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Insurtech Q4 2019 Earnings Call Synopsis

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Insurtech Q4 2019 Earnings Call Synopsis PPI QUARTERLY EARNINGS SYNOPSIS Insurance Technology (InsurTech) Presented by 7 Mile Advisors & Paradigm Partners International | Q4 2019 PPI 1 Securities offered through 7M Securities, LLC - Member FINRA/SIPC 1 PPI CONTENT Team & Transaction Experience Summary Public Basket & Valuation Trends Earnings Call Overview Transactions 7 Mile Advisors and Paradigm Partners International appreciate the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors and Paradigm Partners if it was distributed in error. 2 PPI THE TEAM Veteran of more than forty years in the insurance Managing Director with over 30 years of domestic business. He became Chief Operations Officer for and international insurance industry experience. Jim Transamerica Life Insurance and Annuity Company Galli has focused heavily in product development, in 1978; he then served in several senior underwriting, channel marketing and distribution management and board positions, lastly as expansion. Jim has served Legal & General America, SIMON BAITLER JIM GALLI Executive Vice President and Chief Administrative MetLife, AIG, and MassMutual. Managing Director Officer for the Transamerica Life Companies, and Managing Director SCOR Reinsurance. Partner with over 20 years of investment banking Partner whose investment banking and advisory and advisory experience. Tripp joined 7 Mile services commenced in 1996 at Accenture. He has Advisors from Hyde Park Capital Partners, where he advised on transactions involving Perficient, served as head of the Business Services, Technology Accenture, Altisource, CGI, FPT (Vietnam) and and Communications group while advising Merkle / Dentsu Aegis Network, among others. TRIPP DAVIS companies in a variety of industries on M&A and ANDY JOHNSTON Partner capital raising assignments. Partner Managing Director with over 30 years in the Partner with over 20 years of investment banking insurance business. Mr. Jacobson was President of experience. Leroy has managed assignments for International Life for the ACE Group. He started the public and private companies, ESOPs and financial business from scratch and after 5 years it became a sponsors. He is a Certified Public Accountant and Global Life and Reinsurance business generating $1 began his career with Coopers & Lybrand. BARRY JACOBSON LEROY DAVIS billion in revenue and $200 million in after-tax Managing Director operating profit. Partner Managing Director with more than 30 years of Managing Director and recognized business leader leadership and management experience in both the who has shaped the life insurance industry over the insurance and reinsurance industry. Glenn began his last four decades. Throughout his distinguished career with the Travelers Insurance Companies, career he held senior leadership positions in global GLENN CUNNINGHAM served GE Capital, then joined Transamerica MARK HUG fortune companies including Transamerica, Aetna, AXA, and Prudential. Managing Director Corporation for over 15 years. Managing Director 3 PPI TRANSACTION EXPERIENCE - Our experienced deal team has executed on over 150 transactions - 4 PPI SUMMARY The InsurTech industry had a banner year in 2019 as total investment grew 52% yr/yr to $6.35b, spanning 314 deals. Notably, 2019 produced ~34% of all InsurTech investment to date. The growth in the year was capped by a record-breaking Q4 which saw $1.99b of investments over 75 projects, driven by “mammoth deals backing Root Insurance, Hippo, and PolicyBazaar.” This marks the sixth consecutive quarter of more than $1.25b invested, dating back to 2018Q3, according to Willis Towers Watson’s Quarterly InsureTech Briefing report. Importantly, investment in the sector has been roughly split between the Property & Casualty (P&C) and Life & Health (L&H) segments as seen below in Figure 1, while investment by function have been more varied as seen in Figure 2 (next page). Figure 1: InsurTech Spend To Date (USD) $4.0 $3.5 $3.5 Billions $3.0 $2.8 $2.5 $2.2 $2.0 $2.0 $1.4 $1.5 $1.3 $1.2 $1.1 $1.0 $1.0 $0.7 $0.6 $0.5 $0.3 $0.2 $0.1 $0.1 $0.1 $0.0 2012 2013 2014 2015 2016 2017 2018 2019 Source: S&P Global Market Intelligence, Pitchbook 5 PPI SUMMARY The strong investment levels in 2019Q4 are undeniable, to be sure, but this Figure 2: InsurTech Investment Mix data now seems irrelevant given the recent proliferation of the coronavirus Claims & Settlement 8% Quote, Bind & (COVID-19). The impact of the coronavirus will undoubtably have a significant Issue impact on