueCross BlueShield Venture Partners
$3M - Series A Nov 2016
Renew (2016, San Francisco, $3M)
Retirement benefits solution provider
Venrock, Madrona Venture Group, Refactor Capital
RiskGenius (2016, Overland Park, $3M)
Machine learning solution to review insurance
policies
Flyover Capital
GoCo.io (2015, Houston, $4.3M)
HRMS Solutions
Salesforce, ATX Seed Ventures
EARLY STAGE
Unirisx (2000, Philadelphia, $20.8M)
SaaS-based administration solutions for P&C
insurance providers
$1M - Series B Jul 2016
Gravie (2013, Minneapolis, $44M)
Health Insurance Marketplace
Series B Apr 2017
Allianz
Series B Dec 2017
Fineqia
Series A Aug 2016
XL Innovate
SEED STAGE
$31M - Seed May 2017
Acko (2017, Mumbai, $31M)
Tech-enabled general insurance company
Accel Partners, SAIF Partners, Catamaran Ventures,
DSP GROUP, Swiss Re, Transamerica Ventures
$25.2M - Angel Apr 2016
Eligible (2011, San Francisco, $27.9M)
API for insurance verification
$13M - Seed Mar 2016
products
Ribbit Capital, TLV Partners
$3.9M - Seed Mar 2016
Horizons Ventures, XL Innovate

SEED STAGE
$3.3M - Seed Jul 2016
Quilt (2016, New York City, $3.3M)
Insurance platform for life, personal stuff, pets.
NextView Ventures, Eniac Ventures, Founder
Collective, Titan Partners, Basset Investment Group,
Struck Capital
$2M - Seed Mar 2016
Two Sigma Ventures, Highland Capital Partners
$2M - Seed Jan 2016
Insurify (2013, Cambridge, $6.6M)
Car insurance comparison platform
Rationalwave
$1.9M - Seed Jan 2017
Cuvva (2014, London, $2.6M)
Insurance for an hour or more on a friend's car
LocalGlobe, Tekton Ventures, Seedcamp
$1.4M - Seed Apr 2016
SEED STAGE
$788k - Angel Jun 2017
$785k - Seed Dec 2016
Coverfy (2016, Barcelona, $4.9M)
Mobile insurance broker
$590k - Seed Jan 2016
$400k - Seed Jan 2016
Benefits Management
Beenext, East Ventures, DG Incubation
$120k - Seed Jun 2016
Cover (2016, San Francisco, $11.1M)
Mobile first insurance advisor
Y Combinator
SEED STAGE
$118k - Seed Jan 2016
Techstars
Angel Jul 2017
Seed Oct 2016
Munich Re
Seed Jun 2016
Max Ventures
Seed Jun 2016
Everledger (2015, London, $120k)
Preventing diamond fraud and theft
MasterCard Start Path

SEED STAGE
Seed Nov 2016
Virtual Broker (2015, Sofia)
Software platform for Insurance brokers and
consumers
Startupbootcamp

Insurance Tech > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
EARLY STAGE
$30.2M - Series B Nov 2017
Cheche365 (2014, Beijing, $46.5M)
Car insurance distribution platform
Shuidihuzhu (2016, Beijing, $31.9M)
P2P insurance platform
Sinovation Ventures
$20M - Series B Mar 2016
Datebao (2014, Beijing, $49.4M)
Online comparison platform and discount e-tailer for
insurance products
$15M - Series B Aug 2016
Huize (2006, Shenzhen, $46M)
E-commerce platform to buy insurance
Fortune Capital
$14.5M - Series B Mar 2017
Xiaoyusan (2015, Shenzhen, $14.5M)
Online insurance aggregator platform
Matrix Partners China
EARLY STAGE
Series B Jul 2016
Datebao (2014, Beijing, $49.4M)
Online comparison platform and discount e-tailer for
insurance products

