NEW YORK (Reuters) – Monetary companies enterprise capital agency Anthemis has raised $90 million for a brand new fund that can put money into fast-growing insurance coverage expertise startups, the corporate stated on Thursday.
Buyers within the Anthemis Insurance coverage Enterprise Progress Fund I embody Aflac World Ventures, Sumitomo Life and Nürnberger in partnership with Daido Life Insurance coverage Firm.
The fund, which is able to concentrate on backing corporations which can be serving to digitize the insurance coverage business and have already got a longtime monitor file.
Anthemis is aiming to shut fundraising for the automobile later within the 12 months.
Based in 2010, Anthemis is well-known as a fintech funding agency centered on early-stage corporations, having backed startups together with robo-advisor Betterment and digital banks Atom and Easy.
It’s opting to concentrate on later-stage insurtech corporations with the brand new fund as a result of it noticed a niche available in the market for such a funding, Anthemis founder and chief funding officer Sean Park stated in an interview.
“That is the place we recognized the most important alternative,” Park stated.
London-based Anthemis additionally stated it had employed former Lyft govt Kate Sampson as managing director. At Lyft, Sampson helped develop the ride-hailing firm’s in-house insurance coverage operation right into a $1 billion insurance coverage unit, which included claims, actuaries, operations and a tech group.
Previous to working at Lyft, Sampson held varied senior roles at Marsh & McLennan, the place she helped develop insurance coverage for transportation community corporations. Primarily based in San Francisco, she can be an advisor to a number of insurtech startups.
The brand new Anthemis fund comes as a rising variety of younger digital-savvy corporations develop services to assist make the insurance coverage business extra environment friendly. These vary from techniques to hurry up claims processing, to units that assist accumulate information that can be utilized to higher worth insurance policies.
In search of to profit from the wave of innovation, many giant insurers have launched funds centered on backing corporations within the nascent sector.
Anthemis, which additionally has workplaces in New York and Geneva, has had quite a few insurtech corporations in its portfolio of over 100 corporations, together with startup the Local weather Company in 2007, which offered to Monsanto in 2013. Different investments embody startups Trov, Matic and Flock.
Reporting by Anna Irrera; Enhancing by Richard Chang