ICICI Prudential Life Insurance has launched a new automated AI-based smart underwriting technology platform called AUSIS to speed up all policy-related data verification.
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When you put the ‘Customer First’, you start with anticipating what the customer will want, ensuring you provide it and then navigating the customer through it
Insurance agents spend hours handling paperwork and grabbing client information over the phone. A new seed-stage startup, InsurGrid, has developed a software solution to help ease the process, and make it easier for agents to serve existing clients — and secure new ones.
“Specific and deep.” That is the type of service brokers need to be providing their clients in the cyber insurance spaces, says Shannan Fort, partner, financial lines, cyber at McGill and Partners. To be successful, brokers need to clearly understand their role and have a firm grasp on the remit of their responsibilities.
There have been many changes in the modern tech stack, including new automation tools. However, if insurers want to leverage data successfully, their teams need to overcome a few key obstacles.
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
Hepster, an insurtech platform from Germany, has raised $10 million in a Series A funding led by Element Ventures. Also participating was Seventure Partners, MBMV, and GPS Ventures, as well as previous investors.
A technology-enabled insurance firm in Alpharetta raised $3.5 million, according to a March 3 U.S. Securities and Exchange Commission filing.
As per a report jointly released by TiE Delhi and Zinnov, the number of unicorns in India is expected to rise to 100 by 2025.
CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing
Hippo Enterprises Inc., a home-insurance startup, agreed to go public through a merger with Reinvent Technology Partners Z, a special purpose acquisition company that counts Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors.
Aviva Plc has exited its Italian businesses in a pair of deals totaling 873 million euros ($1.1 billion) as the UK insurer continues to pivot to its core markets.
Zurich Insurance Group has appointed Sierra Signorelli, currently group chief underwriting officer, to the role of chief executive officer for Commercial Insurance and as a member of the executive committee with immediate effect.
Symbo’s technology platform is used by individual agents, third-party administrators, brokers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance.
One of the biggest types of insurance fraud is double-dipping, where a claimant gets multiple insurers to pay out for the same incident. KPMG estimates that fraud makes up 5%-10% of insurer payouts. It’s a tricky one for insurers because they’re usually unaware that other insurers have also paid out. Until now.
Given the infrequency of customer contact with insurance carriers ‘being there’ becomes more important when it matters, but it means different things to different customers.
Digital commercial insurance company Next Insurance has agreed to acquire AP Intego, a Massachusetts-based digital insurance agency providing small commercial insurance products.
Oscar Health Inc., a health insurance startup backed by Google parent Alphabet Inc., sold shares in its initial public offering (IPO) on Tuesday at $39 apiece, above its target range, to raise $1.2 billion.
Beazley Chief Executive Officer Andrew Horton is leaving to become the group chief executive officer of QBE Insurance Group Ltd. in Australia, the two companies announced. Horton will be succeeded in the role by Adrian Cox, the current chief underwriting officer.
Juniper Research: Insurtech Platform Premiums to Exceed $556 Billion Globally in 2025, as AI Drives Market Transformation. Insurtech to Represent 8% of Global Insurance Premiums by 2025.
Whether it’s AI-enabled bot or self-servicing insurance portal for customers, all-digital offerings have been designed to enhance customer experience and reduce time for servicing them and facilitating new business and renewal transactions
Many recent perspectives have declared that COVID-19 is a game-changer for all industries, and insurance is no exception. Our recent research on the Payback on Digital Innovation and our Insurance Consumer Study continue to highlight the drive to cloud, the importance of sustainability and customer demands for digital, personalized experiences.
Integration of emerging and alternative data into enterprise no-code platform brings insurers unprecedented speed-to-market and insight
After rumours began swirling that AXA XL was looking to sell its private client business to fellow insurance giant Aviva, the company has issued a statement to Insurance Business confirming its plans.
A company best known for insuring people’s teeth is getting an investment from a company better known for insuring homes and cars.
What are the main Insurtech disruption trends of 2021? In this article four of the UK’s leading insurtechs discuss the decline of traditional insurance and the rise of disruptive innovation in the sector
The partnership comes as it becomes increasingly clear that cyber insurance is going to play a role in enterprises of all sizes.
In Europe and across the world, there’s hope that life will start to return to normal this year. But although people may begin to work, socialise and travel as we used to, the way we purchase insurance – and indeed what we want from our insurers – will never be the same.
EIS, a core and digital platform provider for insurers, today announced its newest customer as esure Group (“esure”), a market-leading provider of motor and home insurance.
Insurance businesses are “jewels” of the Berkshire Hathaway business, said chairman and CEO Warren Buffett as the firm’s Reinsurance Group reported huge underwriting losses in 2020.
Relay Platform (Relay), a prominent North American property and casualty (P&C) Quote-Bind-Issue portal provider, is pleased to announce a new partnership with UK-based insurance networking platform Insurercore which will provide a comprehensive solution to insurance and wholesale brokers looking for capacity, and to those insurance companies, managing general agencies (MGAs), and managing general underwriters (MGUs) offering it.
Ecosystems provide a win-win opportunity for incumbent insurance carriers, InsurTechs, and service providers by enabling them to operate in a coordinated fashion and devise competitive insurance offerings by opening new avenues.
