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Spring 2020 Insurtech Industry Update

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Spring 2020 Insurtech Industry Update InsurTech Market Update Spring 2020 © 2020 Marlin & Associates All Rights Reserved – Proprietary & Confidential Marlin & Associates Securities LLC, a wholly owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities© Copyright LLC. Marlin & Associates Holding LLC 2020 Several Trends Are Reshaping the InsurTech Landscape Digital Market Frictionless Transformation to Consolidation Insurance with Meet Customer and Continued Control of Data, Expectations Investment Interaction and Activity Experience IoT Solutions to Compliant Wired Insurers to Be Determine Risk More Software Customer-Centric, Precisely Proactive Risk Advisors Big Data Automation for a On-demand / Analytics for All Dynamic and Usage-based Channels of the Streamlined Products; Coverage Value Chain Process Based on an Individual Risk 2 © Copyright Marlin & Associates Holding LLC 2020 The InsurTech Ecosystem Is Comprised of Players Competing in Different Segments Across Three Functions of the Value Chain P&C Insurance Health Insurance Life Insurance, Annuities Segment Insurance Insurance Risk Protection Income Protection Data & Analytics / IoT for Policy, Claims and Payment Pricing, Underwriting, Distribution / Marketing Automation Marketing, Distribution and Solutions Claims Processing Funding: $2.5mm Funding: $36mm Funding: $161mm Funding: $60mm Funding: $4mm Funding: $41mm (Acquired by CVC Capital) ASX:FCL Funding: $528mm Funding: $12mm Funding: $381mm Funding: $209mm (Acquired by Vista Equity) NYSE:GWRE Funding: $480mm Funding: $1bn Funding: $34mm Funding: $105mm (Acquired by GI Partners) NASDAQ:EBIX (Acquired by Seeman (Acquired by Motive Partners) Funding: $100mm Funding: $293mm Holtz P&C) NYSE:DXC Funding: Undisclosed Value Chain by Function by Chain Value Funding: $497mm Funding: $51mm Funding: $6mm Funding: $28mm Funding: $63mm Funding: $28mm Funding: $15mm (Acquired by Roper Tech) (Acquired by Insurity) NASDAQ:VRSK (Acquired by Apax Partners) NASDAQ:SPNS Funding: $111mm (Acquired by Great Hill Partners) NASDAQ:MJCO Funding: $72mm Funding: $46mm Funding: $45mm Funding: $59mm NASDAQ:EVER Note: This is only a small select list of companies. Some InsurTechs might serve multiple functions across the value chain. For example, Guidewire, 3 through its acquisition of Cyence, is in analytics. © Copyright Marlin & Associates Holding LLC 2020 Digital Transformation to Accelerate with Marketplace, Analytics, and Process Automation Focused InsurTechs the Most Valuable ▪ According to Celent(1), improved customer / channel experience remains the top reason for insurers to digitize their operations Digital banking has proven how digital technologies improve customer experience Evolving demographics of the type of insurance customer preferring a digital experience ▪ Insurers face compressed premiums, increased competition, and higher regulatory Digital complexity that warrants more innovative products for more productivity and better efficiency Transformation to Accelerate ▪ Insurance companies will need to reprioritize their IT budgets and invest in technology that improves digital processes and supports the workforce, as insurance companies are currently inadequately built to maintain business continuity due to legacy technology systems that can’t sync-up with each other ▪ The need for top talent and a younger work-force expecting modern technologies adds further pressure ▪ InsurTechs that are able to connect customers to polices are increasingly valuable, as with PolicyGenius’ $100mm raise at a $500mm valuation back in January ▪ Analytics / IoT technology that reduces insurers’ loss ratios through better underwriting decisions and improve customer experience through less “questions asked” is in demand (e.g., Root Insurance valued at $3.65bn in last equity raise in September 2019) Marketplace, The massive amount of data available both publicly and internally has made it a necessity for Analytics, Process insurers to aggregate and analyze through more innovative solutions to reduce risk Automation Models Most Valuable ▪ Tech-enabled solutions focused on streamlined automated processes and low-code configurations, both at the back office and consumer facing ends will remain valuable Incumbents notoriously weighed down by complex products and processes, legacy technology and a reputation for poor customer service 1) Celent, Digital Transformation in Insurance, 11/12/19. 