Insurtech weekly information roundup: Sept. 23

Pie Insurance coverage, an insurtech based in 2017, began as an MGA. The Washington, D.C.-based firm snatched up a P/C insurer in 2021 as a part of a plan to transition right into a full-fledged service.

Allianz X, the digital funding arm of Allianz Group, co-led the Sequence D funding spherical for Pie together with Centerbridge Companions. White Mountains Insurance coverage Group joined as a brand new investor. Earlier traders Gallatin Level Capital, Greycroft, Acrew Capital and others additionally participated.

Together with the brand new spherical, Pie has raised greater than $615 million in enterprise capital up to now. Pie’s funding stage is all of the extra noteworthy as a result of it comes as traders have soured on know-how shares, uncertain of their potential for return.

Eric Hoffman, managing director at Centerbridge Companions, stated Pie has confirmed its functionality and monetary duty.

“Pie’s demonstrated skill to develop throughout a number of distribution channels at spectacular loss ratios really distinguishes them throughout the insurtech area,” Hoffman stated in ready remarks.

Pie CEO John Swigart added that the cash will assist the corporate “construct a long-lasting and sustainable enterprise.”

AgentSync

AgentSync has launched a brand new platform designed to assist enhance onboarding and compliance capabilities that carriers, MGAs and companies ship to their brokers.

The brand new product, dubbed AgentSync ID, is a safe and dynamic on-line insurance coverage profile that lets brokers simplify the administration of their skilled identities. It gives a safe central location for credentials together with state licenses, service appointments and onboarding necessities, E&O insurance coverage, persevering with training credit, cost data, single sign-on apps and extra in a single account. AgentSync introduced the information at InsureTech Join in Las Vegas.

AgentSync, based mostly in Colorado, is an insurtech software program firm centered on constructing fashionable insurance coverage infrastructure that connects carriers, companies, MGAs and distributors. The corporate launched in 2018.

Cowbell

Cowbell launched a brand new cyber product and a brand new specialty insurance coverage firm.

The California-based insurtech and rising full-stack insurance coverage firm has formally debuted Adaptive Cyber Insurance coverage, a product that bundles danger administration instruments and insurance coverage companies with protection so policyholders can repeatedly handle modifications within the risk panorama.

Adaptive Cyber Insurance coverage will probably be out there to companies with as much as $1 billion of income with Cowbell Prime 1000, which will probably be out there in Q1 2023.

Cowbell Specialty is designed to reinforce Cowbell’s present enterprise mannequin. It’s becoming a member of a panel of 15 carriers and reinsurers that presently assist Cowbell Prime cyber insurance coverage packages. Cowbell Specialty, paired with Cowbell Re (the corporate’s reinsurance captive), permits for added flexibility and management in serving a fast-growing market.

Zywave

The insurtech Zywave cast a brand new partnership with Salesforce with a purpose of making extra environment friendly, strategic company workflows knowledgeable by knowledge and content material to convey a seamless shopper expertise.

Zywave is centered round cloud-based gross sales administration, shopper supply, content material and analytics software program services and products. Salesforce is a worldwide buyer relationship administration firm with a big insurance coverage business clientele.

Their partnership will mix Salesforce’s CRM platform with extremely personalized and data-driven workflows from Zywave. The purpose is that mutual prospects will profit from their collaboration throughout quite a lot of cloud-based merchandise.

Each corporations have been working collectively for some time, on additional integration into the Salesforce Industries’ platform and Monetary Providers Cloud together with prospecting knowledge connectivity and content material administration services and products. Their new partnership will develop these integrations to incorporate real-time connectivity for insurance coverage quoting and coverage administration for ongoing service and renewals.

Bamboo

Bamboo Ide8 Insurance coverage Providers closed a $16 million financing spherical to develop its product choices and geographic attain.

Eos Enterprise Companions led the spherical.

Bamboo is an MGA insurtech launched in 2018 to serve the California property market with owners, dwelling, fireplace and different associated merchandise.

General, Bamboo has raised $75 million to assist its natural development in California, the buildout of a retail company and the launch of a Bermuda domiciled captive insurance coverage company.

Bamboo’s technique entails delivering an “straightforward and progressive” insurance coverage expertise for patrons that use know-how to cut back inefficiencies. The corporate depends on proprietary underwriting fashions and third-party know-how.

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