London- based Huddle, the direct-to-consumer insurance service under FinTech Open and Telstra has announced a partnership that enables the telecommunications company’s members to earn points when they insure with Huddle.
Fathom, a research-led flood risk modelling specialist has launched its UK flood model on Nasdaq’s Risk Modelling for Catastrophes service.
In my 30 years of experience in the industry, I have seen several great advances in claims processing, but nothing as exciting as AI.
British insurer Aviva plans to become a net zero carbon emissions company by 2040, it said on Monday, claiming this was the most demanding target set by any major insurer worldwide.
Customer experience and distribution innovations appear to offer North American insurers the best return on their innovation investment dollars, according to our analysis. Since agents are largely responsible for the customer experience and expanding distribution, we recommend insurers focus their investments on innovations that will support the work agents do.
Over the past year, we’ve fielded many questions from clients about digital decoupling – in particular, what it means and the business impact such a transformation can have. Those questions stem from the seismic shifts upending insurance, a sector in which change used to be measured in decades.
Behind every new idea is a problem that needed solving. For Tahir Farooqui (pictured), founder and CEO of Canopy, a London-based insurtech providing of services the rental sector, his business concept was inspired by his experiences renting in a myriad of locations. Between living in the UK, Australia, New Zealand, Europe and the US, he said, he found that renting was tough and that the financial services sector has tended to underserve the renter – and thus Canopy was created to combat that trend.
TypTap Insurance Group, Inc., is pleased to announce that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million.
Specialist insurer Beazley has unveiled a new digital business unit to spearhead a transformative approach to how the company develops, underwrites and delivers seamless, intuitive digital insurance solutions for clients and brokers.
Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology.
Farmers Edge Inc. raised about C$125 million ($100 million) in its Canadian initial public offering after selling shares at the top end of its marketed range, according to people familiar with the transaction.
Willis Towers Watson (WTW) has revealed an update for Claim Metrics, its bespoke motor claims benchmarking platform specifically targeted at personal lines insurers in the UK.
Oscar Health Inc., the digital health-insurance company well known to New Yorkers thanks to a subway advertising campaign, is going public in a deal that could value the company at up to $8 billion.
AI is a science. Customer centricity is an art. The ability to blend the science of digitization with the art of the company’s philosophy of ‘Caringly yours’ to offer human-centric digital CX is what makes a sustainable model
Reinsurer Munich Re has agreed to back the launch of a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson.
Ecosystems can enable insurers to become more digital, efficient and agile as they seek to achieve breakthrough growth.
Insurtech Trõv has partnered with electric vehicle (EV) sharing company Zoom EV.
Here is a recap of the latest news in insurtech
As the world hopefully starts to open up again this year, organizations are going to be increasingly pressed to balance their service needs across different channels.
Zurich Insurance Group has rolled out an online platform designed to simplify the process of structuring international insurance programs.
Buckle announced that it will add crash risk data from TNEDICCA to auto insurance underwriting for Transportation Network Company (TNC) Drivers. TNEDICCA is a Columbus, OH-based company that provides location-based crash intelligence to enable more accurate auto insurance pricing.
Healthcare’s Latest Unicorn: Big Data Startup Innovaccer Raises $105 Million At $1.3 Billion Valuation
On the heels of a year that saw a record amount of venture cash flow into healthcare startups, investor appetite for healthtech does not appear to be waning.
Verisk characterizes the appointments as reinforcing its commitment to building cohesive leadership teams that accelerate long-term growth.
Devoted Health, a startup that sells health insurance to seniors, quietly raised $380 million last year, three people familiar with the matter told Insider. The round, led by Uprising, closed in July 2020, two people close to the company said. The sources were not authorized to speak on the record.
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change.
The pandemic not only forced employers to drastically change the way their employees and businesses work, but also caused a “digital divide” that could negatively impact employees’ work experience, a new study has found.
Zelros Raises $11 Million in Series A Funding to Bring AI-Powered Responsible Insurance Distribution to North America
French insurtech startup paves a path to automation and innovation for insurers.
Insurance technology disrupter, Iotatech has launched its multi-line policy administration SaaS solution for Insurers, MGAs and Brokers.
As an industry, we still use too much paper. But what digital tools do we really need, and where are the real changes in insurance innovation? Is it all buzzwords?
Becoming an AI-driven business requires contributions from your entire workforce. While the transformation takes time, several tactics can begin democratizing AI now.
Whereas COVID-19 has essentially altered the longer term workforce, instruments like AI assist get it again on monitor.
Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms, such as insurtechs and big techs, to disrupt the space.
In the race to head off competition from InsurTechs and deliver sophisticated digital experiences, insurers must ensure they continue to meet the needs of different customer groups.
The Insurtech company Greater Than is deepening its collaboration with Zurich through an agreement with Onto, the UK’s largest all-inclusive electric car subscription service. Through the collaboration, Onto and Zurich obtain predictive risk data, facilitating their joint mission to improve road safety and enable dynamic insurance solutions.
There have been very few positives that have come out of the recent epidemic that’s swept the world. But one glimmer of light has been the acceleration of digitisation in organisations, a boost caused by staff having to work from home.
Chubb has launched a new digital brand, Blink by Chubb, that focuses on convenience and opportunity in order to meet younger customers’ coverage needs and interaction desires.
After months of speculation, London-headquartered insurer Aviva has announced an agreement to sell its French business to mutual insurer Aéma Groupe, for €3.2 billion in cash.
