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Venture Scanner Connected Insurance Technology Overview
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Transcript of Venture Scanner Connected Insurance Technology Overview
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Venture Scanner is your analyst and technology-powered startup research firm
Connected Insurance Technology Startup Overview
October, 2016
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Insurance Technology974 companies across 14
categories from 53 countries with $16.5B in funding
Consumer Management (51 Companies)
Education/Resources (30 Companies)
User Acquisition (61 Companies)
Life, Home, P&C* (90 Companies)
P2P Insurance (29 Companies)
Product (23 Companies)
Reinsurance (29 Companies)
Automotive* (107 Companies)
Employee Benefits (40 Companies)
Enterprise/Commercial (94 Companies)
Health/Travel* (99 Companies)
Data/Intelligence* (88 Companies)
Comparison/Marketplace (242 Companies)
Infrastructure/Backend (196 Companies) The
image cannot be displayed.
Technology startups are entering all insurance business lines
* Category includes connected insurance technology startups
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Categories leading in Connected Insurance business model adoption
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Automotive
Use auto data ports to measure exactly how far, and how well, a user drives
Health
Provide personal fitness devices to track client active time
Life, Home, P&C
Provide IoT home devices to monitor appliance usage and give safety warnings
Some categories are starting to see a strong impact to their business models due to the entry of Connected Insurance startups
Data/Intelligence
Update systems to handle massive amount of user data in a secure way
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Connected Insurance categories are dominating VC InsurTech funding
Within InsurTech, categories with Connected Insurance startups account for 81% of all venture funding and 32% of the total startup companies
Total Venture Investing into Categories with Connected Insurance Startups
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Health Insurance Life, Home, P&C Insurance Auto Insurance Insurance Data/Intelligence
Company Count
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VC Funding Count
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Funding into Insurance Technology has grown rapidly
Overall InsurTech funding grew at a CAGR of 52% from 2011-2015, whereas the Connected Insurance categories have a 97% CAGR
Insurance Technology Funding Over Time*
* The year 2014 excludes a large Chinese-based post-IPO financing event
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Total InsurTech Funding Connected Insurance Related Category Funding
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Younger Insurance Technology startups lead in VC funding
Since 2005, 62% of total InsurTech funding and 69% of Connected Insurance related category funding have gone into startups founded in 2013 and 2014
InsurTech Funding By Vintage Year
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Total InsurTech Funding Connected Insurace Related Category Funding
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Top VC investors are making bets in Connected Insurance categories
Select Investor Activity in Connected Insurance Related Categories
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Number of Investments Number of Companies Backed
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Insurance Technology startups are a global phenomenon
Connected Insurance Startup Count by Country
0 200 Companies
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Automotive Insurance Case Study: Metromile
Funding Founded Loca+on
$205M 2011 SanFrancisco,USA
Description • An automotive insurance provider that provides Pay-As-You-
Drive coverage, only charging their clients for the exact mileage they drive
Notable Events • Partnered with Uber, the ride hailing app, to offer their drivers the ability to seamlessly
transition between personal and commercial insurance coverage on a per-mile basis • Recently acquired Mosaic Insurance, an insurance carrier, to handle the underwriting
process and expand into additional geographies
Telematics • Utilizes an On-Board Diagnostics (OBD) device to wirelessly send driving data to measure the
specific actions of individual clients, such as how far they have driven and how aggressively they accelerate
• They also use smartphones to collect additional data points as well as to offer additional services to their clients (such as trip planning and parking location reminders)
OBD Telematics Device
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Private - Do Not Distribute 10
Health Insurance Case Study: Oscar Health
Funding Founded Loca+on
$728M 2013 NewYorkCity,USA
Description • Provides non-employee health insurance in parts of the
United States • Couples their coverage with smartphone and web
applications to track data and provide teleHealth functions
Notable Events • Establishing health centers in New York to provide their members with primary care while
taking full advantage of Oscar’s web and data technologies • Grew to 145,000 customers in 2016, up from 40,000 customers in 2015
Telematics • Oscar provides each client with a branded personal fitness device (manufactured by a third
party), and offers premium discounts if the client hits a goal number of steps per day • Additional data collected by the device, such as sleep time, is provided to healthcare
providers, streamlining and optimizing the caregiving process
Oscar-branded Pedometer
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Venture Scanner is your analyst and technology-powered startup research firm
Contact [email protected] to learn more