We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
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.
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.
While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack.
US insurer, Liberty Mutual Holding Company (LMHC), is exploring a sale of its businesses in Spain, Portugal and Ireland, according to Bloomberg News sources.
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.
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.
Helios Underwriting has raised £12.5m in funding through a new share placement.
Markel International – a subsidiary of Markel Corporation – has today announced that it will merge its professional and financial risks (PFR) division with its recently expanded cyber team.
Liberty Mutual Holding Co. is exploring the sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region.
In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report.
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.
Insurtech unicorn Zego and insurer QBE have expanded their existing partnership to cover individuals who use their own vehicle for work purposes.
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.
Surround Insurance, an InsurTech passionate about changing the insurance experience for consumers in their 20s and 30s, has raised $2.5m in seed funding.
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.
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.
The role that technology plays in the re/insurance industry is increasing and this is happening at a time when market participants are striving for greater efficiency, in an effort to both lower costs and remain relevant in an evolving sector.
According to a recent Moody’s investor’s service report, net zero objectives require considerable organisational focus and investment in measuring carbon transition risk, which in turn puts insurers in a better position to manage it.
Claim settlement and fulfilment, form the most crucial aspect for any kind of insurance product. Insurance has majorly been led by a traditional model, where claim settlement is a long and tedious process, both for consumers and insurance companies.
Tens of thousands of companies that would benefit from being able to offer their customers insurance will be able to do so from today.
COP27 has once again highlighted the importance of companies playing their part in fighting climate change. Individual organisations doing so is a start, but industry wide change must take place. The insurance sector is no different.
Allianz Partners is extending its partnership with Iberia, Spain’s largest airline, for three more years.
2020 and 2021 saw a great deal of M&A activity in the insurtech space – activity that has since cooled and remained that way as we near the end of 2022. The overall investment in insurtech generally boomed during 2020 and 2021, as the use of special purpose acquisition companies (SPACs) peaked which continued to cool off in 2022.
WTW has collaborated with Liberty Specialty Markets (LSM) and Markel to launch the pilot phase of a new digital commercial insurance platform.
Insurtech Bluezone has secured its first-choice global reinsurer to partner with as it remains on track to launch its first product in the first quarter of 2023.
Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurers, and core insurance system/platform provider Guidewire (San Mateo, Calif.), have announced the launch of Betterview’s new Hail Risk Insights, created in collaboration with Guidewire.
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.
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.
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.
Nationwide announced a partnership with Human API to improve the life insurance buying experience by maximizing the use of digital health data to accelerate the underwriting process.
“Digital insurance agency” Glow has raised $22.5 million in Series A funding. The round was led by Cota Capital, with AV8 Ventures, Markd, Startup Venture Capital, Maiden Re, and more participating in the round.
Bold Penguin has partnered with Neptune, the largest private flood insurance company for U.S. small businesses, enhancing coverage options on The Bold Penguin Terminal through this carrier panel expansion.
If you’re counting the years since the inception of the term InsurTech, you may be surprised to know that it is officially 12 years old. InsurTech is still in the “tween” years, though it is getting ready to move into a new phase—being a teenager.
InsurTech Otonomi has raised $3.4 million in order to build a blockchain-powered parametric cargo platform, according to a company press release.
Though U.S. insurtech companies are focused on trimming expenses these days, startups in the property and casualty space are still spending on one type of acquisition: Buying licensed carriers that are no longer writing business.
Elpha Secure, the cyber managing general agent (MGA) bringing a radical new approach to cyber insurance, is to use two of CyberCube’s new generation of cyber risk analytics tools.
Anzen, a US insurance startup focused on executive liability, has raised $10 million in fresh funding.
Imagine a ship. Once it is built and placed into service, the vessel will require maintenance and repair. Inclement weather and natural disasters may impact travel and the delivery of its merchandise.
San Francisco-based Vouch has invested in the UK insurance broker Capsule.
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.
Cover Genius (New York), a global InsurTech dedicated to embedded insurance, announced that it has raised $70 million in Series D funding.
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.
Binance’s CEO said the world’s largest cryptocurrency exchange increased its Secure Asset Fund for Users (SAFU) to $1 billion again.
