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      <p>
        Root Insurance, a usage-based automobile insurance provider, partnered with Arity, a telematics technology company, to expand data sources for its new UBI model.
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        Root will integrate Arity's Drivesight technology and 1-999 driving score into its proprietary scoring system, allowing instant quotes for customers with existing Arity scores. This partnership aims to enhance Root's ability to offer personalized rates based on previous driving behavior at the time of insurance quotes.
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        The new model, Root UBI v5, will apply to new policies from September 19, 2024, and renewal policies from November 6, 2024. Customers can use existing Arity data, complete a traditional test drive, or skip the test drive when purchasing coverage.
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  <p>
    <a href="https://www.coverager.com/root-partners-with-arity/">
      Coverager
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InsurTech: Personal Lines

PROMINENT_CATEGORY

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 <p>Root Insurance is collaborating with Arity, a telematics technology company, to broaden its data sources for its novel UBI model. Arity's Drivesight technology and 1-999 driving score will be integrated into Root's proprietary scoring system to provide instantaneous quotes for customers who already possess an Arity score. The objective of this collaboration is to augment Root's capability to offer personalised rates derived from past driving behaviour when offering insurance quotes.</p>
 <p>The newly developed model, Root UBI v5, will be applicable to new insurance policies from September 19, 2024 and policies up for renewal from November 6, 2024. Customers have the option to apply their existing Arity data, undertake a traditional test drive, or completely bypass the test drive when procuring coverage.</p>
 
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Root partners with Arity to enhance usage-based insurance model

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 <p>On-demand vehicle insurance platform, INSHUR, raised USD 19 million in a funding round. The round was led by Viola Growth and included participation from MS&amp;AD Ventures and existing investors. This increase brings INSHUR's total funding to USD 78.5 million.</p>
 <p>This funding will be used to expand operations on a global scale, especially in the United States. Additionally, it will establish and nurture relationships with key platform partners and help grow the company's team.</p>
 <p>In 2023, INSHUR saw nearly a 4x growth rate. In the month of April, it extended its services all over the US. This followed its acquisition of American Business Insurance Services (ABI). The company has also enhanced its offerings for drivers and platform partners worldwide through partnerships with on-demand platforms including Uber and Amazon Flex.</p>
 
</div>

INSHUR raises USD 19 million in funding to strengthen market position

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 <p>APOLLO Insurance, a Canadian digital insurance provider, has entered into a partnership with RentFund, a PropTech firm that offers renters a pathway to homeownership. The aim of this collaboration is to provide renters with financial security and a structured savings program to help them purchase a home in the future.</p>
 
 <p>As part of the collaboration, APOLLO will incorporate RentFund's platform, which enables renters to convert their monthly rent into a future down payment for a house. This will improve APOLLO's offerings for Canadian tenants. The digital insurance provider is also working with property management companies and REITs to offer embedded renters insurance, with an objective to enhance their market reach and share swiftly.</p>
 
 <p>The partnership with RentFund is APOLLO's seventh such alliance since June of this year. It has previously collaborated with several organizations including <a href="https://sp-edge.com/updates/30779"> Rhapsody </a> , <a href="https://sp-edge.com/updates/31395"> Dream Partner </a> , <a href="https://sp-edge.com/updates/32182"> Century Group </a> , <a href="https://sp-edge.com/updates/32432"> Peterson Rental </a> , <a href="https://sp-edge.com/updates/32804"> Petsecure </a> , and <a href="https://sp-edge.com/updates/33194"> Paysquad Solutions </a> . </p>

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APOLLO partners with RentFund to enhance offerings

INCUMBENTS_PRESENT

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 <p>In March 2024, Toyota Insurance Management Solutions (TIMS) entered into a partnership with Lemonade to widen its insurance offerings. This collaboration will enable Toyota to sell home and renters insurance alongside auto policies through its agents.</p>
 <p>TIMS functions as a standalone agency, working closely with carriers such as Hartford, Liberty Mutual, PURE, and Travelers. Toyota also provides a branded auto insurance product driven by Toggle, a subsidiary of Farmers. They manage the Insure Connect platform which caters usage-based insurance, giving customized quotes depending on driving behavior.</p>
 
</div>

Toyota Insurance partners with Lemonade to enhance insurance offerings

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<p>VOOM, a company offering pay-per-mile motorcycle insurance, has introduced an insurance product meant specifically for electric bikes. This product is underwritten by the Markel Group. The launch of this product extends VOOM's current insurance services to cover not just motorcycles, but also e-bikes and other types of bicycles.</p>

<p>The newly introduced bicycle insurance from VOOM covers a wide range of bicycles, including but not limited to electric bikes, mountain bikes, hybrid/cruisers, racing bikes, and road/track bicycles. Noteworthy features of this insurance coverage include liability protection, physical damage coverage, medical payment insurance, and theft protection.</p>

