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THE INSURER INVESTOR 2019/2020 Forwards

Each year gener8tor hosts the OnRamp Conference with the goal of facilitating connections between insurance startups, corporations and investors. While this year has certainly gone off plan we are grateful for the 23 corporate partners who joined us for a virtual Startup Track on April 7 where we facilitated more than 250 virtual 1:1 pitch meetings between insurance corporations and startups.

We are proud to work with Coverager to present our inaugural Annual Insurer Investor Report. This report explores trends around active corporate (CVC) investors and some of the notable recent deals that transform the industry. In future reports, we hope to dive deeper into data around strategic partnerships between insurers and startups.

Over the past five years, we’ve seen insurtech and fintech startups emerge to advance an industry overdue for modernization. Startups are intent on improving policyholder experience, streamlining back-end processes, and developing new products across the insurance value chain. With each passing year, these startups have enjoyed increasing investment by insurance incumbents eager to evolve with consumer demands.

2019 marked a record year for insurer-backed deals, jumping 176 percent from 2015. It is clear that strategic investors play a significant role in helping startups grow and develop. In particular, insurance CVCs offer financial strength, dedicated teams and access to business resources, making them attractive to entrepreneurs seeking investment.

As we all experience the impact of COVID-19, we can be certain that the insurance industry will adapt and put customers first. Entrepreneurs will continue to imagine and create. Insurers will continue to innovate and build. Investment and partnerships will set the stage for the future of insurance.

Thank you for reading, we welcome your feedback! And as always, thank you for your continued support.

Joe Kirgues and Troy Vosseller Co-Founders of gener8tor

2 Contents

THE METHODOLOGY 5

THE INVESTORS 6

PROFILING THE INSURER-INVESTOR 7

SPOTTING THE OUTLIERS 15

THE INVESTMENTS 24

A COMPETITIVE LANDSCAPE 25

IF PERCEPTION IS REALITY 27

2020 28

FINAL THOUGHTS 29 4 The Methodology Headquarters

The findings of this report are based on an analysis of data sourced from Coverager Data and Crunchbase. 51% of companies analyzed are US-based We primarily analyzed disclosed investments announced between 2015 to Q1 2020 with the following criteria:

• Investments included at least one insurance carrier or insurance investment unit, whether Years in Business VC or else

• Deal stages excluded debt, private equity, corporate, IPO and secondary market rounds

In total, we analyzed over one thousand transactions with participation from 145 insurer/ investor entities that have backed 686 companies 10% of companies analyzed were across miscellaneous industries. established in the past three years

The World is One Big Data Problem

There are two main issues with analyzing insurance investments based on data from Crunchbase and these are the lack of consistency in picking an insurer investor (e.g. startups may pick American Family or American Family Ventures) and not all startups list each and every investor (e.g. Advizr, a financial planning software firm based in , received backing from , yet according to Crunchbase, Advizr has 4 investors: SEI, Franklin Templeton Investments, Fenway Summer Ventures, and IA Capital Group). But as you’ll soon discover, not all data problems make a difference.

The best investment strategy is the one you stick with and the one that works for you. As such, this report isn’t about rankings as publicly disclosed data will never be a good indication of quality investments. But what this report offers is the ability to measure intentions, assess activity and even enjoy a glimpse into which CVCs have earned a good reputation.

5 The Investors

6 Profiling the Insurer Investor

We analyzed 145 insurer-investors defined as an insurance carrier (e.g. ), or an insurer venture arm (e.g. CMFG Ventures), or a venture arm backed by one or more insurance carriers (e.g. MTech Capital). This categorization accounts for 98 percent of the insurer-investors analyzed.

According to Coverager’s Research: 145 insurer-investors

40 100 2016 re/insurer VC remains a peak year in terms of new insurance VC entrants 70% Insurer VC firms established since 2015: of VC firms have been established since 2015.

