Amazon eyes India insurance market

Happy new year!

If you work for an insurer or reinsurer and are involved in your company’s innovation strategy, approach, and priorities, don’t forget to take our 5-minute survey.

Those who participate in the State of Innovation Benchmark survey will receive a full report with the findings.

Q&A: Joshua Motta, CEO, Coalition

We took a look back at major happenings across the cyber insurance landscape in 2017 and spoke with Joshua Motta, CEO of new venture-backed cyber insurance MGA Coalition on key factors in insuring SMBs from a cyber risk perspective, working with retail brokers, the interplay between cybersecurity tools and insurance, and more.

Be sure to check out the full post here.

Amazon to back Acko?

According to research from Munich Re, India is estimated to see the highest amount of inflation-adjusted P&C insurance premium growth through 2025.

Today, there are 9 re-insurance companies, 24 life insurers, and 33 general insurers, including 6 standalone health insurance companies, operating in India.

Around the new year, reports surfaced that Amazon was in talks to make an investment in Acko, one of the new licensed general insurance startups, in order to co-create and distribute insurance products. Per the Times of India:

“The Internet economy will throw up new kinds of distribution – wallets, e-commerce companies, digital lenders – here the products will need deep tech integration and a customized products to scale.”

The move comes after Flipkart (which was also in talks with Acko) is planning to sell insurance on its platform and PayTM, which recently crossed 100M Android app downloads, was granted an agency license to sell life, health and general insurance products in Sept. 2017. Another new digital general insurance startup Digit has recently started to form travel insurance partnerships and integrations with online travel insurance platforms and holiday lifestyle companies.

Amazon also holds a stake in BankBazaar, which offers insurance comparison but is most popular for credit card and loan products. Since October, PolicyBazaar, BankBazaar, and RenewBuy, which all offer insurance comparison, raised new funding. Coverfox is also said to be considering a new investment from IFC. Lots more developments to come in 2018.

New year, new deals

Our trackers this week picked up a couple new filings this week (see bottom). One that caught our eye was a $19.5M filing for Go Insurance. Go provides an app that allows users to submit photos of their licenses to obtain car insurance.

The app has mixed reviews to date (including many who report the need to call to obtain a quote), but does claim the top keyword search result for both “insurance” and “auto insurance” in the US App Store.

Have a great weekend,

Matt
@mlcwong

P.S. in case you missed it, here’s our recap of 2017 coverage.

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