When computers first came out almost 70 years ago, the insurance industry was one of the first to embrace the new technology. However, it stopped there. Today, companies still mostly work with legacy systems and the industry is known to reluctantly embrace ideas of tech innovation.
Lloyd’s is looking to implement next year a market-wide measurement framework to help syndicates transition their underwriting portfolios to a net-zero position by 2050, The Corporation’s CEO John Neal has said.
A new report from Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, shines a light on current global M&A insurance claims trends.
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.
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced newly available application programming interfaces (APIs) for management liability through Executive Risks Insurance.
Zurich Insurance Group has launched Zurich eXchange, a next generation global Application Programming Interface (API) marketplace.
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.
Chubb has announced that its global integration platform, Chubb Studio, has introduced new features that can embed insurance into the digital environments of its distribution partners more easily.
Nationwide has partnered with Quanturi to give its agribusiness policyholders access to HAYTECH, an IoT-based monitoring system designed to prevent hay fires and manage hay quality.
Bermuda has long been an innovator in insurance and, under the leadership of its crypto believer Premier David Burt, it is now looking to be an innovator in digital assets.
The insurance industry has faced an onslaught of challenges over the past couple of years, from the global COVID-19 pandemic to economic and social inflation, a talent shortage, a changing climate, growing ransomware attacks, and the Russia-Ukraine war.
The market for cybersecurity insurance coverage increased 61% in 2021 over the prior year, reaching $6.5 billion in premiums, according to the annual cyber insurance report issued by the National Association of Insurance Commissioners. Although cyber insurance carriers are struggling to keep up with demand, some digital insurance platforms and cybersecurity advisors are identifying the biggest risks that should be addressed.
Today more cars than ever are connected, and those connected cars are creating and transmitting a lot of data. This in turn has created a gold rush among automobile manufacturers (aka OEMs), insurers, and others to find ways to monetize that data. For personal auto insurers the stakes and opportunities are greater than ever.
Global reinsurer SCOR has partnered with Hong Kong’s first virtual insurer Bowtie and Take2, a healthcare and biotech company, to develop an innovative cancer screening solution.
Global insurer Generali has partnered with Crawford & Company to provide specialist cyber incident response and loss adjusting services globally.
After an auto accident, appraisers and repair shops may not immediately know exactly how much damage there’s been to a vehicle, or if it’s definitely totaled. Or an appraiser might provide an estimate, and then a week later, a body shop realizes the car is totaled.
After an auto accident, appraisers and repair shops may not immediately know exactly how much damage there’s been to a vehicle, or if it’s definitely totaled. Or an appraiser might provide an estimate, and then a week later, a body shop realizes the car is totaled.
Zurich has launched Zurich eXchange, a newly created API marketplace that brings together services from across the Zurich Group.
Specialty insurance MGA, Corvus Insurance has announced it has entered into a multi-year partnership with The Travelers Companies, Inc., a provider of personal, business, and specialty insurance, to back its Smart Cyber Insurance offering.
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.
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.
Global reinsurance giant Swiss Re has entered an alliance with Latin American auto insurtech Jooycar to boost auto insurance telematics benefiting small and medium-sized commercial fleets in Mexico.
Kin Insurance announced the closing of a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P., provides Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
The insurance industry is traditionally slow to embrace shifts towards digital technology. But this is all changing now. Demanding customers have had their expectations are set higher by engaging with companies in other industries at the forefront of digital adoption. They experience personalised offerings and services and the ability to do online research and price comparisons before buying.
Nationwide and Petco Health and Wellness are partnering to co-develop affordable pet health, wellness and protection solutions. The programs will be available in 2023.
Qantev, an Artificial Intelligence (AI) InsurTech for health insurers based in Paris, has raised €10m in its Series A funding round.
Socotra’s platform will assist KOBA in offering its usage-based insurance internationally and expand its portfolio to other products such as insurance for boats and motorcycles.
The company’s emergence as a unicorn is surprising when taking into account the slowdown in fund raising and that it had a valuation of just $22 million last year.
AXA Hong Kong and Macau have announced a partnership with Chung Shing Taxi and TaxiSafely to launch Hong Kong’s very first Internet of Vehicles (IoV) project collaborated by insurer and taxi company.
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.
