It is not a secret that Artificial Intelligence (AI) is revolutionising every facet of our lives. Its ability to learn, make decisions, and self-correct is making it the fastest growing technology of our era.
Insurance firms use data analytics to generate real-time consumer and market information.
The signing of a multi-year purchase agreement between Carbonfuture and Swiss Re exemplifies how buyers can support carbon removal solutions that guarantee high quality standards.
AXA Commercial, part of AXA UK , announced that it has created a team of “120 experts” who will focus on the SME market.
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
WTW, the global advisory, broking, and solutions company, has announced the launch of a new geopolitical risk research programme to bring together world experts and build resilience against escalating threats.
AXA Commercial, part of AXA UK , announced that it has created a team of “120 experts” who will focus on the SME market.
WTW, the global advisory, broking, and solutions company, has announced the launch of a new geopolitical risk research programme to bring together world experts and build resilience against escalating threats.
Marsh has revealed that it has placed insurance for the first space rocket launch from UK soil, arranging it on behalf of Space Forge and placing it with Beazley to cover risk of loss to the Forgestar payload.
Tens of thousands of companies that would benefit from being able to offer their customers insurance will be able to do so from today.
Airbnb is trying to remove barriers that might keep people from listing their homes in part by tripling its insurance coverage and offering free one-to-one guidance for new hosts.
Allianz’s engineer surveyors can now inspect charging points for electric vehicles, which new developments need to be equipped with since a Building Regulations update came into force in June.
Helios Underwriting has raised £12.5m in funding through a new share placement.
Claims Carbon, a Stockholm-headquartered software business that helps insurance firms assess the carbon footprint of their value chains, has announced a €1.1 million seed raise led by Helsinki investment firm Vaens.
Surround Insurance, an InsurTech passionate about changing the insurance experience for consumers in their 20s and 30s, has raised $2.5m in seed funding.
UK-based pet insurance startup Napo has closed a £15 million Series A round led by DN Capital, with participation from Companion Fund, dmg ventures, FJ Labs, Helvetia Venture Fund, MTech Capital, Picus Capital, Sarona Partners, and T0 Ventures.
Beazley has raised £350m as it flagged plans to accelerate growth in cyber and specialty business.
Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work.
It is not a secret that Artificial Intelligence (AI) is revolutionising every facet of our lives. Its ability to learn, make decisions, and self-correct is making it the fastest growing technology of our era.
Insurance firms use data analytics to generate real-time consumer and market information.
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute.
The metaverse is a broad term that refers to a multitude of technologies—some of them including augmented (AR) and virtual reality (VR). The idea is that we can perform regular activities like shopping, meeting people, and more in a digital space that doesn’t exist physically.
Trailblazer Technology, the insurance industry’s first true multi-tenant cloud solution dedicated to smaller insurers, is
pleased to announce the company recently closed a seed funding round led by ManchesterStory, a venture capital (VC) fund focused primarily on the Insurtech sector.
US insurer, Liberty Mutual Holding Company (LMHC), is exploring a sale of its businesses in Spain, Portugal and Ireland, according to Bloomberg News sources.
French insurance broker April Group said private equity firm KKR & Co. has become its new majority shareholder, according to a statement posted on its website.
Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of Focus Insurance, a leading personal insurance brokerage firm based in Houston, Texas. Terms of the acquisition were not disclosed.
Commercial insurance broker based in Tennessee, Bradley Insurance Agency, has been acquired by Marsh McLennan Agency (MMA), a subsidiary of Marsh. The terms of the acquisition have not been disclosed.
Aegon NV said on Thursday smaller rival ASR would acquire its insurance operations in the Netherlands in a deal that would see ASR replace it as the second-largest Dutch insurer.
Pet insurance company ManyPets announced the acquisition of Digital Edge Insurance Company, a US-based carrier, from Munich Re Digital Partners US Holding Corporation, following regulatory approval.
Zurich Insurance Group has announced that Penny Seach, currently chief underwriting officer for Europe, the Middle East and Africa, will be promoted to the role of group chief underwriting officer effective Jan. 1. Seach will report to Sierra Signorelli, CEO of commercial insurance.
Farmers announced that Raul Vargas has been appointed to the position of Farmers Group, Inc. president & CEO effective January 1, 2023, when current president & CEO Jeff Dailey will step down and continue as Chairman of the Farmers Group, Inc. Board of Directors.
Allianz Partners has today announced the appointment of a new chief executive with Tomas Kunzmann primed to step into the role, effective from July 1, 2022. Kunzmann will take over from Sirma Boshnakova, who was appointed board member of Allianz SE earlier this year.
Egan’s departure from RSA was announced in December last year with Ken Norgrove succeeding him.
Egan’s departure from RSA was announced in December last year with Ken Norgrove succeeding him.
AXA XL has appointed Bertrand Romagne to the role of CEO for XLRE Europe.
Insurers need to place the customer at the heart of everything they do, developing a digital strategy for both front and back-office operations to meet customers where they are.
Covid-19 has accelerated online shopping and customer convenience has become critical. But even before COVID, Wolt, Zoom, and current consumer habits, all the signs were there, way before the race for digitalization. In fact, shortly after the emergence of social media in 2003-2004, businesses realized its potential and started utilizing it for marketing and business purposes.
Tesla Inc said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier.
Buzzy Cohn always knew that bike accidents happen – he just never thought it would happen to him.
Moody’s has affirmed the ratings of Aviva, AXA UK, L&G, and M&G, saying that the insurance financial strength ratings (IFSR) of the first three are still ‘stable’, while that of M&G remains ‘negative’.
At-Bay is collaborating with Guidewire Cyence on the creation of the capability to quantify active CAT management.
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
Insurance companies have relied on data for as long as insurance has existed. Today’s insurers use big data from myriad sources to underwrite more accurately, price risk and create incentives for risk reduction.
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Covid-19 has accelerated online shopping and customer convenience has become critical. But even before COVID, Wolt, Zoom, and current consumer habits, all the signs were there, way before the race for digitalization. In fact, shortly after the emergence of social media in 2003-2004, businesses realized its potential and started utilizing it for marketing and business purposes.
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase of automation.
While ransomware attacks continue to dominate headlines, another type of cyber risk is on the rise: social engineering.
The pace of change has quickened over the last few years in the insurance industry. Driven by competition from Insurtechs and global tech giants such as Amazon; insurers, brokers and managing general agents (MGAs) have found themselves at the heart of a technology whirlwind – exploring how innovations like cloud core system architectures, Application Programming Interfaces (APIs), and deploying artificial intelligence and machine learning could help them get the most out of their data for the benefit of customers.
Liberty Mutual and Safeco Insurance released The State of Digital in Independent Insurance Agencies, which highlights how digitization is necessary to stay relevant, but most agencies have slowed adoption of digital tools since 2020.
According to the Coalition Against Insurance Fraud and its most recent report estimating the economic impact of insurance fraud in the U.S., the estimated yearly cost related to insurance fraud has increased from $80 billion in 1995 to $308 billion in 2022. That is a staggering number –that the consumer absorbs in the form of increased premiums – to the tune of around $3,700 per year for the average U.S. family.
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