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Hampleton Partners Insurtech M&A Overview 2H 2019

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Hampleton Partners Insurtech M&A Overview 2H 2019 INSURANCE SOLUTION PROVIDERS Emerging technologies smart homes or connected cars and devices at the Beyond witnessing disruption within vertical markets, heart of P&C policies. Businesses also increasingly over the past three years solution providers in the understand the insecurities and system vulnerabilities industry have seen emerging technologies penetrate of IoT given the recent series of high-profile cyber- the insurance mainstream. Typically, these new hacks. However, this market is still in a white space, as technologies offer solutions to underserved markets, reflected in the limited number of cybersecurity enhance business models, or create new markets insurance solution providers. altogether. Usage-based insurance in connected Big Tech homes, for instance, has been possible through the Just as Big Tech companies have challenged traditional introduction and adoption of IoT. In fact, insurtechs players in other industries, so too have they expressed are taking advantage of global trends in smart home a keen interest in entering the insurance market. In device tech to shift towards proactive risk August 2018, Google invested $375 million into health management for homeowners, rather than reactive insurance start-up Oscar Health, which has been risk assessment, in this new disruptive business model. selling health plans under the Affordable Care Act Cybersecurity since 2013. In January 2018, Amazon, JPMorgan Chase Unsurprisingly, the use of more real-time connected and Berkshire Hathaway announced they would form devices has led to the growth of cybersecurity an independent healthcare company which will use insurance. Munich Re estimates that the market value technology to cut healthcare costs for their employees for cybersecurity insurance will grow to $9 billion by in the US. Both Google and Amazon have focused 2020 – double the value of 2017. In the near-to- almost exclusively on personal lines in insurance, given medium term, growth in this space is driven by several consumers constitute their target market. factors, including the potential cyber-exposure of . 1 | 8 Insurtech M&A Overview 2H 2019 M&A SUMMARY Sector maintains momentum Financial buyers remain active, as the proportion of In this high-growth sector, global M&A activity has private equity acquisitions came in at 15 per cent, remained stable over the last five years, with squarely in line with the 13 to 15 per cent share transaction volume hovering around 25 deals inked observed over the past few years. Financial buyers every half-year. have acquired solution provider veterans in need of There is only a limited number of disclosed deal modernisation. They have also displayed their metrics to provide conclusive remarks or trend lines. understanding of market movements, and provide the Instead, available data is best represented through a capacity for incumbents to keep up with tectonic range which illustrates the large variance of multiples. technology and market shifts. For example, in June Though the trailing 30-month median EV/EBITDA 2019 GI Partners acquired Insurity Inc for an range has remained stable, there has been a marginal undisclosed amount, with a rationale to improve easing of the median multiple this year from 16.0x to innovation within the company. 13.3x. 40.0x 30.0x Strategic buyers vs. 35.0x Private Equity 25.0x 30.0x Private 25.0x 20.0x Equity 20.0x 15% 15.0x 15.0x 10.0x 10.0x 5.0x 5.0x Strategic 0.0x 0.0x 85% Trailing 30 Month Trailing 30 Month Median EV/S Median EV/EBITDA 35 30 25 20 15 10 5 - 1H 2014 2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 Transaction Volume 2 | 8 Insurtech M&A Overview 2H 2019 TOP ACQUIRERS, 2017-2019 Number of buyers with Number of more than 1 acquisition acquisitions since 2016 18 132 Acquisitions Acquirers Three most recent acquisitions in 30 months Sequel Business Solutions UK-based insurance & reinsurance software 6 Validus-IVC insurance claims management SaaS & service Moore Stephens International pricing, underwriting & broking management Alpha Trust Corp electronic signature process automation 5 TCP LifeSystems insurance policy administration SaaS BlueSun Inc sales performance management software Tricast insurance market intelligence SaaS 3 ICOD Inc life & health insurance management SaaS Effisoft SAS risk management & reinsurance SaaS Enservio Inc property insurance valuation SaaS 3 Colimbra Holding B.V. data management software & services In4mo Oy property claims management SaaS ISIS Technology Solutions Microsoft .NET-based e-trading Software 3 Dynamis Software Corp employee benefits management SaaS TechCanary salesforce-based insurance analysis SaaS FirstBest Systems Inc property & casualty insurance SaaS 3 ISCS Inc insurance management software Cyence risk analysis and analytics SaaS Kronos Technologies investment & insurance SaaS 3 Solutions AGEman Inc. Canadian insurance management software Big Brain Works Inc wealth management & CRM SaaS Appconsult A/S tech consultancy services and solutions for the insurance market 3 Assurator