Insurance Corporate Venture Research 2021

Thank you for participating in the inaugural research to understand how Insurance corporate VC investors scout, invest and operate. InsurTechNY  and Corporate Venturing Research Group at the Tilburg School of Economics and Management (Netherlands) have partnered up to work on this initiative. 

Direction
You must have been with a given insurance venture investment unit for 1+ years or be in a management position
Below survey should take less than 15 minutes

Benefits to You
If you fill this out, you will be guaranteed to receive a high-level synthesis of the results of the surveys, which you can use to benchmark against the industry
Your participation will result in more high-quality insights for the industry
You will get free and discounted tickets to InsurTech NY events.  Check out all InsurTech NY events on www.insurtechny.com/events

Data is Safe
All information gathered will be completely anonymized
Contact information will NOT be shared with anyone
Only aggregate level data will be published and shared publicly

For any questions, please contact us at VCResearch@insurtechny.com

(Note: This form is saved automatically in draft mode until you submit it. In order to access the information you entered previously, you must access the same form using the same device you used to enter the information previously.)

Contact Info
First Name
This question is required
Last Name
This question is required
Title
This question is required
Email
Please enter a valid email
Has your investment unit made at least one startup investment in the past ~10 years?


Yes
No
Please choose an answer

Submit

This is a survey for those who have made startup investments.  We plan to run the study annually, so if you have plans to make startup investments in the future, please submit your information so we can reach back out to you next year.

This survey will be difficult to fill out if you have not been with the unit for more than a year and/or not in a management position.  Appreciate, if you can share the survey with the appropriate colleague.


I. Company Info
1) Where is your Corporate's HQ?
City, (State), Country
This question is required
City, (State), Country
2) Corporate Name
(i.e. parent company name)
This question is required
(i.e. parent company name)
3) Please share which type of insurance corporation you are
Broker/Distributor
Insurance Carrier
Re-insurance Carrier
This question is required
4) Please specify the insurance line(s) of business your corporation is engaged in
Please select all that apply
Health
Life & Disability
Annuities
Benefits
Wealth Management
Personal P&C
Commercial P&C
Other
This question is required
Please select all that apply
5) Your investment unit's name
This question is required
6) What year was your unit founded?
Type 4 digit year (e.g. 2011)
Please enter a number greater than or equal to 1900
Type 4 digit year (e.g. 2011)
7) Pick scenario that best describes where your unit is from below?
This question is required

II. General Investment Unit Info
1) What is the total amount of your fund / amount earmarked for VC investment?
(USD $M) - Enter N/A if undefined
This question is required
(USD $M) - Enter N/A if undefined
2) What % of your fund came from the following sources:
  (i) Internal corporate balance sheet
% of Total
This question is required
% of Total
  (ii) External funding (i.e. LP)
% of Total
This question is required
% of Total
3) What is the total amount that has been invested in startups since inception?
(USD $M)
This question is required
(USD $M)
4) Does your unit have a specific portfolio size in terms of # of startups to invest in?
Yes, we had a portfolio size in mind from the beginning
Yes, but we arrived at a portfolio size after some time
No, we are simply making investments and seeing how the situation evolves
This question is required
6) What % of your fund has been reserved for follow-on funding?
% of Total
This question is required
% of Total
7) Do you set a specific budget for the management and operations of your unit on an annual basis?
Yes
No
Please choose an answer

III. Search & Dealflow
1) How many total number of startups have you invested in since the inception of your unit?
This question is required
2) What is the average check size you make per transaction?
(USD $M)
This question is required
(USD $M)
3) Share the total number of below items your unit had in 2020:
Estimate if you don't know exact number (e.g. 10, 150)
Estimate if you don't know exact number (e.g. 10, 150)
 (i) Introductory meetings with new startups
This question is required
 (ii) New investment transactions
This question is required
 (iii) Follow-on investment transactions
This question is required
4) How many startups have had a liquidity event since the inception (e.g. IPO, SPAC, Acquisition, Divestiture)?
This question is required
5) How many startups have had follow-on funding since the inception?  The follow-on funding does not have had to come from you.
This question is required
6) From all the startups your team meets in a given year, what is the % share of startups on which your team subsequently performs due diligence (e.g. data room)?
% of Total
This question is required
% of Total
7) Does your team have a defined investment strategy?
Yes
No
This question is required

IV. Dealflow Sources
1) What share of your pipeline originates from below areas
Below should add up to 100%
Below should add up to 100%
    (i) Direct reach outs from startup
This question is required
    (ii) Other units at your corporate firm
This question is required
    (iii) Other Investors
This question is required
    (iv) Other insurance companies (non-Investment arm)
This question is required
    (v) Online/data sources (e.g. Pitchbook,Google,LinkedIn)
This question is required
    (vi) Networking Events (e.g. ITC)
This question is required
    (vii) Private Accelerators and Incubator Programs
This question is required
    (viii) Other (not listed above)
This question is required
Share what Other is:
This question is required
   Total % (Should be 100)
0
2) How much did your team spend on pipeline sourcing  for your team in 2020? (e.g. Online/data, Accelerator programs)
USD Estimate if you don't know the exact number
This question is required
USD Estimate if you don't know the exact number
2a) Please share the name(s) of the tools or programs you subscribe to for pipeline sourcing, if any

V. Evaluation & Selection
1) Who makes the ultimate investment decision?
CEO
Chief Investment Officer
Dedicated Investment Committee comprised of several leaders
Head of VC Unit
Other
This question is required
2) Does the investment decision makers meet at fixed intervals or on an ad-hoc basis to make investment decision?
Investment decision makers meet on fixed dates
Investment decision makers meet on an ad-hoc basis as needed
This question is required
3) Please share typical time it takes your team to complete below activities for a given startup investment
  (i) First meeting with startup -> Start Due Diligence (e.g. Data room)
This question is required
  (ii) Start Due Diligence (e.g. Data room) -> End Due Diligence
This question is required
  (iii) End Due Diligence -> Bring to Investment Decision Makers
This question is required
  (iv) Bring to Investment Decision Makers -> Decide to Invest
This question is required
  (v) Decide to Invest -> Distribute Funding to Startup
This question is required
  (vi) First Meeting with startup  -> Reject / Pass on a startup 
This question is required

VII.  Team & Performance
1) How many total employees does your unit have?
This question is required
2) Please mark if any of your employees in your unit have the following characteristics
Select all that apply
Previous work experience as a founder (entrepreneur)?
Previous work experience in venture capital?
Previous work experience at the corporate firm? (e.g. Actuary, Claims)
Previous work experience in the insurance sector (non-investing side)?
This question is required
Select all that apply
3) Which performance incentives are used with team members?
Salary
Bonus
Carry
Equity
Other
This question is required
4) What key performance indicators (KPIs) does your unit use, to measure its performance?
This question is required
5) Which is more important for your unit: financial return or strategic fit of the startup getting investment?
Financial Return
Strategic Fit
About the Same
This question is required
6) What share of your portfolio companies have had commercial agreements in place with your coprorate's business units at any point in time?
% of Total
This question is required
% of Total
7) How would you characterize how collaborative your unit works with the corporate's business units?
Not at all collaborativelySomewhat collaborativelyModerately collaborativelyVery collaborativelyCompletely collaboratively
This question is required
8) Which functional unit(s) inside your corporate does your unit work most closely with?
Select all that apply
Distribution
Underwriting
Policy Admin
Claims
Loss Control
Finance
HR
IT
Product Development
Investment Management
Risk /Aggregation Management
Innovation Group
Other
This question is required
Select all that apply

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