Hippo raises $150 million; Lemonade, QBE new tech partnerships: Insurtech roundup

July 22, 2020 4:29 AM

Hippo raises $150 million

Hippo Enterprises, parent for the home-insurance insurtech Hippo, has closed $150 million in Series E funding. The insurtech unicorn continues to be valued above $1 billion. New investors included FinTLV, Ribbit Capital, Dragoneer and Innovius Capital. Among the uses of the money is to support the company’s proposed acquisition of a national insurance carrier .

Lemonade partners for insurance verification

Lemonade has partnered with Nexsys to help streamline homeowners' insurance verification. Nexsys' Clear HOI platform connects via API to Lemonade's insurance platform to provide integration between Lemonade and a mortgage lender's loan origination system. "This integration will allow Lemonade to quickly confirm a client has provided consent to share their insurance information, which in turn will maximize efficiency," the companies say.

Close up of a man using mobile smart phone

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QBE goes self-service for inspections with Flyreel

QBE North America has partnered with AI insurtech Flyreel to use the latter's tool for self-service home inspections. Customers can document interior and exterior data themselves, including property features and material, while identifying hazards and risks using computer vision technology, without the need for a third-party inspector entering the home. "QBE is committed to helping customers understand and reduce their risk exposure while leveraging our global community of experts," said Paul Isaac, Senior Vice President, QBE Global Risk Solutions, says.

New platform for ensuring IoT installations

Flo by Moen, an IoT device manufacturer; and Yonomi, which offers a platform for integrating those devices, have announced a partnership to help insurance companies find out if a Flo by Moen water-leak detection system is installed and functional in a customers home. The Yonomi platform collects and surfaces data points verifying a device's installation, enabling insurers to provide services and discounts that require a device. The platform also works with other IoT devices. "Through our platform, insurers will now have the power to correlate claims and losses with actual smart home device usage," says Kent Dickson, CEO of Yonomi. "Beginning first with the Flo by Moen Smart Water Security System, and expanding to more devices like motion sensors, smoke detectors, thermostats, and much more, our aggregation platform makes device verification easy."

Digital health insurer raises $4 million seed

Angle Health, a Y Combinator-backed company offering health insurance plans to startups, has closed a $4 million Series Seed funding round led by Blumberg Capital with participation from Y Combinator, Correlation Ventures, TSVC and Liquid 2 Ventures. The company is preparing to use the funding to complete its regulatory filing, launch its mobile application and integrate infrastructure to support accessibility to medical services. Angie says the app will be key to its customer experience, being used for submitting claims, booking appointments, engaging with providers via telehealth, managing and ordering prescriptions, and tracking spend. It plans to use APIs to integrate with HR platforms, using technology from Noyo, to provide digital enrollment and billing process for employers and employees.

Majesco acquired by PE firm

Insurance core systems provider Majesco has been acquired by private-equity firm Thoma Bravo, L.P., in a transaction valuing the company at $594 million. Following the closing of the transaction, Majesco will operate as a privately held company. It expects that its management team will stay in place. “Our decision was made with the best interests of our stockholders and we believe that the transaction will also benefit our 2,400+ employees and our more than 200 customers,” said CEO Adam Elster. “We are in alignment with Thoma Bravo on our strategic vision to help global insurers transition to the cloud.”