Weekly Insurtech news: Sept. 23

Pie Insurance, an insurtech founded in 2017, began as an MGA. The Washington, DC-based company took over P/C insurance in 2021 as part of plans to transition into a comprehensive carrier.

Allianz X, the digital subsidiary of Allianz Group, co-led the Series D round of Pie together with Centerbridge Partners. White Mountains Insurance Group joined as a new investor. Previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others participated.

Including the new round, Pie has raised more than $615 million to date. Pie’s level of investment is highly predictable because it comes at a time when investors have been disrupted by technology, with no certainty of recovery.

Eric Hoffman, managing director at Centerbridge Partners, said Pie has proven its potential and its financial position.

“Pie’s ability to span multiple distribution channels across the loss spectrum dramatically differentiates them within the insurtech space,” Hoffman said in a prepared statement.

Pie CEO John Swigart added that the investment will help the company “build a more stable and sustainable business.”

AgentSync

AgentSync has launched a new platform designed to help streamline the operations that carriers, MGAs and agencies provide to their agents.

The new tool, called AgentSync ID, is a secure and flexible online insurance profile that allows agents to better manage their technology. It provides you with a secure central location for certifications including state licenses, carrier summons and boarding requirements, E&O insurance, continuing education loans, payment information, single enrollment programs and more in one account. AgentSync announced the news at InsureTech Connect in Las Vegas.

AgentSync, based in Colorado, is an insurtech software company focused on building insurance technology that connects carriers, agencies, MGAs and distributors. The company was founded in 2018.

Cowbell

Cowbell launched a new cyber tool and a new specialty insurance company.

The California-based insurtech and growing insurance company has released Adaptive Cyber ​​Insurance, a product that combines risk management tools and insurance services with support to help policyholders cope with the changing environment.

Adaptive Cyber ​​​​Insurance will be available to businesses with revenues of up to $1 billion with Cowbell Prime 1000, which will be available in Q1 2023.

Cowbell Specialty was created to grow the Cowbell business. It joins a group of 15 carriers and insurers that currently support Cowbell Prime cyber insurance programs. Cowbell Specialty, combined with Cowbell Re (rebuilt by the company), allows flexibility and control in serving a rapidly growing market.

Zywave

Insurtech Zywave has entered into a new partnership with Salesforce with the aim of creating innovative, intuitive and content-based solutions to deliver better customer experience.

Zywave focuses on cloud-based marketing management, customer service, content and analytics software and services. Salesforce is a global customer relationship management company with a major customer base in the insurance industry.

Their partnership will combine Salesforce’s CRM platform with data-driven customization from Zywave. The goal is for all customers to benefit from their collaboration on multiple cloud services.

Both companies have been working together for some time, including integration into the Salesforce Industries platform and the Financial Services Cloud in addition to anticipating the integration of data and management products and services. Their new partnership will expand those integrations to include real-time connectivity for insurance claims and policy management for ongoing operations and renewals.

Bamboo

Bamboo Insurance Ide8 closed a $16 million investment to expand its offerings and facilities.

Eos Venture Partners led the round.

Bamboo is an MGA insurtech founded in 2018 to serve the California property and homeowners market, building, fire and related products.

In total, Bamboo raised $75 million to support its organic growth in California, the construction of a sales company and the establishment of a captive insurance company in Bermuda.

Bamboo’s strategy includes providing “simple and innovative” insurance to customers that uses technology to reduce failure. The company relies on proprietary writing models and third-party technology.