2015 7

2016 10

2017 8

2018 3 23% European VCs 63% American VCs

7 The list below highlights the insurer-investors analyzed, sorted by alphabetical order.

INDICATES AN INSURER-BACKED VC

1. Aegon 38. CMFG Ventures 76. John Hancock 112. Principal Financial Group 2. Aetna 39. CNP Assurances 77. Kaiser Permanente 113. Prudential 3. Aetna Ventures 40. Cream City Venture Capital 78. Kotak 114. QBE Ventures 4. Aflac 41. CSAA Insurance Group 79. Legal & General 115. RGA 5. Aflac Corporate Ventures 42. CUNA Mutual Group 80. Legal & General Capital 116. RGAX 6. AG2R La Mondiale 43. Dai-ichi Life 81. 117. Santam Insurance 7. Allianz 44. Debeka 82. Liberty Mutual Strategic 118. SCOR 8. 45. Desjardins Venture Capital Ventures 119. Securian Financial 9. Allianz Life Ventures 46. Die Mobiliar 83. MACIF Group 120. Shriram Life Insurance 10. Allianz X 4 7. Group 84. MACSF 121. Signal Iduna 11. Alma Mundi Ventures 48. EMC Insurance 85. MAIF Avenir 122. Singlife 12. American Family Insurance 49. ERGO 86. Malakoff Humanis 123. Sirius International 13. American Family Ventures 50. Erie Insurance 8 7. Insurance Group 14. AmTrust Financial 51. FairVentures 88. Markel Corporation 124. Societe Generale 15. Anthem 52. Farmers Mutual Hail 89. MassMutual Assurances 16. Argo Ventures 53. FM Global 90. MassMutual Ventures 125. Starr Companies 17. Assurant 54. GIS Strategic Ventures 91. Matmut 126. State Auto Labs 18. Assurant 55. Grange Insurance 92. MetLife 127. Ventures 19. Avanta Ventures 56. Great Eastern Holdings 93. Migdal 128. State National 20. 5 7. Greenlight Re 94. MS&AD Ventures 129. Insurance 21. Aviva France 58. Grinnell Mutual 95. MTech Capital 130. 22. Aviva Ventures 59. Grupo SURA 96. Re/HSB Ventures 131. Suncorp Group 23. 60. Guardian 9 7. Nationwide 132. 24. AXA Venture Partners 61. Guggenheim Partners 98. Nationwide Ventures 133. 25. Axis Capital 62. 99. New York Life Insurance 134. The Co-operators 26. Baloise Group 63. HDFC Ergo 100. New York Life Ventures 135. 2 7. Baloise Strategic Ventures 64. HDFC Life 101. NFP Ventures 136. 28. 65. Health Care Service 102. Future 137. Transamerica 2 9. Blue Cross and Blue Shield Corporation Ventures 138. Transamerica Ventures of 66. Helvetia Venture Fund 103. NRMA 139. Travelers 30. BlueCross BlueShield 67. Hiscox 104. OMERS 140. UNIQA Group Venture Partners 68. Hollard 105. Open CNP 141. UNIQA Ventures 31. BNP Paribas 69. Horizon Healthcare Services 106. Pacific Life 142. UnitedHealthcare 32. Pacific Insurance 70. Humana 107. PartnerRe 143. USAA 33. China Taiping Insurance 71. IAG 108. Phoenix Insurance Company 144. XL Innovate 34. Chubb 72. IAG Firemark Ventures 109. Ping An 145. Zurich 35. Cigna 73. ICICI Prudential Life 110. Ping An Global Voyager 36. Cigna Ventures 74. Intact Financial Corporation Fund 37. Clover Health 75. Intact Ventures 111. Ping An Ventures

8 Old Money, New Brands Insurer-Backed Deals/Year

2015 97

2019 recorded 268 insurer-backed deals reaching 2016 146 an all-time high and signaling a 176 percent jump from 2015. Last year, Allianz participated 2017 218 in Lemonade’s $300 million Series D round (announced Apr 11, 2019) and /HSB 2018 238 participated in Next Insurance’s $250 million Series C round (announced Oct 7, 2019). 2019 268

2019 Top Ten Insurer-Backed Rounds

INSURER-INVESTOR INVESTMENT ROUND DATE AMOUNT ($)

Allianz Lemonade 04/11/2019 300M

Munich Re/HSB Ventures Next Insurance 10/07/2019 250M

Desjardins Venture Capital La Coop fédérée 11/01/2019 228M

Allianz Fundbox 09/24/2019 176M

Allianz X 07/17/2019 170M

Ping An Global Voyager Fund Better.com 01/31/2019 160M

Prudential Remitly 07/10/2019 135M

Baloise Strategic Ventures FRIDAY 03/07/2019 127M

Alma Mundi Ventures* Wefox 03/06/2019 125M

Alma Mundi Ventures* Wefox 12/11/2019 110M

* is an anchor investor in Alma Mundi Ventures 9 An Average Change

There’s the famous saying ‘Appetite comes with eating’ meaning that the more you have, the more you want to have. And yet while the number of insurer-investors increased over the years, the 2.6 average deal count per investor hasn’t, as on average The average amount of deals an it will make 2.6 deals per year. insurer-investor makes per year