4 © Copyright Marlin & Associates Holding LLC 2020 Although Covid-19 Has Hit the Insurance Industry Hard, Investors Are Likely to Remain Active in the InsurTech Space ▪ According to a recent McKinsey report, the insurance industry has been one of the hardest hit sectors with market cap values down more than 25%(1) Due to increase in business interruption claims, where states have put forward a new bill that mandates insurers cover Covid-19 related losses (States include New York, New Jersey, Pennsylvania, Ohio), as well as travel and event cancellation claims Covid-19 Has Hit ▪ Insurers are finding it difficult in today’s environment to maintain business continuity with Insurance Companies Hard insufficient digital capabilities ▪ The impact of Covid-19 on the insurance industry is likely to impact InsurTechs in the near- term, especially those thinly capitalized or with limited commercial adoption, with firms like Cover, Bold Penguin, Ladder, Jetty, Metromile, and Slice announcing furloughs ▪ Investors taking a cautious approach in Q2 of 2020, with the hope there will be better visibility in the latter-half of the year that will accelerate the need to get capital out the door However, expect private equity / venture capital to double-down on existing investments that have shown success, rather than make new investments in the near-term ▪ There are an estimated 760 InsurTechs globally(2) that have raised equity funding, so more Plenty of Private collaborations and mergers likely to accelerate to provide the market with better solutions at Capital with scale Increased Pressure to Be Deployed Insurers able to better assess the true costs associated with buy vs. build InsurTechs that whether the storm will be able to prove their value proposition ▪ The InsurTech revolution that began in the early 2010s is likely to spur faster market adoption today, drawing more investors’ interest 1) McKinsey & Co. Covid-19: Briefing materials. 2) Willis Towers Watson, Quarterly InsurTech Briefing Q1 2020. 5 © Copyright Marlin & Associates Holding LLC 2020 InsurTech Market Valuations Have Rebounded 6 © Copyright Marlin & Associates Holding LLC 2020 YTD Stock Performance Reflects Investors’ Bullish Attitude for InsurTechs Providing Distribution / Marketing Solutions 50.0% Distribution / Marketing Solutions 37.1% 25.0% Nasdaq 3.1% 0.0% Data & Analytics / IoT 0.6% S&P 500 (8.8%) Policy, Claims and Payment Automation (9.2%) (25.0%) (50.0%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Source: Capital IQ, as of market close on May 20th, 2020 Software Companies: NYSE:GWRE; NasdaqCM:SPNS; NasdaqGS:EBIX; ASX:FCL; NasdaqGM:BFYT; NasdaqGM:MJCO Data and Analytics Companies: LSE:REL; LSE:EXPN; NYSE:INFO; NasdaqGS:VRSK; NYSE:EFX; NYSE:TRU; NYSE:FICO; NYSE:CLGX; XTRA:DFV; AIM:QTX 7 Digital Distributors Companies: NasdaqGS:EHTH; LSE:MONY; NasdaqGM:EVER; LSE:GOCO; NasdaqGM:HUIZ © Copyright Marlin & Associates Holding LLC 2020 Valuation Multiples for Policy, Claims and Payments Automation Focused InsurTechs Have Proved Resilient… Enterprise Value / 2020E Revenue as of Enterprise Value / 2020E EBITDA as of May 20, 2020 vs January 1, 2020 May 20, 2020 vs January 1, 2020 8.0x 25.0x 7.0x 7.0x (3.2%) 20.6x 6.7x (1.5%) 20.0x 20.3x 6.0x 19.2x 8.7% 17.7x 5.0x 15.1x 15.0x (11.8%) 4.0x 13.1x 3.6x 8.2% 3.4x 8.7% 3.3x 10.0x 3.0x 3.1x 2.0x 5.0x 1.0x 0.0x 0.0x Policy, Claims and Data & Analytics / IoT Distribution / Marketing Policy, Claims and Data & Analytics / IoT Distribution / Marketing Payment Automation Solutions Payment Automation Solutions EV/2020E Revenue as of 5/20/20 EV/2020E Revenue as of 1/1/20 EV/2020E EBITDA as of 5/20/20 EV/2020E EBITDA as of 1/1/20 Source: Capital IQ, as of market close on May 20th, 2020, using Median data. Software Companies: NYSE:GWRE; NasdaqCM:SPNS; NasdaqGS:EBIX; ASX:FCL; NasdaqGM:BFYT; NasdaqGM:MJCO Data and Analytics Companies: LSE:REL; LSE:EXPN; NYSE:INFO; NasdaqGS:VRSK; NYSE:EFX; NYSE:TRU; NYSE:FICO; NYSE:CLGX; XTRA:DFV; AIM:QTX 8 Digital Distributors Companies: SEHK:6060; NasdaqGS:EHTH; LSE:MONY; NasdaqGM:EVER; LSE:GOCO; NasdaqGM:HUIZ © Copyright Marlin & Associates Holding LLC 2020 While Data and Analytics / IoT Companies Are Commanding Higher Valuations (USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Country Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E Policy, Claims and Payment Automation Guidewire USA $ 8,166 $ 7,537 10.5x 10.3x n.m. n.m. 10% 2% 6% 13% Sapiens Israel 1,259 1,307 4.0x 3.4x 25.5x 19.2x 12% 17% 16% 18% Ebix USA 640 1,349 2.3x 2.4x 8.8x n.a. 17% n.a. 26% n.a. Fineos Ireland 551 522 7.3x 5.2x n.m. 29.6x 14% n.m. 2% 18% Benefytt Technologies USA 315 535 1.4x 1.7x 8.9x 7.9x 9% n.a. 16% 21% Majesco USA 296 255 1.8x n.a. 17.8x n.a. 14% n.a. 10% n.a. Median 3.2x 3.4x 13.3x 19.2x 13.1% 9.6% 13.0% 17.7% Data & Analytics / IoT Relx UK $ 44,731 $ 52,470 5.0x 5.4x 16.5x 15.3x 9% n.a. 30% 35% Experian Ireland 29,926 33,994 7.0x 6.8x 22.5x 20.2x 6% 3% 31% 34% IHS Markit UK 27,206 32,684 7.4x 7.6x 21.1x 17.6x 10% n.a. 35% 43% Verisk USA 25,887 29,013 11.1x 10.4x 27.5x 22.0x 9% 7% 40% 47% Equifax USA 18,148 21,330 6.1x 6.3x 26.5x 20.3x 3% n.a.
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