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      <p>
        INSHUR, an on-demand vehicle insurance platform, secured USD 19 million in a funding round led by Viola Growth, with participation from MS&amp;AD Ventures and existing investors. This brings INSHUR's total funding to USD 78.5 million.
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        The funding will be used to scale operations globally, particularly in the US, establish and develop relationships with key platform partners, and expand the company's team.
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        INSHUR experienced nearly 4x growth in 2023. In April, it expanded its services across the US following the acquisition of American Business Insurance Services (ABI) and enhanced its offering for both drivers and platform partners globally through partnerships with on-demand platforms such as Uber and Amazon Flex.
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  <p>
    <a href="https://inshurgroup.com/news/inshur-secures-19m-led-by-viola-growth">
      Press release
    </a>
  </p>
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InsurTech: Commercial Lines

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 <p>INSHUR, a vehicle insurance platform, has obtained $19 million in funding from a round led by Viola Growth and included MS&amp;AD Ventures and other existing investors. INSHUR's total funding now stands at $78.5 million.</p>
 <p>The funding will be allocated towards global expansion of operations, particularly within the US. It will also be used to establish and grow relationships with main platform partners and to enlarge the company team.</p>
 <p>In 2023, INSHUR saw nearly 4x growth. The company added to its services throughout the US in April after the acquisition of American Business Insurance Services (ABI). It also improved its offerings for drivers and platform partners worldwide via partnerships with on-demand platforms such as Uber and Amazon Flex.</p>
 
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INSHUR raises USD 19 million in funding to strengthen market position

PROMINENT_CATEGORY

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 <p>Digital insurer, NEXT Insurance, has introduced standalone professional liability coverage for consultants as part of its professional services suite. The coverage can be purchased directly online via partners or insurance agents. </p>
 <p>This coverage targets the professional services area, particularly consultants from business and technology sectors. It offers protection from risks including errors and omissions, personal and advertising injury, contingent bodily injury, and property damage. Extended reporting periods and prior acts coverage options are available to customize the coverage.</p>
 <p>NEXT Insurance states that this new product enforces their dedication to delivering customized insurance solutions and offers comprehensive protection for consultants, whether they're full-time or part-time employees, interns, volunteers, or contractors.</p>
 
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NEXT Insurance launches standalone professional liability for consultants

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 <p>Zego, a UK-based UBI provider for automobiles, has decided to stop offering its fleet insurance product. The company, which provides insurance solutions for commercial vehicles, decided to focus on sustainable growth and will now concentrate on private car insurance instead.</p>
 <p>According to a recent filing, Zego stated that despite achieving top-line growth, the fleet insurance segment was not meeting performance expectations.&nbsp;</p>
 <p>Zego reported a decrease in written premiums to GBP 122 million (~USD 160 million) in 2023, an 11% YoY drop compared to 2022. However, the company improved its financial position by reducing losses before taxes to GBP 36 million (~USD 47 million) in 2023 from GBP 65 (~USD 85 million) million in 2022.</p>
 
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Zego halts commercial insurance; shifts focus solely to personal coverage

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 <p>Digital insurance broker, Embroker, has seen some changes in its management personnel. Andrew Lea has been appointed as chief insurance officer (CIO). He has a rich background in the insurance industry with over 20 years of experience, working at esteemed companies like Marsh US, Swiss Re, AIG, CNA, and serving as the chief underwriting officer at Vantage Risk. His aim at Embroker will be to augment the ONE technology platform and develop customised solutions for customers. </p>
 
  <p>Meanwhile, Kristy Malm has been promoted to the position of chief operating officer (COO). Prior to this advancement, Malm held the title of VP of operations and drove several initiatives to enhance operational efficiency at Embroker. Her responsibilities as COO will include focusing on customer strategy and organizational excellence. She will also lead the customer success organization. </p>
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Embroker announces new CIO and COO hires to leadership team

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 <p>Coverdash, a business insurance startup, has joined forces with Revenued, a capital provider for small and medium-sized enterprises.</p>
 <p>This collaboration empowers Revenued to extend a fully integrated business insurance opportunity to its customer base. Courtesy of Coverdash's embedded technology, Revenued can now deliver complete business insurance offerings in conjunction with its ongoing funding solutions, including business cards and credit lines.</p>
 
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Coverdash partners with Revenued to offer embedded business insurance

