2022年三季度保险技术报告（英）

EMERGINGTECHRESEARCH InsurtechReport VCtrendsandemergingopportunities REPORTPREVIEW ThefullreportisavailablethroughthePitchBookPlatform. Q3 2022 InstitutionalResearchGroup Analysis RobertLeSeniorAnalyst,EmergingTechnologyrobert.le@pitchbook.compbinstitutionalresearch@pitchbook.com Data MatthewNacionalesDataAnalyst Publishing ReportdesignedbyJoeySchaffer PublishedonDecember22,2022 CONFIDENTIAL.NOTFORREDISTRIBUTION.PG2 Contents Verticaloverview3 Q32022timeline5 Insurtechlandscape6 InsurtechVCecosystemmarketmap7 VCactivity9 Emergingopportunities18 Geospatialintelligenceforinsurance19 Specialtyinsurancefornewmarkets21 Selectcompanyhighlights24 Noyo25 NuonAI26 Herald27 Q32022InsurtechReport 134 totaldeals -6.3% QoQgrowth -13.4% YoYgrowth Q3VCdealcountsummary Q32022timeline July7 News InsurtechlayoffscontinueasoneofthelargestUSinsurtechcompanies,commercialinsurerNextInsurance,announceditiscutting17%ofitsworkforce.Nexthasraisedatotalof$886.0millioninVCandwaslastvaluedat$4.0billion. August2 News GeicoannouncesitwillcloseallitsofficesinCalifornia.Thecompanyisgoingfullydigitalandisstoppingtelephonesalesfornewpolicies.Thisisasignalthattheinsuranceindustryisslowlymovingtowardsafullydigitalfuture,atrendinitiatedbyinsurtechcompanieslessthanadecadeago. September6 VCdeal StateFarmmakesa$1.2billionstrategicinvestmentinhomeprotectionserviceADT.Webelievethissetsthegroundworkfordatasharingaroundhomefires,floods,andburglariestoenhanceunderwritingfortheinsurerandforittoofferitshomeinsurancethroughADT. Jul1 Aug1 Sep1 Sep30 July12 VCdeal WefoxclosesoneofthelargestinsurtechVCdealsoftheyear,a$400.0millionSeriesDtovaluethecompanyat$4.5billion,upfrom $3.0billioninJune2021.Wefoxstartedasaninsurancemarketplace,butthefullstackcarriernowoffersauto,home,andpersonalliabilityprotection. August12 News TheNationalAssociationofInsuranceCommissionerspassesregulatorystandardsforpetinsurance,whichincludescertainproducertrainingrequirements,consumerprotections,andpre-existingconditionslimits.Petinsurancewaspreviouslycoveredlikepropertyinsurance,asdiscussedinourQ22021InsurtechReport. September29 $1.6B totaldealvalue -51.1% QoQgrowth -19.4% YoYgrowth Q3VCdealvaluesummary VCexit E-commerceembeddedinsurtechsimplesurancewasacquiredbyAllianzX.Theinsurtechcompanyprovidesproductinsuranceembeddedatonlinecheckoutsandhasraisedatotalof$93.8millioninVCfunding. Q32022InsurtechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5 InsurtechVCdealactivity 736 521 488 498 461 229 397 130 276 52 85 2012 2013 2014 2015 2016 2017 2018 Dealcount 2019 2020 2021 2022* Dealvalue($B) Source:PitchBook|Geography:Global|*AsofSeptember30,2022 InsurtechVCexitactivity 49 25 29 29 17 3 6 5 3 2 15 2012 2013 2014 2015 2016 2017 2018 Exitcount 2019 2020 2021 2022* Exitvalue($B) Source:PitchBook|Geography:Global|*AsofSeptember30,2022 VCactivity $0.1 $0.3 $0.8 $1.9 $2.5 $2.3 $7.2 $6.7 $7.2 $14.3 $7.9 InQ32022,insurtechcompaniesgloballyraised$1.6billioninVCacross134deals,representinga51.1%decreaseinQoQdealvalue.ThiswasthelowestamountofinvestedcapitalsinceQ22020andthelowestdealcountsinceQ32020.Theproperty&casualty(P&C)segmentbroughtinthelargestportionofdealvalue,at$518.1millionacross13deals.ThiswasdrivenlargelybyWefox’s$400.0millionSeriesDround.Insurtechcompaniessellingcommercialinsuranceraisedthesecondhighestamountofcapitalat$502.8million.LikeP&C,however,itwasdrivenbyasinglelargedeal:PieInsurance,aworker’scompensationprovider,raiseda$315.0millionSeries D.Megadealsinothersegmentsduringthequarterincludelife&healthinsurerYuLife’s$116.1millionSeriesCandIndia-basedinsurancemarketplaceInsuranceDekho’s$100.0millionlate-stageVCround. Duringthequarter,early-stagemedianpre-moneyvaluationsdecreasedforthefirsttimeto$25.4million—down25.3%from2021.Valuationsforlate-stageinsurtechcompaniesalsodecreased,down43.9%to$65.0millionfrom2021’sfull-yearfigureof$115.9million.Thesevaluationsareprecededbythesmallermedianchecksizesinsurtechcompaniesacrossthesestageshaveraisedin2022:$5.9million(vs$9.3millionin2021)forearly-stagecompaniesand$14.9million(vs$15.0millionin2021)forlate-stagecompanies InsurtechventureexitsextendedtheslowdowninQ3,withonlysevenexitsafter10exitsinQ2. $0.5 $0.6 $0.1 $0.3 $0.0 $0.6 $7.0 $3.4 $8.2 $31.5 $0.2 Therecordedexitvaluefortheyearremainsatzeroafter$33.8billionofrecordedexitvaluein2021.NotableVCexitsforthequarterweretheleveragedbuyoutofAustralianinsurance comparisonplatformCompareClubbyNextCapitalandtheIPOofembeddedinsuranceplatformYoloFlyreelonItaly’sBorsaItalianastockexchange.Asvaluationsremaindepressed,weexpectmanyinsurtechcompaniestobecomeacquisitiontargetsofincumbentsandwell-establishedinsurtechcompanies,leadingtoaconsiderableamountofconsolidationoverthenextfewyears. CONFIDENTIAL.NOTFORREDISTRIBUTION.PG9 Q32022InsurtechReport VCACTIVITY Keyinsurtechearly-stageVCdeals* Company Closedate(2022) Segment Category Stage Dealsize($M) Leadinvestor(s) Valuationstep-up AngleHealth August1 Distribution&intermediation HRbenefitsadministration SeriesA $35.0 N/A 3.1x JustInsure July7