RPC Insurtech in brief - July 2023
Welcome to the July 2023 edition of Insurtech in Brief - a selection of the latest insurtech news and developments from across the globe.
Bdeo raises €7.5 million to boost international expansion
AI insurtech company Bdeo has raised an additional €7.5 million to increase its international expansion and bolster its position across Europe and Latin America. The Madrid based company provides Visual Intelligence for the insurance and fleet industries, allowing users to assess damage and estimate costs with high precision and speed. This technology streamlines the underwriting and claims management processes of companies using the technology.
The financing came from a number of new investors including Armilar, Holland and The Centre of the Development of Industrial Technology (CDTI).
Bdeo's technology is used by over 50 insurers in over 25 countries and is rapidly expanding in Europe and Latin America. In Spain, Bdeo manages over 50% of motor insurance underwriting and works with 80% of the leading motor insurers in the market. The company was recently awarded the European Innovation Council's "Seal of Excellence".
Lloyd's partners with Dubai's Department of Economy and Tourism
Lloyd's, the world's leading marketplace for insurance and reinsurance has announced a partnership with Dubai's Department of Economy and Tourism (DET) to accelerate growth opportunities for Dubai-based Insurtech start-ups and entrepreneurs.
A Memorandum of Understanding was agreed between the two parties showing a joint ambition to develop a Dubai Insurtech Enablement Platform, building on the experience of Lloyd's in developing its own similar programmes.
The agreement will give members of the existing Lloyd's Lab programme access to support to setup and expand their operations throughout Dubai. Lloyd's will also encourage the applications of Dubai-based Insurtech companies to the Lloyd's Lab (an award winning space that exists to accelerate and foster new products and solutions for Lloyd's customers globally). Successful applicants will receive mentorship, networking, commercial product testing and potential investment opportunities through the Lab's direct access to the London Market.
Lemonade awarded PRA carrier license
New York based Lemonade has become the first Insurtech UK member to be awarded a carrier license by the Prudential Regulatory Authority (PRA). The license authorises the firm to carry out activities that the PRA regulates.
The move has been described as an important milestone for the UK insurtech sector and Insurtech UK, a trade association for insurtech start ups and currently has more than 115 members.
New firms wishing to become an insurer or managing agent of a Lloyd's syndicate must apply to the PRA for a specific insurance carrier license. Obtaining insurance carrier licenses for insurtechs has been an issue that Insurtech UK has prioritised since 2019 and they believe that Lemonade is only the third new insurtech firm in the UK to receive the license, which allows insurtechs to work more independently by underwriting their own risks rather than relying on third party insurers.
Turaco insures over 1 million Africans
Turaco, the leading African insurtech company has announced that it has now insured over 1 million people across Africa.
Turaco provides simple life and accident insurance and aims to provide coverage to those who previously would have struggled to gain any. According to Turaco, less than 2% of people in East and West Africa have access to insurance and up to 89 million Africans face a catastrophic health event annually, with those who are uninsured spending up to 10% of their annual income to cover such events.
Turaco's growth has been rapid within Nigeria, Kenya and Uganda, with the firm raising $10m Series A investment in September 2022. 350,000 people have been insured by the firm within the last three months and Turaco's CEO and Co-Founder Ted Pantone has stated the company's goal is to insure 1 billion people.