SCOR Ventures continues SCOR’s long history of innovation
Our mission & offering
SCOR Ventures is a closely integrated part of SCOR’s L&H and P&C business units that invests in and partners with early stage Insurtech companies.
Since our founding in 2017, we have developed a repeatable playbook leading to the formation of a portfolio with exceptional founders. We form collaborative, long-term partnerships with digital-first insurers, MGAs and distributors, software solutions that benefit SCOR and/or our clients, and companies that help people live healthier lives, in support of industry innovation and SCOR’s Global business.
What we’re looking for
We invest across three thesis areas:
Thesis 1: we invest and partner in the ‘Insurers of the Future’: tech-driven underwriting companies (MGAs, carriers) that offer multiple points of digital and business model differentiation across P&C and L&H. We provide direct access to SCOR expertise and our global network to help portfolio companies scale and/or access (re)insurance capacity. With a proven track record of supporting innovative underwriting propositions across multiple lines of business, we understand product development, program structuring, underwriting, pricing and distribution and thus have the capabilities to optimise partnerships between insurtechs and business partners.
We predominantly invest at late Seed / Series A. We are class of business agnostic and have partnered with companies across a broad variety of personal and specialty lines.
Thesis 2: we invest and partner in software solutions that benefit SCOR and/or our clients. We provide a broad understanding of the interests and pain points of insurers across the world, and the potential to connect companies with insurers through SCOR’s client services initiatives.
We predominantly invest later stage vs. Thesis 1 (typically Series A-B) but have occasional appetite for Seed. We prioritise companies:
- developing data, tools, and methods for obtaining, understanding, pricing and transferring large portfolios of pre-aggregated risks, high-value individual risks such as energy facilities and construction mega-projects, and MGA/coverholder business
- delivering economically valuable additional services offering a visible outcome which can be used to boost client management or reduce risks. Focus areas include front-end (e.g., underwriting & pricing) policy administration, modelling, risk analytics, and claims
- developing platforms where insurance has not previously been embedded / distributed, but where SCOR Ventures sees substantial opportunities to close the global protection gap – e.g., marketplaces, “super apps”, b2b fintech, employee benefits
- working to solve climate and ESG challenges to support the net zero transition and cut emissions for SCOR and SCOR clients. Focus areas include ESG reporting, climate risk analysis and data, carbon offsetting as a solution, circular economy, diversity, equity, and inclusion (DEI) tech, and supply chain transparency. We also see several opportunities in the green insurance product space including solar production or maintenance guarantees, wind input parametric products, solar physical asset damage, cat-bond / ILS and insuring carbon credit projects.
Thesis 3: We invest at the intersection of health and technology and partner with companies that help people live healthier lives, deliver in-force or claims outcome improvements, develop new business or add to SCOR’s knowledge center capabilities, and assist our clients to transform their offerings.
We predominantly invest at late Seed / Series A and are interested in a broad range of B2B and B2B2C solutions across MedTech, wellness, wearables, data platforms, and software / AI platforms.
How we operate
- Integrated in the wider SCOR business: Direct access to the entirety of SCOR’s capabilities brings unique added value to our portfolio companies. SCOR’s core business has experts in nearly every country, line of business, and functional area, while SCOR Partners bring a broad range of client services, marketing and product development expertise.
- Mandate: focused on key markets in North America, EMEA and LATAM, with selective deployment in APAC and Africa.
- Stage and ownership: We invest Seed to Series B. We typically seek greater than 5% ownership at first investment, which may include a board seat (we have led or co-led half of our investments to date). Our investment is intended to make SCOR a meaningful contributor but leave founders room to manage their cap table. We look for a long-term investment and / or commercial relationship but do not seek a fast exit or to ultimately acquire portfolio companies.
- Partnership approach: we are active supporters of the companies we work with, assisting with technical input, recruitment, capital optimisation and more. The material growth of many insurtech MGAs and carriers has led to increasing demand for (re)insurance capacity; SCOR is a transparent, long-term partner. Insurtechs in SaaS and services segments, meanwhile, have benefited from SCOR’s long-standing client relationships, while SCOR benefits from bringing knowledge, links, and expertise regarding services with genuine value to our clients. We bring value to our portfolio companies by connecting them with other partner companies, as well as with founders and distribution leads in our network.
Why partner with SCOR Ventures
- We believe in fewer, deeper relationships over the long term.
- We are flexible and collaborative in our approach, tailoring a solution to your specific needs, in partnership with other insurers, reinsurers, and investors involved in your company as appropriate.
- We underwrite most major lines of business and geographies globally.
- We have a global network including insurance licenses but not a competing retail insurance arm. Insurers are our clients, so working with us does not limit your options to associate with insurers. In selected circumstances, we can offer access to Lloyd’s or SCOR’s insurance licenses in the U.S., Europe, Asia, Brazil, South Africa, and other markets.
- We look to move quickly with direct access to decision makers, whilst leveraging resources and expertise to ensure our partners can build relationships with the appropriate parts of our organization.
Our ESG principles
To ensure alignment of values with our partners, we have embedded the following principles into our investment decision-making process:
We are also a committed member of VentureESG, a global community-based non-profit initiative made up of 300 VC funds and 90 LPs. Together, we are working to make ESG a standard part of due diligence, portfolio management, and internal fund management.
Who we are
Will Thorne is the Head of SCOR Ventures. Will has a background in both (re)insurance underwriting and start-ups, and previously established SCOR’s Innovation team. He is a frequent advisor & angel investor in his personal capacity and was the founding chair of the Tech Nation UK Insurtech Board.
Kendall Miller Crocker is the Deputy Head of SCOR Ventures, based in New York. Kendall was previously an executive at an insurtech startup, and has a background in management consulting and corporate innovation for global clients.
Will Bird is a Principal based in Chicago. Will focuses on investment & partnership opportunities in the Americas. His previous experience includes corporate venture capital and strategy at a leading U.S. personal lines insurer.
Dana Cullen is a Senior Associate based in London. Dana has a background in actuarial pricing and epidemiology, having previously worked for SCOR Global Life, and focuses on the development and execution of Insurtech MGA/carrier partnerships and investments.
Randy Liu represents SCOR Ventures in the APAC region, based in Singapore. Randy has a background in catastrophe modelling and climate change. He is fluent in Mandarin.
Meghan Loose is an Associate based in Charlotte. Meghan has a background inmanagement consulting / accounting and has advised several insurers on growth strategy and operational due diligence. Her focus is on investment & partnership opportunities in the Americas, as well as evaluating ESG investment opportunities.