2020年Q3季度金融科技洞察（英文版）_57页_11mb

Q3 2020 InsurTech Insights Summary

Core Content

This report provides an overview of the InsurTech industry's financing and M&A activity during Q3 2020. It highlights the significant growth in investment, the increasing involvement of strategic investors, and the concentration of activity in specific regions and sectors.

Main Points

Financing Highlights

• Q3 2020 Financing Volume: $2.318 billion, with 63 transactions, marking the highest quarterly volume ever.
• 2020 YTD Financing Volume: Nearly $4.7 billion, slightly lower than the same period in 2019 but significantly higher than 2018.
• Number of $50M+ Financings: 8 in Q3, with a total of 22 so far in 2020, representing a substantial portion of the financing rounds.
• Largest Financings:
  • brightHEALTH: $500 million
  • KI: $500 million
  • SHUIDI: $230 million

M&A Highlights

• Q3 2020 M&A Volume: $10.3 billion, with 30 transactions, the second highest in global history, following Q1 2020.
• 2020 YTD M&A Volume: $46.5 billion, driven by major deals like Roper Technologies' $5.4 billion acquisition of Vertafore and Singapore Life's $3.2 billion merger with Aviva.
• Q3 2020 M&A Transactions: 30, compared to 11 in Q2 2020, showing a strong rebound post-COVID-19 impact.

Global Distribution

• Financing by Region:
  • North America: 56% of total financing
  • Europe: 25% of total financing
  • Asia: 13% of total financing
• 2020 YTD Financing by Region:
  • North America: 109 financings
  • Europe: 48 financings
  • Asia: 25 financings

Investment Allocation

• P&C Insurance: 37% of total financing
• Health Insurance: 56% of total financing
• Life Insurance: 0% to 9% of total financing
• Diversified: 7% to 16% of total financing

Strategic Investor Participation

• 49% of all InsurTech financings in 2020 YTD included strategic investors, a trend more prevalent in recent years.
• Strategic investors include major firms like Blackstone, T. Rowe Price, and SoftBank Vision Fund.

Key Information

Notable InsurTech Companies and Financings

• brightHEALTH ($500M): Tech-focused health insurer
• KI ($500M): Algorithmic underwriter
• SHUIDI ($230M): Health insurance provider with crowdfunding
• Lemonade ($319M): Full-stack P&C insurance carrier
• Accolade ($221M): Healthcare and workplace benefits platform
• GoHealth ($914M): Health insurance marketplace
• Duck Creek Technologies ($405M): SaaS core system solutions for insurance
• GoodRx ($1.14B): Prescription drug pricing and discount platform
• Root Insurance ($724M): Customized insurance based on driving behavior
• policybazaar ($130M): Diversified insurance distributor
• BIMA ($30M): Mobile-based micro insurance
• QCKO ($60M): Auto and health insurance carrier
• PasarPolis.com ($54M): Insurance price comparison website
• DevotedHealth ($128M): Health insurance provider
• Clover ($500M): Health insurance provider
• Oscar ($225M): Health insurance provider
• Edenhealth ($25M): Full stack virtual-first primary care platform
• sa·na ($21M): Employee benefits management
• Sidecar Health ($20M): Personalized health insurance platform
• noyo ($13M): Benefits administration infrastructure solution
• EasySend ($11M): Digital application builder
• claimsforce ($8M): P&C SaaS claims technology
• Fraudscope ($7M): Healthcare fraud detection platform
• Concirrus ($6M): Marine risk analytics
• Verikai ($6M): Alternative data and machine learning underwriting platform
• Bambi Dynamic ($6M): Personalized mobility data platform
• Claim Genius ($6M): Auto insurance AI claims solution
• safehub ($5M): Catastrophe risk technology
• breathe life ($5M): Life insurance carrier distribution platform
• best doctor ($5M): Health management platform
• agentsync ($4M): Compliance as a service
• PRONAVIGATOR ($4M): AI-powered insurance IT solutions

InsurTech IPOs in 2020

• 7 InsurTech IPOs completed in the first three quarters of 2020, including 5 in Q3:
  • Lemonade (NYSE:LMND) - $319M
  • Accolade (NASDAQ:ACCD) - $221M
  • GoHealth (NASDAQ:GOCO) - $914M
  • Duck Creek Technologies (NASDAQ:DCT) - $405M
  • GoodRx (NASDAQ:GDRX) - $1.14B
• Additional IPOs in Q4:
  • Root Insurance (NASDAQ:ROOT) - $724M
  • MediaAlpha - $500M

Insights from the Report

• InsurTech Financing Trends:

  • A sharp increase in financing activity in Q3 2020, indicating a strong recovery from the effects of the pandemic.
  • Health insurance continues to be the most heavily funded segment.
  • Strategic investors are increasingly involved in financing rounds, signaling a shift towards more collaborative and integrated approaches in the industry.

• M&A Trends:

  • A significant rise in M&A activity, especially in Q3, with a focus on both InsurTech companies and non-tech insurance acquisitions.
  • Large-scale acquisitions such as Roper Technologies' $5.4B purchase of Vertafore and Singapore Life's $3.2B merger with Aviva indicate a strong consolidation trend in the sector.

• FT Partners' Role:

  • FT Partners is the only investment bank exclusively focused on FinTech, with a comprehensive proprietary database and deep domain expertise.
  • The firm collects, categorizes, and reviews all data directly, ensuring high-quality and reliable insights.

Conclusion

Q3 2020 marked a significant rebound in InsurTech financing and M&A activity, driven by strategic investments and a focus on health and P&C insurance segments. The report underscores the growing importance of technology in transforming traditional insurance models and the increasing involvement of strategic investors in shaping the future of the industry.