The World Health Organization declared COVID-19 a global pandemic nearly a year ago. Since then, efforts to slow the spread of the virus have caused seismic shifts for insurers and their customers.
For those of you who love music like I do, you will hopefully agree that one of the best songs by the rock band Queen was “Under Pressure,” co-written by the famous David Bowie. The story is that the collaboration was creatively different as the vocal was constructed in a very novel way in one night, where they all contributed different pieces of the song musically and vocally and then put it together to create what is considered one of the greatest hits!
Insurtech startup, GramCover has announced the appointment of Shailendra Tewari as CTO. Tewari was one of the founding members and the CTO of Policybazaar. At GramCover, Shailendra Tewari will lead the technology vertical to automate various business processes. Thus, he will bridge the gap between technology and business. Further, GramCover aims to make its technology easier and smarter. With Tewari on the team, they aim to analyze and change software processes and journeys.
Digital disruption continues to change the game in the insurance industry, with Covid 19 accelerating the process – leaving the industry faced with a paradigm shift in a world powered by technology.
Willis Towers Watson (WTW), together with global specialty and commercial insurance products provider Liberty Specialty Markets, has launched a new insurance product designed to help organizations deal with reputational crises.
Many countries in Europe have in previous years experienced increased price competition for general insurance products. Especially in Southern Europe, the competition has been very fierce, fuelled by online price comparison websites. In Spain, Portugal and Greece, there has been a substantial drop in average premiums for products like motor, home and health insurance. This poses a real threat to the profitability of property and casualty insurers.
My Policy, a leading UK provider of data analytics and telematics insurance, announces today an investment by Zurich Group, as part of which Zurich will become a long-term insurance capacity provider, joining an existing panel of insurers to enable rapid growth of My Policy’s recently launched usage-based insurance (“UBI”) product, JURNY.
Access to capital and insurance are some of the factors affecting not only peasant farmers but commercial farmers in Africa. A large majority of farmers in Africa still use hoe and cutlass and farm largely to feed their households and sell the surplus for cash.
Funds raised will help startup access new markets, finetune software that helps banks and insurers offer clients personalized pricing and products
A blank-check firm, backed by AmTrust Financial Services Inc. CEO Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday.
Just five months after raising $250 million at a $2 billion valuation, Israeli insurtech company Next Insurance is working on another funding round, this time at a valuation of $4 billion, a person familiar with the move told Calcalist under the condition of anonymity
Insurers in 2021 will be doubling down on streamlining, reinforcing their core businesses and updating technology, and M&A will help them get there as it did in 2020, according to a new Bain & Company report.
Israeli startup Earnix Ltd., which uses advanced analytics to help insurers and banks offer personalized financial products, reached a $1 billion valuation in a financing round led by Insight Partners.
The IPOs of several insurance companies, such as Lemonade Inc (NYSE: LMND), in 2020 may lead to additional companies in the sector hitting the public market in 2021. Companies could explore a traditional IPO or a SPAC deal to bring their insurance companies public.
Miloslavsky talks about the insurance platform as the vehicle for processing across lines of business, integrating an ecosystem of external capabilities, and delivering a customer experience on a par with top retailers.
Aston Lark, the Chartered insurance broker backed by Goldman Sachs, further bolsters its employee benefits and individual health insurance expertise by today announcing it has agreed terms for the acquisition of both Right to Health Ltd and The Health Insurance Specialists. Both deals are expected to complete in early March.
Akur8, an Artificial Intelligence-based technological solution, and AXA Spain forge a partnership to contribute to the enhancement of AXA Spain’s pricing process. This deal marks the first partnership of Akur8 in Spain, one of Europe’s most competitive insurance markets, and the pursuit of Akur8’s expansion in Europe, with 6 countries of presence to date.
Leading online InsurTech company Waterdrop Inc. is reported to be in full preparation for a U.S. initial public offering (IPO) in the next quarter. According to Jiemian News, this development follows a recent valuation of the company at a total worth of tens of billions of dollars, citing people familiar with the matter.
Arity, a mobility data and analytics company, is teaming up with Ford Motor Company to enable any participating insurer to deliver simple and secure usage-based insurance (UBI) programs to eligible connected Ford and Lincoln vehicle owners.
Despite the contraction in the retrocession market in recent years due to CAT losses, the reinsurance market remains a very attractive option for capital market investors to deploy their capital, and an important strategic tool for reinsurers. Non-CAT insurance risk retrocession using AI-based risk modeling technologies can inject life back into the retrocession market.
Many insurance companies are seeking and actively developing digital technologies to streamline their processes, assess risk better, reduce cost and increase customer satisfaction.
From transport networks to utility companies, insurance for AIs could unlock huge benefits for industry and consumers alike
Incorporating external, or third-party, data is an important part of data analytics programs as companies look for strategic insight from outside their firms.
Sweden’s Insurely Raises €2.5M to make the Insurance Industry more Transparent, Accessible; Here’s How
Stockholm-based Insurely, a digital insurance platform, has raised €2.5M in a fresh round of funding. The round was led by Swedish venture capital firm Luminar Ventures.
A strong omni-channel strategy and the smart use of chat commerce could hold the key to help fast-track digital adoption in pan-African insurance companies — allowing them to benefit from lower costs, decreased time to revenue and satisfied customers, says Werner Lindemann, Clickatell senior VP commercial of the Middle East and Southern Africa.