Buzzy Cohn always knew that bike accidents happen – he just never thought it would happen to him.
The global insurance broking giant and risk advisor Marsh has today revealed that global commercial insurance prices increased 6% in Q3 2022, representing 20 consecutive quarters of increases.
CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking, sensitivity, and real-time analyses for cyber risks.
CloudCore customer production support de-risks and accelerates a carrier’s journey to the cloud.
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’.
Apple will start to offer health insurance in 2024 as it looks to build on the health data it has acquired from the Apple Watch, an analyst has predicted.
Life insurtech YuLife has officially launched in the United States (US) after completing several funding rounds, which brought its total investment to $206m (£181m).
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.
Moody’s Analytics and insurtech, Cytora, have entered into a partnership to provide the commercial insurance industry a more streamlined and informed understanding of risk.
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company’s President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of what the firm does in the short run.
Last month, Nationwide announced a partnership with HSB to alert homeowners of potential electrical fire hazards.
Mobile technology and innovative apps are key elements in the ongoing digital transformation of the insurance industry.
Business has always had innovation, but innovations seem to come in waves.
With inflation currently remaining above historical peak, Swiss Re’s Head of Northern, Central & Eastern Europe, Frank Reichelt, discussed with Reinsurance News about what coping mechanisms the company have had to adapt to keep ahead.
UK insurer LV= has launched ElectriX, “a one-stop shop offering drivers everything they need to get on the road with an electric car.”
At-Bay is collaborating with Guidewire Cyence on the creation of the capability to quantify active CAT management.
Well-prepared leaders embrace risk and make better decisions during times of economic uncertainty, according to a new study by Aon.
Insurtech company LuckyTruck announced Thursday it has raised a $2.4 million seed extension led by Candid Insurance Investors with participation from Markd, Draper University Ventures and SiriusPoint as the company scales its retail insurance platform that reduces time spent shopping insurance. Since its founding in 2019, LuckyTruck has raised a total of $6.5 million.
Howden Insurance Brokers and Allianz Trade have announced their API partnership for structured credit insurance, Howden’s second API partnership in the sector this quarter.
The metaverse is a concept making headlines across the globe, with its application being imagined across all industries. However, until recently, the practical manifestation and future impact of the metaverse was unknown.
Hurricane season is well underway, and with several weeks of activity potentially on the horizon, homeowners in high-risk areas are in a pinch. Forecasters are still predicting an above-average season with plenty of time left for powerful storms to form.
A new MGA has been launched in London a short distance from Lloyd’s market. Specialty MGA UK has been created with a focus on providing additional capacity for specialty lines of businesses and hard to place risks.
Gradient AI, a Boston-based enterprise software provider of AI solutions in the insurance industry, announced that it has acquired Prognos Health’s (New York) analytics business underwriting unit to leverage data from the company’s large collection of integrated medical records and lab data via its real-world data marketplace.
Brad Middleton, director, pricing & rating, Deloitte Canada I’ve found Earnix to be quite good for the marketplace. One of the challenges that insurers consistently
Global advisory, broking and solutions company, WTW, has announced the launch of Risk Intelligence Quantified (Risk IQ), a platform aimed to help risk specialists to understand and navigate their business’s risk portfolio.
Cytora, a digital risk processing platform, and Moody’s Analytics, a leading provider of financial intelligence and analytical tools, have partnered to provide the commercial insurance industry a more streamlined and informed understanding of risk. The data provided by Moody’s comes pre-integrated into the Cytora platform providing insurers with a superior risk selection driving uplift to GWP.
At its 10th Allianz Motor Day, Allianz addressed the question of how sustainable car insurance can be, calling for an increase in so-called “green repairs” to vehicles.
Chewy is expanding CarePlus, its exclusive suite of insurance and wellness offerings, with new plans provided by Lemonade Pet, Lemonade’s pet health insurance product.
Hurricane season is well underway, and with several weeks of activity potentially on the horizon, homeowners in high-risk areas are in a pinch.
Amazon has announced the launch of its Amazon Insurance Store, a new way for UK customers to shop for home insurance.
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.
Allianz is expanding its automatic accident detection service. Dubbed the Allianz accident reporter, the digital claims service used by Allianz at the scene of an accident, can automatically detect accidents and notify the insurer. Insureds are later informed about the next steps of claims settlement.
