Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. Their portfolio includes pinterest, shopify, twilio, yelp, linkedin, pagerduty, docusign, wix, fiverr, and toast, and has $19 billion of assets under management.

Bessemer Venture Partners

Maveron is a consumer-only venture capital firm. Founded in 1998 by Dan Levitan and Howard Schultz, the firm has offices in San Francisco and Seattle. Maveron investments include Zulily, Allbirds, Common, August Home, eBay, Capella Education, General Assembly, and Trupanion. Maveron's name was coined from the words ''maverick'' and ''vision.'' Maveron funds seed and Series A companies that empower consumers to live on their terms. Based in SF and Seattle and invest coast-to-coast. Maveron has adopted the Diversity Term Sheet Rider.

Maveron

Brainchild is a collective of engineers, operators, and designers that create products and services to solve some of the most significant problems facing consumers in healthcare, technology and consumer products. They consist of HERO, Onomie and The Arrivals.They also operate in both a technical and creative environment.  Brainchild also teams up with exceptional entrepreneurs to support their vision becoming a reality. To date, BCH has invested in 120 companies, 250 founders, with $4BB in follow-on capital, introductions, talent, growth, product, financing and strategy. Brainchild Holding’s seed investments include well-known companies such as Warby Parker, Oscar, sweetgreen, ClassPass, Tilt, Docker, Outdoor Voices, Gusto, Harry’s, Elysium, Seatgeek, and Smart Things; We also strategically support venture and later stage businesses.

Brainchild Holdings

Red Sea Ventures invests in early-stage technology-enabled companies that are building product offerings that have the potential to transform industries and consumer experiences for the better. They help and build companies with passionate founders creating solutions to big problems.

Red Sea Ventures

BoxGroup is an early-stage investment fund that invests in technology companies. The fund aims to invest in the consumer, enterprise, fintech, healthcare, life science, and marketplaces industries at the earliest stage, as early as pre-seed round and as late as Series A. It supports companies based on a conviction in the team and seeks entrepreneurs working at the beginning of movements in existing markets or new markets yet to be created and with visions to create the next generation of category-defining businesses.

BoxGroup

RGAx is the innovation accelerator of RGA, one of the worlds largest life reinsurance company.

RGAx

Four Cities Capital is a global seed and series A investor. It feels strongly that the impact of technology and software on the global economy remains in its early stages. Major global industries and significant portions of humanity remain structurally unaffected by the digital revolution and the recent emergence of massively disruptive technologies based on biology, new materials, and artificial intelligence/unmanned systems.

Four Cities Capital

Silicon Valley Bank works with technology, life science, cleantech, venture capital, private equity, and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment, and international banking services to its clients worldwide through 27 U.S. offices and seven international operations.   Banking innovative companies and exclusive wineries, Silicon Valley Bank’s diverse financial services, knowledge, global network, and world-class service increase its clients’ probability of success. Forbes Magazine ranks SVB among America’s Best Banks, and Fortune Magazine named SVB one of the Best Companies to Work For in 2012.

Silicon Valley Bank

CNO Financial Group, Inc. (CNO) is a holding company for a group of insurance companies operating throughout the United States, which develops, markets and administers health insurance, annuity, individual life insurance and other insurance products. The Company sells its products through three distribution channels: career agents, independent producers (some of whom sell one or more of its product lines exclusively) and direct marketing. The Company’s operating segments include Bankers Life, Washington National and Colonial Penn, which are defined on the basis of product distribution; Other CNO Business, and corporate operations, consisted of holding company activities and noninsurance company businesses. In January 2012, the Company opened OurClinic@Carmel. In July 2014, Cno Financial Group Inc sold Conseco Life Insurance Company (CLIC) to Wilton Reassurance Company.

CNO Financial Group

The primary responsibilities of the group are to source, qualify, and invest in technology related companies. Our major investment areas include semiconductors, materials, mobile service, internet, software, security, enterprise solutions, bio engineering & medical, while potential investment subjects range from early-stage startups to pre-IPO companies. Currently, the group has over $1.8B under management and invests $250M annually.  Samsung Ventures was founded on October 8, 1999, and is based in Seoul, South Korea.

Samsung Ventures

At Guardian, they know that promises matter. They’ve been keeping theirs for over 150 years. They’ve maintained their financial strength for more than a century and a half, despite the countless ups and downs of the economy, so they can meet their future obligations to the people and businesses that put their trust in us. See how their strength, vision, and values make Guardian a company you can rely on.

