NEW YORK, Feb 27 (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 know-how startups, the corporate mentioned on Thursday.
Buyers within the Anthemis Insurance coverage Enterprise Development Fund I embrace Aflac International Ventures, Sumitomo Life and Nürnberger in partnership with Daido Life Insurance coverage Firm.
The fund will deal with backing corporations which might be serving to digitize the insurance coverage trade and have already got a longtime monitor file.
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 deal with later-stage insurtech corporations with the brand new fund as a result of it noticed a spot out there for one of these funding, Anthemis founder and chief funding officer Sean Park mentioned in an interview.
“That is the place we recognized the most important alternative,” Park mentioned.
London-based Anthemis additionally mentioned 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 numerous senior roles at Marsh & McLennan, the place she helped develop insurance coverage for transportation community corporations. Based mostly 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 trade extra environment friendly. These vary from techniques to hurry up claims processing, to units that assist gather information that can be utilized to higher worth insurance policies.
Looking for 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 places of work in New York and Geneva, has had quite a few insurtech corporations in its portfolio of over 100 companies, together with startup the Local weather Company in 2007, which bought to Monsanto in 2013. Different investments embrace startups Trov, Matic and Flock. (Reporting by Anna Irrera)