Gravitas Securities offers private client advisory and wealth management services. They commit to adding measurable value to their clients. They participate in the organization of the Venture Exchange. They provide an investment banking platform with a national distribution platform for all types of companies.

Gravitas Securities

Since 1912, Liberty Mutual Insurance have committed theirselves to providing broad, useful and competitively-priced insurance products and services to meet their customers' ever-changing needs.  Their delivery on this commitment is the reason they're now the third largest property and casualty insurer in the U.S. based on 2012 direct premium written according to the National Association of Insurance Commissioners.

Liberty Mutual Insurance

TRISURA is an insurance company that specilses in providing insurance solutions. TRISURA offers a comprehensive range of insurance products tailored to various industries and sectors. The company's commitment to excellence ensures that clients receive specialized coverage and risk management solutions, making TRISURA a trusted partner in the ever-evolving landscape of insurance services.

TRISURA

Definity Financial Corp. is a multi-channel, property and casualty insurance company.

Definity Financial Corp.

Aventrock Ventures is a Calgary-based family venture fund. The firm consists of passionate strategists who believe in supporting entrepreneurialism to improve the world around. It invests its own capital, shares its expertise and network to help the business reach its full potential.

Aventrock Ventures

Apollo Insurance

Apollo Insurance Solutions is Canada’s largest online insurance marketplace. The Apollo Exchange is Canada’s largest online insurance marketplace. Apollo empowers brokers to instantly quote, bind, and issue policy documents for hundreds of classes of small business in real time, or white label the Exchange to sell directly from their website. Brokerages integrated with the Exchange are able to respond to the changing expectations of buyers and forward thinking employees.   Co-founded by Jeff McCann, David Dyck, Justin Hamade, and Drew Green, Apollo was created to empower brokers to better serve their clients. Following the completion of Beta testing in April 2019, Apollo successfully closed its angel round of funding, raising $1 million CAD with the support of notable investors, including Drew Green, Matias Marquez, Kim Kaplan, and Caliber Ventures. Acting members of Apollo’s Board of Directors are leading industry and entrepreneurial figures Drew Green, Steve Albiani, Tim Gamble, and Jeff McCann. In June 2019, the company launched a first of its kind: digital, monthly subscription insurance.

Vancouver-based APOLLO offers digital homeowners and renters insurance, along with a range of commercial insurance solutions for small businesses. APOLLO applies algorithms to various data sets in order to quote and issue policies to individuals and businesses.&nbsp;

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

InsurTech: Personal Lines

APOLLO

APOLLO Insurance Appoints Randall Rixon as VP of Partnerships

Townline Homes

To streamline the insurance process for residents and property managers, offering instant digital insurance transactions and automated compliance tracking.

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

To add retail store insurance to APOLLO’s rapidly growing catalogue of digital insurance products.

Simplifying the insurance experience for businesses using technology

InsurTech: Commercial Lines

Startups that offer insurance covering financial losses from claims of injury or damage caused by the business’s actions or products, including general, product, and professional liability.

Vancouver-based APOLLO offers digital homeowners and renters insurance, along with a range of commercial insurance solutions for small businesses. APOLLO applies algorithms to various data sets in order to quote and issue policies to individuals and businesses.&nbsp;Key customers and partnershipsAs of January 2024, APOLLO had served over 500,000 Canadians for tenant, home and business insurance.As of March 2022, APOLLO was used by 6,000 individual brokers in Canada and more than 150 group partners.&nbsp;In June 2022, the company announced its partnership with Yardi Systems (a software solutions provider for the real estate industry) to embed its insurance products to Yardi’s flagship property management software—Yardi Voyager.Funding and financialsIn March 2022, the company raised an undisclosed amount in Series B funding from Canadian multi-channel property and casualty insurer Definity Financial Corporation (Definity). Along with the funding, APOLLO also announced the launch of a new commercial general liability product in partnership with Definity.

Vancouver-based APOLLO offers digital homeowners and renters insurance, along with a range of commercial insurance solutions for small businesses. APOLLO applies algorithms to various data sets in order to quote and issue policies to individuals and businesses.&nbsp;Key customers and partnershipsAs of January 2024, APOLLO had served over 500,000 Canadians for tenant, home and business insurance.In June 2022, the company announced its partnership with Yardi Systems (a software solutions provider for the real estate industry) to embed its insurance products to Yardi’s flagship property management software—Yardi Voyager. In addition,&nbsp;APOLLO is actively partnering with property management companies and REITs, like&nbsp;<a href="https://sp-edge.com/updates/30779">Rhapsody</a>,&nbsp;<a href="https://sp-edge.com/updates/31395">Dream</a>,&nbsp;<a href="https://sp-edge.com/updates/32182">Century Group</a>, and&nbsp;<a href="https://sp-edge.com/updates/32432">Peterson Rentals</a>, to offer embedded renters insurance, aiming to expand their market reach and share quickly. It also partnered with&nbsp;<a href="https://sp-edge.com/updates/32804">Petsecure</a> to offer pet insurance to their customers and&nbsp;<a href="https://sp-edge.com/updates/34866">RentFund</a>, a PropTech company, to offer renters financial security and a savings program for future home ownership.

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

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

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 
 The Canadian digital insurance provider, Apollo Insurance, has partnered with Zen Residential, a property management company in Alberta. This partnership makes Apollo the sole tenant insurance provider for Zen Residential. 
 Incorporating Apollo's digital platform into Zen's leasing and renewal protocols, this integration provides a streamlined process that facilitates instant, digital insurance purchases for tenants. This system also benefits property managers, simplifying administrative tasks through the instant processing of insurance transactions, automated compliance, real-time updates, and alerts.
 
</div> Analyst QuickTake : 
 The partnership between APOLLO Insurance and Zen Residential mirrors their <a href="https: 
//sp-edge.com/updates/33194"> collaboration with Payquad Solutions </a> in September 2024 and their recent <a href="https: 
//sp-edge.com/updates/35701"> integration with Townline </a> earlier this month. Both initiatives emphasize embedding digital insurance solutions directly into property management workflows.

APOLLO

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