Guardian Life

Alumni Ventures Group provides high-quality, diversified venture portfolios to individual investors who previously haven't had access to VC. It helps accredited alums from top entrepreneurial schools invest together in the ventures of fellow alums. The firm backs companies with an alumni connection and an institutional lead investor with expertise in the space. AVG also offers focused funds that allow any accredited investor access to a venture portfolio, diversified by type, sector, stage, and geography. Beth Obermiller, Michael Madden, and Mike Collins co-founded the firm in Manchester, New Hampshire in 2013.

Alumni Ventures

Nippon Life Global Investors Americas (NLGIA) is a wholly owned subsidiary of Nippon Life Insurance Company (Nippon Life), the world’s 8th largest life insurer by revenue.  NLGIA is the largest overseas asset management subsidiary for Nippon Life. NLGIA manages assets across Equity, Fixed Income, Private Equity, Hedge Funds and Real Estate & Infrastructure.

Nippon Life Global Investors Americas

Securian Ventures is a venture capital firm.

Securian Ventures

AA Sons focuses on raising venture capital for ambitious, fast-growing companies with a desire to 'make the world a better place' in retail, mobility, healthcare, care, fintech and broader tech sectors.

AA Sons

Fabric Technologies

We believe every family deserves a secure financial future. That’s why we’re building Fabric – a smarter way for new parents to get insured. Life insurance has become too complicated and expensive, and we’re here to change that.

Fabric is a digital life insurance provider mainly targeted towards families. The app allows customers to apply for personalized life insurance online and customize insurance coverage based on changing life circumstances. Fabric also provides other value-added services such as creating free wills, organizing finances and collaborating between spouses and other stakeholders such as beneficiaries, attorneys, and financial advisors through the app. Furthermore, the company allows parents to create and oversee investment accounts for their children until they reach adulthood through its <a href="https://sp-edge.com/updates/24590">Uniform Gifts to Minors Act (UGMA) product</a>.

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

Fabric

Western & Southern Financial Group

It acquired digital life insurance provider Fabric Technologies to accelerate its digital strategy and provide affordable financial security products. It also aimed to leverage Gerber Life which it acquired in 2018, to make a multiyear investment in Fabric’s digital platform to maximize the latter's value proposition.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Fabric is a digital life insurance provider mainly targeted towards families. The app allows customers to apply for personalized life insurance online and customize insurance coverage based on changing life circumstances. Fabric also provides other value-added services such as creating free wills, organizing finances and collaborating between spouses and other stakeholders such as beneficiaries, attorneys, and financial advisors through the app. Furthermore, the company allows parents to create and oversee investment accounts for their children until they reach adulthood through its <a href="https://sp-edge.com/updates/24590">Uniform Gifts to Minors Act (UGMA) product</a>.As of December 2023, Fabric was available in all states except California and New York.Funding and financialsIn October 2020, Fabric raised USD 18 million in Series B funding led by CNO Financial Group. The company was to use the funding to expand its product portfolio and accelerate growth.

<div>
 
 Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one&rsquo;s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of January 2024, Root held a carrier license in 48 states and offered automobile insurance in 31 states.
 
 In July 2019, Root launched its renters&rsquo; insurance product and expanded to homeowners insurance in May 2020. The homeowners&rsquo; insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of January 2024, the company&rsquo;s renters&rsquo; insurance product was available in 18 states.
 
 
 Key customers and partnerships
 
 
 Root had 259,522 policies in force as of September 2023.
 
 
 Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter&rsquo;s used-car online platform.
 
 
 In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root&rsquo;s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.
 
 
 Funding and financials
 
 
 In October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In 
 <a href="https://sp-edge.com/updates/8089">
 January 2022
 </a>
 , Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.
 
 
 For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.
 
</div>

Root Insurance

<div>
 
 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
</div>

Hippo Insurance

Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually. Clearcover also launched a <a href="https://sp-edge.com/updates/27767">GenAI-powered claims intake tool</a> to navigate a conversation-driven experience after First Notice of Loss (FNOL) to collect information about an accident. The tool available through its mobile app includes a claims assistant and a real-time customer question resolution feature. It plans to incorporate the tool into its agent portal and website in the future.Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers <a href="https://sp-edge.com/updates/21232">Choice, </a>an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers.As of January 2024, Clearcover offered its policies in 19 states in the US.&nbsp;For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.Key customers and partnershipsClearcover partnered with claims management solution vendor Snapsheet (May 2020) to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. It also partnered with ServiceUp (<a href="https://sp-edge.com/updates/32888">April 2024</a>), a technology company specializing in automotive repairs, to improve the car repair experience for insurance claims.Moreover, it collaborated with Experian to offer car insurance on the latter’s insurance comparison site (<a href="https://sp-edge.com/updates/18045">April 2023</a>). This was part of Clearcover’s strategy to expand its distribution channels.

