InsurTech in brief #2
3 topics; 3 mins; 3 times-per-week: OneDegree, who? GOQii's monopoly in insurance; Embedded insurance?!.
I personally offered up to 6 months of advanced payroll so they could take part in our last 2 rounds of internal share subscription - Alvin, Founder
Who? Virtual (general) insurance company in Hong Kong; licensed in April 2020.
What’s up? OneDegree might license its pet insurance claims handling tech to other insurance co’s [1]
Why care? Pet insurance penetration in Hong Kong is ~ 3% [2] (for context; UK is ~ 20% with players like BoughtByMany who recently raised a $98M Series C!)
I think they’d become the BoughtByMany (but, for SE Asia)
InsurTech sandbox (India) - BAGIC- GOQii co-pay option
Who? Insurance incumbent Bajaj Allianz and HealthTech GOQii
What’s up? India’s 1st set of wearable-linked health insurance products has been launched under the IRDAI InsurTech sandbox.
Why care? Vitality (Discovery Group) provides a good idea of how successful such products can be (from a rewards perspective); think of GOQii as Peloton + Fitbit [3]
PS - GOQii x Kotak Mahindra Insurance launched in 03.20 [4]; GOQii seems to have the monopoly here?
Hide & Seek with Indian InsurTechs: Riskcovry
Who? “Insurance-as-a-service (IaaS)” provider (using APIs)
What’s up? IaaS segment in India has been actively - Cover Genius (rated by FT as the #1 APAC FinTech by growth [5]) is also in India now (reference image below)
Why care? “Embedded insurance” (insurance via APIs) has become a hot topic - Flipkart x Aegon Life x eBaoTech [6] is a prominent example
Expect a royal rumble between eBaoTech, Cover Genius, Riskcovry and Acko Insurance as they duke it out in the “embedded insurance” segment.
That’s all from me folks. Looking forward to your comments, thoughts and feedback.