Insurtech funding rounds: Q2 2020 edition

There's no hiding the fact that the coronavirus pandemic has impacted insurtech funding. Digital Insurance's quarterly review of Crunchbase data found 36 investment events loosely grouped under the "insurtech" umbrella; last year at the same time saw 81. The number of rounds under $10 million dipped less preciptously, however; from 21 to 15. This indicates that bets are being placed at more "proven" companies amid the economic uncertaintly roiling the globe. We've analyzed who recieved funding to surface the most relevant to our readers.

$225 million, venture unknown
Originally launched to help support the Affordable Care Act’s exchanges, Oscar’s long journey as one of the first nationally recognized insurtechs has taken many twists and turns. The company was most recently in the news for its partnership with Cigna to provide health plans for small businesses supported by Oscar’s digital capabilities.
Pie Insurance
$127 million Series B
The workers’ compensation insurtech says $100 million of this round, in the form of equity capital commitment, will go toward the “creation of a new holding company for purchasing licensed insurers,” according to Crunchbase.
$90 million Series C
Cyber insurance provider will target three areas with its latest capital investment: making its platform more available to small and midsize businesses; international expansion; and new products.
$50 million Series B
The Dallas-based life insurance company announced the launch of a foundation to support the fight against COVID-19 at the same time of its latest funding round. The Bestow Foundation made its first donation to the the CDC Foundation, which “funds medical supplies, increases lab capacity, deploys emergency staffing to U.S. public health agencies, provides support to vulnerable communities, and more,” the company says.
CLARA Analytics
$25 million Series B
The company’s suite of products includes CLARA claims, CLARA providers and CLARA litigation, as well as a Set-Aside product for Medicare. Its clients include Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance.
$16 million Series B
Insurtech using AI for processing commercial insurance data’s round included Nationwide. “After assessing several companies in the marketplace, we quickly determined Planck’s AI platform provides faster and more consistent data for commercial insurers like Nationwide,” said Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams. “We’re impressed with the founding team’s experience building value for insuretech companies and look forward to supporting Planck’s growth.”
$15 million Series A
Building its own systems from the ground up, including third-party data integration and predictive modeling, Openly believes its product, service and support for premium home insurance will help independent insurance agents satisfy customers’ needs swiftly.
$14 million Series A
Point-of-sale warranty provider. In announcing the round, founder Brandon Gell wrote, “This new injection of funding, led by Spark Capital with participation from Crosslink, RRE, Red Sea Ventures, Abstract Ventures, Starting Line Capital, Correlation Ventures, Jackson Gates, Brian Sugar, and other leaders in the ecommerce and fintech space will help us expand our capabilities to serve a new wave of retail partners. We believe that product protection is one of the strongest tools retailers have at their disposal to drive customer loyalty and revenue.”
Other notable rounds
$5 million or more
Arturo - AI and ML - $8 million Series A
Hi Marley - SMS communication platform - $8 million Series A1
Betterview - Property intelligence - $7.5 million
Covered by Sage - online broker - $6 million
Clara Insurance (not related to CLARA Analytics) - supplemental insurance - $5.5 million seed round
Nexben - unified platform for health insurance - $5 million funding round (series unknown)
Layr - AI and ML to customize commercial insurance -- $5 million seed
AgencyKPI - business intelligence platform -- $5 million Series A