Thursday, 04 Mar 2021 11:48 PM MYT
The deal, announced today, comes when the Covid-19 pandemic has forced the insurance sector to rely heavily on technology to reach customers, helping the “insurtech” sector that uses artificial intelligence and big data. Global insurtech investments jumped in 2020, even as the larger insurance industry faced huge and varying claims from businesses and households hit by the pandemic.
Hippo and its peers such as Unqork, Waterdrop, Oscar Health, Bind Benefits and Newfront Insurance received a total of US$1.1 billion in funding in the final quarter of 2020.
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