Here’s a news round-up of investment fund and insurer activity in the InsurTech sector, including a very handy plug-n-play Telematics gadget from Bosch electronics;
US insurer Metlife announced it is launching two Insurtech investment arms, Digital Ventures and Digital Accelerator, both backed by $100m in capital. Both will look for new start-up vehicles to invest in, with the focus on disruptive potential within the global insurance marketplace.
In the UK Digital Fineprint has raised more funding, courtesy of Pentech, with previous investors from the insurance sector including Andy Homer and Towergate. Digital Fineprint uses AI and social media algorithms to help insurers spot consumer comment and activity, and then respond to it quicker. An extra £2m was raised in the latest round of investment.
Reinsurance Group America subsidiary RGAx has bought LOGiQ3 in Canada, and taken full ownership of TAI, who automate life and annuity admin across the world. The purchase price remains undisclosed.
Ardian has sold RGI to Corsair Capital after a three year ownership period. RGI offer software and tech solutions to about 100 clients globally, including insurance companies. Corsair told the media they planned to expand RGI’s insurance business.
Bosch Launch Bluetooth Telematics Dongle
At the Las Vegas CES Show Bosch showed off their new plug-in Telematics dongle. The USB device measures speed, GPS and de-celeration data and aggressive driving patterns. Bosch provide a dedicated software kit for the device so that a broker, or intermediary, could offer the gadget as a bolt-on to a policy, with app-portal access for the customer.
This gadget looks like an ideal upsell for motor insurance specialists as it doesn’t require time-consuming fitting at Halfords or a local garage. The policyholder can plug it into the lighter/USB charging socket and forget it.