The Theme last week was agitation in the industry.
The Theme this week is P&C InsurTech trends. The P&C (Property & Casual) segment of Insurance, especially personal lines, are going through a profound change. Changes are made both by tech ventures and incumbents.
For more about the Front Page Weekly CXO Briefing, please click here.
For this week we bring you three stories illustrating the theme of P&C InsurTech trends.
Story 1: Emerging Technology in Personal Lines
Extract, read more on Insurance Thought Leadership:
“Five technologies have emerged as “power players” for personal lines insurers, based on insurer activity and the potential for transformation.
They are AI, Drones, IoT, New User Interaction and New Payment Technologies.”
We heard a lot about AI, IoT, a little about Drones. New User Interaction and New Payment Technologies, which are responsible for the communication of customers are relatively new.
Story 2: The Switzerland of Mobility
Extract, read more on Coverage:
“Transit, a Canadian startup that offers a mobile app to simplify urban mobility by combining modes of transportation, has raised $17.5m in a series B round from Accel, Alliance Ventures, Jaguar Land Rover’s InMotion Ventures, and Real Ventures, bringing the company’s total funding to date to $26.6m.”
Transit is working towards building a car-free future. Public transportation, ride hailing, bike sharing and scooter sharing are its weapons. Car insurance will be impacted if they succeed.
Story 3: Personal Home Maintenance Service Setter Raises Series A
Extract, read more on Coverage:
“Setter, a personal home maintenance service from Canada, has announced a $10m Series A round co-led by Sequoia Capital and NFX, with participation from Hustle Fund, to expand across North America. This brings the company’s total funding to date to $12m following a $2m seed round from Sequoia, Hustle Fund and Avichal Garg last year.”
With the help of home maintenance platforms like Setter, home insurers can know better about their customers’ homes. Potential improvements for pricing and claims.
Editors Note: interesting to see 2 out of 3 coming from Canada, America’s northern neighbour.
Property & Casualty insurance is shaped by the way people move and live. When they change, P&C will have to keep the pace and change together. Sooner better than later.
Zarc Gin is an analyst for Warp Speed Fintech, a Fintech, especially InsurTech-focused Venture Capital based in China.
Get fresh daily insights from an amazing team of Fintech thought leaders around the world. Ride the Fintech wave by reading us daily in your email.