The Hartford

InsurTech: Infrastructure

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 CAPE Analytics is a property intelligence startup that uses a combination of geospatial imagery and artificial intelligence (AI) to get an accurate understanding of properties, which can then be used to facilitate underwriting decisions for home insurance without requiring a physical visit. The company provides an application programming interface (API) which insurers can use to integrate with their existing systems, enabling clients to provide home insurance products completely online. The company&rsquo;s partnership with Kin Insurance is an example of this integration. Insurers can also use the company&rsquo;s technology to evaluate any changes in the property&rsquo;s condition at the time of renewal. Other clients of the company include AXA and Western Mutual Insurance.
 
 
 As of January 2020, the company&rsquo;s property intelligence platform held records of more than 90 million structures in the US. CAPE Analytics&rsquo; technology is also being used by commercial insurers and reinsurers when evaluating property-specific risk. Furthermore, the company also provides information related to real estate trading and valuations by relevant stakeholders.&nbsp;
 
 
 Key customers and partnerships
 
 
 As of July 2021, the company reported over 50 subscription customers spanning the insurance and real estate markets including Hippo Insurance, Amica Insurance, and State Auto Insurance.
 
 
 The company 
 <a href="https://sp-edge.com/updates/17369">
 partnered with Google Cloud
 </a>
 to scale and improve its predictive analytics, risk management, and property valuation solutions aimed at insurers and real estate and property developers by using the latter&rsquo;s cloud platform and machine learning technology.
 
 
 Funding and financials
 
 
 In July 2021, the company raised USD 44 million in a Series C funding round led by Pivot Investment Partners. The new funding was earmarked for developing new products, expanding its geographical presence, and growing the company&rsquo;s workforce.
 
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 HOMEE provides a property claims management platform that connects insurers, policyholders, and home service providers. Insurers can use this platform to digitize the entire claims process, starting from the first notice of loss (FNOL) up to the claims payout stage. The platform grants insurers access to videos and photos showcasing property damages that facilitate damage assessment and estimation. Moreover, insurers can efficiently dispatch home service providers through the platform to carry out necessary repairs and receive real-time updates on tasks. It had more than 20,000 registered contractors on its platform as of September 2021.
 
 
 In August 2022, HOMEE acquired MyCAT Marketplace, a SaaS platform provider specializing in property claims management related to natural catastrophes (Nat Cat). Through this acquisition, the company aimed to expand its property claims capabilities to encompass Nat Cat events. The platform enables insurers to track upcoming natural disasters, visualize and manage plans, and establish connections with catastrophe teams for the effective preparation and management of Nat Cat events.
 
 
 Funding and financials
 
 
 The company raised USD 17 million in a Series B-2 funding round led by Morningside in September 2021. It had planned to use the funds to enhance its technology suite, launch in new markets to further service carriers, and expand its service provider network throughout the US.
 
 
 
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Digitizing the commercial real estate value chain

Commercial PropTech

Cape Analytics is a leading provider of AI-powered geospatial property intelligence solutions. Founded in 2014, the company utilizes machine learning, computer vision, and data infrastructure to extract property insights from aerial and satellite imagery, weather data, and public records. Cape Analytics' platform generates over 80 predictive property analytics, including roof condition assessments, building material identifications, vegetation density analyses, and peril-aligned risk scores for hazards like wildfires, hail, and wind.
These insights enable insurance carriers to accurately underwrite and rate policies, with granular visibility into a property's vulnerability. Cape Analytics' solutions also empower real estate and mortgage firms to enhance automated valuation models, streamline due diligence processes, and monitor portfolios efficiently. As of June 2024, the company covers over 99% of US households and has expanded its offerings to Canada and Australia through strategic partnerships.
In September 2022, Cape Analytics launched CAPE Purefill, a next-generation prefill solution that combines geospatial analytics with machine learning to generate verified property data, improving replacement cost estimations and reducing underinsurance risks. The company has integrated its property intelligence products into leading automated valuation models, increasing their accuracy by over 7%.
Cape Analytics serves over 80 enterprise clients as of June 2024, including most of the top 30 US homeowners insurance carriers and major investment banks. In March 2023, the company partnered with Google Cloud to leverage its secure infrastructure and machine learning capabilities, enhancing risk management solutions for insurers.