Count of Active Insurer-Investor and Deals by Year

COUNT OF INSURER-INVESTORS COUNT OF DEALS

2015 35 97

2016 54 146

2017 89 218

2018 93 238

2019 98 268

Average Amount of Deals by Insurer-Investor Per Year

2.8 2.7 2.4 2.6 2.7

2015 2016 2017 2018 2019

10 Planting Seeds, Aiming for Growth

According to RocketSpace’s Tech Startup Founders blog, Seed rounds refer to a series of related investments in which 15 or less investors “seed” a new company with anywhere from $50,000 to $2 million. This money is often used to support initial market research and early product development. Investors are typically rewarded with convertible notes, equity, or a preferred stock option in exchange for their investment. And Series A rounds refer to a smaller number of angel investors or VCs who contribute an average of $2-10 million in exchange for equity. The fund is named after the type of equity investors hope to eventually receive: Series A Preferred shares. This implies they will be the first group of investors to receive preferred shares.

Insurer-investors have a larger appetite for Series A rounds (which accounts for 25 percent of deals), followed by Series B rounds (21 percent) and pre- and Seed rounds (20 percent).

31% of insurer-investor rounds in 2015 were Series A 27% of insurer-investor rounds in 2016 were pre- and seed stage 26% of insurer-investor rounds in 2019 were Series B

recorded the steepest drop recorded the highest Series C (29.6%) in percentage of Seed rounds in term of percentage of deals compared to prior year deals (11%)

11 Percentage of Insurer-Investors Deals by Stage

(PRE) SEED SERIES A SERIES B

SERIES C SERIES D OTHER

31% 21% 20% 23%

4% 2% 2015

27% 24% 21% 18% 7% 3% 2016

27% 24% 19% 17% 9% 4% 2017

26% 23% 21% 20% 8% 3% 2018 26% 21% 16% 18% 11% 7% 2019

25% 20% 21% 22% 21% 4% AVG

12 Average Insurer-Backed Investments by Stage

(PRE) SEED SERIES A SERIES B SERIES C

$42.1M $21.1M $32.2M $2.5M 2015

$79.2M

$17M $1.9M $8.7M 2016

$26.6M $31.2M $12M

2017 $2.1M

$52.2M $19.4M $25.9M $2.3M 2018

$53.3M $29.9M $4.1M $11.2M 2019

13 An Appetite for Insurance and Beyond

Insurance companies account for 28 percent of deals, followed by (14 percent) and healthcare (12 percent). Moving beyond this immediate comfort zone, you’ll find all sorts of companies from different industries including smart home, mobility, pet and construction.

Percentage of Deals by Industry

Insurance accounts for 28% of investments

46% OTHER Finance accounts for 14% of investments

Healthcare accounts for 12% of investments

14 Spotting the Outliers

Consistently Above Average

Earlier we reported that on average an insurer-investor makes 2.6 deals a year. Only four venture capital arms consistently made at least three deals a year between 2015 to 2019 and these are: American Family Ventures (with an average of 6 deals a year), AXA Venture Partners (with an average of 10.4 deals a year), BlueCross BlueShield Venture Partners (with an average of 6.4 deals a year), and MassMutual Ventures (with an average of 7.6 deals a year).

American Family Ventures Deals by Year AXA Venture Partners Deals by Year

15

10 10 8 7 9 7 8 5 3

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

BCBS Venture Partners Deals by Year MassMutual Ventures Deals by Year

11 8 7 8 6 6 7 7 5 5

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

15 2019 IN REVIEW

The lists below indicate the 38 insurer-investors who made at least three deals in 2019 by count of deals. For example, Alma Mundi Ventures and MS&AD Ventures made 12 deals each.