Allianz is expanding its automatic accident detection service. Dubbed the Allianz accident reporter, the digital claims service used by Allianz at the scene of an accident, can automatically detect accidents and notify the insurer. Insureds are later informed about the next steps of claims settlement.
Insurtech and parametric cargo insurance platform, Otonomi has announced that it has closed a $3.4 million funding round to build a first-to-market blockchain-powered parametric cargo platform.
Blink Parametric has announced an expansion of its real-time flight disruption service through an agreement with Saskatchewan Blue Cross (Saskatoon) as part of a broader initiative set to enhance travel insurance coverage for traveling Canadians.
bolttech, one of the world’s fastest growing international insurtech companies, today announced Tokio Marine, alongside other shareholders, will lead bolttech’s Series B funding round.
Blackstone is joining with the insurance company Resolution Life in a move that is ultimately expected to give the investment firm more than $60 billion in new assets to manage, executives at both companies said.
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the formation of Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs.
Insurers need to rethink their approach to innovation. The speed of change in technology, an evolving competitive landscape, increased customer expectations, and the new reality of a permanent hybrid workforce have challenged insurers across all functions.
To outsiders, IBM may be best known for its once-ubiquitous electronic typewriters. In the 21st century, however, the company has evolved into a multinational computer technology and IT consulting business, and it is a major player in the insurance industry.
The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.
Vouch Insurance , a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions.
Global reinsurer Munich Re and its subsidiary, HSB, have partnered with Schneider Electric, a specialist in energy management and automation, on electrical and equipment risk.
Over the past few years, the impact of mental health conditions has been of increasing concern for society. The COVID-19 pandemic has further exacerbated this concern with some studies suggesting an increase in the prevalence of depressive and anxiety conditions by as much as 25%.
Leading insurance group, Prudential plc (Prudential) and Google Cloud today announced a strategic partnership to enhance health and financial inclusion for communities across Asia and Africa.
Specialist insurer Beazley has entered into a partnership with Certua to provide embedded specialist insurance for small scheme and programme business.
AXA UK has announced the launch of Moja, its new digital-only insurance brand.
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem.
We define insurtech as the use of emerging hardware, software and user interfaces to address inefficiencies or opportunities in the insurance value chain. Further, we think of the intersection of two dimensions as the focus of our discussion: industry specificity solutions and more recently established market players or solutions.
Allianz X, the digital investments arm of Allianz Group, will acquire 100 percent of the shares in simplesurance.
Re, a blockchain-powered reinsurance company, has raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to “a massive and uncorrelated asset class” that is insurance premiums.
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.
Digital tools are key to mitigating and covering flood risks, according to a report by the Insurance Information Institute (Triple-I) and Capgemini
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia.
Paris-based insurtech company Riskee is changing its name to Olino and announcing the close of a €2.2 million funding round to accelerate its growth.
Global professional services firm, Aon, has expanded its data and analytics capabilities for reputational risk with the acquisition of advanced analytics and advisory services provider, Pentland Analytics’ reputation crisis database.
AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France.
Despite a meteoric increase in cloud adoption, executives at many insurance companies are still reluctant to make the move. Even as leaders within these organizations grapple with the imperative to modernize and innovate, many have a tendency to proceed with extreme caution.
Allstate and GEICO – two of America’s largest auto insurance companies – have announced they have changed the way auto repair shops deal with insurance claims through them.
MGAs – once a reliable venture capital insurtech investment draw – may have lost their luster.
Legacy systems are often blamed for the reason the insurance industry struggles to fully modernize. Many incumbent insurers have outdated, neglected IT infrastructure, and instead of addressing this underlying problem in one major overhaul, they seem to pile new applications on top of their legacy systems.
Lemonade is launching in the UK, in what it considers “a long-term, strategic partnership with leading UK insurer, Aviva ,” that will serve as its reinsurer.
Swiss Re and Indonesia Re are to partner up to provide members with access to the analytics solutions and risk consulting services of the national Insurance Data Centre Management Agency (BPPDAN).
