Acquisitions
Insurer Zurich experiments with ChatGPT for claims and data mining
Insurance group is the latest example of a long-established business trying out AI to improve productivity
March 24, 2023
2:11 pm
Insurance group is the latest example of a long-established business trying out AI to improve productivity
Inszone Insurance Services has announced that it has acquired The Contractors Insurance Group, an Arizona-based agency that focuses on contractors.
In an effort to reduce costs amidst a bleak economic outlook, Accenture, the Irish-American professional services company, plans to cut 2.5% of its workforce, which amounts to approximately 19,000 jobs worldwide, over the next 18 months.
Munich Re Life US and insurtech Paperless Solutions Group (PSG) have teamed up to introduce a new risk assessment and e-application solution, which promises faster and more accurate underwriting for life insurance carriers.
The world’s biggest insurance market reports pre-tax deficit of £769m for 2022 after profit of £2.3bn in 2021
Chubb has introduced new underwriting standards for oil and gas extraction projects, emphasising the reduction of methane emissions, which are some of the most significant greenhouse gases generated by the industry.
Gravie, a provider of employer health benefits, has secured a $179 million equity investment led by General Atlantic, a growth equity investor. FirstMark Capital and AXA Venture Partners, Gravie’s existing investors, are also participating in the funding round.
Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022, according to OpenCover.
Indonesian insurtech company Fuse announced Tuesday that it achieved more than 150 million policies in 2022, with gross written premium (GWP) exceeding $200 million.
Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Coalition’s new Active Cyber Risk Model simulates aggregate risk for 5,000 companies, extrapolated to an estimated $29.8 billion in total losses to the U.S. economy
Swiss Re’s experts have warned that pressure as a result of inflation is being placed on P&C reinsurers and insurers over the next 12 months and this will impact claims growth.
Investment in the start up space might well have slowed down, but insurtech unicorns are still a serious force to be reckoned with. We take a look at 12 US insurtech unicorns that are leading the disruption.
The Indian payments firm PhonePe has secured US$200 million in funding to launch insurance and wealth offerings
Founded out of Berlin in 2017, Medwing targets the healthcare industry in Germany and the U.K. with a platform designed to match hospitals and clinics with nurses and elderly caregivers, though it also caters to pharmacists, midwives, doctors, and similar professionals.
Assured Allies, a Boston, MA-based insurtech company for evidence-based successful aging, raised $42.5M in Series B funding.
Pravina Ladva, Group Chief Digital & Technology Officer of Swiss Re writes about the importance of ‘co-opetition’ within the growing digital ecosystem
Lexasure Financial Group, a leading provider of reinsurance and digital insurance solutions in Southeast and South Asia, and Capitalworks Emerging Markets Acquisition Corp., a publicly traded special purpose acquisition company organized in the Cayman Islands to effect a merger, stock exchange, asset acquisition, stock purchase, recapitalization or other similar business combination, today announced a definitive business combination agreement to provide Lexasure with a path to becoming a publicly listed company through a new Cayman Islands holding company, Lexasure Financial Holdings Corp., that will acquire both Lexasure and CEMAC.
Historically, the insurance sector has not been known for its innovation power, being relatively slow to adapt and embrace new technologies. And to the eye, this has left it far less disrupted than many other sectors.
Insurtechs have been continuously rising in recent years, transforming insurance products by making them more accessible, more customer-centric and more user-friendly.
Insurance companies are often on the losing end of climate change, paying out increasingly exorbitant sums as extreme weather such as tornadoes, floods and fires damage property, agriculture and businesses.
Throughout 2022, the insurtech sector experienced a fundraising paradigm shift from “growth at all costs” to a greater operational focus on sustainability, responsible growth, and even more importantly, toward a clear path to profitability.
Improving the customer experience continues to matter most to insurers thinking about technology spending in 2023, according to the latest annual Gartner CIO and Technology Executive Survey. The survey of 2,203 executives includes 91 from the insurance industry.
