Insurtech News Nuggets: Quick Catch Up

BLINK IN INDIA

Blink Parametric has joined the India Insurtech association, as it looks to expand it’s instant payout offer into what is arguably the world’s biggest open insurance marketplace. India’s regulator has relaxed rules on foreign ownership and enabled many companies via an insurtech sandbox, so the timing is perfect.

Carl Carter, Chief Commercial Officer of Blink Parametric told the press: “This is a great first step for us into India. We respect the position that the IIA has earned in representing the InsurTech sector. We share the same goals, and it makes sense for us to network with innovators and decision-makers across the industry to see how we can work together to continue to drive positive change.”

ROOT

Root insurance has announced a round of staff layoffs, reports Layoffs Tracker – which is a handy website to follow in these turbulent times for tech. Root aims to save about $50m through the move which will see about 160 roles go.

ONDO

Ondo has posted a loss for the six months ending Aug 31st 2022, of £2.1m, reports MarketWatch. On the upside, Ondo has agreed a deal with Hiscox for its Leakbot tech to roll out across the US market. The monitoring gadget is aimed to prevent escape of water incidents, and therefore minimise home insurance claims.

SEND SECURES $10m

Just in from the Newswires;

Leading InsurTech Send Technology Solutions Ltd (Send) has today announced it has closed a Series A funding investment of $10M. The round was led by Venture Capital firm Breega with participation from Mercia and will enable Send to accelerate growth both in the U.S. and UK. The Send founders are pictured above.

Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work. It is a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements.

The composable platform, built for the commercial and specialty markets, already processes over $4BN in GWP annually. The additional funding will be used to strengthen Send’s product development and expand the wider team beyond the existing staff of 60.