3 Deals 4 Deals 5 Deals

1. Allianz Life Ventures 1. Argo Ventures 1. Allianz 2. AXA 2. Assurant Growth Investing 2. American Family Ventures 3. Baloise Strategic Ventures 3. Avanta Ventures 3. Aviva Ventures 4. CMFG Ventures 4. Cigna Ventures 4. Munich Re/HSB Ventures 5. Guardian 5. Guggenheim Partners 5. RGAX 6. Legal & General 6. MAIF Avenir 6. Aflac Corporate Ventures 7. Liberty Mutual 7. Northwestern Mutual Future Ventures 8. Liberty Mutual Strategic Ventures 8. Transamerica Ventures 9. Manulife 10. Nationwide Ventures 11. NFP Ventures 12. SCOR 13. UNIQA Ventures

6 Deals 7 Deals 8 Deals

1. BlueCross BlueShield Venture 1. Allianz X 1. AXA Venture Partners Partners 2. Dai-ichi Life 2. MTech Capital 2. Prudential 3. Ping An Global Voyager Fund

9 Deals 11 Deals 12 Deals

1. Desjardins Venture Capital 1. MassMutual Ventures 1. Alma Mundi Ventures 2. MS&AD Ventures

16 2019 IN REVIEW

35 insurer-investors made at least one pre-seed or seed round deal in 2019. Alma Mundi Ventures lands the top spot; making 3 deals. The highest seed round reported – a $20 million funding round announced on Feb 27, 2019 by -based financial services technology company Nivaura – saw participation from Transamerica Ventures.

1 Deal 2 Deals

1. Allianz 16. Grange Insurance 1. Cream City Venture Capital 2. American Family Insurance 17. Helvetia Venture Fund 2. Desjardins Venture Capital 3. American Family Ventures 18. Liberty Mutual Strategic 3. Guggenheim Partners 4. Argo Ventures Ventures 4. MTech Capital 5. Assurant 19. MAIF Avenir 5. Prudential 6. Assurant Growth Investing 20. MassMutual Ventures 7. Avanta Ventures 21. MetLife 8. Aviva 22. MS&AD Ventures 3 Deals 9. AXA Venture Partners 23. New York Life Insurance

10. Baloise Strategic Ventures 24. Ping An Global Voyager Fund 1. Alma Mundi Ventures 11. Clover Health 25. RGA 12. CUNA Mutual Group 26. RGAX 13. EMC Insurance 2 7. Santam Insurance 14. Erie Insurance 28. State Auto Labs 15. FM Global 2 9. Transamerica Ventures

17 2019 IN REVIEW

37 insurer-investors made at least one Series A deal in 2019. MS&AD Ventures landed the top spot with 6 Series A deals. The highest seed round reported – a $110 million funding round announced on May 20, 2019 by Cambridge-based biotechnology company Thrive Earlier Detection – saw participation from BlueCross BlueShield Venture Partners.

1 Deal 2 Deals 4 Deals

1. Allianz X 14. UNIQA Ventures 1. MTech Capital 1. Alma Mundi Ventures 2. Swiss Life 15. Munich Re/HSB Ventures 2. MassMutual Ventures 3. Northwestern Mutual Future 16. Allianz Life Ventures 3. AXA 6 Deals Ventures 17. Nationwide Ventures 4. Desjardins Venture Capital 4. American Family Ventures 18. Kaiser Permanente 5. AXA Venture Partners 1. MS&AD Ventures 5. Matmut 19. BNP Paribas Cardif 6. Guardian 6. EMC Insurance 20. Legal & General 7. Nationwide 21. State Farm Ventures 3 Deals 8. FairVentures 22. Liberty Mutual Strategic 9. Singlife Ventures 1. BlueCross BlueShield Venture Partners 10. GIS Strategic Ventures 23. The Co-operators 2. Aviva Ventures 11. CMFG Ventures 24. Manulife 3. RGAX 12. Greenlight Re 25. Avanta Ventures 13. Baloise Group 26. Guggenheim Partners

18 2019 IN REVIEW

48 insurer-investors made at least one Series B deal in 2019. Allianz X, Alma Mundi Ventures, Assurant Growth Investing, MassMutual Ventures, and SCOR shared the top spot; each making 3 Series B deals. The highest Series B round reported – a $125 million Series B round announced on Mar 6, 2019 by German digital insurer Wefox – saw participation from Alma Mundi Ventures.

