THOUGHT OF THE DAY
"Applied Systems is a pioneer in the insurance industry, transforming the way insurers, agents and customers do business in the cloud. We are excited to partner with Applied in support of its rapid growth and best-in-class technology. We look forward to bringing some of the world’s leading experts at Google and Alphabet to drive innovation within the global insurance ecosystem." - Gene Frantz, General Partner at CapitalG, Alphabet's growth equity investment fund, following its investment in Applied Systems. (#AppliedNet is ongoing.)
Think: a P2P Belgian startup offering homeowners and renters insurance with a giveback scheme that’s in open beta. Founded in 2017 and led by Arvid De Coster, Bjorn Vuylsteker and Rémi Wildschut, WeGroup has raised €150k and allows customers to purchase insurance and submit claims via Louise, its virtual assistant.
Bottom Line: "Look at this poor fella, not really what a millennial like myself is looking for…"
With 1m registered boats in France and 9m sailors, who on average sail between 5 to 15 days a year, French mutual insurer MAIF is introducing on-demand boat insurance. The new insurance, which is designed for boaters who use their boats less than 20 days a year, can be taken out online or via MAIF’s mobile app, and allows boaters to instantly activate coverage, along with purchasing coverage for future dates.
MAIF is no stranger to the boating industry - for more than 20 years the company has been offering recreational boating insurance and in 2017, MAIF Avenir, its VC arm, invested in SeaBubbles, a "flying water car." PS. MAIF is a partner of P2P boat rental company, Samboat, to which it provides tailor-made insurance for private boat rentals.
Lyft has launched the All-Access Plan, a subscription where passengers pay upfront every 30 days to lock in a set price for their rides.
Starting today, passengers can subscribe to the plan and it will be available to everyone in the US by the end of the week. With the All-Access Plan, riders get 30 rides (up to $15 each) and a 5% discount on additional rides, by paying $299 every 30 days. A few things to note: (1) In case that a ride ends up costing more than $15, the rider only pays the difference. (2) Unused rides do not roll over to the following period. (3) The plan can be cancelled anytime. "When you spend less time driving (and parking), you have more freedom - and more savings. Americans who use the All-Access Plan for all of their personal car needs can save up to 59% per month compared to owning a car." - Lyft.
Following the company's 2017 UK claims report and a call-to-action for the industry to publish information on how insurers manage claims, Aviva is continuing with its efforts to "bust the myth" that insurers don’t pay claims.
The Gist: In 2017 Aviva paid out 98% of all claims across the group. The company highlights several factors such as paying over £20m every day, while addressing rejected claims that are mostly due to risk not covered in the policy, pre-existing conditions that were not disclosed, missing evidence and fraud. And while "98% of claims paid is a good ratio," Aviva is working on addressing the 2% by simplifying the policy language, offering enhanced coverage and investing in technology for claims prevention. Bottom Line: More reliable than Swiss trains.
Simply - the South African startup that offers individual and group life insurance products, has secured a "significant" multi-year funding commitment from Yellowwoods.
Insurdata - the Denver, CO-based company enabling insurers to generate high resolution, risk-specific data in real-time, has filed its Form D with the SEC in connection to an equity round totaling ~$800k.
Recall insurance-related investments here.
VIA COVERAGER POST
Global P&C Insurers Require Global Data Confidence
Tech evangelists love to mention that the last few years have seen more data created than in the entirety of human history previously. But if this data boom represents 'the new oil' - at the risk of repeating a much abused analogy - then refining such a precious resource into reliable and useful underwriting intelligence is crucial to global P&C insurers’ success. Read the full Post here.
Denim® Named One of the World’s 100 Most Innovative Insurtech Companies
Denim, the most intelligent mobile marketing platform for financial services, has been named to the InsurTech 100 list by London-based FinTech Global, provider of comprehensive data, insights, and analytical tools to the global fintech industry. Read the full Post here.