ApS TIA insurance software integration goBundl ApS online peer-to-peer insurance communities Adaptik Corporation insurance management SaaS 3 KnowledgePrice.com financial systems integration StoneRiver Inc claims processing software & SaaS 3 | 8 Insurtech M&A Overview 2H 2019 FUNDRAISING SUMMARY The number of insurtech fundraises worldwide has significantly due to poor returns. This will translate into seen promising growth. Over the past seven years, more write-offs for re/insurers that invested deal count has increased steadily, growing 27 per cent substantially in start-ups in recent years with low from 2017 to 2018. Annual value raised by insurtech success rates. In contrast, 2019 has demonstrated an firms almost doubled from 2017 to 2018, reaching a improvement in investment returns, with a greater record $4.2 billion in 2018 from $2.2 billion in 2017. concentration of VC funding being funnelled into larger- and higher-valuation deals that have already In 2019, volume of fundraising transaction has shown success. SoftBank, for instance, has been behind decreased, while growth in value has continued. As some of the largest insurtech fundraises in 1H 2019, per CB Insights and Reinsurance News, a handful of including a $300 million Series D for Lemonade, a large insurtech funding deals in the first two quarters $205 million Series E for Collective Health and a $152 of 2019 brought the total amount raised so far this million Series F for Policybazaar. year to almost $3 billion. This reflects the maturation of fintech unicorns; rising valuations; higher burn rates, One third of insurtech investments targeted European as sophistication and market penetration advance; and companies, with Europe’s global investment share the resulting need for significant capital. growing from 23 per cent to 31 per cent. Recipients of funding have been insurtech hubs in Germany, the There is also evidence of a growing shift towards UK and France, with half of the ten largest insurtech financing larger deals, as the “spray and pray” investments in 2018 flowing into companies based in approach to venture funding (including from insurance Berlin. and reinsurance industry investors) has dampened . Global insurance tech investment, 2012-2019 $6.0 B $4.2 B $2.7 B 216 $2.2 B $1.7 B $0.3 B $0.3 B $0.9 B 46 65 94 124 174 202 257 108 2012 2013 2014 2015 2016 2017 2018 1H 2019 Transaction volume Transaction value 2019 run rate 4 | 8 Insurtech M&A Overview 2H 2019 CONNECTED ANALYTICS & VALUE CHAIN SOFTWARE This subsector is made up of central players in the insurance industry – that is to say, the collectors and processors of data now generated by a series of innovative technologies breaking into the mainstream. With the exception of 1H 2017, M&A transaction volume has been stable, hovering around a median of 15 deals closed per half-year. Telematics Telematics has swept through the insurance industry, acting as the biggest underwriting breakthrough since Drones Besides the need to insurance a drone when it is sent credit scoring. Data collected by connected devices in somewhere on a mission, drones themselves aid homes, cars, smartphones provides a detailed profile insurers in processing claims. American insurance of consumer habits and activities, thus enabling provider Allstate, for example, has shown interest in insurers to accurately risk-adjust tailored insurance using drones to evaluate insurance claims. Drone packages for every individual. Currently, smartphone flights can improve claims efficiency after extreme usage-based insurance or UBI is one of the biggest weather events or a natural disaster, as often physical strategic priorities among insurers. access to the property is restricted by local authorities Wearable tech gadgets, meanwhile, act as the or debris. Drone imaging can offer a complete picture telematics solution for life insurance: consumers’ daily of the situation quickly. physical activity stats can be linked to their health Solera acquires in4mo Oy insurance, allowing consumers to pay lower premiums In February 2019, in4mo was acquired by Solera. the more exercise they record. If companies fail to Founded in 2007 in Helsinki, Finland, in4mo is a leading adopt telematics early on, this could seriously impede property claims solution provider in the Nordics, their business model in the future. providing an end-to-end property structural claims adjustment platform to insurers through its scalable mobile-first platform. The acquisition adds to Solera’s asset management and risk protection technologies for the automotive industry and property insurance marketplace. Solera is indeed accelerating its expansion from the garage into the home, building on 07 Feb 2019 innovative digital solutions ACQUIRED and thus rapidly becoming the global leader in innovative home solutions. 5 | 8 Insurtech M&A Overview 2H 2019 SALES & BACK OFFICE TOOLS Sales, marketing and data management have always innovative offerings to both auto dealers and car been a focus in the insurance industry. In this owners. subsector, we have grouped the transactions involving Willis Towers Watson acquires TRANZACT vendors serving the needs of insurers in these areas.
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