AXA Hong Kong and Macau (AXA) today announced the launch of “MediEnhancer Supplement” (“MediEnhancer”). “MediEnhancer” is offered exclusively to customers with qualified AXA medical insurance policies.
BlinkSM by Chubb announced today the launch of Blink Paycheck, a new income protection insurance product that can help keep consumers’ lives on track when they are sick or injured and unable to work.
Collaboration between re/insurance broker Aon and Revalue Nature, a next-generation developer of nature-based solutions, will scale the development of high-integrity, nature-based carbon credits to meet growing demand, the broker stated in a recent announcement.
Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing.
Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry.
Guy Carpenter has entered an agreement with analytics firm TNEDICCA that will enable the former to deliver enhanced auto analytics to its insurance carrier clients.
Resilience, the San Francisco-based cyber managing general agent, has launched an operation in London to serve the UK market.
The global travel insurance market size is anticipated to reach USD 63.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030.
As we move into a new phase of innovation after the disruption caused by the COVID-19 pandemic, insurers need to look ahead to determine what their technology priorities should be today.
Over the past decade, auto insurers have introduced and continuously refined usage-based insurance programs. Powered by telematics technology, which transmits data in real-time (or close to it), UBI promises policyholders some more control over their insurance price in exchange for that data.
Our investors have been instrumental to our growth and continued innovations,” Thomas continued. “We are excited and humbled to work with such great partners and look forward to continued growth.”
The safe deployment of autonomous vehicle (AV) technology could revolutionise the mobility space, though the insurance industry might not be equipped with the right knowledge and data to assess this novel risk, says Swiss Re.
Insurtech startup Peachy has raised £1.5m in a funding round in support of its app-based platform that provides quick access to private health services.
AgentSync (Denver) announced the launch of AgentSync ID, which the vendor calls a secure and dynamic online insurance producer profile that was created to transform the onboarding and compliance experience that carriers, MGAs, and agencies deliver to their agents.
Zego is pursuing a route of working with brokers who “see how the future is evolving” rather than a working “with any broker” approach, CEO Sten Saar told Insurance Age.
Vitesse and LIMOSS, supported by Lloyd’s and the Lloyd’s Market Association (LMA), are pleased to announce the signing of contracts for a new central market service, Faster Claims Payment (FCP).
Meeting the risk management needs of today’s small businesses requires just as much finesse and sophistication as carriers tend to offer to large enterprises.
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available.
Today’s property and casualty insurance programs are combatting a number of challenges.
Good processes are at the heart of maintaining customer trust. There is however a key factor holding back the speed of insurance: trust. Therefore, FRISS today announced the launch of their Trust Automation Platform.
AIG Inc’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Google Cloud and Travelers announced they are working together to create a cloud-based data ecosystem that will quickly synthesize vast amounts of information, helping Travelers’ underwriters more efficiently evaluate risks for large and middle market businesses.
WTW and software company CodeEast are to collaborate on enabling MGAs and carriers to rapidly implement a digital platform for workers’ compensation insurance.
InsurTech combines ‘insurance’ and ‘technology’; it includes technology innovations to bring savings and efficiency to the insurance industry model.
Liberty Specialty Markets, part of Liberty Mutual, and REIN chose to launch its new bundled insurance product in anticipation of the need for drone insurance in a fast-growing market, and to add value to Sony’s drone offering, a release said.
Akur8, the next-generation insurance pricing solution, and Milliman, a premier global consulting and actuarial firm, are excited to announce the global expansion of their strategic alliance.
Aviva has launched standalone insurance products covering electric vehicle charging points aimed at installers and operators.
Detroit-based InsurTech CoverTree has raised $10m in a seed funding round and launched a home insurance offering.
Insurance industry leaders RGAX, Securian Financial and Siriuspoint join existing investors HCS Capital and Westdale Properties and a Tier 1 Canadian bank to round out the $18M Series A funding for PolicyMe.
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.
Pie Insurance in Denver, Colorado, raised a $315 million Series D round of funding.
Greg Case, the Chief Executive Officer (CEO) of brokerage Aon, believes that the insurance and reinsurance industry is faced with a “generational opportunity” to make a difference.
Businesses are juggling a lot right now. First there was the COVID-19 pandemic, then global supply issues. An economic recession, labor market issues, rising inflation and other geopolitical headwinds soon followed.
