Insurtech weekly news roundup: May 06
Pie appointed David Samuels as its first chief commercial officer, and Dimitrius King as its first chief claims officer. The company also named Kelly North as vice president of business development, and Jen Straus as the first vice president of people operations. In addition, Pie added veteran insurance exec Laura Bishop to its board of directors.
Previously, Samuels was at SAP/Concur for more than a decade, where he was most recently chief customer officer. In his new role at Pie, he’ll set the company’s operational strategy and oversee all premiums generated from its agents and brokers.
King was most recently vice president of the workers’ compensation division at Liberty Mutual. As Pie’s first chief claims officer, he’ll lead and implement the company’s claims strategy.
Before Pie, North was vice president of business development at Beam Dental. In her new job, she’ll oversee the team focused on growing and maturing the company’s insurance agency channel.
Straus has years of people/operations experience at start-ups including Kabbage and Alteryx. At Pie, she’ll oversee compensation, benefits, people operations, analytics, learning and development.
Bishop is a veteran executive, previously finishing a 20-year stint at UAAA, most recently as its chief financial officer.
Insurtech investment globally hit record levels in 2021, according to Gallagher Re’s first-ever Global InsurTech Report.
Investment levels in the sector reached $15.8 billion, the report found, the highest annual capital inflow yet and more than 2019 and 2020 investment levels combined.
The report tallied 564 deals in 2021. Property/casualty insurtechs generated $9.4 billion in investment in 2021. The rest – about $6.4 billion – went to life and health companies. The 2021 fourth quarter saw a spike in funding due to 13 “mega-round” deals that accounted for more than 71% of the $5.3 billion invested during the period, Gallagher Re found.
CLARA Analytics made two new key executive hires.
The provider of claims-related AI technology for the commercial insurance industry hired Ram Rangaraj as its new chief technology officer and Mubbin Rabbani as vice president of product.
Rangaraj spent many years as a technology executive at Kaiser Permanente, most recently as senior director of Revenue Management Integration Engineering. While there, he led a number of strategic IT initiatives, including the use of data analytics to improve the company’s claims management performance. In his new job at CLARA, he’ll lead the evolution and operations of its AI platform.
Rabbani joins CLARA with more than 15 years of product management experience in the commercial insurance claims space. Previously, he held product leadership positions at Liberty Mutual, Agero and Deloitte. In his new job, he’ll be in charge of the company’s product strategy.
Assurely and Dalmore group are partnering to provide cost-effective TigerMark Directors and Officers (D&O) insurance to Dalmore clients who are raising capital.
Assurely is an insurtech MGA that creates and distributes insurance products for innovative companies and changing industries. Dalmore Group specializes in helping companies raise capital online at scale.
As part of the partnership, qualified companies who use Dalmore Group’s capital raising services can obtain TigerMark D&O cover at a discount.
The idea is that the partnership will positively influence the success and safety of the capital-raising industry by encouraging more companies to obtain property due diligence, compliance and insurance.
Honeycomb, a digital MGA start-up focused on insuring multifamily properties, has expanded into Texas.
“We’re looking forward to helping Texas landlords, home and condo associations, and owners overcome the friction they encounter when seeking insurance,” Itai Ben-Zaken, Honeycomb co-founder and CEO, said in prepared remarks.
Honeycomb started writing insurance policies in the US in June 2021 and now operates in seven states. Beyond Texas, the company does business in Illinois, Arizona, Michigan, Wisconsin, Ohio and Pennsylvania, with plans to launch in seven more states through 2022.
OneShield Software recently appointed David Deal as its chief legal officer.
Deal’s previous experience includes serving as general counsel for One Inc., senior corporate counsel for Apple, and senior director/counsel for Allianz of America. Most recently, he was CLO and COO for Trov, a global insurtech start-up recently purchased by Travelers Insurance. At OneShield, he’ll lead all of the company’s legal matters.
OneShield Software provides products and services for P/C insurers and MGAs. The company is based in Marlborough, with offices in India, and it has more than 80 products in production in P/C and specialty insurance markets.