Berkshire disclosed a new $499 million stake in the professional services company Marsh & McLennan Cos.
The question is not whether the future of the insurance industry is bright. “Few industries are better positioned for outstanding growth over the next 15 years,” insists Verisk’s Mark Anquillare.
Thailand-based insurtech platform AppMan announced it has raised US$4.6 million in its series A funding round from Siam Alpha Equity’s SME Growing Together 1 fund, Krungsri Finnovate, Casmatt, KTBST, and Poems Ventures, the venture arm of PhillipCapital Group.
Aviva Plc, the British insurer, is in advanced talks on a sale of its Italian operations as it pushes ahead with about 6 billion euros ($7.3 billion) of divestments, people with knowledge said.
The new product covers the cost of damages to equipment that may occur while working, including damage to rental equipment, customer equipment, or borrowed equipment.
GIC provides a simple and intuitive way for an automotive insurance policy holder to confidently capture images of a damaged vehicle, through an easy-to-use web-based app.
Leading workers’ comp billing platform allows insurance providers to build a best-in-class solution for their policyholders
Insurance industry leaders have renewed their focus on recruiting, hiring and promoting not just to fill a crucial talent gap with quality candidates, but also to intentionally diversify their workforce.
Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers.
Remember the iconic underwriting room at Lloyd’s of London? Now picture it differently, with the future (and what it might require) in mind.
Prior to the COVID-19 pandemic, independent insurance agents were uniquely placed within the market. Amid a surge of companies looking to disrupt the industry with a focus on technological innovation and end-to-end digital accessibility, independent agents catered to a demographic that valued a more personalized approach.
Through the collaboration, CRIF’s Sherlock solution will be made available to MIB CUE members via Shift’s Fraud Detection and Prevention solution.
Prudential Group Insurance is expanding their mental health benefits for employees on disability leave through a partnership with NeuroFlow, a behavioral health platform.
Automating processes can open up more time for quality interaction between claims professionals and policyholders.
Pawlicy Advisor, the leading pet insurance marketplace, announced today it has raised a $6.5 million Series A funding round led by Rho Capital Partners and existing investor Defy Partners. The round also included significant investment from Slow Ventures. This brings the company’s total funds raised to $8 million to date.
Livelii, Canada’s first community-based platform that intersects Insurtech and Fintech to provide affordable Health Insurance and critical Financial tools to Independent workers is listing a securities offering via the online crowdfunding platform, FrontFundr.
Kin Insurance, the insurance technology company transforming home insurance through intuitive tech and affordable pricing, today announced it has surpassed $10 billion in total insured property value. Its substantial growth is a testament to the increased demand for easy, affordable coverage for homeowners.
Insurtech Foxquilt has unveiled a new underwriting platform, which allows small business owners to quote, bind, and directly purchase customized business insurance online.
Willis Re, the reinsurance broking arm of Willis Towers Watson, has appointed Michel Büker in a dual role as Head of Lloyd’s Capital and Head of Production, Customised Solutions, EMEA at Willis Re Specialty.
Liberty General Insurance has automated vehicle inspections for car insurance policy renewals and claim assessments using Inspektlabs’ AI based technology. This is expected to transform the car inspection process, which is currently dominated by manual inspections – a people intensive job leading to delays in the claims and policy issuance process.
For decades, artificial intelligence has been depicted as a sinister force in science fiction. Think of HAL-9000, the main antagonist in Arthur C. Clarke’s Space Odyssey series. But while applications of AI and machine learning are indeed sophisticated and carry the potential to be dangerous, my own view is that over the course of this decade, the most frequent encounters people are going to have with these neural technologies will seem both ordinary and positive. But there is one important area of algorithmic use that will require real work.
In recent years, insurers have sought to digitalize their processes and improve their customer experience, making it more seamless and tailored to the needs of today’s consumers.
Simply Business has selected insurtech MGA Equipsme as its health insurance provider for its latest proposition.
US insurance consulting firm Xceedance has announced a partnership with Akur8, a Paris-based insurtech that specialises in using artificial intelligence (AI) to deliver pricing solutions to insurers.
As technological innovation continues to pick up pace in the insurance industry, focus on upgrading underwriting toolkits is growing.
One of the toughest moments of a break-in or disaster is losing your stuff. The U.S. saw 1.2 million property crimes in 2018, two-thirds of which happened at homes and apartments, and 387,000 fires at homes in the same year.
Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd’s of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd’s.
Healthcare organizations have to contend with the coronavirus pandemic and its lingering impacts, and shifting consumer demands for fast and convenient services. Healthcare players are being forced to move on their digital transformation efforts, and Alphabet, Amazon, Apple, and Microsoft are lending their tech-savviness to become partners for the job.
The Israeli founded insurtech company is in negotiations with SPAC Reinvent Technology Partners, that includes Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors.
Talem Health Analytics has revealed that it has closed a $2.3 million seed round, which the insurtech hopes to use to accelerate the launch of its AI platform to the auto insurance industry.
Oscar Health filed preliminary paperwork for an IPO on Friday. The health insurance startup is betting that its technology can give it an edge as it fights for market share with bigger competitors.