Most Active Investors (VC, PE) by Stage in Insurance Tech; Last 5 years (Jan 2013-Jan 2018)
Most Active VC & PE Investors
43
Insurance Tech > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Y Combinator(5 Investments)
Zenefits, SimplyInsured, Cover
1
Compound (4 Investments)
EaseCentral, BetterView, Indio
2
FJ Labs (4 Investments)
The Guarantors, Fuzzy, Rhino
3
American Family Ventures(3 Investments)
LeaseLock, Buildbunker, Carvoyant
4
BoxGroup (3 Investments)
Oscar, Fabric, Jetty
5
Ferst Capital Partners (3 Investments)
Covera, Zensurance, Zensurance
6
Kima Ventures (3 Investments)
Assur Up, Givesurance, CakeHealth
7
LocalGlobe(3 Investments)
Zego, At-Bay, Cuvva
8
New Enterprise Associates(3 Investments)
Stride Health, Bestow, Indio
9
SV Angel (3 Investments)
Fuzzy, Gabi, Jetty
10
EARLY STAGE
MassMutual Ventures(6 Investments)
PolicyGenius, One, CyberGRX
1
Bessemer Venture Partners (5
Investments)
Bright Health, SimplyInsured, CyberGRX
2
Route 66 Ventures (5 Investments)
CoverHound, Knip, QuanTemplate
3
General Catalyst Partners (4 Investments)
Lemonade, Gusto, Shift Technology
4
Horizons Ventures(4 Investments)
Friendsurance, Hippo, Wefox
5
Nyca (4 Investments)
Zendrive, Ladder, Embroker
6
Social Capital(4 Investments)
Captricity, CollectiveHealth, Lumity
7
Transamerica Ventures(4 Investments)
PolicyGenius, H2O.ai, QuanTemplate
8
XL Innovate(4 Investments)
Lemonade, Cape Analytics, Embroker
9
Accel Partners (3 Investments)
Insurance Zebra, Coverfox, Shift Technology
10
LATE STAGE
GV (2 Investments)
Clover Health, CollectiveHealth
1
Sound Ventures (2 Investments)
Zenefits, Lemonade
2
Spark Capital(2 Investments)
Clover Health, Goji
3
Andreessen Horowitz
Health I.Q.
4
AME Cloud Ventures
Clover Health
5
Arena Ventures
Clover Health
6
Bamboo Capital Partners
ComparaOnline Chile
7
BlackFin Capital Partners
finanzen.de
8
Bowmark Capital
Iprism
9
Casdin Capital
Clover Health
10

Insurance Tech > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Insurance Tech; Last 5 years (Jan 2013-Jan 2018)
Most Active Ecosystem Investors
INCUBATOR
500 Startups(19 Investments)
Mojio, Snapsheet, Embroker
1
Techstars(15 Investments)
QuanTemplate, Joany, Dash
2
Speedinvest(4 Investments)
Wefox, FinanceFox, Amodo
3
Alchemist Accelerator(3 Investments)
Amodo, Tyche, Sempre Health
4
Barclays Accelerator(3 Investments)
BaseStone, Everledger, Edgepoint Tanzania
5
Boost VC(3 Investments)
LeadFlip, Tensor Flight, Rainvow
6
Interplay Ventures(3 Investments)
HealthCare.com, Broker Buddha, Founder Shield
7
Ben Franklin Technology Partners(2
Investments)
Life.io, Livegenic
8
EvoNexus(2 Investments)
AttackIQ, Benrevo
9
FF Venture Capital(2 Investments)
Sure, Rhino
10
OTHER NOTABLE INVESTORS
Startupbootcamp(25 Investments)
Insly, ClaimSync, Tikkr
1
Global Insurance Accelerator(10
Investments)
Drive Spotter, Serious Social Media, ClinicNote
2
Plug and Play Tech Center(9 Investments)
Mojio, Slice Labs, HealthSherpa
3
Ribbit Capital(7 Investments)
Policybazaar, Gusto, ComparaOnline Chile
4
Munich Re(6 Investments)
Trov, Next Insurance, Slice Labs
5
Allianz(4 Investments)
Lemonade, Bima, QuanTemplate
6
BDC Capital(4 Investments)
Mojio, League, ClearRisk
7
Insure.VC(4 Investments)
Pillar Technologies, Allay, LevelFunded Health
8
Salesforce(4 Investments)
Vlocity, Wefox, FinanceFox
9
Bpifrance(3 Investments)
Tinubu, Otherwise, Utocat
10
DEBT INVESTORS
Silicon Valley Bank(3 Investments)
Embroker, Clearcover, Root
1
Western Technology Investment(3
Investments)
Oscar, Gusto, Health I.Q.
2
BEST Funds
Intelligent Mechatronic Systems
3
Columbia Lake Partners
QuanTemplate
4
Connecticut Innovations
SmartPay
5
InnoVen Capital
Coverfox
6

