There is no summer break for InsurTech. Hong Kong’s OneDegree raised $28 million in a new round of funding and is looking to expand further in Asia. The InsurTech startup holds a virtual general insurance for Hong Kong and also has a SaaS business that operates across Asia. Listen to our 2020 episode with co-founder Alex Leung here. A new episode will come out in a few weeks so stay tuned.
Other companies that were able to secure new funding in August include Chinese MediTrust Health with a $308M in Series C, Indian healthcare InsurTech Onsurity raising $16M in Series A and Kenko Health raising $1.7M in Pre-Series A. And last but not least Indonesian Lifepal raised US$9m in Series A. Listen to our brand new episode with co-founder Benny Fajarai where we talked about their last funding round and their social media strategy.
In other news, Chubb acquired IOT provider StreamLabs Water from Australia-based Reliance Worldwide Corporation Limited (RWC). StreamLabs offers devices to detect leakages and perform water monitoring and water shut-off products. This raises the question if insurers should own the tech or if this might create a conflict of interest. The same applies to the announced partnership between Insurtech Carrot and government-owned Korea Expressway Corporation to “co-develop a safe drive coaching platform for the drivers”. Should insurers track customer behavior? Let us know your thoughts!