Insurtech Weekly News: July 22

Zesty.ai

Zesty.ai, has released $33 million in new funding designed to help expand its insurance-related products and innovate in the real estate market.

The San Francisco-based startup is a provider of asset risk analysis powered by artificial intelligence (AI) and computer vision.

Centana Growth Partners led the Series B round. Current investors and Brex also participated in the underwritten round with equity and debt.

Zesty.ai said it partners with about half of the 50 property/casualty insurance carriers in the US to underwrite and pay for homeowners and business insurance.

Amica, Aon, Berkshire Hathaway, Cincinnati Insurance, Farmers Insurance, and The California FAIR Plan are among its clients, according to the company.

TrustedChoice.com

More than half of independent insurance agents expect a significant increase in commercial insurance buyers over the next three years, according to a new survey from insurance platform Semsee and TrustedChoice.com.

TrustedChoice.com bills itself as the world’s largest digital marketing platform for independent agents and brokers.

The survey found that 53% of agents expect a jump in online marketing insurance, although opinions vary on how good their digital distribution channels are.

About 60% of agents rate their digital customer tracking capabilities as “good or “excellent” today. Only 47% rate carrier tracking technologies as “good,” about 35% rate them as “average,” and 6% said that these technologies are “very good”.

Agents cited a lack of flexibility from portal to portal, limited interaction with underwriters and no upfront indicators of whether carriers would accept new business as major concerns.

In a related post, only 49% of affiliates said they currently use SEO, or search engine optimization, to get new business. They blamed the lack of planning time and that no one in the organization understood.

Most respondents – 51% – said they don’t have an SEO strategy or don’t know if they have one.

Ola.io

Markel’s former CEO Jerico Vinsonhaler has joined startup/payroll service Hourly.io as head of documentation.

Previously, he spent 20 years leading Markel’s recruitment process.

In his new role with Hourly.io, Vinsonhaler will oversee Hourly’s overall strategy, managing the portfolio and overseeing the underwriting team.

Launched in 2018, Hourly is designed to bridge the gap between workers, their wages and time tracking. It makes it easy to pay and book hourly workers for small and medium-sized businesses through its all-in-one platform, which relies on virtual reality.

In June, Hourly raised $27 million in Series A funding led by Glilot Capital Partners, with participation from S Capital, Vintage Investment Partners, and MS&AD. It has raised $34.2 million in venture capital to date.

His friend

Counterpart, a management liability insurtech MGA, has released new Excess insurance for small businesses.

The cover, sponsored by Aspen, is designed to help small businesses during major lawsuits. Counterpart provides Comprehensive insurance for directors and officers, professional conduct and fiduciary liability, with limits in excess of $3 million. Small businesses with fewer than 250 employees and less than $250 million in gross revenues and assets are eligible for coverage, through Counterpart businesses.

Counterpart claims to be the first to improve data usage controls and the leading technology in debt recovery and legal spending.

Corvus Insurance

Corvus Insurance has expanded its partnership with SiriusPoint Ltd., a global specialty insurance and reinsurance provider, and R&Q Accredited, a software solutions provider.

Corvus is a specialized insurance MGA that offers “intelligent business insurance” informed by AI-driven risk data.

R&Q Accredited is the leading insurer in the development program, which follows the initial investment and multi-year agreement announced in September 2021. SiriusPoint and R&Q Accredited’s new investment adds $100 million to the program and will allow Corvus to build on Smart Cyber ​​​​Insurance Offerings.

Corvus Insurance and digital tools are designed to reduce risk, increase transparency and improve resilience for policyholders and program participants.

Next Insurance

Next Insurance, an insurtech company focused on small to mid-sized businesses, is partnering with Evident, a third-party insurance service provider. He will focus on developing a comprehensive warranty and integrated insurance program.

The goal of the partnership is to help small businesses achieve compliance and stay relevant to the needs of their larger insurance clients, said Eric Harnden, vice president of partnerships and organization at Next Insurance.

The companies say their combination will be a proven, digital insurance policy and fulfillment.

Next Insurance recently announced plans to cut 17% of its workforce, representing a reduction of approximately 150 jobs.