Weekly Insurtech news: August 5

Lemonade

Lemonade reportedly laid off 20% of Metromile’s workforce — about 60 people — after closing on its purchase of the company in late July, according to people familiar with the matter.

Former Metromile CEO Dan Preston, now SVP of initiatives at Lemonade, sent an email to Metromile employees from his email thanking his colleagues for their contribution.

“Today’s performance was not what any of us expected when we walked this route, and naturally it was a huge surprise to all of us,” Preston wrote in his email. “But more importantly, it doesn’t reflect your performance, your skills or your abilities.”

In line with this, EIS, a provider of global and digital insurance services, has revealed plans to acquire Metromile’s Enterprise Business Solutions, a SaaS platform for automated and fraud detection.

Pie insurance

Pie Insurance, an insurtech focused on workers compensation insurance for small businesses, has partnered with three commercial insurance platforms: Bold Penguin, Talage and Tarmika.

The idea is for these peer-to-peer agents to be flexible enough to get quotes from multiple carriers. They can also specify Pie values ​​directly without leaving their chosen platform.

Integration with other third-party companies helps agents to optimize production, grow their business and retain customers, Pie Insurance said in its announcement.

“Bold Penguin, Talage and Tarmika have created globally connected digital platforms that give insurance agents the tools they need to quickly quote and build policies on behalf of their clients,” Pie President and co-founder Dax Craig said in a statement. “By offering Pie to a wider range of supporters, we can achieve our mission of empowering small businesses to be more successful…”

Mulberry

Integrated insurance platform Mulberri has raised $4 million in seed funding designed to help expand its infrastructure and testing capabilities.

Hanover Technology Management, MS&AD Ventures and Altamont Capital Partners led the round.

Mulberri started in 2021. The California start-up bills itself as the first insurance policy designed for PEOs and brokers. This technology is designed to help PEOs, brokers and carriers come together to write a business plan that helps them make smarter, data-driven decisions. PEOs often offer employee health insurance or other benefits.

The company’s platform provides intelligent provisioning, review and booking, data-driven insurance management and easily accessible security and monitoring services. It also improves PEO business processes, accelerates customer acquisition and provides risk analysis by integrating with multiple systems such as HRIS, Payroll and others.

Carpe Data

Carpe Data has appointed Duck Creek Technologies veteran William Magowan as its chief financial officer.

Carpe Data is a provider of emerging and alternative products for the insurance industry.

Magowan replaces Jim Andrews in the role, who has recently been appointed chief customer officer – a role designed to improve customer experience at a time of rapid growth.

Magowan spent more than a decade as director of sales for Duck Creek. Prior to that, he served nearly 10 years at Insurity, a software company that supports P/C insurance companies.

Carpe Data provides automation technology, and markets for premium insurance, risk conditions and forecasts for over 45 million businesses in the United States.

Flow Security

The Flow Security startup raised $10 million in new seed funding and has launched a data security platform designed to find and protect data at rest and in motion.

The Israeli startup serves clients in insurtech, fintech, healthcare, e-commerce and more.

Oil VC led the round. GFC, Amdocs Ventures, CyberArk CEO Udi Mokady and Demisto CEO and co-founder Slavik Markovich also participated.

The company’s technology is focused on continuously mapping and identifying all data-related risks in order to improve data security. Flow Security supports use cases including identifying and categorizing data flows to external sources, policy compliance, data-related risk assessment and limiting data access permissions.

Flow Security started in 2021.

His friend

Counterpart, an insurtech based around a management platform, has added two major additions to its leadership team.

The California-based company hired Claudette Kellner as director of underwriting and Eric Marler as chief claims officer. Both will be tasked with working with Counterpart’s brokers and affiliates, including Markel and Aspen Insurance, to expand Counterpart’s underwriting capabilities. He will also focus on improving operational efficiency and improving the company’s platform.

Kellner, who was recognized as one of Insurance Business America’s Elite Women of 2020, is an industry expert who focuses on the management and professional literature of several insurance companies around the world.

Marler previously served as senior vice president of regulatory affairs at Hanover Insurance Group.