MetLife announced the launch of a new dental wellness incentive. The provision rewards employees for positive oral health behavior – such as routine cleanings and exams – by increasing a member’s annual maximum and/or coinsurance percentages, and/or by reducing plan deductibles.
What word would you pick to describe the future of underwriting? If ‘adaptable’ came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent SMA survey.
Asta, the third-party managing agent at Lloyd’s, and Acrisure announced that Lloyd’s has granted “in principle” approval for the launch of Flux Syndicate 1985, which will commence underwriting on Jan. 1, 2023.
Results of New Research Reveal Differences – from Gen Z to the Silent Generation – to Help Agents and Brokers Build Trust, Connection and Credibility.
Nonprofit organizations play an important role in our communities, enriching lives, protecting vulnerable populations and environments, and providing volunteer and financial support to countless other worthy causes. Many nonprofit organizations, however, are struggling amid the ongoing effects of the COVID-19 pandemic, facing greater demand for services while also experiencing staffing challenges, increased expenses and declines in revenue.
Aon plc AON recently set up a Strategy and Technology Group (STG), which will function under the leadership of Colin Forrest. It aims to benefit property & casualty, life insurance and reinsurance clients by offering various insight and software solutions.
Many insurance companies are not well prepared for the risks ahead, according to a 2022 cybersecurity benchmarking study. In fact, 31% of insurance organizations feel they are not well prepared for the threat landscape they face today.
International insurance broker Howden, has acquired Swiss Broker, Born Consulting AG.
AIG Inc.’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Kanverse.ai, a hyperautomation platform, has joined Guidewire’s Insurtech Vanguards Program.
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform.
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
Patra, an insuretech startup, has raised $146 million from fintech-focused growth equity firm FTV Capital.
Ageas Group has selected eBaoTech’s InsureMO platform for its digital transformation as part of its strategy to explore and invest in new growth engines.
Analysts at S&P Global Ratings have opted to maintain their negative view on the global reinsurance sector, but have said there are encouraging signs that the market could finally be facing a turnaround.
American International Group Inc. said it will move ahead with plans to raise as much as $1.9 billion selling shares in its life and retirement unit.
Aon plc, the global professional services firm, has launched a Strategy and Technology Group (STG) to bring together a wide range of expertise and technology solutions — designed to help property & casualty and life re/insurance clients build resilience.
An accident occurs every 10 seconds in the U.S., and the number of severe accidents has dramatically increased due to recent changes in driver behavior. The vast majority of these accidents lead to storage and secondary tows averaging $950 per claim, or $3 billion across the industry.
South Korean digital insurance carrier Carrot General Insurance (“Carrot” or the “Company”) today announced it has secured a fresh funding of 300 billion Korean won.
Gallagher has acquired AnotherDay, a specialist crisis and risk management consultancy that helps organisations to pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology.
Lloyd’s of London (SOLYD.UL) has set aside 1.1 billion pounds ($1.26 billion) to pay claims related to the war in Ukraine, the commercial insurance market said on Thursday, as it recorded a first-half pre-tax loss of 1.8 billion pounds.
Business-to-business (B2B) SaaS insurance startup MetaMorphoSys has raised $3 million in funding led by Info Edge-backed technology fund Capital2B. Angel investors such as Pavitar Singh and Dhruv Dhanraj Bahl participated in the funding.
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.
Leading cyber risks analytics provider CyberCube is to partner with AkinovA Limited (AkinovA), an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modeling and analytics.
In a latest report, French reinsurance agency SCOR has addressed the potential challenges for the market amidst the rising concern of cyber-attacks on digital supply chains.
Howden RE and TigerRisk have announced the creation of Howden Tiger SabRE (SabRE), a new group combining their MGA operations and programme capabilities.
Digital private health insurer Ottonova has closed its Series F financing with an equity raise of €34 million. The current round is led by private equity investor Cadence Growth Capital (CGC). In addition, existing investors and a Munich-based family office are participating.
Home-security firm ADT Inc (ADT.N) has secured an investment of $1.2 billion from State Farm as part of a partnership that it hopes will encourage the insurer’s many customers to buy its smoke detection and anti-intrusion products.