Insurance Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/6)

Insurance Tech > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
52
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
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Nov 2017
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January 2018Tracxn BlueBox – Insurance Tech
54
Insurance Tech > Market Details > BlueBox

Key Sub Sectors
55
Key Sub Sectors in Insurance Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies providing insurance to consumers and businesses directly through online
platforms
SquareTrade (1999, San Francisco,
Acquired)
189 62 $2.5B
Enablers
Companies providing insurance companies with data and software solutions
iPipeline (1995, Exton, Acquired)
830 302 $2B
Employer Insurance
Companies providing employers solutions for managing employee benefits, insurance
PlanSource Holdings (2002, Orlando,
Acquired)
52 38 $1.7B
Companies providing a platform where consumer, business can compare insurance quotes
and buy insurance policies
InsWeb Insurance (1995, Gold River,
Public)
676 176 $1.4B
P2P Insurance
Companies providing insurance through peer to peer model
Huddle Money (2016, Sydney, $6M)
61 13 $31M
Companies providing a platform to consumers for claims management
AutoClaim (2004, Los Angeles, Acquired)
Bauxy (2014, San Francisco, $2.6M)
24 10 $5.6M
Insurance Tech > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/8)
56
Insurance Tech > Market Details > Detailed Sector Taxonomy

57

58

59

60

61

62

63

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+1)
Distribution Platforms > Horizontal
Companies providing distribution platform for all sort of insurance
(Companies covered 243 | Funded 54 | Total Funding $380M)
$183M
(+$74.8M)
22
(+2)
Policybazaar
(2008, Gurgaon, $164M)
2
(+15)
Enablers > Back-end Solutions > Suite
Companies providing back-end solutions as suite to insurance companies
$215M
(+$205M)
19
(+15)
Tinubu
(2000, Moulineaux, $84M)
3
(-2)
Employer Insurance > Benefits and Insurance
Companies providing HR and Payroll solutions for employers to integrate with employee benefits
(Companies covered 40 | Funded 31 | Total Funding $1.5B)
$424M
(-$604M)
18
(-16)
Gusto
4
(+16)
Distribution Platforms > On-Demand Insurance
Companies providing on-demand insurance to consumer
$132M
(+$123M)
27
(+25)
Trov
(2012, Danville, $90M)
5
(-1)
Internet-first Insurers > Personal > Life & Health > Health
Companies providing health insurance to consumers
(Companies covered 12 | Funded 9 | Total Funding $1.5B)
$981M
(+$550M)
13
(+1)
Oscar
6
(-)
Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber
Companies providing software for underwriting and risk management to cyber insurers
$204M
(+$134M)
17
(+9)
BitSight Tech
(2011, Cambridge, $90M)
7
(+3)
Distribution Platforms > Commercial
Companies providing a platform to compare insurance quotes for business
$109M
(+$68.6M)
18
(+13)
Next Insurance
(2016, Palo Alto, $48M)
64
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/4)
Top Markets by Funding in Insurance Tech in last 2 years (January 2016 - December 2017)
Insurance Tech > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Enablers > Back-end Solutions > Underwriting & Risk Management > Cyber
Companies providing software for underwriting and risk management to cyber insurers
(Companies created 39 | Funded 16 | Total Funding $368M )
3
2
Internet-first Insurers > Personal > Life & Health > Health
Companies providing health insurance to consumers
(Companies created 12 | Funded 9 | Total Funding $1.5B )
2 Bright Health (2015, Minneapolis, $240M)
3
Internet-first Insurers > Personal > Property & Casualty > Home
Companies providing insurance for home to consumers
2
Jetty (2015, New York City, $11.5M)
4
Enablers > Back-end Solutions > Fraud & Risk Management
Companies providing software and analytics for fraud management
2 Shift Technology (2013, Paris, $39.8M)
5
Employer Insurance > Benefits and Insurance
Companies providing HR and Payroll solutions for employers to integrate with employee benefits
(Companies created 40 | Funded 31 | Total Funding $1.5B )
2
6
Distribution Platforms > Property & Casualty > Auto
Companies providing a platform to compare insurance quotes for auto segment
1 Insurance Zebra (2012, Austin, $61.5M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
68
Top Markets of Early Stage Investors (1/2)
Top Markets where Early Stage Investors are investing in last 2 years (January 2016 - December 2017)
Insurance Tech > Market Details > Top Markets of Early Stage Investors

