Insurtech weekly news roundup: August 5
Lemonade reportedly laid off 20% of Metromile’s staff – about 60 people – after closing its acquisition of the company in late July, according to people familiar with the matter.
Former Metromile CEO Dan Preston, now SVP of strategic initiatives at Lemonade, sent an email to Metromile staff from his personal email address thanking colleagues for their contributions.
“Today’s actions were not what any of us expected as we embarked on this path, and it was naturally a huge shock to all of us,” Preston wrote in his email. “But most importantly, it’s not a reflection of your performance, talent or potential.”
In a related move, EIS, a global core and digital insurance platform provider, disclosed plans to buy Metromile’s Enterprise Business Solutions, an SaaS-based claims automation and fraud detection platform.
Pie Insurance, an insurtech focused on workers’ compensation insurance for small businesses, has formed partnerships with three commercial insurance platforms: Bold Penguin, Talage and Tarmika.
The idea is that agents who patronize these partners will gain more flexibility to access quotes from multiple carriers. They can also quote Pie policies directly without leaving their chosen platform.
Integrating with these third-party companies lets partner agents optimize production, scale their own business and improve client retention, Pie Insurance said in its announcement.
“Bold Penguin, Talage and Tarmika have built world-class digitally connected platforms that provide insurance agents with the tools they need to quickly quote and bind policies on behalf of their clients,” Pie president and co-founder Dax Craig said in prepared remarks. “By offering Pie to their widespread network of agents, we’ll be able to deliver on our mission of empowering small businesses to thrive more efficiently …”
Embedded insurance platform Mulberri raised a $4 million seed round designed to help expand its infrastructure and data modeling efforts.
Hanover Technology Management, MS&AD Ventures and Altamont Capital Partners led the round.
Mulberri debuted in 2021. The California-based startup bills itself as being the first business insurance product built specifically for PEOs and brokers. The technology is designed to help PEOs, brokers and carriers come together to write business that helps them make intelligent data-driven decisions. PEOs typically administer employee health insurance or other benefits.
The company’s platform provides smart submission intake, automated quote and bind, data-driven insurance management and easily accessible protection and monitoring services. It also optimizes PEO business workflows, speeds up client acquisition and provides risk analytics by integrating with multiple systems like HRIS, Payroll and others.
Carpe Data appointed Duck Creek Technologies veteran William Magowan as its new chief revenue officer.
Carpe Data is a provider of emerging and alternative data products for the insurance industry.
Magowan succeeds Jim Andrews in the position, who has been named to the newly created position of chief customer officer – a position designed to advance the company’s customer-centric philosophy during a time of accelerated growth.
Magowan spent more than a decade as Duck Creek’s director of sales. Before that, he served nearly 10 years at Insurity, a software company that services the P/C insurance industry.
Carpe Data provides claims automation technology, but also markets to commercial insurers advanced classification, risk characteristics and predictive scores for more than 45 million businesses in the United States.
The startup Flow Security raised $10 million in new seed funding and has launched a data security platform designed to discover and protect data at rest and in motion.
The Israeli startup serves customers in insurtech, fintech, healthcare, e-commerce and more.
Amiti VC led the round. GFC, Amdocs Ventures, CyberArk CEO Udi Mokady and Demisto CEO and co-founder Slavik Markovich also participated.
The company’s technology centers around continuously mapping and detecting all data-related risks with the goal of an improved data security posture. Flow Security supports use cases including discovering and classifying data flows to external services, policy enforcement, automatic data-related threat modeling and reducing data access permissions to the minimum.
Flow Security debuted in 2021.
Counterpart, an insurtech centered around a management liability platform, has made two big additions to its leadership team.
The California-based company hired Claudette Kellner as insurance product lead and Eric Marler as head of claims. Both will be tasked with collaborating with Counterpart’s brokers and carrier partners, including Markel and Aspen Insurance, to expand Counterpart’s underwriting capabilities. They’ll also focus on boosting workflow efficiencies and further enhancing the company’s platform.
Kellner, named as one of Insurance Business America’s Elite Women of 2020, is an industry veteran with previous focus on management and professional liability books at several global insurers.
Marler was previously assistant vice president of management liability claims at Hanover Insurance Group.