Coalition, the San Francisco-based cyber management general agent, began trading in the UK on September 1 and has opened an office in London.
Accelerant, the insurtech platform empowering underwriters with superior risk exchange, advanced data analytics, and long-term capacity commitments, today announced a new $175 million sidecar vehicle, Flywheel Re. Flywheel will provide multi-year risk capital to Accelerant and its cadre of underwriting-led specialist Members.
Gallagher has invested in Novidea’s insurance broking platform to develop it for its specialty client base.
According to Krishnamurthy, insurers are acknowledging the staying power of insurtech and its valuable ability to disrupt the insurance industry. Insurtech companies are, however, typically founded to target a specific pain point for insurers – and Krishnamurthy believes that this may no longer be enough.
Praedicat, an emerging liability risk analytics firm, announces partnership with information services firm Experian to provide new company and portfolio analytics tools to underwriters of directors and officers (D&O) insurance coverage of U.S. public companies.
Italy-headquartered insurer Generali has acquired Axa’s Malaysian operations, in line with Generali strategy to strengthen its leadership position in high potential markets.
The company, co-founded and headed by Israeli Jonathan Matus, has developed AI-powered risk and pricing models that have been trained with nearly 200 billion miles of driving data and tested over five years of operations.
The company will use the funds to expand technical staff, sales and marketing, and R&D for its AI underwriting framework and private Blockchain network.
Buckle, the financial services company providing auto insurance solutions for the gig economy, and InsureScan, an upcoming auto insurance specialist, have entered into a managing general agency (MGA) agreement supporting drivers in Alabama. Under the agreement, InsureScan is underwriting non-standard auto insurance policies using Gateway Insurance, one of Buckle’s insurance carriers, as the admitted carrier.
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
Commercial motor insurer, Zego, has partnered with A-rated insurance carrier QBE. The partnership further strengthens Zego’s capability to innovate and deliver tech-enabled, behaviour-led fleet insurance products.
Financial services, such as insurance, are feeling the effects of rising inflation, labor shortages, supply chain disruptions and the sharp decline in consumer and business confidence that the UK economy is currently facing.
AXA XL has appointed Bertrand Romagne to the role of CEO for XLRE Europe.
Ecommerce platform Shopify has introduced a bundled shipping insurance offering for merchants.
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
Erie Strategic Ventures will invest in and offer commercial support to startups focused on the insurance industry and related spaces.
In January, Airbnb announced the upcoming launch of a “custom-built” guest travel insurance product offering exclusive to Airbnb guests. The product was set to be launched in the spring with a “reputable insurance carrier” as the underwriter.
On July 29, the day after the Metromile acquisition closed, Lemonade laid off 20% of the Metromile team, with the explanation: “This acquisition is synergistic, in that the combined entity is better than the sum of its parts, and can operate with fewer people than were needed to staff the two standalones.”
Toronto InsurTech startup Relay Platform has been acquired by At-Bay, a digital insurance provider based in San Francisco.
Insurtech platform Accelerant has launched a new $175 million sidecar investment vehicle, called Flywheel Re.
FairPlay, the world’s first “Fairness-as-a-Service” solution for algorithmic decision-making, today announced the launch of Input Intelligence, al bias detection product for insurance carriers.
Insurtech investments fell by 79.6% in 2021, leading to job losses and tough economic conditions for the sector in the first half of 2022 thanks to a “combination of factors,” said GlobalData’s Deals Database.
Marsh has announced the launch of a first-of-its-kind insurance and reinsurance facility that provides dedicated capacity for new and existing green and blue hydrogen energy projects.
Cover Genius, an insurtech for embedded insurance, has announced three key additions to its leadership team as demand for embedded protection continues to increase.
Allianz SE is in talks with Chinese banks to set up a majority-owned asset management venture in the world’s second-largest economy, two people with direct knowledge of the matter said, aiming to tap a $4.3 trillion market for wealth products.
Vesttoo has entered a partnership with Clear Blue Insurance Group to deploy $1 billion in reinsurance capacity to Clear Blue’s P&C lines over the next year. The capacity will be sourced from the capital markets through a variety of insurance-linked assets.
