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The InsurTech space is likely to see falling valuations and less availability of early-stage funding, panellists at InsiderTech London said.
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The company digitalises the title underwriting and real estate settlement process using artificial intelligence.
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The Digital Partners CEO says funding struggles among small InsurTechs present acquisition opportunities for the carrier’s larger partners.
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The Everest Global Markets CEO said that AI was an “enabler” rather than a replacement for people. -
Backers include Tokio Marine and Direct Line Group.
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The syndicate would use a concept for automated placement developed by the former CTMA CEO.
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Isaac Espinoza will also be tasked with exploring possibilities of Root writing reinsurance or retro business.
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A roundup of recent news on insurance technology initiatives and start-up ventures.
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The InsurTech, which AIG opted to put into run-off, had projected premium income of $50mn in 2020.
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FTV Capital leads the round, with existing shareholders CommerzVentures, Munich Re Ventures and Octopus Ventures participating.
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AIG will recognise an impairment charge of $210mn in connection with shutting down the InsurTech.
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Total funding for the quarter was $922mn, with US taking more than half of the deals.
