<div>
  <ul>
    <li>
      <p>
        Surround Insurance, a digital driving, renting, and freelancing insurance provider, raised USD 2.5 million in a seed funding round led by MassMutual through its MM Catalyst Fund, with participation from Aperture VC, Newark Venture Partners, and Cameron Ventures. The company&rsquo;s total funding following this round stands at USD 5.7 million.
      </p>
    </li>
    <li>
      <p>
        It aims to use the fresh capital to expand its product portfolio as well as its distribution footprint. The company currently offers its products in Massachusetts, directly and through independent agents such as NerdWallet, and aims to expand its offerings to eight additional states in early 2023.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.globenewswire.com/en/news-release/2022/11/21/2560122/0/en/Surround-Insurance-Raises-2-5M-Seed-Round-to-Help-Consumers-Navigate-Life-s-Transitions-with-Insurance-Built-Around-You.html">
      Company press release
    </a>
  </p>
</div>


Neo Insurance

Surround Insurance raises USD 2.5 million in seed funding

PROMINENT_CATEGORY

<div>

<p>Wag!, a pet care services provider, has launched a new insurance comparison tool named "WeCompare.com." The platform offers a comparative view of various insurance types, initially concentrating on auto insurance. The company aims to include the home, travel, and life insurance areas in the future. WeCompare.com will also present educational and data-focused content to help users make educated insurance decisions.</p>

</div>

Wag! Introduces WeCompare.com, an insurance comparison site

<div>
 
 <p>Neptune Flood, a digital flood insurance provider for homeowners and businesses, acquired Charles River Data, a data science consulting group. The financial aspects of the transaction were not revealed.</p>
 <p>As a result of the acquisition, Neptune Flood aims to enhance its analytical skills and upgrade its Triton underwriting platform; this is achievable through the significant knowledge of Charles River Data.</p>
 <p>Established in 2021, Charles River Data is a top data science consulting group possessing comprehensive expertise in Big Tech and the academic sector. The firm excels in creating advanced analytical tools and models which aid businesses in utilising data for strategic decision-making process.</p>
 
</div>

Neptune Flood acquires Charles River Data to improve AI-driven underwriting solutions

<div>

<p>Akur8, an AI-driven insurance pricing solutions provider, has been chosen by Tokio Marine HCC for their pricing platform. They plan to enhance pricing capabilities using Akur8's unique Machine Learning (ML) technology. The new tech is expected to bring about faster model building, clear Generalized Linear Model (GLM) outputs, and informed underwriting based on data.</p>
<p>Tokio Marine HCC aims to use the solution to launch mature model implementations, optimize pricing procedures, simplify rate plan changes, and improve data understanding.</p>

</div>

Akur8 partners with Tokio Marine HCC to enhance pricing processes with ML technology

INCUMBENTS_PRESENT

<div>
 
 <p>Munich Re Life US has partnered with Clareto, a company specializing in digital health data, to create the Automated EHR Summarizer. This is a digital tool designed to interpret electronic health records (EHRs).</p>
 <p>This summarizer uses AI and natural language processing to extract and organize data from EHRs, making it more understandable for underwriters.&nbsp;</p>
 <p>The goal of this tool is to simplify the decision-making process, enhance efficiency and accuracy, and give a more detailed overview of patients' health predictions. The creation of this tool highlights a possible shift in the life insurance sector, with EHRs potentially becoming the main source of medical data in future underwriting procedures.</p>
 
</div>

Munich Re Life US and Clareto partner to launch automated EHR summarizer for streamlined life insurance underwriting

<div>

<p>Rainwalk Technology, a company providing white-label pet insurance and technology, announced it has raised USD 4 million in a seed funding round. The round was led by ManchesterStory, and also included contributions from Insurtech Gateway, Bridge Investments, Seaplane Ventures, among others.</p>

<p>This new funding will be used to bolster the company's human resources, drive its product development, and enhance its technological infrastructure. The goal is to drive partnership initiatives and strengthen its position in the pet health market.</p>

