InsurTech News

China’s Online Insurer ZhongAn to Get Investment from SoftBank for Overseas Growth

ZhongAn Online P&C Insurance Co. Ltd., the first internet-only insurer in China, announced its subsidiary ZhongAn International will receive a strategic investment from SoftBank Vision Fund, which will support the growth of ZhongAn’s technology solutions businesses outside China. The amount …

China’s Tech-Focused Insurer Ping An May Be Poised for Major Asian Growth Leap

China’s Ping An Insurance (Group) Co. has 23,000 research staff, 500 big-data scientists and spends billions of dollars a year on R&D. Last year, it attracted 46 million new customers, equivalent to the population of Spain — almost all of …

Tokio Marine to License Metromile’s Connected Intelligence Platform

San Francisco, Calif.-based startup Metromile announced today that Tokio Marine Holdings Inc. has become the first insurance carrier to license Metromile’s Connected Intelligence Platform. Metromile in July announced $90 million in Series E funding co-led by Tokio Marine and Intact …

Insurtech Firm Wefox Seeks New Funding with Softbank Among Investors: Sources

Wefox, one of Europe’s fastest-growing insurance technology firms, is close to settling on a new “triple-digit million” euro funding round, with Softbank’s Vision Fund among the suitors, three sources familiar with the negotiations said. One of the sources said Softbank …

Nationwide Invests in Online Business Financing Startup BlueVine

Nationwide said it is making a new venture-capital investment in BlueVine, a provider of online working capital financing for small- and medium-sized businesses. The BlueVine announcement is part of Nationwide’s commitment to invest more than $100 million of venture capital …

AXIS Launches AXIS Digital Ventures to Accelerate Innovation via Insurtech Partners

AXIS Capital Holdings Ltd. announced the launch of AXIS Digital Ventures, a new unit that will lead enterprise-wide efforts to partner with insurtech companies that focus on high value re/insurance applications, new product opportunities and new distribution and re/insurance business …

Metromile Secures $90M in Financing Led by Tokio Marine, Others

San Francisco, Calif.-based startup Metromile Inc. on Tuesday announced $90 million in Series E funding co-led by leading insurance companies Tokio Marine Holdings and Intact Financial. The financing included participation from existing and new investors NEA, Index, Future Fund and …

MGAs Working with Insurtech Firms to Bolster Customer Centricity: Survey

Managing general agents (MGAs) are increasingly interested in working with insurtech firms to enable their businesses to become more customer-centric, according to a new survey of UK MGAs. More than 42 percent of survey respondents feel insurtech helps MGAs evolve …

Reinsurers, Insurtech Startups Increasingly Seek Mutually Beneficial Partnerships

Reinsurance companies increasingly are funding insurtech startups in order to structure more innovative products and improve their business efficiencies, but how much impact on the industry will these investments have? There are a number of reasons reinsurers are getting involved …

Workers’ Comp ‘Disruptor’ Launching in California for Injured Farm Employees

An insurtech startup says it will disrupt California’s workers’ compensation system with “technology-enabled triage and care coordination” for California Farm Management. ChronWell, a mobile platform for the workers’ comp industry, announced on Monday that it will launch its pilot program …