Insurtechs focused on consumer management of insurance policies and commercial fleet analytics are expanding their reach following funding rounds.
Also, a new platform for offering management liability insurance to small firms debuts with backing from Markel.
Marble
Digital insurance policy wallet and loyalty platform Marble is opening its platform to U.S. personal lines policyholders who want an easy way to keep track of and pay all of their policies, earn rewards toward gifts and premium credits, and comparison shop for coverages and rates.
The announcement follows Marble’s $2.5 million raise in seed round funding last month that was backed by IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.
The new funding is being used to build a suite of tools that Marble says will fulfill the “real promise of insurtech” by putting users in control of their insurance.
The company also plans to launch enterprise partnerships, leveraging its API (Application Programming Interface) backend to help national insurance carriers improve engagement and retention.
“Marble is re-imagining the insured-insurer relationship by building a platform that allows both parties to benefit and engage,” says Stuart Winchester, founder and chief executive officer at Marble.
Members earn rewards by engaging with Marble’s site, purchasing policies and referring friends to Marble. Rewards can be redeemed towards premium payments, gift cards, charitable donations and in other ways.
Consumers sign up at MarblePay.com and link their personal insurance policies by uploading their declarations pages or, if their insurance carriers are currently supported by Marble, by signing into the insurance carrier’s site via Marble’s interface. Members can manage, bundle and keep track of all of their personal insurance policies, regardless of carrier, in a single digital wallet.
“Most consumers only interact with their insurance policy once a year, at renewal, and have to deal with frustrating rate hikes for a product they’re often legally required to own. Meanwhile, insurance companies spend billions on advertising to attract these same consumers year after year. It’s an extremely inefficient arrangement,” Stuart said. “Marble offers a different, much more intuitive way for modern customers to interact with their policies and for insurance carriers to engage with their customers.”
Source: Marble
Idelic
AXA is an investor in a $20 million fundraising round for Idelic, a Pittsburgh-based insurtech that produces commercial trucking analytics plus driver management products and services, Carrier Management reports.
Highland Capital Partners led the Series B round. Beyond Highland and AXA (which invested through its AXA Venture Partners arm), previous investors Birchmere Ventures, Origin Ventures, TDF Ventures, and SaaS Venture Capital also participated. Highland’s Craig Driscoll will join Idelic’s board of directors.
Idelic pitches its software as helping to prevent accidents, reduce driver turnover, lower insurance costs, and save lives. Safety Suite – Idelic’s signature product – uses machine learning to turn fleet data into predictive insights that enable fleets to manage their entire safety operation and identify at-risk drivers before crashes occur.
AXA is a major player in the commercial transportation insurance space.
Carnegie Mellon University graduates Hayden Cardiff (co-CEO), Nick Bartel (co-CEO), and Andrew Russell co-founded Idelic.
“Raising our Series B will enable us to reinvent how the transportation industry underwrites driver risk and evaluates the fleets they insure,” Co-CEO Hayden Cardiff said in prepared remarks.
Idelic plans to use the new funding to bolster its engineering and data science teams. It will also expand its sales and marketing operations.
Source: Idelic
Counterpart
Counterpart is launching a data-driven management liability platform with risk mitigation tools in partnership with Markel and $10 million in funding, led by Valor Equity Partners.
Counterpart offers management liability insurance from insurer Markel Specialty and its Evanston Insurance unit for private small businesses in the U.S. with fewer than 250 employees and less than $250 million in revenue. It offers $10 million in aggregate limits.
Counterpart leverages technology at every touchpoint – application submission, coverage selection, binding, claims management, and loss prevention.
Lead investor Valor Equity Partners was an early backer of Tesla, SpaceX, Addepar, and GoPuff. Joining Valor Equity Partners are Susa Ventures and Felicis Ventures. Susa has backed startups Robinhood, PolicyGenius, and Newfront Insurance, while Felicis has funded Hippo, Plaid, and Credit Karma.
Tanner Hackett, CEO of Counterpart, has launched multiple businesses including, Lazada Malaysia, which was purchased by Alibaba, and Button.
Mike Levins, head of Insurance, has experience as head of Broker Relations and U.S. MGA Operations at Hiscox, head of Sales at CNA, and underwriting management at Liberty International.
Source: Counterpart
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