INCUMBENTS_PRESENT

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 <p>Ford has announced a new usage-based insurance product for commercial customers in collaboration with Pie Insurance, a digital small business insurance provider. This product is part of the "Ford Pro Insure" program, an insurance solution specifically tailored for Ford Pro vehicle fleets.</p>
 <p>This new insurance offering will initially be available to commercial customers in Minnesota. Its unique feature is the use of vehicular data from new Ford Pro vehicles to generate insurance coverage. Businesses that choose to enroll in this plan can benefit from a 10% insurance cost discount.</p>
 <p>The "Ford Pro Insure" program is underwritten by The American Road Insurance Company, a subsidiary of Ford Credit. This program forms part of the Ford Pro ecosystem, providing a holistic suite of services comprising vehicles, software, charging, service, and financing for Ford Pro customers, in pursuit of enhanced productivity.</p>
 
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Ford partners with Pie to launch usage-based insurance in Minnesota

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<p>Flock, a digital fleet insurance provider based in London, has entered a partnership with Admiral Pioneer, a venture-building business part of the Admiral Group. This partnership is designed to expand Flock's fleet insurance services.</p> <p>The collaboration seeks to utilize Flock's innovative solutions and Admiral Pioneer's insurance expertise to create a unique fleet insurance product. This product will first be introduced to courier fleets, business fleets such as tradespeople and service vehicles, and short-term rental companies. Customers can access it directly or via Flock's broker network.</p>
 <p>The partnership will allow Flock to incentivize safer driving by offering premium rebates of up to 10%. They will also provide real-time safety portals and regular safety reviews, which are intended to promote effective safety practices.</p> 
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Flock partners with Admiral to expand fleet insurance offering

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 <p>Next Insurance, which specialises in small business insurance, has introduced its Business Owner's Policy (BOP), an all-inclusive insurance solution for small enterprises. The policy can be accessed from the company's website, appointed agents, and partnered platforms.</p>
 <p>The BOP from Next Insurance merges liability and property insurance coverage into one policy for simplified management of insurance requirements for small businesses. The policy features include options for coverage selection, customization, and clear coverage summaries, along with an easy-to-navigate agent portal.</p>
 <p>Next Insurance states that the BOP is ideal for small-scale "main street" businesses such as restaurants, retail shops, and professional services companies, as it offers vital coverage necessary for their operations. Additionally, it enables agents to serve customers more efficiently by removing the necessity for managing multiple individual policies.</p>
 
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Next Insurance launches BOP coverage for small businesses

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 <p>Digital commercial trucking insurance provider, Cover Whale, has raised USD 27.5 million in a Series A funding round. The round was led by Morgan Stanley Expansion Capital, increasing the company's total funding to USD 43.0 million. In addition, existing debt investors have converted their investments into Series A preferred shares.</p>
 <p>The newly acquired funds will be directed towards supporting Cover Whale's growth, speeding up its efforts to revolutionize the trucking insurance industry, and enhancing road safety. This will be achieved through the company's technology platform, along with real-time driver coaching and state-of-the-art telematics solutions.</p>
 <p>Since its establishment in 2019, Cover Whale has achieved impressive results with over 15,000 active policyholders. In addition, as of 2023, it has generated around USD 225 million in gross premiums written.</p>
 
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Cover Whale raises USD 27.5 million in Series A funding from Morgan Stanley Expansion Capital

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 <p>Foxquilt, a digital business insurance provider from Toronto, has formed a strategic partnership with London Underwriters, a national insurance wholesale broker.</p>
 <p>Through the partnership, London Underwriters will utilize Foxquilt's digital platform to offer optimized insurance solutions for small businesses and individuals. Agents can access the Foxquilt platform, Foxden, via the London Underwriters’ portal for a more efficient process of quoting, binding, and managing policies for their small business clients.</p>
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All Updates

INSHUR raises USD 19 million in funding to strengthen market position

NEXT Insurance launches standalone professional liability for consultants

Zego halts commercial insurance; shifts focus solely to personal coverage

Embroker announces new CIO and COO hires to leadership team

Coverdash partners with Revenued to offer embedded business insurance

Ford partners with Pie to launch usage-based insurance in Minnesota

Flock partners with Admiral to expand fleet insurance offering

Next Insurance launches BOP coverage for small businesses

Cover Whale raises USD 27.5 million in Series A funding from Morgan Stanley Expansion Capital

Foxquilt announces strategic partnership with London Underwriters

InsurTech: Commercial Lines

INSHUR raises USD 19 million in funding to strengthen market position

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