individuals’ lives around the globe, many of which will be changed Pricing & 45% forever. The human toll cannot be underestimated or easily quantified. Underwriting Additionally, the impact on national economies and specific industries will be 19% unpredictable as governments and societies wrestle with how to stem the virus' spread. In the meantime, traditional insurers are likely to go through a rough spot as they struggle to get a firm grip on the new reality. Some argue that in the midst of the COVID-19 crisis, “it is tough to imagine the fertile environment for insurtech startups that the sector has enjoyed can Policy Admin & Central last much longer.” We tend to agree as the investment pertains to startups. Systems 28% However, insurtech technology providers that furnish real, proven solutions will likely continue to be a hot commodity. Going forward, we anticipate almost every aspect of the insurance process to be upended, as the industry faces its largest crisis since 9/11. Insurers tend to be conservative with massive national brands, products, and underwriting methodologies that have not changed significantly in decades. This recent shock to the system could provide the spark of modernization needed. Source: S&P Global Market Intelligence, Pitchbook 6 PPI PUBLIC BASKET AND VALUATION TRENDS Multiples Market LTM Margins Revenue Growth ROE P / S TEV / LTM Rev. Company Cap. (m) Gross EBITDA LTM NTM LTM NTM LTM NTM EBITDA # FTEs Per FTE RELX PLC $32,608 65.0% 30.5% 1.7% NA 66.6% NA 3.2x NA 15.4x 33,200 $304k Verisk Analytics, Inc. $22,467 62.5% 40.5% 8.9% 8.7% 20.4% 30.9% 8.6x 7.9x 23.3x 9,060 $288k Intellect Design Arena Limited $6,894 26.2% 1.9% 0.4% NA 1.7% NA 34.8x NA 13.2x 4,665 $42k Guidewire Software, Inc. $6,700 53.3% 0.6% -4.1% 5.3% -1.3% 4.4% 9.6x 9.1x NM 2,355 $298k CoreLogic, Inc. $2,631 50.1% 21.0% -1.5% -3.0% 5.0% 21.9% 1.5x 1.5x 11.1x 5,100 $346k ExlService Holdings, Inc. $1,787 33.9% 13.5% 12.3% 5.7% 10.4% 16.2% 1.8x 1.7x 11.2x 31,700 $31k Sapiens International Corporation N.V. $932 39.8% 17.5% 12.4% 17.1% 12.2% 18.1% 2.9x 2.4x 14.8x 2,500 $130k Ebix, Inc. $533 64.7% 26.5% 16.6% 16.9% 18.8% 19.9% 0.9x 0.8x 6.6x 7,975 $73k FINEOS Corporation Holdings plc $711 66.4% 4.1% 22.8% NA -2.6% NA 8.6x NA 88.1x 664 $124k Majesco $214 49.3% 9.2% 6.1% NA 9.4% NA 1.5x NA 11.0x 2,682 $54k Average $7,548 7.6% 8.4% 14.0% 18.6% 7.3x 3.9x 21.6x 9,990 $169k Median $2,209 7.5% 7.2% 9.9% 19.0% 3.0x 2.1x 13.2x 4,883 $127k Historical TEV / EBITDA 25.0x 20.0x 18.0x 15.0x 13.2x 10.0x 5.0x 0.0x 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 Current TEV to EBITDA (Median) Historical Average For the most recent reporting periods as of 3.31.20 | Source: Capital IQ 7 PPI OPERATIONAL METRICS LTM REVENUE GROWTH % LTM EBITDA % LTM ROE % FINEOS Corporation Verisk Analytics, Inc. RELX PLC Holdings plc Ebix, Inc. RELX PLC Verisk Analytics, Inc. Sapiens International Ebix, Inc. Ebix, Inc. Corporation N.V. Sapiens International ExlService Holdings, Inc. CoreLogic, Inc. Corporation N.V. Sapiens International Verisk Analytics, Inc. ExlService Holdings, Inc. Corporation N.V. Majesco ExlService Holdings, Inc. Majesco RELX PLC Majesco CoreLogic, Inc. Intellect Design Arena FINEOS Corporation Intellect Design Arena Limited Holdings plc Limited Intellect Design Arena CoreLogic, Inc. Guidewire Software, Inc. Limited FINEOS Corporation Guidewire Software, Inc. Guidewire Software, Inc. Holdings plc Average Average Average -10%-5% 0% 5% 10% 15% 20% 25% 0% 10% 20% 30% 40% 50% -20% 0% 20% 40% 60% 80% For the most recent reporting periods as of 3.31.20 | Source: Capital IQ 8 PPI Stock Performance (Indexed) 200 Commentary 180 “Our third quarter financial results reinforce the continuing momentum of our cloud subscription product focus. Our product business now 160 represents more than 40% of our total revenue. The number of cloud 140 customers continues to grow with accelerating project go-lives, as our 120 customers are benefitting from dramatically reduced project 100 implementation timelines.” — Adam Elster, CEO 80 Highlights 60 For the quarter ended September 30, 2019 (2020Q3): Jul-19 • Following the close of the quarter, Majesco announced the acquisition Jul-18 Jan-18 Jan-19 Jan-20 Jun-18 Jun-19 Apr-18 Apr-19 Oct-18 Oct-19 Feb-18 Feb-19 Feb-20 Sep-18 Sep-19 Mar-18 Mar-19 Dec-17 Dec-18 Dec-19 Aug-18 Aug-19 Nov-18 Nov-19 May-19 of InsPro Technologies, an insurance administration and marketing May-18 system that supports group and individual business lines, and Majesco S&P 500 efficiently processes agent, direct market, worksite and web site generated business.
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