Big week for insurtech funding: Roundup
July 30, 2020 5:58 PM
Jupiter, an insurtech provider of predictive data and analytics for climate risk, announced additional funding from Liberty Mutual and MS&AD. With the capital, Jupiter can fuel expansion of its operations and increase product development to meet the evolving needs of global companies in new geographies. Rich Sorkin, CEO and Co-Founder of Jupiter shared, "In light of ongoing threats to life and property stemming from hazards like worsening heat waves, storms and wildfires, it’s urgent for entire industries to anticipate their future risk from a rapidly changing climate," says Sorkin.
Skytek and Aon have joined forces on a hurricane tracking system set to enable, evaluate and aggregate at risk cargo, hull and offshore assets in relation to the 'cone' of a storm. It uses real-time satellite tracking to allow insurers to visualise the precise location and aggregate value of exposed risks when at sea. “Our InsurTech collaboration demonstrates Aon’s commitment to helping clients leverage emerging technologies to meet their strategic objectives and enhance risk management,” says Christian Silies, head of Marine & Energy Composite, Reinsurance Solutions at Aon.
Branch, insurance startup company, announced the closing of $24 million Series A funding round to improve customers insurance coverage. Co-led by Greycroft and HSCM Bermuda, the funding will support Branch’s continued development into a home and auto insurance carrier. Ian Sigalow, Cofounder & Partner of Greycroft says, "Branch's unique instant-bind capability, allowing people to buy bundled home and auto insurance after only giving their name and address, has never been possible before.”
Sidecar Health, a health insurtech company, raises $20 million led by Cathay Innovation and joined by new investors Comcast Ventures, Kauffman Fellows and Anne Wojcicki, co-founder and CEO of 23andMe. The company allows customers to shop around for health services using its Visa payment card and mobile app. The funding will be used to fuel company growth by expanding to new geographies and growing the Sidecar Health team. In midst of COVID job loss for individuals across the country Patrick Quigley, CEO of Sidecar Health shares, “Especially now, when it’s clearer than ever that everyone needs access to good coverage, we’re thrilled that so many investors wanted to join us in achieving our mission.”