What the 5 biggest InsurTech funding raises tell us about the state of the market

The data is for the last 90 days and comes from Venture Scanner. You can get the full FinTech Market Report and data at Venture Scanner.

Note: we view funding as a proxy for traction. You don’t get to raise a lot of money without real traction (usually, there are some exceptions). So figuring out why they are getting traction is useful analysis.

The Top 5

Tradeplus24 raised $100M. Note that this is debt not equity. We profiled the company here. In short, we believe that Insurance moving into SME lending could be a game-changer for a seriously broken market.

Singapore Life raised $50M. They are still in stealthmode, with no details on their site. The company said it is unable to share the details of the product till “we have the approval from authorities”.  It is interesting to note the global cross border funding from a) a company in  China/Hong Kong (Credit China FinTech) and  b) a UK fund (IPGL).  As the name implies, Singapore Life is focused on Life Insurance (here is an index to Life Insurance posts from our archives).

Trōv raised $45M. We profiled Trov in their early days back in Nov 2015. We thought they were going places then and they clearly are. The takeaway is that insuring smaller items was too big a hassle in the old way of doing things, but digital engagement makes it viable. The fastest ever exit (Blink) which we profiled last week echoes this.

Next Insurance $29M. This illustrates three trends we have been writing about a lot:

 

  • Focus on SME (the biggest, most broken market out there). Last week we wrote about the substantial exit by Simply Business.

 

  • Domain specific data wins (Personal Trainers, Photographers, Contractors in their case).

 

  • Funding from Strategic investors (MunichRe in this case).

 

CXA Group $25M. Our coverage is here. The takeaway is that Health Insurance innovation is not limited to USA and that super angels are challenging institutional funds.

Geographic breakdown

Funding action is all over the map with a bias to Asia and America as usual.

Tradeplus24 in Switzerland

Singapore Life and CXA Group in Singapore

Trov and Next Insurance in America.

Bernard Lunn is a Fintech thought-leader, investor and deal-maker. 

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