Top Markets of Early Stage Investors (2/2)
Insurance Tech > Market Details > Top Markets of Early Stage Investors

Incubators 500 Startups (#2), 500 Startups
Seed Kima Ventures (#2), Info Edge India (#1)
Series A/B
Transamerica Ventures (#1), Inventus Capital Partners
(#1)
Series C+ Ribbit Capital (#1), True North Co (#1)
InsWeb Insurance Nov - 2016
IPO'd on NYSE
GoCompare Nov - 2016
IPO'd on LON
insuranceQuotes.com Nov - 2015
Acq by All Web Leads for $165M
NetQuote Jul - 2010
Acq by Bankrate for $205M
Insplanet
IPO'd on STO
$1.2M - Seed
Assur Up (2015, Paris, $1.2M)
$1M - Seed
Covera (2016, Montreal, $1.5M)
$76.6M - Series E
PE
Mfind (2013, Warsaw)
$14M - Series C
ComparaOnline Chile (2009,
Providencia, $39M)
$2.3M - Seed
Sherpa (2015, Naxxar, $2.3M)
$3.3M - Series B
Easypolicy (2011, Noida, $5.5M)
$15M - Series C
Dec 2017
GoCompare to buy MyVoucherCodes.co.uk for 35 million
pounds, Reuters
Dec 2017
IFC mulls investing up to $10m in online insurance broker
Coverfox, Deal Street Asia
Dec 2017
Malaysian Insurtech Company, Fatberry Launches,
FinTechnews
Dec 2017
Temasek-backed Policybazaar.com starts process for IPO,
VCCircle
Nov 2017
Coverfox launches 'Coverdrive' mobile app for online sale of
insurance, newKerala.com
Nov 2017
Major GoCompare investor touts for higher offer from UK’s
Zoopla-owner ZPG, Property Portal Watch
Nov 2017
Online insurance company Coverfox targeting from Rs 100
crore to Rs 1000 crore in 3 years, LetUsDiscuss
Nov 2017
GoCompare Rejects GBP460 Million Approach From ZPG, LSE
Spreads
Oct 2017
QuoteWizard Acquires Insurance Technology Pioneer
RateElert, Business Wire
Oct 2017
GoCompare Selects Prevero for Sophisticated Financial
Planning and Business Modelling, Financial IT
Oct 2017
Rs 500 crore ($ 77 million) raised by
Policybazaarlegaleraonline.com | legaleraonline.com, Legal
Media Group
Oct 2017
Sir Peter Wood to flog chunk of Gocompare stock to pursue
property investment interests, City A.M.
Oct 2017 Canadian InsurTech startup Covera raises $1.5M, Marketwired
Oct 2017 Info Edge invests Rs50 crore in Policybazaa, Livemint
News
0
2
4
6
8
10
12
14
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
$160M
2014 2015 2016 2017 2018
YoY Funding Rounds
5
8
20
54
243
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Distribution Platforms > Horizontal: Market Factsheet
Market: Horizontal
70
Exits
Most Active Investors
Recent Investments
YoY Funding and Rounds
Companies providing distribution
platform for all sort of insurance
Policybazaar
(2008, Gurgaon, $164M)
PolicyGenius
ComparaOnline Chile
(2009, Providencia, $39M)
Coverfox
(2011, Mumbai, $35.1M)
PolicyBoss
(2012, Mumbai, $10.4M)
Top Companies
#1 Top Markets of Investment Activity
Insurance Tech > Market Details > Market: Horizontal
Companies Created 243 | Funded 54 | Total Funding $380M