Cigna Hong Kong announced a new partnership with Asian health insurtech company The CareVoice . The partnership will see the launch of “blüüm woman”, a solution that provides “flexible medical protection and innovative digital health services” to help protect women in Hong Kong at every life stage.
UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson’s planned separation from the Group.
Last year, Getsafe launched in the UK – marking the start of the company’s expansion into new markets. Despite the challenges presented by the global pandemic, Getsafe pushed on with its agenda, including gaining $30 million in new funding and beginning partnerships with leading price comparison websites. It’s time to look back on 2020.
With over 30 years’ experience in the London insurance industry, Robertson joins Canopius from AXA XL, where he most recently served as CEO of global specialty. There, he oversaw a multi-billion dollar portfolio of business written across a broad global network.
SmartHop announced today that it raised $12 million in a Series A round, bringing the company’s total funding to date to $16.5 million. The round was led by Union Square Ventures, whose past investments include Stripe, Twitter, Coinbase, Etsy, MeetUp, SkillShare and Duolingo, among others.
HazardHub and Plasmatic Technologies Inc. today announce their partnership centered around the harmonization of connected device and property and hazard risk data, unleashing new capabilities for increased policyholder engagement and peril prevention programs in Home Insurance.
Global insurance and reinsurance broker Aon has partnered with Chubb to provide small and medium-sized businesses in France with an efficient means to understand coverage options and purchase insurance online.
Additional funding will be deployed into select startups whose solutions, technology, and capabilities can benefit Nationwide customers.
If anything, 2020 was about preparing for – well, everything. This includes cyberthreats, which have risen sharply in the pandemic era. In 2021, rethinking your cyber insurance strategy should be a top priority for CISOs and executive leadership.
WeSure Global Tech, the parent company of digital insurance company WeSure, has published a prospectus for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company plans selling a 20% stake for NIS 100 million (or £22 Million) at a company valuation of NIS 500 million(or £110 Million), after money.
Satishwar, who joined the company in July 2019 as Chief Financial Officer, will spearhead Aegon Life’s transformation into a digital-only life insurance company.
The future of insurance distribution has been hotly debated in our industry for decades. Bold predictions several years ago prematurely declared the “death of the agency model” to be largely replaced by direct (and then digital direct) distribution.
Riskbook has announced that it has rebranded to Supercede. The company has also launched what it said is the world’s first all-in-one reinsurance platform built for dealmakers.
Majesco’s survey report, ‘Strategic Priorities 2021: The Insurance Industry Shift Hits Hyper-Acceleration for Digital Business Models,’ the first of two reports, makes observations crucial to an understanding of priority shifts driven by the pandemic and other factors.
The pay-per-mile pioneer completed its business combination with INSU Acquisition Corp. II, a publicly traded special purpose acquisition company sponsored by Cohen & Company, LLC.
Marble, the first digital wallet and loyalty platform for insurance, today announced $2.5 million in seed round funding.
Farmers Edge Inc., a firm that uses artificial intelligence to help growers boost crop yields, is seeking to raise about C$100 million ($79 million) in an initial public offering to strengthen its finances and repay debt.
PTOLEMUS Consulting Group forecasts that European motor insurance premiums for employed and self-employed last-mile delivery will grow to €5.8 billion by 2030.
The merger of Aon with Willis Towers Watson is on course to close in the first half of 2021, said John Haley, Willis Towers Watson’s Chief Executive.
Cloud technology offers a saving grace for the insurance industry which has been slow to adapt to change. Insurance is years behind its peers, where legacy systems dominate and old technology systems fail to allow companies to meet customer demand and truly innovate.
Gentem Health Inc., a Silicon Valley-startup focused on helping private practices thrive financially, has raised a $10 million Series A financing round, bringing total investment to $13.7 million.
Chubb has introduced its next generation of crime insurance offering, The Chubb PrimarySM Commercial Crime Insurance, to help companies of all sizes and industries protect themselves from criminal activity both inside and outside their organizations.
Ushur, the no-code intelligent automation company, today announced a $5M addition to its over-subscribed $25M Series B funding in November 2020. Aflac Ventures and Iron Pillar participated in the round. This brings the total amount of the Series B to $30M, and Ushur’s cumulative funding to $41.5M.
Irish mobility startup Brite has partnered with London-based mobility insurance provider Zego to expand its fleet offering of e-mopeds, e-scooters and e-bikes across Ireland.
By partnering with Senseye to deliver ROI Lock, SCOR is helping to accelerate the benefits of Industry 4.0 for manufacturers by developing new products managing potential financial risk arising from adopting new predictive maintenance technology.
Headquartered in Singapore, insurtech Igloo has partnered with Philpacific Insurance Brokers Inc., an insurance broker based in the Philippines and also known as Philinsure.
Phable, a three-year-old health tech startup that is serving patients with chronic illnesses in India, has raised $12 million in a new financing round as it looks to scale in the world’s second most populated nation.
As consumer technology companies continue to build out AR capabilities and telecom providers build out 5G infrastructure, the barriers to entry and challenges associated with launching AR initiatives will be lessened.
Managing general agencies (MGAs) in Canada are currently engaging in very little mergers and acquisitions activity among themselves because the market is still growing organically and is less mature than in other countries, the managing director of the national MGA trade association told Canadian Underwriter recently.
