Insurtech Super raises $50m in Series C round
Home insurance provider Super has secured US$50m in its latest Series C finding drive. The Los Angeles-based home maintenance insurance subscription company received capital from new investors Wells Fargo, Asahi Kasei, AAA, Gaingels and REACH. Existing investors Aquiline Technology Growth, Liberty Mutual Strategic Ventures,Munich Re Ventures and Moderne Ventures, also took part..
This latest round brings Super’s total funding to date, to $80m, which will be used to accelerate the company’s expansion plans.
Super growth strategy
According to reports, Super, which is headquarterd in San Francisco, currently serves households in Austin, Baltimore, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C.
The insurtech startup which was founded in 2015, has revealed plans to expand its market presence by growing its workforce, adding more service offerings, adopting increasingly innovative AI capabilities and streamlining its customer experience.
Over the past 12 months reports show that the home improvement market has seen a boom in business as a result of the global pandemic and lockdowns. Reports suggest there has been a 58% increase in leads for interior home projects for home improvement professionals.
Super is also working on home warranty innovations, capturing more data on the home, service provider and on homeowners, an official statement said. The insurtech will use the data to improve coverage, increase fraud prevention and automation, including upfront scheduling to claim approval and service delivery.
Super customer centric experience
Speaking about the latest funding round, Super’s co-founder and CEO, Jorey Ramer, said, “Building a full-stack insurtech business has put us in a unique position to create a vastly superior customer and servicer experience because we have greater control over our product and operations.”
He continued, “Data and technology are critical to delivering this experience and give us a better understanding of the home and the best way to address expected work and costs.”
TrueMotion insurtech acquired by Cambridge Mobile Telematics
One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics was launched in 2010 and powers 65 enterprise programmes in 28 countries.
Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019.
TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.
The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers and Progressive.
The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space.
Speaking about the acquisition, William Powers, CEO and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.
"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.
Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that by expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.
McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”
He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."
McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”
Five reasons why telematics is in demand
1.It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
2. The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales and speed of vehicles.
3. It improves driving standards and monitors driver behaviour, minimising detours and ensuring responsible driving.
4. It helps fleet health and maintenance by monitoring the health of operational vehicles.
5. It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.