Stonestep nabs $4m to take microinsurance to Asia

Microinsurance firm Stonestep has nabbed $4m in a Series A funding round.

The investment comes from insurtech investor XL Innovate.

Zurich-based Stonestep aims to offer insurance to emerging markets where household assets often add up to less than $5,000 and are not traditionally covered.

Rather than targeting consumers directly the company aims to offer microinsurance-as-a-service and partner with mobile network operators, retailers and financial service providers.

Such partnerships will allow Stonestep to reach existing distribution networks and enable clients to integrate insurance products among their offerings.

The company will use the capital to establish a footprint in Asia beginning in Myanmar.

XL Innovate director Sarah Street will join Stonestep’s board as a result of the deal.

She said: “Reducing vulnerability of emerging consumers is good not only for individuals and communities — it’s also good for companies which rely on emerging markets for growth.”

“Stonestep’s team members are industry leaders who have pioneered some of the industry’s most successful methods.

“We are excited to collaborate with them as they accelerate the growth of this business in Asia.”

Copyright © 2016 FINTECH GLOBAL

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