Michael Mollica to Lead Private/Not-For-Profit Management Liability Business; Stephen Troiano to Head Financial Institutions Management Liability Business
Faced with serious competition from a new breed of tech-savvy startups and mounting consumer expectations for efficient digital experiences, the insurance industry — long seen as slow to embrace innovation — has for years been investing in digital transformation.
Onboarding legitimate customers are getting complicated with every passing day since fraudsters are coming up with better ways to terrorize different industries. Hence, KYC requirements are becoming stringent across the world. For onboarding, a secure clientele base, robust identity verification is essential for businesses.
With benefits such as better risk management, reduced claim cost and new sources of revenue, digital ecosystems can drive greater economic value and relevance for today’s insurance companies.
Allianz will acquire full ownership of its China life insurance business after agreeing to buy the 49% stake it doesn’t already own in its Chinese joint venture, the German insurance giant said on Friday.
Hippo, an insurance technology startup, is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter.
Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of Futureset, a new platform and community designed to drive greater societal and economic resilience to some of the largest and most complex global risks.
Protective’s new cognitive RPA-powered bots have enabled the insurer to scale processes with growth and to reach an efficiency rate of more than 95 percent tasks completed without human intervention.
Oscar Health, a health insurance start-up backed by Google parent Alphabet Inc, filed for an initial public offering on Friday, looking to cash in on the surge in demand for digital health services during the COVID-19 pandemic.
Amazon.com has revealed plans to install AI-powered video cameras in its branded delivery vans, in a move that the world’s largest e-commerce firm says would improve safety of both drivers and the communities in which they deliver.
Bestow, the first full-stack life insurance company, today announces a partnership with Lemonade, which recently launched life insurance. Powered by Bestow’s Protect API, Lemonade customers can apply for instant, affordable life insurance in as little as five minutes online — all within Lemonade’s website and apps.
Eusoh is a radical new model that offers customers the same protection as best in class insurance products, but at a game changing price discount that is sustainable. This will have a significant impact on many lines of insurance.
Insurtech startup CXA Group announced plans to restructure its business to focus “solely” on its enterprise software-as-a-service (SaaS) business.
The effects of the COVID-19 pandemic will be felt by the insurance industry and its customers well into 2021 as consumers and businesses continue to face economic challenges, according to a new survey by consumer credit reporting firm TransUnion.
The US-based small business insurtech reached a $200 million gross written premium run rate by the end of 2020, from $100 million last February, per PR Newswire.
2020 offered a blend of threats and opportunities to the UK insurtech market and 2021 looks set to maintain the status quo. Offering his perspective on what the year ahead will hold for the sector, as well as for Insurwave, the insurtech platform of which he is CEO, David Power (pictured right) highlighted that the key challenge surrounds communication.
vcita, the management platform for small business owners, and Next Insurance, the leading digital insurtech company transforming small business insurance, today announced a strategic alliance to accelerate small and medium-sized business growth.
Quotech and Tenefit have announced a new partnership to bring new peril and loss-event data into insurance-market systems in real time, and to analyze that data effectively alongside the customers’ own data.
HazardHub, the USA’s fastest-growing supplier of geospatial risk data, a 2020 Gartner Cool Company, and 2020 Lloyd’s Lab participant – announces a strategic alliance with insurtech leader Bold Penguin. The alliance allows for HazardHub to supply Bold Penguin with point-of-sale peril and property data to both speed and sharpen the risk evaluation process.
Nationwide and Annexus Retirement Solutions today announced that they have partnered to bring to market Lifetime Income Builder, an innovative in-plan guaranteed income solution that is built to help retirement plan participants maximize their retirement income.
New York-based insurance benefits experience and management platform Nayya partnered with Selerix Systems, a provider of cloud-based benefits administration software. Nayya is now fully embedded and integrated within the Selerix BenSelect platform. Through this partnership, Nayya and Selerix will offer employers and employees a personalized benefits experience leveraging billions of different data points.
Google Cloud’s technologies, tools, products and services will now be fully integrated across Applied’s product portfolio.
PasarPolis Raises US$5M from World Bank’s International Finance Corporation to Democratise Insurance
The investment in PasarPolis is the first IFC has made in the insurtech sector in Indonesia, where insurance penetration rate remains low
Canada and US-based insurtech venture Relay Platform, which is approved by Lloyd’s as one of the London market e-platforms, has launched a new broker-carrier API-driven quoting solution for the commercial insurance and reinsurance industry.
The desire to travel is strong. While lockdowns, travel restrictions and ongoing Covid-19 outbreaks have seriously hampered our wanderlust in 2020, vaccinations give us some optimism for travel in 2021.
Customer experience and customer service are the holy grail of businesses. And yet, CX in insurance is often lagging behind. The customer-facing leg has been digitized, but the issuance operations and internal processing leg are still old-school.
CCC Information Services said on Wednesday it was going public through a merger with blank-check firm Dragoneer Growth Opportunities Corp, in a deal that valued the data and technology provider to auto and insurance firms at about $7 billion.
French startup Seyna is getting a new CEO. Stephen Leguillon is joining the company as chief executive while Philippe Mangematin is stepping back from day-to-day activities for personal reasons — he’ll become honorary chairman.