Clearcover

<div>
 
 Kin offers digital homeowners insurance with personalized policies featuring premiums determined based on an assessment of the property that includes more than 10,000 data points from sources such as property records, government records, and satellite imagery.&nbsp;
 
 
 The company launched its insurance carrier, the Kin Interinsurance Network, in 2019, which operates as a reciprocal exchange (a form of insurance where underwriting profits are shared with customers). As of May 2024, it had a presence in Alabama, Arizona, Florida, Georgia, Louisiana, Mississippi, South Carolina, Virginia, and Texas.
 
 
 In December 2021, Kin acquired an inactive insurance carrier with licenses in 43 states. This acquisition was part of Kin's plan to expand its operations to most US states.
 
 
 Key customers and partnerships
 
 
 As of February 2024, it served over 115,000 policyholders.
 
 
 The company has partnered with Kangaroo, a smart home tech provider, to offer its customers free home security solutions. Additionally, it has collaborated with Cape Analytics, a property analytics provider that utilizes geospatial imagery for property intelligence, and Snapsheet, a claims management platform provider, to automate their internal processes.
 
 
 Funding and financials
 
 
 Kin Insurance was set to go public through a merger with Omnichannel Acquisition Corp., a special-purpose acquisition company (SPAC) in a transaction that valued the company at over USD 1 billion. However, this was terminated in January 2022, citing unfavorable market conditions.&nbsp;&nbsp;
 
 
 In February 2024, the company received USD 15 million 
 <a href="https://sp-edge.com/updates/26317">
 investment
 </a>
 from Activate Capital, with the funds earmarked to accelerate growth by expanding into new markets and developing new products.
 
 
 Kin Insurance recorded gross written premium (GWP) of USD 344.1 million in 2023 (up 50.7% YoY), and generated operating income of USD 5.0 million compared to an operating loss of USD 11.6 million in the prior year.
 
 
 
</div>

Kin Insurance

Ladder is a startup that provides personalized term life insurance online, with coverage ranging from USD 100,000 to USD 8 million. The company uses multiple publicly available data points to determine a customer’s eligibility and in most cases does not require a medical checkup. Ladder provides a home visit medical test for free if required. Ladder’s dynamic approach to life insurance allows policyholders to increase or decrease insurance coverage based on changing life circumstances. Ladder also provides an application programming interface (API) which allows onboarded partners such as other insurance companies, investment firms, and lenders to issue policies from Ladder digitally. The company is licensed to operate in all 50 states. More than 80% of its customers represented first time insurance buyers.Key customers and partnershipsThe company sells its own life insurance policies in California through its carrier, Ladder Life Insurance Company. In New York policies are underwritten by Allianz Life Insurance, and in all other states by Fidelity Security Life Insurance, Amica Life Insurance Company, Lincoln Financial and USA LIfe Insurance.Ladder had collaborated with many financial service institutions to extend its product offering. It partnered with <a href="https://sp-edge.com/updates/25889">Envestnet | MoneyGuide</a>, AmeriSave Mortgage, and Halo Investing, to deliver its digital life insurance to customers through the advisors of the latter.Funding and financialsIn October 2021, the company raised USD 100 million in Series D funding co-led by Thomvest Ventures and OMERS Growth Equity, at a valuation of USD 900 million. The new funds will be directed towards further developing its products and expanding its workforce. As of the same date, the company also reported that its revenue grew by over 4x year-over-year (YoY).

Ladder

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Companies that offer personal line covers for travel and pets through digital channels and use technologies such as flight tracking and online claims processing.

Providers of comparison websites and tools for carriers, agents, and consumers to compare and purchase policies.

Companies that provide personalized health insurance to consumers via digital channels and use technology such as wearable medical devices to monitor health and improve user experience and underwriting.

Companies that offer digital-only insurance for personal belongings (bicycles, mobile phones, laptops, and cameras), providing protection against theft, loss, or damage, with financial reimbursement or replacement.

IoTs used to proactively mitigate risks and offer usage-based insurance

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

PROMINENT_CATEGORY

<div>
 Fabric, a digital life insurer and a subsidiary of Western &amp; Southern Financial Group, has introduced the Uniform Gifts to Minors Act (UGMA) product, which allows parents to create and oversee investment accounts for their children until they reach adulthood.
 The platform can be accessed through a mobile phone and allows parents to assess risk tolerance and tailor portfolios to suit family needs, adapting as the child grows. UGMA funds offer tax advantages and flexibility, supporting expenses such as education, travel, or personal development.
 The platform allows parents to contribute as little as USD 1 per day through automatic contributions, with the account costing USD 3 a month for one child and USD 5 a month for multiple accounts.
 Additionally, investors can share a unique gifting link to contribute to a child's UGMA account, allowing personalized financial gifts starting from USD 20 without any contribution limits.
</div>

Fabric

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