Challenging times for the automotive industry. From lingering supply chain disruptions to global food shortages and the energy crisis, the economic landscape has been cumbersome, and companies worldwide have had to adapt to this complex new environment.
Insurance group is the latest example of a long-established business trying out AI to improve productivity
Inszone Insurance Services has announced that it has acquired The Contractors Insurance Group, an Arizona-based agency that focuses on contractors.
Singapore-based insurtech bolt has partnered with Pathpoint, a digital wholesaler for small commercial excess & surplus (E&S).
Cover Genius, the insurtech for embedded protection, has announced the completion of an asset acquisition agreement with US-based embedded warranty provider, Clyde Technologies. The assets acquired will assist Cover Genius’ continued expansion into the medium-sized e-commerce segment.
Specialist Risk Group (SRG) has today announced its acquisition of the mid-market commercial broker Consort Insurance.
Insurance firm FWD Group Holdings Ltd (FWD.N) said on Monday it had agreed to buy a majority stake in Malaysian insurer Gibraltar BSN Life Bhd for an undisclosed price, expanding its presence in the country’s full-service insurance business.
International freight and logistics insurer TT Club has announced two senior appointments as part of its planned succession program.
International specialty insurance firm Ryan Specialty Group has announced the promotion of Michael van Acker to executive vice president of RT Specialty, Ryan Specialty’s wholesale brokerage and binding authority specialty.
Insurtech Insights, the world’s largest community of insurance executives, entrepreneurs and investors, announces the appointment of Megan Kuczynski to President of its USA insurtech conference
Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today announced the appointment of Chris Lay as CEO Marsh McLennan UK, in addition to his responsibilities as CEO of Marsh UK, effective 1 March 2023.
Specialist insurer Beazley plc (Beazley) has announced board changes – one departure and two appointments.
Markel Corporation (NYSE: MKL) announced today that Teri Gendron will become its next Chief Financial Officer effective March 20, 2023, succeeding Jeremy Noble who became President of Markel’s insurance operations earlier this year.
Investment in the start up space might well have slowed down, but insurtech unicorns are still a serious force to be reckoned with. We take a look at 12 US insurtech unicorns that are leading the disruption.
Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Coalition’s new Active Cyber Risk Model simulates aggregate risk for 5,000 companies, extrapolated to an estimated $29.8 billion in total losses to the U.S. economy
The Indian payments firm PhonePe has secured US$200 million in funding to launch insurance and wealth offerings
Digital insurtech API provider, Sure, has launched a new technology that enables online merchants to offer customers embedded one-click insurance.
Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.
Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.
With inflation sparking an increase in the cost of repairs, labour and claims, fees for insurance are similarly spiking across the board.
Created by OpenAI, ChatGPT is an AI-powered chatbot that responds to questions and engages in conversation using opensource AI. ChatGPT can understand and generate text in a manner similar to humans and works like an assistant that users can ask to perform tasks or answer questions.
Insurance risk managers are embracing a new technological evolution in how to predict and manage incident outcomes.
$10 Million in Funding, new Patent for AI Technology, Product Innovation, and Executive Hire with Deep AI Experience Mark Another Successful Year for the Company
Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies—including insurance carriers—are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics.
Munich Re Life US and insurtech Paperless Solutions Group (PSG) have teamed up to introduce a new risk assessment and e-application solution, which promises faster and more accurate underwriting for life insurance carriers.
The world’s biggest insurance market reports pre-tax deficit of £769m for 2022 after profit of £2.3bn in 2021
Chubb has introduced new underwriting standards for oil and gas extraction projects, emphasising the reduction of methane emissions, which are some of the most significant greenhouse gases generated by the industry.
A new report on digital transformation in the Life insurance industry has stated that ‘digital evolution’ is essential if the industry is to keep up with global innovations.
Kin, the direct-to-consumer home insurance company built for every new normal®, today announced that it conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022.
Global reinsurer Swiss Re has reported that insured losses resulting from natural and man-made catastrophes in 2022 totalled $132 billion with economic losses surpassing double this amount at $284 billion.
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