Weekly Insurtech News Roundup: August 5

Lemonade

Lemonade allegedly fired 20% of Metromile staff – about 60 people – after closing the acquisition of the company at the end of July, according to people familiar with the matter.

Former Metromile CEO Dan Preston, now Senior Vice President of Strategic Initiatives at Lemonade, sent an email to Metromile staff from his personal email address thanking his colleagues for their contributions.

“Today’s actions were not what any of us expected when we embarked on this path and naturally it was a huge shock to all of us,” Preston wrote in his email. “But most importantly, it is not a reflection of your performance, talent or potential.”

In a related move, EIS, a global provider of core and digital insurance platforms, revealed plans to buy Metromile’s Enterprise Business Solutions, a SaaS-based claims automation and fraud detection platform.

cake 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 that agents who sponsor these partners get more flexibility to access quotes from multiple carriers. They can also quote foot policies directly without leaving the chosen platform.

Integration with these third-party companies allows partner agents to streamline production, scale their own business and improve customer retention, Pie Insurance said in its announcement.

“Bold Penguin, Talage and Tarmika have created world-class digitally connected platforms that give insurance agents the tools they need to quickly quote and link policies on behalf of their clients,” said Pie President and Co-Founder Dax Craig. in prepared statements. “By offering Pie to their extensive network of agents, we will be able to fulfill our mission of empowering small businesses to thrive more efficiently…”

Mulberri

Mulberri on-board insurance platform raised a seed round of $4 million designed to help expand your infrastructure and data modeling efforts.

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

Mulberri debuted in 2021. The California-based startup bills itself as the first business insurance product built specifically for PEOs and brokers. The technology is designed to help PEOs, brokers, and carriers come together to write deals that help them make smart, data-driven decisions. PEOs typically administer employee health insurance or other benefits.

The company’s platform provides intelligent shipping entry, automated quoting and linking, data-driven insurance administration, and easy-to-access monitoring and protection services. It also streamlines PEO business workflows, speeds up customer acquisition, and provides risk analytics by integrating with multiple systems like HRIS, Payroll, and others.

Hornbeam Facts

Carpe Data named Duck Creek Technologies veteran William Magowan as its new chief revenue officer.

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

Magowan succeeds Jim Andrews in the role, who has been appointed to the newly created position of Director of Customer Service, a role designed to further the company’s customer-centric philosophy during a time of rapid growth.

Magowan spent more than a decade as Duck Creek’s director of sales. Prior to that, he spent nearly 10 years at Insurity, a software company serving the personal injury insurance industry.

Carpe Data provides claims automation technology, but also markets advanced classifications, risk characteristics and predictive scores to commercial insurers for more than 45 million companies in the United States.

flow security

Startup Flow Security has raised $10 million in new seed funding and launched a data security platform designed to discover 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. Also participating were GFC, Amdocs Ventures, CyberArk CEO Udi Mokady, and Demisto CEO and co-founder Slavik Markovich.

The company’s technology focuses on continuous mapping and detection of all data-related risks with the goal of improving data security. Flow Security supports use cases including discovering and classifying data flows to external services, enforcing policies, automatically modeling data-related threats, and minimizing data access permissions.

Flow Security debuted in 2021.

Counterpart

Counterpart, an insurtech focused on a management responsibility platform, has made two big additions to its leadership team.

The California-based company hired Claudette Kellner as director of insurance products and Eric Marler as director of claims. Both will be tasked with collaborating with Counterpart’s brokers and transportation partners, including Markel and Aspen Insurance, to expand Counterpart’s underwriting capabilities. They will also focus on increasing workflow efficiency and further improving the company’s platform.

Kellner, named as one of Insurance Business America’s 2020 Elite Women, is an industry veteran with a prior focus on professional liability and management books at several global insurers.

Marler was previously assistant vice president of liability claims management at Hanover Insurance Group.

Leave a Reply

Your email address will not be published.