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VOOM launches electric bike insurance

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 <p>Zego, a UBI provider in the UK specialized in automobile insurance, has decided to discontinue its fleet insurance product. The company now intends to focus on sustainable growth by shifting attention to private car insurance.</p>
 <p>Despite achieving growth, Zego revealed that the fleet insurance division was not performing up to their expectations, according to a recent filing. </p>
 <p>In 2023, there was a decrease in Zego's written premiums to GBP 122 million (~USD 160 million), which was a 11% year-on-year drop from the previous year. However, the company managed to improve its financial standing by reducing its pretax losses to GBP 36 million (~USD 47 million) in 2023, a significant decrease from GBP 65 million (~USD 85 million) reported in 2022.</p>
 
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Zego halts commercial insurance; shifts focus solely to personal coverage

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 <p>Embedded insurance provider, Vertical Insure, has partnered with the tech-powered hotel brand, Kasa, to offer travel insurance. The objective of the partnership is to enhance guest experience by offering comprehensive protection integrated with the booking process.</p>
 <p>Insurance options are directly incorporated into Kasa's booking platform, enabling guests to select their level of trip protection during the booking process. The insurance covers trip and lodging costs for cancellations or disruptions, and higher levels provide coverage for medical emergencies, lost luggage, and delays.&nbsp;</p>
 <p>Established in 2020, Vertical Insure specialises in creating tailored insurance coverage for various sectors including sports, services, classes and camp insurance, pet care, and real estate.</p>

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Vertical Insure partners with Kasa to offer embedded travel insurance for guests

ANALYST_QUICK_TAKE

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 <p>Steadily, a digital insurer for rental properties, has joined forces with RentRedi, a rental management platform, to provide insurance services to landlords across the country.</p>
 <p>Through this partnership, RentRedi subscribers can avail landlord insurance via Steadily as part of the Member Perks program. The goal is to make property management more straightforward for real estate investors by offering easy access to asset protection, quick coverage quote estimates, and updates on relevant laws and regulations.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Digital home and rental insurance providers are increasingly forming strategic partnerships with property and rental management platforms as a quick&nbsp;and affordable method of expanding their distribution channels and gaining customers. Similar partnerships involve <a href="https:<br>
//sp-edge.com/updates/33194"> APOLLO </a> and <a href="https:<br>
//sp-edge.com/updates/22576"> Obie </a> .</p>

Steadily partners with RentRedi to offer landlord insurance services

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 <p>Insurance technology startup Tuio, based in Madrid, has successfully secured funding of 16.7 million USD. This funding consists of both equity and debt, provided by various investors which include MassMutual Ventures, BlackRock, BAMCAP Ventures, and Extension Fund among others.</p>
 <p>Tuio plans to allocate this funding towards structural enhancements. The aim of these improvements is to enhance the services provided to their clients.</p>
 <p>Tuio entered the insurance industry in 2021 as a digital platform offering a variety of insurance products. Their portfolio includes home insurance, contents insurance, and pet insurance. Tuio has implemented a subscription-based business model where plans start from three Euros a month. This model grants customers the ability to tailor their coverage according to individual needs.</p>
 
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Tuio raises USD 16.7 million in equity and debt to improve service offerings

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 <p>Alan, a French health insurance startup, has raised USD 193 million in Series F funding round. This round was led by Belfius and included participation from Ontario Teachers' Pension Plan, Temasek, Coatue, and Lakestar. The startup's total raised funds now amount to USD 741.7 million, increasing its valuation to USD 4.5 billion.</p>
 <p>The recently raised capital will be utilized to speed up development, expand capacity, and broaden the startup's reach of healthcare products and services in Belgium. Alan plans to do this by leveraging Belfius' corporate and institutional client network.</p>
 <p>Currently, Alan caters to over 650,000 customers, which also includes the French Prime Minister's office. The startup predicts its annual recurring revenue to reach around USD 500 million (~EUR 450 million) within the current year.</p>
 <p>Established in 2016, Alan offers digital health coverage for businesses and individuals via a mobile app. It also provides its users with access to health professionals and resources for mental health support and wellness.</p>
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All Updates

Root partners with Arity to enhance usage-based insurance model

INSHUR raises USD 19 million in funding to strengthen market position

APOLLO partners with RentFund to enhance offerings

Toyota Insurance partners with Lemonade to enhance insurance offerings

VOOM launches electric bike insurance

Zego halts commercial insurance; shifts focus solely to personal coverage

Vertical Insure partners with Kasa to offer embedded travel insurance for guests

Steadily partners with RentRedi to offer landlord insurance services

Tuio raises USD 16.7 million in equity and debt to improve service offerings

Alan raises USD 193 million in Series F funding to expand its services in Belgium

InsurTech: Personal Lines

Root partners with Arity to enhance usage-based insurance model

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