Distribution Platforms > Horizontal: Top Companies
Market: Horizontal
Analyst’s Pick
Soonicorn. Stage: Series E
True North Co, IDG Ventures India, Temasek and 10
Other Investors
Minicorn. Stage: Series C
Norwest Venture Partners, Revolution, Karlin
$39M)
Bamboo Capital Partners, IFC, Ribbit Capital and 3
Other Investors
Insurance aggregator and selling platform
Transamerica Ventures, Catamaran Ventures,
InnoVen Capital and 9 Other Investors
Analyst’s Pick
Easypolicy (2011, Noida, $5.5M)
Online selling and comparison platform for
insurance
Editor's Pick. Stage: Series B
Unilazer Ventures, Gaurav Burman, Anil Jain, AJ
Ventures and Investments
Minicorn. Stage: Seed
NextView Ventures, Eniac Ventures, Founder
Collective and 5 Other Investors
Sherpa (2015, Naxxar, $2.3M)
AI-based risk profiling and insurance distribution
platform
Editor's Pick. Stage: Seed
InsurTech.VC
Gramcover (2015, Noida, $1M)
Insurance marketplace focused on rural areas
Omnivore Partners
Analyst’s Pick
Turtlemint (2015, Mumbai)
Online platform for Insurance comparison
Nexus Venture Partners, Blume Ventures

Incubators Speedinvest (#1), SOSV (#1)
Seed OSEO (#1), Lightbank (#1)
Series A/B FSI (#1), Gimv (#1)
Series C+ Bpifrance (#1), White Mountains (#1)
Bravura Solutions Nov - 2016
IPO'd on ASX
Majesco Jul - 2015
IPO'd on AMEX
Open GI Aug - 2014
Acq by Montagu Private Equity for
$490M
Applied Systems Nov - 2013
Acq by Hellman & Friedman for $1.8B
Guidewire Software Jan - 2012
IPO'd on NYSE
Ebix Jul - 1987
IPO'd on NASDAQ
Solera
IPO'd
Series B
$800k - Seed
Democrance (2015, Dubai, $800k)
Seed
ScoreData (2012, Palo Alto)
$36M - Series B
$62.6M - Series C
$150k - Seed
Clear Health Analytics (2013,
Stamford, $150k)
Dec 2017
Democrance Secures USD 500K Grant For MicorInsurance
Project, amunicorns.com
Dec 2017 NetApp Selected by CDL, StorageNewsletter
Dec 2017 Bravura : signs a major deal with ASB Bank, 4-Traders
Dec 2017
Guidewire Honored as One of the Best Places to Work in
2018, a Glassdoor Employees’ Choice Award Winner, Business
Wire
Dec 2017
SSP accelerates Pure Insurance implementations with
RWITL partnership, Bobsguide
Nov 2017
AmShield Insurance Company Successfully Implements the
Diamond Suite for Auto and Home Lines of Business, PRWeb
Nov 2017 TechCanary acquires Atlanta development firm, BizTimes
Nov 2017
Delphi board approves Delphi Technologies spin-off,
Automotive Business Review
Nov 2017
Bravura continues South African growth, signing major deal
with Discovery, PressReleasePoint
Nov 2017 Ebix Inc Q3 revenue $92.8 mln, Indiatimes
Nov 2017
Guidewire Completes Cyence Acquisition; Names Sherry,
Maier to Top Posts as Roza Departs, Insurance Journal
Oct 2017
ItzCash parent Ebix to acquire online travel portal Via.com,
Oddup
Oct 2017 Ebix to spend $200 million on acquisitions in India, Livemint
Oct 2017
Majesco's (MJCO) CEO Ketan Mehta on Q2 2018 Results,
Seeking Alpha
Oct 2017
BSE, Ebix to set up insurance distribution network in India,
VCCircle
News
0
2
4
6
8
10
12
14
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
2014 2015 2016 2017 2018
YoY Funding Rounds
8
6
17
48
154
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Enablers > Back-end Solutions > Suite: Market Factsheet
Market: Suite
72
Exits
Recent Investments
Companies providing back-end
solutions as suite to insurance
companies
Tinubu
(2000, Moulineaux, $84M)
Captricity
(2011, Oakland, $49M)
Premfina
(2015, London, $36M)
Blue Owl
Top Companies
Insurance Tech > Market Details > Market: Suite

