quarterly-insurtech-briefing-q4-2017
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Q4 <strong>2017</strong> Industry Theme<br />
The Sobering of InsurTech: Adapting Business<br />
Models for Incumbents<br />
Claims Management – Selected Companies<br />
Claims Management<br />
(US$ in millions)<br />
# Company Total<br />
Funding<br />
Investor(s)<br />
1 Snapsheet 49.9 • Commerce Ventures<br />
• IA Capital Group<br />
• Intact Ventures<br />
• Liberty Mutual Ventures<br />
• Lightbank<br />
• OCA Ventures<br />
• Plug & Play Accelerator<br />
• Pritzker Group Ventures<br />
• USAA<br />
• Other Investors (a)<br />
2 Shift<br />
39.7 • Accel Partners<br />
Technology<br />
• Elaia Partners<br />
• General Catalyst<br />
• Iris Capital<br />
3 Wefox 39.3 • AngelList<br />
• Horizons Ventures<br />
• Salesforce Ventures<br />
• Other Investors (b)<br />
4 CLARA 22.9 • Oak HC/FT Partners<br />
analytics<br />
• Undisclosed Investors<br />
5 Tractable 9.8 • Ignition Partners<br />
• Zetta Venture Partners<br />
• Other Investors (c)<br />
6 Estify 8.6 • Cultivian Sandbox<br />
• Heartland Advisors<br />
• Middleland Capital<br />
• Undisclosed Investors<br />
7 ClaimKit 7.5 • Flyover Capital<br />
• Mid-America Angels<br />
• Plug & Play Accelerator<br />
• QBE Ventures<br />
• Undisclosed Investors<br />
8 Betterview 3.7 • 500 Accelerator<br />
• 500 Startups<br />
• Arena Ventures<br />
• Chestnut Street Ventures<br />
• Maiden Re<br />
• Plug & Play Accelerator<br />
• Router Ventures<br />
• Winklevoss Capital<br />
• Other Investors (d)<br />
Description<br />
• Self-service mobile app for estimating auto claims by photo<br />
• Offers a full suite of products to help carriers, adjusters and<br />
customers analyze claims efficiently<br />
• Enables insurers to handle approximately 90% of auto<br />
claims virtually within ~30 days<br />
• Clients receive claims estimates in an average of 2.7 hours<br />
after photos are received<br />
• Hired Andy Cohen as COO in June <strong>2017</strong> (previously CNA<br />
VP of Worldwide Field Operations)<br />
• Software-as-a-service offering insurance fraud detection and<br />
claims handling automation using mathematical algorithms<br />
• Germany based tech-enabled service provider that<br />
streamlines the claims process by allowing users to upload<br />
photographic notice of loss through their phones and<br />
connect instantly to a large managed repair network<br />
• Easy-to-use, AI-enabled claims management software for<br />
workers’ compensation insurance<br />
• Connects insured workers to a large network of top-rated<br />
health care providers<br />
• Full automation of simple claims with 99% accuracy<br />
• UK-based artificial intelligence systems provider that uses<br />
machine learning to provide automated solutions for claims<br />
management<br />
• Software developer that helps auto repair shops create and<br />
deliver efficient pricing estimates for auto insurers<br />
• Third party claims handling service that deploys<br />
experienced claim consultants to collect documents and<br />
data which is consolidated and uploaded for easy access<br />
through a proprietary platform<br />
• Utilizes a network of independent UAV operators to inspect<br />
properties in the U.S. for various needs across insurance,<br />
construction and real estate<br />
• Provides insurers and loss adjusters with access to<br />
a nationwide network of independent UAV operators<br />
to inspect commercial and residential properties and<br />
infrastructure, software and analysis tools for use in<br />
underwriting and claims processes<br />
• Imagery is analyzed qualitatively by human experts and<br />
analysis is included in an actionable report<br />
(a) Includes F-Prime Capital, Montage Ventures, Tola Capital and undisclosed investors.<br />
(b) Includes Davidson Growth Debt, IDInvest Partners, Lena Meyer-Landrut, Samuel Skoblo, Seedcamp, SpeedInvest, Target Global and Victory Park Capital.<br />
(c) Includes Andy Homer, Entrepreneur First, Greg Gladwell, Scott Roza, Stuart Bartlett and Tony Emms.<br />
(d) Includes 645 Ventures, Arab Angel Fund, Compound, Haystack Partners, Meta Prop and undisclosed investors.<br />
33 willistowerswatson.com
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