LeaseLock, the world’s leading insurtech platform for real estate, today announced the closing of a $52 million Series B financing that will expand its industry-leading lease insurance product into the first AI-powered financial technology platform for enterprise real estate. LeaseLock has insured $1 billion in leases to-date, across the nation’s largest multifamily operators and preeminent asset owners.
The new owner-to-be: Sontiq, an identity security company with a number of identity and cyber monitoring products and services. Sontiq is a portfolio company of The Wicks Group of Companies, and it signed a definitive agreement to buy Cyberscout.
Zurich North America today announced it has launched a new risk services unit in the United States, as part of a global initiative developed by Zurich Insurance Group to provide businesses worldwide with advisory services, solutions and tools to help them prevent and mitigate a wide range of risks.
Boston-based insurtech start-up Breach has announced the placement of a crypto-denominated cyber insurance policy with CoinList, a full-service token sale and crypto trading platform. Breach said the policy was an industry first.
It will come as no surprise to learn that the COVID-19 pandemic was by far the biggest concern for the respondents to the WEF’s annual survey.
Swiss Re is partnering with health data specialist Diameter Health on a scalable solution that leverages electronic clinical health data for life insurance underwriting.
TrustLayer, the collaborative risk management platform, today announced it has completed a $6.6 million seed round of financing. Abstract Ventures led the round with participation from Propel Venture Partners, NFP Ventures, BoxGroup, and Precursor Ventures. The round was heavily oversubscribed, a reflection of the strength of TrustLayer’s current compliance software and its success in developing a digital proof of insurance solution.
Big Tech companies are breathing down the necks of insurance companies. Giants like Amazon, Apple and Google have upped their innovation games in recent years, setting the customer experience bar higher than ever with their data-centric, consumer-focused business models.
Global insurtech funding reached $7.12 billion across 377 deals, the most in any year to date, per Willis Towers Watson (WTS).
With the outbreak of COVID 19, the use of telehealth services for health diagnoses and treatment surged in 2020. In fact, according to the Centers for Disease Control and Prevention, during the first three months of 2020, the number of telehealth visits increased by 50%.
Reinsurance giant Swiss Re’s commercial insurance arm, Swiss Re Corporate Solutions (Swiss Re CorSo), has named Melanie Slack as Head UK, Ireland, SA & EMEA Wholesale, effective May 1st, 2021.
Almost one year into lockdown and with no end to restrictions likely for the foreseeable future, the outlook for many does seem bleak. But there are silver linings that are becoming increasingly evident. One of the most apparent is the sheer display of true British resolve, where people have found innovative ways to start their own small businesses after being furloughed or made redundant.
AXA XL, the property & casualty and specialty risk division of AXA, has announced a new tailored insurance solution to help clients address mass timber construction risks in North America.
Metromile has attracted $50 million in new investment from a former Uber executive even as it has obtained regulatory approval to formalize a reverse merger deal that will make it a publicly-traded company.
FinTLV, a Tel Aviv-based fund that specializes in FinTech and InsurTech companies in their “growth stage” phases, announced in a press release that it has closed a new $120 million fund, FinTLV II.
Accenture research suggests that for North American insurers, customer experience and distribution innovations deliver the best returns. Since agents play an outsized role in the customer experience and expanding distribution, we recommend insurers focus on innovations that will empower agents throughout the customer journey.
3 Ways to Address Cyber Risk and the Pandemic: What You Must Do to Keep an Eye on This Expanding Risk
The total number of global ransomware reports increased by 715% in the first half of 2020 year-over-year, according to Bitdefender’s Mid-Year Threat Landscape Report 2020.
Trov, the San Francisco-based insurtech company, announced that UFODRIVE, a frontrunner in sustainable car rental, has selected Trov’s Mobility Insurance Platform for its fleet of fully electric vehicles.
Mutual life insurer MassMutual has announced plans to acquire Great American Life Insurance Company from American Financial Group for $3.5 billion.
Insurtech Concirrus has entered into an agreement with global P&C insurer Arch Insurance, to allow the latter to utilise its behavioural analytics platform, Quest Marine.
Global insurtech investment reached a record $7.1 billion in 2020 despite substantial challenges to the re/insurance sector, according to a new report by Willis Towers Watson.
Berlin-based insurtech startup INZMO has closed a €3.1 million seed round led by Change Ventures. Swiss insurance company Helvetia, an existing backer from the pre-seed round in 2018, also participated.
Industry Giant Allianz Partners Joins Forces with Blink As It Pioneers Post-Pandemic Travel Insurance Transformation
Irish Insurtech Blink announces a major rollout of its travel disruption insurance platform in the UK this month.
“AI will be life-changing for insurance companies and consumers alike, raising the question of how regulators can ensure that models and algorithms and machine learning don’t simply scale-up the bad practices of the past,” writes Andrew Mais, commissioner of the Connecticut Insurance Department.
Specialty property and casualty re/insurer Sompo International has entered into a long-term partnership with Flock, a UK insurtech that provides data-driven insurance solutions to commercial drone operators.
Swiss Re CEO Christian Mumenthaler has said he has “high hopes” that companies in the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders can reach their target of net zero carbon emissions by 2050.
Ahead of the proposed combination of global insurance and reinsurance brokerages, Aon and Willis Towers Watson (WTW), the companies have announced the new leadership team, led by Greg Case as Chief Executive Officer (CEO).
