InsurTech 100: Congratulations to all featured!

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Zego

Zego was founded by three ex-couriers in 2016 to provide pay-as-you-go scooter and car insurance for delivery drivers and riders. Whilst the focus on usage-based cover remains, they now cater to the needs of a wider range of new mobility services including ride-sharing, taxis and car rental.

With rising demand, Zego had massive growth between 2018-19 to the tune of 900%. This was in-part driven by partnerships with Deliveroo, Just Eat and Uber Eats, which saw them insure c.30% of the UK food delivery market.

2019 also saw them raise $42 million in Series B funding on which we advised them on, one of Europe’s biggest insurtech raises. That same year, Zego secured an insurance license in Gibraltar, enabling it to act as carrier and continue to build and sell its own innovative products. In February 2020 the company followed this by securing an insurance broker license in France.

Cuvva

Car insurance provider, Cuvva, started off by allowing people to insure themselves to drive someone else’s car for periods as short as one hour, with a pay-as-you-go driving cover. They have since expanded to also sell travel insurance. Cuvva completed a £15 million Series A in Q4 2019 to launch more innovative products in the UK.

By Miles

By Miles, an InsurTech start-up offering pay-per-mile insurance, has seen a surge in sales amid lockdown. By Miles offers pay-as-you drive insurance, only charging customers for what they use (plus an upfront cost to cover the vehicle when it is parked). By Miles recently raised £15 million in its Series B to further enhance its offering, and also secured an “open banking licence” from the FCA.

Getsafe

Founded in 2015, Getsafe is one of the pioneers in the European InsurTech scene. Having started with a mobile insurance manager for over 20,000 customers, Getsafe is now evolving to an insurance company.

Following a multi-line insurance approach, Getsafe offers combinable modules to protect all important areas of a person’s life. Customers can adapt their coverage to new life situations within seconds, as well as file claims via app.

Capital Law supported Getsafe with its UK launch in Q4 2019, a great project to work on.

INSHUR

Founded in 2016, INSHUR set out to make it easy for drivers to secure TLC insurance with all the coverage needed for Uber, Lyft and other rideshare operators.

INSHUR started in the US, but has now expanded into the UK securing regulation with the FCA earlier in 2020. We look forward to seeing what’s next for the business!

Hokodo

Hokodo is a pan-European fintech startup, making insurance and financing available to the millions of European SMEs left behind by today’s financial services industry.

Using innovative, cutting-edge technology, they develop and provide SMEs with the solutions historically reserved for larger companies, helping protect them against late and non-payment of their invoices.

Capital Law has supported Hokodo with a number of its innovative UK partnerships.

Flock

Flock is London-based start-up rebuilding insurance from the ground up, with roots in academia, arising from research papers at Imperial College London and Cambridge University. They launched Europe’s first ‘pay-as-you-fly’ drone insurance product in 2018 and have skyrocketed since then.

Their digital underwriting platform has unlocked a range of data-driven insurance and risk management products in the drone industry, from their on-demand insurance app for micro-SMEs, to their exposure-based enterprise product for the world’s largest drone fleets.

FloodFlash

After the extensive flooding caused by Hurricane Sandy in 2012 the New York Metropolitan Transport Authority (MTA) found it very difficult to renew their flood cover.

FloodFlash helped them develop a different type of insurance: instead of paying out based on damage, this “parametric” cover would pay $200 million if water rose above a certain depth in the New York harbour.

Following this, FloodFlash was formally founded in 2017, to enable a commercial businesses and SMEs to secure fairly-priced, no-exclusion, instant-settlement flood insurance. The business has hit headlines recently for paying claims one day after Storm Ciara hit parts of the UK.

Cover Genius

Cover Genius is a global Insurtech company, distributing regulated insurance policies in over 60 countries and 50 US States, in 40 languages. Cover Genius’ insurance distribution platform provides protection for the customers of some of the world’s largest online e-commerce businesses.

Following a successful $10 million Series B in Q4 2019, Cover Genius also ranked #1 of 1000 on the Financial Times list of High Growth Companies in Asia Pacific, achieving a CAGR (“compound annual growth rate”) of 492.9% between 2015 and 2018.

The Capital team act for Cover Genius on all UK/European insurance and regulatory matters. You can read more about how we helped them navigate Brexit here.

Click here to download the full 2020 InsurTech 100 report.