Insurtech Weekly News Roundup: August 5

Lemonade

Lemonade reportedly laid off 20% of Metromile’s staff – around 60 people – after its acquisition of the company closed in late July, according to people familiar with the matter.

Former Metromile CEO Dan Preston, now Senior Vice President of Strategic Initiatives at Lemonade, emailed Metromile staff from his personal email address to thank his colleagues for their contributions.

“Today’s actions were not what any of us expected as we embarked on this path, and understandably came as a huge shock to all of us,” Preston wrote in his E-mail. “But most importantly, it’s not a reflection of your performance, your talent or your potential.”

In the same vein, EIS, a global provider of core and digital insurance platforms, has disclosed its intention to purchase Metromile Enterprise Enterprise Solutions, a SaaS claims automation platform and fraud detection.

Pie Insurance

Pie Insurance, an insurtech focused on workers’ compensation insurance for small businesses, has formed partnerships with three commercial insurance platforms: Bold Penguin, Talage and Tarmika.

The idea is that agents who frequent these partners will have more flexibility to access quotes from multiple carriers. They can also directly quote Pie policies without leaving their platform of choice.

Integrating with these third-party companies allows agent partners to optimize production, grow their own business and improve customer retention, Pie Insurance said in its announcement.

“Bold Penguin, Talage and Tarmika have built world-class digitally connected platforms that provide insurance agents with the tools they need to quickly quote and write policies on behalf of their clients,” said the chairman and co. -Pie founder, Dax Craig, in prepared remarks. “By offering Pie to their extensive agent network, we will be able to fulfill our mission of enabling small businesses to thrive more efficiently…”

Mulberry

Integrated insurance platform Mulberri has raised a $4 million funding round designed to help expand its infrastructure and data modeling efforts.

Hanover Technology Management, MS&AD Ventures and Altamont Capital Partners led the round.

Mulberri debuted in 2021. The California-based startup bills itself as the first commercial insurance product designed specifically for PEOs and brokers. The technology is designed to help PEOs, brokers and carriers come together to write deals that help them make smart, data-driven decisions. PEOs typically administer employee health insurance or other benefits.

The company’s platform provides intelligent quote receiving, automated quoting and binding, data-driven insurance management, and easily accessible protection and monitoring services. It also optimizes business PEO workflows, speeds up customer acquisition, and provides risk analysis by integrating with multiple systems such as HRIS, payroll, and others.

Carp Data

Carpe Data has named Duck Creek Technologies veteran William Magowan as chief revenue officer.

Carpe Data is a provider of emerging and alternative data products for the insurance industry.

Magowan succeeds Jim Andrews in the role, who has been appointed to the newly created role of Chief Customer Officer – a position designed to advance the company’s customer-centric philosophy during a period of accelerated growth.

Magowan spent over a decade as the sales manager of Duck Creek. Prior to that, he worked nearly 10 years at Insurity, a software company serving the P&C insurance industry.

Carpe Data provides claims automation technology, but also markets to commercial insurers advanced classification, risk characteristics and predictive scores for over 45 million companies in the United States.

Flow security

Startup Flow Security has raised $10 million in new seed funding and launched a data security platform designed to discover and protect data at rest and in motion.

The Israeli startup serves clients in insurtech, fintech, healthcare, e-commerce and more.

Amiti VC led the round. GFC, Amdocs Ventures, CyberArk CEO Udi Mokady and Demisto CEO and co-founder Slavik Markovich also participated.

The company’s technology is centered on continuously mapping and detecting all data risks with the aim of improving data security. Flow Security supports use cases including discovery and classification of data flows to external services, policy enforcement, automatic data threat modeling, and minimization of access permissions to data.

Flow Security debuted in 2021.

Counterpart

Counterpart, an insurtech centered around a management liability platform, has made two big additions to its management team.

The California-based company has hired Claudette Kellner as insurance product manager and Eric Marler as claims manager. Both will be responsible for working with Counterpart’s broker and carrier partners, including Markel and Aspen Insurance, to expand Counterpart’s underwriting capabilities. They will also focus on improving workflow efficiency and improving the business platform.

Kellner, named one of Insurance Business America’s Elite Women of 2020, is an industry veteran who previously focused on the management and professional liability books of several global insurers.

Marler was previously assistant vice president of claims management liability at Hanover Insurance Group.

About Yvonne Lozier

Check Also

NeuralMetrics launches MarketEdge – an intelligent AI-powered commercial insurance lead management platform

MarketEdge Technology Enables Insurers to Quickly Find Suitable Policyholders and develop business books NEW YORK, …