<p>Founded in 2018, Rainwalk Technology aims to boost market penetration by providing white-label pet insurance technology. The company's tech-driven distribution channels aim to bring innovation to the market. Rainwalk also offers comprehensive pet insurance coverage for accidents and illnesses through underwriting by the Incline Casualty Company. The coverage includes additional benefits like free virtual veterinarian visits and discounts on pet brands.</p>

</div>

Rainwalk Technology raises USD 4 million in seed funding for recruitment and product development

<div>
 <p>Chubb has reached an agreement to acquire Healthy Paws, a pet insurance provider, from its current owner, Aon plc. The amount involved in the deal has not been revealed. Healthy Paws, established in 2009, provides insurance coverage and manages claims for over half a million dogs and cats across the United States. The acquisition will enable Chubb to further its penetration in the pet insurance sector, taking advantage of Healthy Paws' well-established brand and extensive customer base.</p>
</div>

Chubb to acquire Healthy Paws to expand reach in pet insurance market

<div>
  <p>Matic Insurance, a digital insurance marketplace provider, announced a partnership with national mortgage lender USA Mortgage. This collaboration is set to integrate Matic's insurance marketplace into USA Mortgage's home lending platform.</p>

  <p>The objective of the partnership is to streamline the insurance shopping experience for USA Mortgage customers. This will allow them to compare and buy a range of insurance coverages during the mortgage process. This coverage spectrum includes home, auto, pet, and other personal insurance lines.</p>
</div>

Matic Insurance partners with USA Mortgage to offer its digital insurance marketplace for home buyers

ANALYST_QUICK_TAKE

<div>
<p>Kanguro, a digital insurance provider for pets focusing on the Latin American population, has broadened its services to incorporate renters' insurance in Texas. The key characteristics of their renters' insurance include AI-powered, personalized policy creation, a simplified claims procedure, and bilingual support in English and Spanish. They are looking for partnerships with insurance companies and property managers to increase their coverage, specifically within the Texas Latino community.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The company commenced offering pet health insurance in September 2022 and is now available in 17 states, including Arizona, Colorado, and Texas. Additionally, it has integrated an AI chatbot to aid customers in purchasing policies and filing claims.</p>

Kanguro expands into renters insurance starting with Texas

<div>
 
 <p>MassMutual has teamed up with Genomics plc to offer a genetic risk assessment service to its policyholders. Those who are eligible can utilize a saliva test to determine their risk for eight prevalent diseases.</p>
 <p>Such genetic data offers insight into the chances of contracting a disease, thereby assisting patients and doctors in making informed and proactive health decisions.&nbsp;</p>
 <p>It's important to note that individual test outcomes are not disclosed to MassMutual and do not impact insurance policies. Initial collaboration findings suggest a strong interest among policyholders in utilizing the health risk information provided.</p>
 
</div>

MassMutual and Genomics plc partner to offer personalized genetic risk assessment to policyowners

<div>

 <p>Lemonade, an end-to-end insurance company offering various personal line insurance products, has introduced its homeowners' insurance in France. This launch is in collaboration with BNP Paribas Cardif, with the latter's extensive domestic market experience, spanning five decades.</p>
 <p>Pricing for the policy starts at EUR 10 per month (~USD 11 per month). The base coverage includes fire protection, water damage, reconstruction costs, and civil liability. Additional add-ons like school insurance, legal protection, and theft coverage outside the home are offered. </p>
 <p>The insurance policy can be purchased by French residents via the Lemonade App or BNP Paribas Cardif's website. Lemonade is licensed and regulated by the Dutch Central Bank (DNB) and operates under the European Freedom of Services regime in France. The homeowners' insurance policy is underwritten by BNP Paribas Cardif and Lemonade Insurance N.V. candidly as co-insurers.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> Lemonade entered France in December 2020 by offering renters' insurance. The introduction of homeowners' insurance further bolsters the company's ambitions for global expansion, marking its transition from a monoline insurer to a multi-line insurer in Europe.</p>

All Updates