A new report by Travelers reaffirms the company’s belief that the auto insurance industry will play a “critical role” as lawmakers, regulators and society adjust to innovations in transportation, including the shift towards autonomous driving.
Tractable, the artificial intelligence company for accident & disaster recovery, today announces a new partnership with Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair Industries.
Allstate Corporation has entered an agreement to sell Allstate Life Insurance Company (ALIC) to Blackstone for almost $3 billion.
Foxquilt, a leading insurance technology company focused on empowering small businesses and B2B networks to save on small business insurance, has partnered with Digital Partners, a Munich Re company, to enable the company to operate as a full-service insurance provider and co-creator of new, end-to-end insurance products/programs for small businesses.
The Blockchain Insurance Industry Initiative (B3i) has partnered with Eurapco, an alliance of eight primarily mutual European insurers, to launch a new risk transfer operational solution developed on blockchain infrastructure.
Company aims to eliminate $1 trillion in healthcare waste annually by bringing transparency and consumer behavior to opaque US healthcare market
Increasingly digital customers are demanding more from insurers. They want help preventing injury and loss. And insurers who re-invent their offerings with AI capabilities will be poised to deliver.
Tiernan, who chairs the International Underwriting Association and serves as managing director of UK commercial lines and global corporate & speciality at Aviva, has been named chief of markets at Lloyd’s. As markets chief, he will be in charge of overseeing market performance and distribution.
Innovation is integral to the success of an insurance company today. With the increased pace of change in society, climate and technology – exacerbated by the COVID-19 pandemic and the work from home era – innovation has become a core driver of the short-term and long-term success of insurers.
Experts looking at the InsurTech sector for 2021 see both more of the same and new things ahead. Some predict more IPOs, M&A and partnerships. Others expect new InsurTech ideas to fully take root, such as the embedding of insurance into every financial and retail transaction.
Insurance SaaS software provider Insly has secured a seed extension of 1.3M EUR from existing VCs Concentric and Uniqa Ventures, with participation from The British Business Bank’s Future Fund Scheme. Combined with solid results for 2020 – €72K in profits and €3.4M in revenues – this will pave the way for scaling up the business in 2021.
Adapting to new ways of working and thinking is never easy, but the insurance industry is ripe for a revolution, and it is up to industry leaders to understand the trends that will lead the way.
Pula, a Kenyan insurtech startup that specialises in digital and agricultural insurance to derisk millions of smallholder farmers across Africa, has closed a Series A investment of $6 million.
Beyond digital transformation based on largely proven technology, insurers must patiently explore the capacity of emerging technologies, such as AI and Big Data, for reshaping business processes over the longer term.
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.
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.
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.
Attune Insurance Services, today announced the launch of new General Liability and Professional Liability products with Hiscox, a leading small business insurer, serving as the carrier.
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.”
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.
Global re/insurer SCOR, Covr Financial Technologies and Americo Financial Life and Annuity Insurance Company have launched LoanMatch Protector, a life insurance policy customised to a consumer’s specific loan amortisation schedule.
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.
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.
Aon CEO Greg Case has been recognized for advancing the equality of LGBTQ+ employees and individuals.
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.
Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change.
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.
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.
Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd’s of London player at over £2 billion (USD 2.7bn), according to Sky News.
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.
The insurance industry is going to have to get younger, more digitally savvy and come up with more versatile products. Oh, and employees will probably not be coming back to the office.
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.
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.
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.
Accenture’s analysis found a high correlation between insurers with strong performance in top line, net income and market valuation and those who invested in two types of innovations:
This past year we have seen major companies, sports teams, and individuals making a splash by trying to push for social justice activities through their dollars, actions or statements. The one industry that has been relatively quiet in the arena—and the one that has been a quiet force around justice, safety, and responsibility for decades—has been insurance.
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.
Indian insurtech firm Digit Insurance announced it has raised 135 crore rupees (US$18.5 million) from existing investors, bringing its valuation to US$1.9 billion and achieving unicorn status.
Assicurazioni Generali Chief Executive Officer Philippe Donnet is seeking to overhaul the top ranks at Italy’s largest insurer to increase control on key businesses and speed up growth, according to people with knowledge of the matter.
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.
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.
Today when we speak about digital transformation within insurance, it can sound like it is something relatively new. In actuality, technology has been playing a pivotal role in the insurance industry for decades.
As we look back on 2020 – and aren’t we all glad to be doing that? – it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold.
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).
Digital insurer Lemonade has announced plans to sell 3 million shares of common stock to raise money for “general corporate purposes.”
Bermuda-domiciled specialty insurance and reinsurance group Ascot has appointed its US insurance boss.
International brokerage Howden Group Holdings has completed its first underwriting capital investment, with an $84 million investment in support of DUAL Group’s reinsurance arm, Tamesis DUAL Ltd.
Loop Insurance, a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more ‘fairly’ priced insurance products, announced it has closed a $3.25 million seed round.
Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting.
Revamping procurement policies and procedures enables carriers to quickly strengthen their support for environmental and social sustainability.
The head of New York Life Ventures talks about the impact of the pandemic on the world of InsurTech investment.
Canadian travel insurance provider Allianz Global Assistance announced the launch of new assistance capabilities – Virtual Care services and a new online Claims Portal – which aim to elevate the end-to-end customer journey. Both services are now embedded within all products offered across Allianz’s national distribution network of broker and