Enablers > Back-end Solutions > Suite: Top Companies
Market: Suite
Insurance Tech > Market Details > Market: Suite
Analyst’s Pick
insurance
Bpifrance, FSI, Gimv
including Insurance
Social Capital, White Mountains, Accomplice and 2
Other Investors
Fineqia, Draper Esprit, Rakuten and 5 Other
Investors
Target Global, Horizons Ventures, Idinvest Partners
Analyst’s Pick
Agile Financial Technologies (2008,
Mumbai, $5.7M)
BFSI software solution provider
Minicorn. Stage: Series A
IDG Ventures India
Stonestep (2012, Zug, $4M)
Microinsurance as a service platform provider
XL Innovate
Applied Systems (1980, University Park)
Software provider for Insurance Industry
JMI Management, Vista Equity Partners, The Carlyle
Group
Broksy (2016, Beirut)
Cloud based Insurance software solution provider
Minicorn. Stage: Unfunded
Candela Labs (1996, Bangalore)
Automation solutions for insurers and banks
Editor's Pick. Stage: Unfunded
Analyst’s Pick
Etherisc (2016, Munich)
Decentralized insurance application for Insurers
Pentation Analytics (2015, Mumbai)
Analytic solutions for Banking, Financial Services
and Insurance Industry
ValueMomentum (2000, Hyderabad)
Software solutions for BFSI sector
Vitech (1986, New York City)
Software for Insurance, Retirement & Investment
Administration
Wefox (2014, Berlin)

Incubators DG Incubation (#1), Open Network Lab (#1)
Seed Y Combinator (#2), Venrock (#1)
Series A/B
Rock Health (#2), BlueCross BlueShield Venture Partners
(#2)
Series C+ Founders Fund (#1), Redpoint Ventures (#1)
Benefitfocus Sep - 2013
IPO'd on NASDAQ
$3.5M - Series A
$19M - Series B
$6.5M - Series A
EaseCentral (2012, San Francisco,
$11.5M)
$60M - Series B
Decisely (2006, Alpharetta, $60M)
$2.5M - Series A
$50M - Series D
$3M - Series A
$702k - Seed
Zane Benefits (2006, Salt Lake City,
$4.8M)
$14.1M - Series B
$90M - Series C
$59M - PE
Maestro Health (2013, Chicago,
$59M)
Dec 2017
Benefitfocus Wins Gold in the 2017 Brandon Hall Group
Excellence Awards in Technology, PR Newswire
Dec 2017
Collective Health Doubles Enterprise Clients and Prepares
for Rapid 2018 Expansion, Business Wire
Dec 2017
Collective Health : Expands Leadership and Advisory Board
with Healthcare and HR Industry Leaders, 4-Traders
Dec 2017
Gusto Restaurants Appoints Commercial Director To Drive
Expansion, Lunch Business
Dec 2017
Washington Commissioner’s Order that Zenefits Charge for
Software Upheld, Insurance Journal
Nov 2017
Benefitfocus founding CEO stepping down from top role,
Charleston Regional Business
Nov 2017
Decisely Acquires IBX Outsourcing to Expand Small Business
Benefits Tools for Brokers, GlobeNewswire
Nov 2017 Benefitfocus beats by $0.08, beats on revenue, Seeking Alpha
Oct 2017
Startup Zenefits, former CEO to Pay Fine Over These
Allegations, Fortune
Oct 2017
Gusto has hired former DocuSign CFO Mike Dinsdale and has
an unusual plan to 'train' him, Business Insider
Oct 2017
Great Place to Work® and FORTUNE Name Justworks One of
2017's Best Small & Medium Workplaces, Marketwired
Oct 2017
Zenefits rolls out a performance management tool,
TechCrunch
Sep 2017
Gusto Introduces First-of-Its-Kind Features and Product
Plans to Bring Big Business Capabilities to Small Businesses,
Technology Marketing Corporation
News
0
5
10
15
20
25
$0k
$200M
$400M
$600M
$800M
$1.B
2014 2015 2016 2017 2018
YoY Funding Rounds
1
10
22
31
40
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Employer Insurance > Benefits and Insurance: Market Factsheet
Market: Benefits and Insurance
74
Exits
Recent Investments
Companies providing HR and
Payroll solutions for employers to
integrate with employee benefits
Zenefits
Gusto
Namely
CollectiveHealth
(2013, San Mateo, $119M)
Top Companies
Insurance Tech > Market Details > Market: Benefits and Insurance
Companies Created 40 | Funded 31 | Total Funding $1.5B