1 Deal 2 Deals 3 Deals

1. Munich Re/HSB 11. State Farm Ventures 21. CMFG Ventures 1. MS&AD Ventures 1. SCOR Ventures 12. Horizon Healthcare 22. MAIF Avenir 2. Manulife 2. Alma Mundi Ventures 2. Sirius International Services 23. Starr Companies 3. Argo Ventures 3. MassMutual Ventures Insurance Group 13. USAA 24. AXA 4. Prudential 4. Allianz X 3. Cigna Ventures 14. Avanta Ventures 25. Tokio Marine 5. American Family Ventures 5. Assurant Growth Investing 4. Die Mobiliar 15. Nationwide 26. Allianz 6. Allianz Life Ventures 5. Dai-ichi Life Ventures 2 7. UNIQA Ventures 7. NFP Ventures 6. FM Global 16. IAG 28. Axis Capital 8. XL Innovate 7. BCBS Venture 17. Ping An Global 2 9. Desjardins Venture 9. Liberty Mutual Partners Voyager Fund Capital 10. Transamerica Ventures 8. Guardian 18. Aviva Ventures 30. MTech Capital 11. AXA Venture Partners 9. RGA 19. QBE Ventures 31. Humana 12. Aflac Corporate Ventures 10. Guggenheim 20. Liberty Mutual Partners Strategic Ventures

19 2019 IN REVIEW

21 insurer-investors made at least one Series C deal in 2019. Dai-ichi Life landed the top spot with 4 Series C deals. The highest Series C round reported – a $250 million Series C round announced on Oct 7, 2019 by California-based digital commercial insurer Next Insurance – saw participation from Munich Re/HSB Ventures.

1 Deal 2 Deals 4 Deals

1. AXA Venture Partners 1. BlueCross BlueShield Venture Partners 1. Dai-ichi Life 2. Legal & General 2. Ping An Global Voyager Fund 3. Aflac 3. Allianz 4. New York Life Ventures 4. Northwestern Mutual Future Ventures 5. MassMutual Ventures 6. Aviva Ventures 3 Deals 7. Argo Ventures 8. Aflac Corporate Ventures 1. Munich Re/HSB Ventures 9. China Pacific Insurance Company 10. Ping An Ventures 11. Principal Financial Group 12. Transamerica 13. Transamerica Ventures 14. Desjardins Venture Capital 15. Intact Ventures

20 2019 IN REVIEW

16 insurer-investors made at least one Series D deal in 2019. AXA Venture Partners, Cigna Ventures, and Ping An Global Voyager Fund shared the top spot with each making 2 Series D deals. The highest Series D round reported – a $300 million Series D round announced on Apr 11, 2019 by NYC-based digital, personal-lines insurer Lemonade – saw participation from Allianz.

1 Deal 2 Deals

1. Legal & General 1. AXA Venture Partners 2. Hiscox 2. Cigna Ventures 3. NFP Ventures 3. Ping An Global Voyager Fund 4. Chubb 5. Kaiser Permanente 6. Allianz X 7. MassMutual Ventures 8. Ping An 9. Allianz 10. Prudential 11. CMFG Ventures 12. Aflac Corporate Ventures 13. Debeka

21 Counting Exits

36 insurer-investors have seen at least one of their portfolio companies make an exit when analyzing companies that announced an investment round between 2015 to 2019.

Count of Exits by Insurer-Investors

6 Exits 1 Exit

1. MAIF Avenir 1. Aflac 2. AG2R La Mondiale 3. Allianz 4 Exits 4. Allianz X 5. Alma Mundi Ventures 1. American Family Ventures 6. Assurant Growth Investing 7. Aviva Ventures 8. AXA 9. CSAA Insurance Group 3 Exits 10. GIS Strategic Ventures 11. Hiscox 1. MassMutual Ventures 12. Humana 2. AXA Venture Partners 13. IAG Firemark Ventures 14. Intact Ventures 15. John Hancock 2 Exits 16. Legal & General Capital 17. Liberty Mutual Strategic Ventures 18. Matmut 1. American Family Insurance 19. MetLife 2. MACIF Group 20. Munich Re/HSB Ventures 3. New York Life Insurance 21. NFP Ventures 4. Prudential 22. Starr Companies 23. Sun Life Financial 5. BlueCross BlueShield 24. Swiss Life Venture Partners 25. Swiss Re 26. Transamerica Ventures 2 7. USAA

