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 />
Product & Distribution – Selected Companies<br />
Product & Distribution<br />
(US$ in millions)<br />
# Company Total<br />
Funding<br />
Investor(s)<br />
1 Zhong An 931.0 • Alibaba Group<br />
Insurance<br />
• CDH Investments<br />
(HK: 6060)<br />
• CICC<br />
• Keywise Capital<br />
• Morgan Stanley<br />
• Ping An Insurance<br />
• SAIF Partners<br />
• Softbank Group<br />
• Tencent Holdings<br />
• Theorem Capital<br />
2 Oscar 727.5 • 8VC<br />
• BoxGroup<br />
• Brainchild Holdings<br />
• Breyer Capital<br />
• capitalG<br />
• Fidelity Investments<br />
• Formation 8<br />
• Other Investors (a)<br />
3 Clover 425.0 • AME Cloud Ventures<br />
Health<br />
• Arena Ventures<br />
• Athyrium Capital<br />
• Brainchild Holdings<br />
• Casdin Capital<br />
• First Round Capital<br />
• Other Investors (b)<br />
4 Bright<br />
Health<br />
5 Gryphon<br />
Insurance<br />
240.0 • Bessemer Ventures<br />
• Cross Creek Advisors<br />
• Flare Capital Partners<br />
• GE Ventures<br />
• Other Investors (c)<br />
230.0 • Leadenhall Capital<br />
• Punter Southall<br />
Group<br />
Description<br />
• Backed by founding partners Ping An, Tencent and Alibaba<br />
Zhong An, launched as China’s first online-only insurer in 2013<br />
• Currently offers more than 240 coverages across health,<br />
accident, liability, bond, credit, auto and lifestyle consumption<br />
• Majority of products are distributed at point of sale and<br />
embedded directly into the platforms of Zhong An’s 180+ partners<br />
• Listed on the Hong Kong Stock Exchange with a $1.5 billion<br />
IPO in September <strong>2017</strong><br />
• Softbank Group was cornerstone investor in the IPO and<br />
acquired 5% of Zhong An for approximately US$522 million<br />
• Technology-enabled health insurer founded in 2013<br />
• Sells individual and small group health plans, distributing both<br />
directly and through brokers (including online marketplaces)<br />
• Originally only offering coverage in New York, Oscar has<br />
since expanded to New Jersey, California and Texas<br />
• Offers an easy-to-use, comprehensive mobile app where<br />
customers can customize their policies, consult with a doctor<br />
and schedule appointments with in-network providers<br />
• Data-driven health insurance start-up founded by Vivek<br />
Garipalli (founder of CarePoint) that aims to lower costs of<br />
health insurance and managed care for elderly / low-income<br />
members<br />
• Uses analytics and custom software to direct clinical staff to<br />
proactively fill in gaps in care<br />
• Acquired Ullico Life Insurance Company from Ullico, Inc. for<br />
$8.3 million in April 2016<br />
• Online health insurance marketplace delivering a smarter,<br />
more connected health care experience based on its<br />
exclusive partnerships with health systems, affordable health<br />
insurance plans, and simple technology driven user interface<br />
• UK based start-up life insurer founded by former executives<br />
from Prudential, Zurich and Admin Re<br />
• Markets critical illness and income protection products<br />
directly and through financial advisors<br />
• Supported by tech enabled digital and cloud-based<br />
infrastructure<br />
(a) Includes Founders Fund, General Catalyst, Goldman Sachs, Google Ventures, Horizon Ventures, Khosla Ventures, Lakestar, Ping An Ventures, Stanley<br />
Druckenmiller, SV Angel, Thrive Capital, Wellington Management and undisclosed investors.<br />
(b) Includes Floodgate, Google Ventures, Greenoaks Capital, Nexus Venture Partners, Palm Drive Capital, Refactor Capital, Sequoia Capital, Social Capital,<br />
Spark Capital, SURA Ventures, Western Tech Investment, Wildcat Venture Partners and undisclosed investors.<br />
(c) Includes Greenspring Associates, Greycroft Partners, New Enterprise Associates and Redpoint Ventures.<br />
7 willistowerswatson.com
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