Insurance Techknowledgy: Hippo, Vertafore, Monte Carlo, Marble, Coterie, Buckle and More

February 25, 2021

Home insurer Hippo is partnering with ADT to add smart home services and discounts for home insurance customers.

Hippo customers in select states who enroll in its smart home program will be offered free installation of an ADT smart home security system and a range of smart devices with their home insurance policy and will be eligible for Hippo smart home discounts.

Meanwhile, ADT’s existing customers in some states may be eligible to receive home insurance premium discounts from Hippo. Customers new to both ADT and Hippo can receive ADT’s security system complete with burglary, life safety and water intrusion monitoring devices, a video doorbell camera, and two months of ADT professional monitoring, rolling out later this year.

Buckle

Tech-driven auto insurer Buckle says it “continues to champion for gig drivers” by utilizing non-traditional data sources from location-based traffic analytics firm TNEDICCA to underwrite auto policies for transportation network company or ride-hail drivers.

Buckle said it is using non-traditional data sources, not credit scores geared for salaried employees, to underwrite its insurance policies.

“Insurance companies underwrite policies for gig drivers based on traditional credit scoring, leaving them with only high premiums,” said Sharon Fernandez, head of Buckle’s Insurance Division. “Buckle’s mission is to champion TNC drivers by assessing risk in better ways, which allows us to provide comprehensive auto insurance, whether drivers are on or off the clock, at fair prices.”

TNEDICCA’s location-based crash risk score calculates risk based on actual accident hotspots around a specific location. It is based on more than 30 million crashes generating average loss ratio lift of 38 percent. Its usage-based risk score is also helping Buckle account for telematics data beyond driving behaviors by assessing crash risk of actual route coordinates by date and time of trips.

Buckle said expects to expand its relationship with Ohio-based TNEDICCA to utilize its risk avoidance, enhanced safety, and improved driver engagement capabilities.

Monte Carlo

Monte Carlo, a technology startup focused on helping organizations obtain more reliable data, has raised $25 million in new Series B financing.

The San Francisco-based company’s business model is built around data observability, which involves the use of technology tools that help monitor enterprise data systems and troubleshoot any problems that arise.

Monte Carlo will use the venture money to develop its expertise and reach, and also help organizations accelerate their adoption of data and analytics.

The company currently works with several Fortune 500 companies and has customers including Hippo Insurance. It also operates in the fintech, e-commerce, media, B2B software and retail industries.

Monte Carlo describes its data observability platform as allowing data engineers and analysts to seamlessly monitor the health and dependencies of their data assets across the entire data stack, from ingestion to analytics – all in one collaborative interface. Simultaneously, Monte Carlo provides a holistic view of a company’s data health and reliability across critical business use cases.

Monte Carlo has now raised more than $40 million to date. Redpoint Ventures, backers of Snowflake and Looker, and GGV Capital, investors of HashiCorp and Slack, co-led the Series B round with participation from Series A investor Accel. Monte Carlo is also backed by DJ Patil, the former Chief Data Scientist for the U.S., as well as top executives from Cloudera, eBay, Google and VMWare.

Vertafore

Insurance technology provider Vertafore unveiled a client communications and reputation management program for independent agencies that are using its AMS360. Vertafore Client Communications will “help independent agencies build stronger relationships with their clients by equipping them with tools that enable more active and meaningful client engagement, directly from their agency management system,” says the company.

Eligible AMS 360 customers will gain access starting March 1 at no additional cost. Vertafore Client Communications brings integrated email, campaign and reputation management tools into agents’ daily workflows. AMS360 users will now be able to:

  • Send one-time or automated client emails based on events or date-driven rules, such as birthdays or renewals, from their own email domain
  • Create custom segments of users to better target their messaging
  • Manage their agency’s online reputation and client satisfaction
  • Provide thought leadership content to help clients manage risks
  • Identify at-risk revenue and opportunities
  • Track client satisfaction metrics by office and individual employees over time

Marble

New York-based insurtech Marble raised $2.5 million in early-stage funding that will help launch what it bills as the first digital wallet and loyalty rewards platform for insurance.

Marble’s investors in the seed round include IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.

Marble, founded and launched in private beta in 2020, describes itself as a “one-hub, digital wallet where customers can seamlessly manage all of their personal insurance details and payments.” The company also claims to be “the first and only platform that allows you to earn rewards on your insurance, which you can redeem in a variety of ways, including towards premium payments.”

Marble said it is currently in beta and plans to open its platform to any U.S. personal insurance policyholder in March 2021. Using the system, Marble members – insured by the nation’s largest insurance agencies – can link to their healthcare, automotive, home, renters, pet, or any other type of personal insurance.

Vesttoo

Silicon Valley-based investor and global innovation platform Plug and Play has become an equity investor in Vesttoo, an Israel-based startup that specializes in data-driven risk management products and services for insurers and reinsurers.

Neither side disclosed investment specifics.

Vesttoo’s proprietary technologies use AI and machine learning to forecast and price long-tail risks such as longevity, excess mortality, lapse, as well as Value-in-Force (VIF) monetization and excess mortality Industry Loss Warranties (ILW) and transfer them to the capital markets, allowing insurers, reinsurers and pension funds to adopt proactive strategic risk and capital management.

Using proprietary AI and machine learning stochastic algorithms, Vesttoo creates what it said are highly accurate risk models and forecasts.

Coterie

Insurance agency technology firm Coterie pulled in $11.5 million in new venture funding it will use to fuel further expansion of its business, which is designed to integrate insurance purchasing into existing small businesses processes.

The Cincinnati-based insurtech bills the funding as a Series A-1 financing, a follow-on to an an oversubscribed $8.5 million Series A financing in March 2020. Intact Ventures led the new round, with with participation from Alpha Edison, Lackawanna Insurance Group – a subsidiary of Group1001, and previous investors RPM Ventures, Allos Ventures, and several others.

Licensed producer Coterie provides general liability, professional liability and business owners policy insurance to businesses (including freelancers) in a process it bills as quick, efficient and cheap through the automatic leveraging of relevant data.

Coterie’s technology is designed to integrate with existing business tools and data such as payroll, revenue and location to ensure the best rates for users. The company partners digitally with agents and brokers, is a licensed insurance producer in all 50 states, and is backed by A-rated licensed insurers and reinsurers.

Since its initial funding in March, Coterie said it has teamed up with platforms including Intuit Quickbooks and Thryv in order to deliver business insurance through tools customers are already using. The company has also partnered with Independent Market Solutions and First Market Connect to help expand their capabilities to insurance agents already serving small businesses.

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