22 Insurer-Backed Exits

INSURER-INVESTOR INVESTMENT ACQUIRER DATE PRICE

Aflac NXT Capital ORIX USA Corporation 07/01/18 AG2R La Mondiale SeniorAdom The Caisse des Dépôts 12/22/16 Allianz Argus Cyber Security Elektrobit 11/03/17 Allianz X Wealthsimple Power Corporation of Canada 01/24/20 Alma Mundi Ventures Qumram Dynatrace 11/09/17 American Family Insurance Networked Insights American Family Insurance 12/14/17 Ring 02/27/18 $1B American Family Ventures Cozy CoStar Group 11/08/18 $68M Keen Home ConnectM Technology Solutions 07/01/19 One Inc Great Hill Partners 02/20/20 XOR Data Exchange Early Warning Services 11/18/18 Assurant Growth Investing PrecisionLender Q2ebanking 10/01/19 $510M Aviva Ventures Opun The John Lewis Partnership 06/04/18 AXA Eranove Emerging Capital Partners (ECP) 07/01/08 AXA Venture Partners Evercontact One More Company 8/30/16 Modern Message RealPage 01/22/20 One Inc Great Hill Partners 02/20/20 BCBS Venture Partners Allay Novo Benefits 02/19/20 BeneStream Workers Benefit Fund 12/18/19 CSAA Insurance Group Automatic Sirius XM Radio 04/27/17 $115M GIS Strategic Ventures Maxwell Health Sun Life Financial 06/04/18 Hiscox Indio Technologies Applied Systems 12/04/19 Humana Circulation Logisticare 9/18/18 $44M IAG Firemark Ventures Pocketbook Zip Co 06/06/16 $7.5M Intact Ventures Alert Labs Watsco 10/10/18 John Hancock WiseBanyan Axos Financial 03/04/19 Legal & General Capital Pod Point Électricité de France 02/13/20 Liberty Mutual Strategic Ventures August Home ASSA ABLOY Group 10/19/17 MACIF Group Amovens GoMore 03/02/15 DRUST Continental 06/18/19 MAIF Avenir Linxo Crédit Agricole 01/29/20 MesDépanneurs.fr 11/23/17 Samboat Dream Yacht Charter 11/07/18 Snips Sonos 11/20/19 $37.5M Stootie Cnova 12/03/18 TravelCar PSA Group 02/07/19 MassMutual Ventures One Inc Great Hill Partners 02/20/20 Recorded Future Insight Partners 05/30/19 $780M Solebit Mimecast 07/31/18 $100M Matmut CARIZY 11/15/18 MetLife Hip Money Frollo 09/01/19 Munich Re/HSB Ventures Relayr Munich 09/04/18 $300M New York Life Insurance Earnest Navient Corporation 10/04/17 $155M Skycure Symantec 07/11/17 NFP Ventures Indio Technologies Applied Systems 12/04/19 Prudential InforcePro Covr Financial Technologies 07/20/17 Trilogy Education 2U Inc. 04/08/19 $750M Starr Companies CoverWallet plc 11/20/19 Sun Life Financial Maxwell Health Sun Life Financial 06/04/18 Swiss Life bexio Die Mobiliar 07/05/18 Swiss Re Biovotion Biofourmis 11/19/19 Transamerica Ventures fairr.de Raisin 08/28/19 USAA Automatic Sirius XM Radio 04/27/17 $115M

23 The Investments

24 A Competitive Landscape

87 percent of the total companies that were backed by insurer-investors between 2015 and 2019 are backed by a single insurer-investor. Companies like Snapsheet, Limelight Health and Cape Analytics land the top spots with each being backed by a total of 5 insurer-investors.

87% of companies are backed by 1 insurer-investor

Note: The data collected to indicate the number of investors was cleaned to reflect an investor group – meaning AXA and AXA Venture Partners count as one investor group – AXA. The same goes for Transamerica and Transamerica Ventures etc. The next page indicated our ‘investor group’ mapping for applicable companies.

