Allianz Increases InsurTech Fund Size to €1 Billion
Allianz in February 2019 announced it had increased the size of its Insurtech venture capital fund Allianz X to €1 billion. Allianz Group’s initial investment in Allianz X was €430 million in 2016.
The funds will be used to make more direct investments in digital companies that are strategically relevant for Allianz.
To date, Allianz X has made more than 15 direct investments. For example, Allianz X invested $96.6 million in microinsurer BIMA; $30 million in Kansas City, USA-headquartered working capital marketplace C2FO; $35 million in Southeast Asian mobile platform Go-Jek; and in N26’s Series D funding round – N26 is a mobile-focused digital bank.
Investments that bear some relevance to employee benefits include HeavenHR, an HR management platform for small and medium enterprises; and American Well, a company that offers telemedicine solutions.
Allianz X also is tasked to develop partnerships between its portfolio companies and one or more Allianz operating entities or global business lines. Examples include Go-Jek customers and drivers being offered Allianz Indonesia insurance products and services; BIMA’s customers receiving digital insurance offerings underwritten by Allianz Ghana; and C2FO having launched a single-invoice credit insurance product together with Euler Hermes.