We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has been granted the first Insurance Marketplace Provider licence by Bermuda’s financial services regulator BMA – making it the first new regulated insurance marketplace since the formation of Lloyd’s of London in 1871.
Reinsurance giant SCOR has announced the launch of Vitae, an automated biometric risk calculator that employs machine learning techniques.
Findings from the Xpedition Innovation Equation Report clearly demonstrate the recognition amongst insurance professionals of the importance in delivering omnichannel customer engagement.
Interest remains high in technologies like artificial intelligence and big data.
The specialist Lloyd’s of London insurance and reinsurance marketplace has appointed Aviva’s Patrick Tiernan to the newly created role of Chief of Markets, which will see him take oversight of market performance and distribution.
Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA.
Reinsurance giant SCOR has announced the launch of Vitae, an automated biometric risk calculator that employs machine learning techniques.
According to the site, coverage is issued by North American Company, a Chicago-based provider of life insurance and annuities that also works with Bestow.
Bermuda-based Stable, a creator of an index insurance product for food and farming businesses around the world that automatically reimburses lost income caused by volatile prices, announced its official launch.
AmeriLife partners will now have access to Salesforce-enabled CRM systems, allowing it to better serve its clients through industry integrations that allow for real-time data access.
Global insurance and reinsurance brokerage firm, Aon, has launched a new fuel insurance solution for the shipping and aviation industries, backed by AAA-rated credit insurance.
In a move which provides investors with easier access to the specialist Lloyd’s of London insurance and reinsurance marketplace, regulators in the UK have approved the creation of a new multi Insurance Special Purpose Vehicle (mISPV).
HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for AXA SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter.
Aviva announced it is expanding its investments in fintech and insurtech through a collaboration with venture capital firm Anthemis. The aim is to “transform its customer experience through innovation.”
NY-based insurance platform for parametric products Arbol announced that it has raised ~$7 million in a Series A round that included Finch Finance, Space Capital, and Mubadala Capital-Ventures.
The funding round was led by XBTO, alongside other top investors across insurance, capital markets and crypto such as Coinbase Ventures, Maven11, the founders of Synthetix and Insurtech Gateway, who co-founded the project with CEO, Dan Roberts, from day one.
Insurtech startup Leocare, which offers a ‘modern’ way to get homes, cars, motorbikes and smartphones insured, is raising €15 million from Felix Capital, Ventech and Daphni to fuel its growth.
Paris-based neo-insurer Lovys has announced that it has secured €17 million in Series A funding from Heartcore, NewAlpha, Raise Ventures and prior backers Maif Avenir, Portugal Ventures and Bpifrance.
Findings from the Xpedition Innovation Equation Report clearly demonstrate the recognition amongst insurance professionals of the importance in delivering omnichannel customer engagement.
Insurance policies that are sold online need to be packaged and priced differently than those that rely on face-to-face sales.
The only way to truly shift the insurance industry towards more diversity is by being open and honest about failures, just as much as successes.
With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.
While 2020 proved to be a year that changed the way we live and work, our predictions for 2020 nevertheless proved to be remarkably accurate.
Experts from global reinsurer SCOR have concluded that pandemics are uninsurable due to insurers not having the capacity to absorb such loss accumulation.
Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA.
Financial firm Sixth Street Partners has agreed to buy annuities company Talcott Resolution for $2 billion, the latest ownership change in a decade of frenzied industrywide life-insurance deal activity.
Property/casualty insurance companies far and wide are considering whether to develop technology platforms in-house or modernize some other way. Brown & Brown chose an acquisition to get there.
American Family Insurance’s holding company has acquired the small-commercial insurance distribution insurtech Bold Penguin, it announced.
In late November, Singapore-based digital life insurance company Singlife completed its US$2.3 billion merger with the Singapore arm of UK insurance company Aviva. The deal, which was first announced in September, was the largest insurance deal in Singapore and one of the largest in Southeast Asia, creating a new entity Aviva Singlife.
British used-car startup Cazoo has announced that it has agreed to acquire Drover , the UK’s leading car subscription platform, for an undisclosed sum.
The specialist Lloyd’s of London insurance and reinsurance marketplace has appointed Aviva’s Patrick Tiernan to the newly created role of Chief of Markets, which will see him take oversight of market performance and distribution.
