Six companies have been selected to raise awareness of UK insurtech on San Francisco Trade Mission
Six UK insurtech companies have been selected by the Department of International Trade (DIT) to attend the 2017 Insurtech Trade Mission in tech hub San Francisco this week. The companies will represent the UK and showcase a range of recent developments in big data, artificial intelligence, cyber and the internet of things (IoT) within insurtech.
The event will offer them the prospect of growth within a wider ecosystem, with three days of pitching sessions and networking opportunities.
The six companies that have been selected to attend this year are Cazana, Corax, Digital Fineprint, Flock, Neos and QuanTemplate.
Who are the six insurtech companies representing the UK at the 2017 Insurtech Trade Mission?
Cazana is a vehicle data company that is designed to enable consumers to make informed decisions when purchasing used motorbikes, cars and vans. Its website and apps allow a user to check crucial information about vehicles, including government, finance, police and stolen, before taking the decision to make a purchase.
Cazana says its data can help motor insurers prevent fraud through better understanding of a vehicle’s history, both at the point of insuring and at the point of a claim.
Funding: Undisclosed amount in 1 round
Known investors: Passion Capital (funding data from crunchbase)
Cyber company Corax’s cloud-based software offers a “more transparent” model of risk analytics for assessing cyber risk. Its software aims to enable the exchanging of information between insureds, brokers, insurers and reinsurers.
Funding: $5.19m (£3.9m) in 4 rounds
Known investors: N/A (funding data from crunchbase)
Digital Fineprint offers an end-to-end solution for insurers looking to connect with customers on social media. The insurtech company uses audience targeting, data capturing and analytics to provide insurers with key insights into their customer-base and highlight risks or a dearth of cover, as well as opportunities for engagement.
Funding: $400k (£298k) in 1 round
Known Investors: Carl Bauer, Eos Venture Partners, Shailesh Rao, Stephan Apel (funding data from crunchbase)
Pay-as-you fly insurtech company Flock offers real-time drone insurance underwritten by Allianz. It offers cover to both commercial users and individuals. The Flock app uses big data to calculate risks in a specific area prior to the drone’s flight and works out cover accordingly. It also warns a user when there may be unfavourable conditions, such as bad weather or restricted airspace.
Funding: $631.24k (£471k) in 2 rounds
Known Investors: Angel Syndicate, Downing Ventures, London Co-Investment Fund, Pitch@Palace, R/GA Ventures (funding data from crunchbase)
IoT insurtech company Neos is the UK’s “first smart home insurance provider” and was the winner of the Internet of Things Breakthrough Award at the Insurance Times Tech & Innovation Awards 2017. It is underwritten by Munich Re and has recently been backed by Aviva Ventures to the tune of £5m.
Neos’s smartphone app is connected to technology in a user’s home and they can receive updates when there is the risk of a fire, leak or intruder. Users can also manage their home insurance policy through the app.
Funding: $7.72m (£5.8m) in 2 rounds
Known investors: Aviva Ventures, Barry Smith, EOS Ventures, Insurtech.vc, Munich Re/HSB Ventures, Richard King, Steve Broughton (funding data from crunchbase)
An Allianz-backed joint initiative between reinsurance professionals and computer scientists, QuanTemplate offers a combination of machine learning, data integration and analytics to make processes such as catastrophe modelling or performance analysis more efficient for insurers and reinsurers.
The platform can be used to share insights across an organisation, with built-in options for sophisticated queries, visualisations and loss development models for underwriters, actuaries and management.
Funding: $10.25m (£7.6m) in 4 rounds
Known investors: Allianz Ventures, Anthemis Group, Burlington Capital, Can Serter, Route 66 Ventures, Techstars, Transamerica Ventures (funding data from crunchbase)