Employer Insurance > Benefits and Insurance: Top Companies
Market: Benefits and Insurance (1/2)
Analyst’s Pick
SaaS HR Platform for SMBs
Fidelity Investments, IVP, Founders Fund and 31
Other Investors
solution
General Catalyst Partners, Obvious Ventures,
CapitalG and 23 Other Investors
Altimeter Capital, Scale Venture Partners, Sequoia
CollectiveHealth (2013, San Mateo, $119M)
Self-insurance SaaS platform for employers to
sponsor their employees
New Enterprise Associates, Founders Fund, RRE
Analyst’s Pick
Oak HC/FT, SV Health Investors, Alta Partners
based reward system
GuardianLife, Sun Life Financial, Adams Street
Redpoint Ventures, Bain Capital Ventures, Thrive
Platform for employers to optimize health plans
and benefits decisions for employees.
Minicorn. Stage: Series B
DFJ, Social Capital, True Ventures, Rock Health
Analyst’s Pick
League (2014, Toronto, $29M)
Digital health platform that connects people to
trusted health and wellness providers
OMERS Ventures, Real Ventures, BDC Capital and 6
Other Investors
Health benefits where employer establishes cost
and employee chooses the plan
Minicorn. Stage: Series B
Propel Venture Partners, KPCB, Transamerica
Ventures, Rosemark Smart Capital
EaseCentral (2012, San Francisco, $11.5M)
Platform for recruitment brokers to manage
employee benefits and on-boarding
Propel Venture Partners, Freestyle Capital,
Compound and 3 Other Investors

Employer Insurance > Benefits and Insurance: Top Companies
Market: Benefits and Insurance (2/2)
Analyst’s Pick
BeneStream (2011, New York City, $8.1M)
Medicaid migration platform
BlueCross BlueShield Venture Partners, Kapor
Capital, Serious Change and 6 Other Investors
Benefits Management
World Innovation Lab, Beenext, 500 Startups Japan
SaaS platform for employee benefits management
The Hartford
HRMS Solutions
Salesforce, ATX Seed Ventures, Digital Insurance
Analyst’s Pick
Allay (2014, San Francisco, $3.5M)
HRMS for SMBs
Minicorn. Stage: Seed
Sandbox Industries, 500 Startups, BlueCross
BlueShield Venture Partners and 4 Other Investors
Retirement benefits solution provider
Venrock, Expa, Madrona Venture Group, Refactor
Capital

Market: On-Demand Insurance
77
Insurance Tech > Market Details > Market: On-Demand Insurance

Market: On-Demand Insurance
Insurance Tech > Market Details > Market: On-Demand Insurance

Market: Health
79
Insurance Tech > Market Details > Market: Health
Companies Created 12 | Funded 9 | Total Funding $1.5B

Market: Health

Market: Cyber
81
Insurance Tech > Market Details > Market: Cyber

Market: Cyber
Insurance Tech > Market Details > Market: Cyber

Market: Commercial
83
Insurance Tech > Market Details > Market: Commercial

Market: Commercial
Insurance Tech > Market Details > Market: Commercial

Market: Sales & Distribution
85
Insurance Tech > Market Details > Market: Sales & Distribution

Market: Sales & Distribution
Insurance Tech > Market Details > Market: Sales & Distribution

Market: Auto
87
Insurance Tech > Market Details > Market: Auto

Market: Auto

Market: Policy Administration
89
Insurance Tech > Market Details > Market: Policy Administration

Market: Policy Administration
Insurance Tech > Market Details > Market: Policy Administration

Market: Auto
91

Market: Auto

Market: Mobile-First
93
Insurance Tech > Market Details > Market: Mobile-First
Companies Created 35 | Funded 12 | Total Funding $75.6M

Market: Mobile-First
Insurance Tech > Market Details > Market: Mobile-First

Market: Health
95

Market: Health

Market: Fraud & Risk Management
97
Insurance Tech > Market Details > Market: Fraud & Risk Management

Market: Fraud & Risk Management
Insurance Tech > Market Details > Market: Fraud & Risk Management

Market: Property & Casualty
99
Insurance Tech > Market Details > Market: Property & Casualty

Market: Life & Health
101
Insurance Tech > Market Details > Market: Life & Health

Market: Life & Health
Insurance Tech > Market Details > Market: Life & Health

103

105

Market: Life
107
Insurance Tech > Market Details > Market: Life

Market: Life

Market: Life
109

Market: Life

Market: Underwriting & Risk Management
111
Insurance Tech > Market Details > Market: Underwriting & Risk Management

Market: Underwriting & Risk Management
Insurance Tech > Market Details > Market: Underwriting & Risk Management

Market: Horizontal
113

Market: Horizontal

Market: Horizontal
115

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