Late last week, Chad Nitschke, chief executive officer of InsurTech Bunker, a contract-related insurance marketplace he co-founded in 2016, announced that he is passing the CEO reins to Jordan Simkin.
Due to ongoing success in delivering intelligent claims management systems to the North American and European insurance markets, former CTO and omni:us founder Harald Gölles will shift to the newly created role of Chief Software Architect and henceforth focus solely on product development.
Hudson Structured Capital Management Ltd. (HSCM), the insurance-linked securities (ILS), reinsurance and transportation-focused investment manager, has announced the appointment of Adrian Jones from SCOR as the firm looks to expand its InsurTech and global re/insurance groups.
Bermuda-domiciled specialty insurance and reinsurance group Ascot has appointed its US insurance boss.
Marsh has announced the appointment of Phil Hobson as affinity leader for its international division. Effective January 01, Hobson will join Marsh’s international executive committee and report to Flavio Piccolomini, president of Marsh’s international division. Hobson will relocate from Hong Kong to London for the new role.
Here are three tangible ways that low-code programming lets carriers accelerate change and provide new benefits to customers.
Property/casualty insurance companies far and wide are considering whether to develop technology platforms in-house or modernize some other way. Brown & Brown chose an acquisition to get there.
Carriers should use digital technology to drive initiatives that counter threats to sustainability while also improving the management of these resources.
Together, they are developing insurance solutions that enable organisations to respond to the rapidly changing, increasingly complex and interconnected challenges they now face. Polecat data will support Willis Towers Watson solutions in areas such as life sciences, reputational and product recall risk as well as D&O.
With the Covid-19 pandemic accelerating the development of technology, insurance technology (insurtech) is gaining traction. This year, the market has seen the successful initial public offerings of numerous disruptive insurtech players or startups in the US like Lemonade, with Hippo expected to follow next year, and this trend is expected to be repeated in Southeast Asia.
One of the most crucial issues facing insurers is how to modernise their core platforms, which in most cases are unfit for the digital age.
Covid-19 has caused consumer interest in protection products to rise significantly, while insurers have had to respond quickly, and rapidly gear up for home-working.
Cybersecurity insurance startup At-Bay has raised $34 million in its Series C round, the company announced Tuesday.
It’s safe to say we have our physician, babysitter, personal trainer and dog walker on speed dial. But it’s unlikely that the average auto insurance customer knows the right number to call to reach their carrier in the chaotic moments following an accident.
Artificial intelligence technologies are everywhere. The great leap forward in AI over the past decade has come along with an explosion of new tech companies, AI deployment across almost every industry sector, and AI capabilities behind the scenes in billions of intelligent devices around the world. What does all of this mean for the personal lines insurance sector?
“AI could contribute to the global economy by 2030, more than the current output of China and India combined.”
It’s almost inevitable. Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or more accurately, an aversion to undertaking new endeavours with inadequately understood consequences. The insurance industry is, on any number of levels, the very definition of risk-averse
Interest remains high in technologies like artificial intelligence and big data.
With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.
It’s an understatement to say that 2020 has brought new risks to the forefront for insureds, while introducing new challenges for the re/insurance industry. However, over the past tumultuous 12 months, the reinsurance market has been able to find opportunities to develop business and stay on course.
Technology continues to be a primary growth driver in insurance dealmaking worldwide. Notable deals completed in 2020 include investments into US-based startup Openly, Belgium’s Keypoint, and yallacompare in the United Arab Emirates.
After a year of economic turmoil, the US emerged from 2020 with its insurtech crown intact. American companies accounted for 39 places in FinTech Global’s InsurTech 100 (2020) – almost double that of its closest competitor. Of the insurtech megarounds completed by the third quarter, 75% took place in the US, with insurtechs flourishing in startup strongholds like Silicon Valley and New York, and across the Midwest and South.
AXIS Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists.
With world’s largest forum for insurance professionals, Insurtech Insights provides an invaluable platform for networking, new insights and exposure for thought leaders. We are always looking for new partners, content creators, and contributors to create value and deliver exceptional support to Insurtech Insights.
To share your knowledge, simply fill out the form.
