Insurtech weekly news roundup: May 13

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Insurtech weekly news roundup: May 13

This week, insurtechs CoverGo, FutureProof and SALT all raised new venture money. At-Bay launched a new cyber insurance program. Fenris Digital and ennabl formed a partnership.  Cover Genius hired a chief people officer.

CoverGo

CoverGo raised $15 million in Series A financing to help accelerate the company’s international expansion, and also grow sales and engineering teams in the US and Asia-Pacific.

The start-up’s centerpiece is a no-code software platform that helps insurers, banks and MGAs digitize and automate their insurance processes.

SemperVirens VC in California led the round, with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital. Strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance (part of the Henner Group), and Middle Eastern and African insurance fund Noria Capital. Existing insurtech investors also participated in what became an oversubscribed round.

As part of the investment – Caribou Honig – general partner of SemperVirens and founder of the global InsureTech Connect annual conference, will take a board observer seat.

FutureProof

The venture capital arm of AXIS Capital holdings led a $6.5 million round for FutureProof Technologies, allowing it to establish a new managing general agent (MGA).

Specifically, AXIS Digital Ventures led the round, though previous investors Innovation Endeavors and MS&AD Ventures also participated. To date, FutureProof has raised nearly $10 million in financing.

The start-up is a California-based financial analytics software company that specializes in climate risk. The company uses artificial intelligence to help predict wind and flood losses. Its algorithmic underwriting is also designed to help insurers select, price and manage risk more profitably, almost in real time.

Plans call for using the money to launch a new digital MGA later this year, Fid Norton, a FutureProof co-founder and chief insurance officer, said in prepared remarks.

Specifically, the money will fund new hires in underwriting, portfolio, risk management and engineering that will help support the new endeavor.

The technology “will improve profitability and return on equity for our carrier and reinsurance partners, and the algorithmic underwriting engine we build to deliver our results will provide faster quotes to our wholesale broking partners,” Norton added.

At-Bay

At-Bay, a digital cyber managing general underwriter (MGU), launched a new cyber insurance program backed by Trisura Specialty Insurance Company and The Hartford Steam Boiler Inspection and Insurance Company (HSB).

Both are leaders in the specialty insurance space.

Trisura will serve as the new issuing carrier for the Cyber and Tech E&O program, and HSB remains At-Bay’s largest capital provider and lead reinsurer, having increased its 2022 capital commitment from the previous year.

A panel of reinsurance partners and At-Bay’s own newly formed captive reinsurance company are also backing the program.

At-Bay’s gross written premium run rate surpassed $240 million in 2021, about 600% higher than the previous year. The new program is designed to create additional capacity so it can continue sustainable growth, but also keep in place the core of its cyber program.

Fenris/ennabl

The insurtech start-up ennabl and Fenris Digital will partner so insurance brokers and agents can use Fenris’ extensive pool of data to accelerate their prospecting activities and nurture client relations.

The ennabl platform makes a wide range of data accessible to brokers without having to rely on different platforms. Fenris Digital is a Data-as-a-Service (Daas) company that focuses on providing easily accessible and actionable insights for carriers and brokers.

As part of their arrangement, brokers using ennabl’s platform can access Fenris’s company, consumer and asset data to learn more about their clients and provide better service to their customers.

SALT

SALT raised $2 million to help build out sales and distribution for its technology, which is designed to digitally facilitate the buying of a home and auto insurance from independent agents.

Eagle Venture fund led the Texas-based company’s Series A round.

SALT expects to use the money to hire between four and six new employees and continue product development. The company will also market its tech at upcoming industry conferences.

Cover Genius

Cover Genius, an insurance technology company focused on embedded insurance, hired Gloria Basem as chief people officer.

Basem will lead the company’s “global people” strategy, overseeing hiring, employee experience, growth, learning, DEI (diversity, equity and inclusion), career development and compensation. She will also work closely with the executive team to ensure people strategies help forward company goals.

Most recently, Basem was chief people officer for fintech company Stash. She also served in the same role at global adtech firm MediaMath, New Avon, Planned Parenthood of New York City and the CDM Group.

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