Company Founded Headquarters Insurer-Investors

Snapsheet 2010 Chicago, IL Intact Financial Liberty Mutual Nationwide State Auto USAA

Limelight Health 2014 San Francisco, CA Aflac AXA MassMutual Principal Financial Transamerica

Cape Analytics 2014 Mountain View, CA CSAA Insurance Group State Auto State Farm The Hartford XL Innovate

25 Insurer-Investors - Condensed

AS IT APPEARS ON CRUNCHBASE: EDITED TO:

Aetna Ventures Aetna Aflac Corporate Ventures Aflac Allianz Life Allianz Allianz Life Ventures Allianz Allianz X Allianz Alma Mundi Ventures Mapfre American Family Insurance American Family American Family Ventures American Family Argo Ventures Argo Group Assurant Growth Investing Assurant Avanta Ventures CSAA Insurance Group Aviva France Aviva Aviva Ventures Aviva AXA Venture Partners AXA Baloise Baloise Baloise Group Baloise Blue Cross and Blue Shield of Minnesota BlueCross BlueShield BlueCross BlueShield Venture Partners BlueCross BlueShield Cigna Ventures Cigna CMFG Ventures CUNA Mutual Group Cream City Venture Capital Northwestern Mutual FairVentures Fairfax Financial Holdings GIS Strategic Ventures Guardian IAG Firemark Ventures IAG Intact Ventures Intact Financial Corporation Legal & General Capital Legal & General Liberty Mutual Strategic Ventures Liberty Mutual MAIF Avenir MAIF MassMutual Ventures MassMutual MS&AD Ventures MS&AD Munich Re/HSB Ventures Munich Re Nationwide Ventures Nationwide New York Life Insurance New York Life New York Life Ventures New York Life NFP Ventures NFP Northwestern Mutual Future Ventures Northwestern Mutual Open CNP CNP Assurances Ping An Global Voyager Fund Ping An Ping An Ventures Ping An QBE Ventures QBE Insurance RGAX RGA State Auto Labs State Auto State Farm Ventures State Farm Transamerica Ventures Transamerica UNIQA Ventures UNIQA Group 26 If Perception is Reality

We’ve recently asked the Coverager Community to name their top ‘go-to’ corporate VC and three insurance startups they consider as ‘successful.’ The answers below are listed in alphabetical order.

The responses indicate that select GO-TO CVC CVCs do a better job at marketing and CVCs aren’t a primary ingredient Allianz for success as 57 percent of those American Family Ventures startups deemed ‘successful’ aren’t AXA backed by an insurer-investor. CUNA Mutual Liberty Mutual MassMutual Ventures Munich Re Nationwide Northwestern Mutual Future Ventures QBE State Auto Labs

“SUCCESSFUL” STARTUPS

Acko Coterie Intellect SEEC Policybazaar.com AP Intego CoverWallet Just Auto Insurance PolicyPal Arity DemystData Kin Insurance RiskGenius Ask Kodiak Docdoc Kinetic Root Asurion Fabric Technologies Ladder Shift Technology Bestow Flyreel Lemonade Slice Labs Betterview FRISS Lucep Snapsheet Blend Gulf States Insurance MakuSafe SpatialKey Bold Penguin Haven Life Matic Insurance Sureify Boost Insurance Hazardhub Metromile TheGuarantors Branch Health IQ Metromile ViewSpection BriteCore Hi Marley Next Insurance Vouch Insurance Cambridge Telematics Hippo ODN Wefox Cape Analytics Hugo Insurance Openly wilov Carpe Data Insureon Ping An ZhongAn Clearcover Insuritas Planck

27 2020

There were 33 percent less insurer-backed deals in Q1 2020 compared to previous year with the highest drop reported in March (52 percent less deals). Stated differently, there were approximately 53 active insurer-investors in Q1, 2019, while this year startups only ‘enjoyed’ participation from approximately 38 insurer investors.

Count of Insurer-Backed Deals

2019 2020

37

25 23 19 18

12

JAN FEB MAR

28 Final Thoughts

Some say that good data is actionable data. Well, great data is data that can make a difference. This report is filled with stats and figures. But one stat stands out as it confirms an ultra-competitive landscape and that is:

87 percent of the total companies that were backed by insurer-investors between 2015 and 2019 are backed by a single insurer-investor.

This reality places importance on getting to a startup first. And being first to invest or first to pilot or first to partner in an industry that loves to look back and/or look sideways shouldn’t be taken for granted.

29 About

The OnRamp Insurance Conference brings together the insurance industry’s leading corporations, investors and startups. The conference highlights innovations disrupting the insurance industry, the leaders making such innovations possible and how new technologies and business models will reinvent the industry.

Coverager is the go-to source for insurance innovation that both creates and curates coverage on the most pressing topics relevant to insurance executives, focusing on areas such as technology, strategy and alternative distribution by offering custom research and analysis with a creative tone for companies that want to learn from the past and understand the present to better bet on the future.

30