Simplifying the insurance experience for businesses using technology

InsurTech: Commercial Lines

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 London-based Superscript offers a digital insurance platform tailored for SMEs, landlords, digital asset businesses, and high-growth tech startups in the UK. The company claims to use proprietary machine-learning technology to underwrite its policies. The company's product lineup includes professional indemnity, cyber insurance, and product liability insurance. The company also offers an advised broking service called &ldquo;SuperscriptQ&rdquo; in the UK and across the European Economic Area, primarily targeted at tech businesses that face risks that the company defines as &ldquo;more complex in nature,&rdquo; such as medical malpractice or professional indemnity.&nbsp;
 
 
 In the digital asset space, Superscript launched Daylight in May 2022, a dedicated product suite combining cutting-edge machine learning and expertise from a team of digital asset insurance brokers. Daylight offers technology liability and cyber insurance and plans to expand into directors and officers (D&amp;O), custodianship, and mining covers.&nbsp;
 
 
 
 
 Key customers and partnerships&nbsp;
 
 
 As of January 2023, Superscript reported a 5x increase in its customer base since its Series A funding round. This customer base spans a range of industries and includes healthcare professionals, crafters, and IT contractors, among others. Its partnerships are as follows:&nbsp;
 
 
 In September 2021, Superscript partnered with Amazon to provide insurance to UK SMEs through Amazon&rsquo;s Business Prime program, offering coverages like contents insurance, cyber insurance, and professional indemnity insurance​.&nbsp;
 
 
 The company partnered with Virgin Money in July 2022 and Cashplus Bank in January 2022 to cater to their business banking segments.&nbsp;
 
 
 In October 2023, the company partnered with TSB, a UK-based high-street bank. Through this partnership, Superscript will provide access to insurance policies to TSB&rsquo;s small business banking customers.
 
 
 The company announced a partnership with Checkatrade in January 2024 to provide custom-built insurance for its members. 
 
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ZonaFinanciera.com, an online supermarket of financial products and services for Spanish and Portuguese speakers worldwide

The Hartford is an industry leading provider of property and casualty insurance, group benefits and mutual funds. Throughout our rich history of more than 200 years, countless businesses and individuals, including Robert E. Lee, Abraham Lincoln and Babe Ruth, have turned to our company for protection. The Hartford celebrated its 200th anniversary in 2010.

<div> The Hartford Financial Services Group, Inc. (NYSE: HIG) is a leading provider of insurance and financial services based in Hartford, Connecticut. Founded in 1810, The Hartford has over 200 years of experience in the insurance industry. The Hartford offers a wide range of insurance products and services, including: <ul> <li> Auto insurance </li> <li> Homeowners insurance </li> <li> Business insurance </li> <li> Workers' compensation insurance </li> <li> Group benefits insurance </li> <li> Personal umbrella insurance </li> <li> Flood insurance </li> </ul> The Hartford partners exclusively with AARP to offer auto and home insurance to AARP members aged 50 and older. Through this partnership, AARP members can access discounted rates and special benefits on insurance policies. The Hartford reported net income of USD 748 million for Q1 2024, up from USD 530 million in Q1 2023. The company attributes this growth to higher property and casualty underwriting gains, increased net investment income, and a shift to net realized gains. As of March 2024, The Hartford had a book value per diluted share of USD 50.23. The Hartford is focused on expanding its digital capabilities to improve efficiency and customer experience. The company received high marks for auto insurance customer satisfaction in J.D. Power studies. The Hartford's auto and home insurance rates tend to be higher than the national average for most drivers. The Hartford offers several unique coverage options, including new car replacement coverage, RecoverCare to help pay for services needed after an accident, and Green Rebuilding coverage for environmentally-friendly home repairs. The company also provides various discounts to help policyholders save on premiums. </div>

The Hartford, Coalition form partnership to expand cyber insurance in UK

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.

Startups offering auto insurance and usage-based insurance products specifically tailored for businesses, including fleet operators.

Startups that provide coverage to protect physical property, including business buildings, inventory, and contents.

Startups that provide coverage for medical expenses and lost wages incurred by employees injured or falling ill while on the job.

Startups offering insurance covering lost income and additional expenses incurred when a business is unable to operate due to covered perils such as fire, natural disasters, or other disruptions.

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