While some may look at the recent negative press and abysmal stock performance surrounding public insurtechs and assume that the insurtech threat is receding, the insurance industry’s digital transformation is inevitable.
French reinsurance major SCOR is moving its venture activities into the next phase by combining its P&C Ventures and L&H Ventures mandates into a single practice.
Insurance challenger brand, Urban Jungle, has added to its range of home insurance products with the launch of its new car insurance.
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
The economic viability of the insurance industry’s current business model has been under discussion for several years.
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
Autonomy, an electric vehicle subscription company, announced a partnership with Liberty Mutual Insurance to offer its subscribers month-to-month insurance products.
FWD Group Holdings Limited (Hong Kong), a pan-Asian life insurer, has announced the launch of omne, a new mobile app the firm describes as empowering individuals with a unique set of value propositions centered on personalized goal-based journeys.
USAA Life announced a partnership with Human API, a health data platform, to further digitize the life insurance buying process.
Ledgebrook, an insurtech MGA startup focusing on middle market E&S, has closed a $4.2M seed round led by Brand Foundry Ventures alongside American Family Ventures.
Indian insurer Digit has filed for an initial public offering, looking to raise about $440 million even as many of its local peers have deferred plans to list publicly in the South Asia nation.
Taking advantage of the rising popularity of digital assets, crypto hackers raked in record-high profits last year, a recent study from blockchain analytics company Chainalysis has found.
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.
The Hartford is launching enhanced versions of its proprietary Property Choice and General Liability Choice products to further serve the needs of its business customers across a broad range of industries and account sizes.
Cowbell Cyber has announced a partnership with Swiss Re to bring cyber insurance coverage to enterprises with up to $750 million in revenue that are building their digital footprint on Amazon Web Services (AWS).
Coalition, a cyber insurtech, received regulatory approval to acquire Munich Re Digital Partners U.S. Holding Corporation’s Digital Affect Insurance Company, a P&C insurer licensed in 50 states.
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
Mitchell, a technology and information provider for the property-casualty claims and collision repair industries, has announced that insurance company Lemonade has selected its claims workflow, automation and total loss products to support Lemonade Car, the insurer’s latest product offering.
The coverage insurance coverage protects businesses from the financial fallout of third-party content delivery network outages.
Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurers, has announced a new relationship with the National Fire Protection Association (NFPA), a Quincy, Mass.-based non-profit organization dedicated to eliminating death, injury, property, and economic loss due to fire, electrical, and related hazards.
Modern Life (New York), a tech-enabled life insurance brokerage for advisors, announced that it has exited stealth with $15M in seed funding. Thrive Capital (New York) led the funding with participation by founders of Hippo, Plaid, Reddit, Flatiron Health, Newfront, At Bay, Vouch, Cedar, and Lattice.
Kinetic Insurance, a partnership between Kinetic, a wearable device company, and Nationwide is protecting workers from potentially high-risk activities. Kinetic’s Reflex can reduce injuries by as much as 50%, according to the company.
For many businesses, obtaining or renewing cyber insurance has become expensive and arduous.
Cyber insurance and security provider, Coalition, has appointed Jim Young as its first Chief Financial Officer (CFO) after raising $250m in a Series F funding round.
Pie Insurance has parnered with Talage, Bold Penguin and Tarmika as part of the insurtech’s growth strategy.
As nations recover from the pandemic and prepare for the next decade of prosperity, insurance companies must reconsider the strategic role of risk.
Business insurance platform Mulberri has announced that it has raised a $4 million series seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners.
Hong Kong-based insurer FWD Group has announced a partnership with travel booking platform Klook, which will see it offer fully integrated accident cover via the Klook app and website.
French insurance company AXA has entered into a multi-year partnership with NASDAQ-listed IT consultancy Cognizant to support and modernise the IT operations of the insurer’s UK and Irish businesses.
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets.
As one of the global leaders in digital health management, Vitality is revolutionising preventative medicine.
At-Bay, the specialty insurance provider for the digital age, today announced the launch of its Miscellaneous Professional Liability (MPL) product, becoming the first to offer an automatically underwritten policy that customizes coverage and pricing across more than 50 diverse classes of business.
Axio, a platform for cybersecurity risk evaluation, today announced the closure of a $23 million Series B round led by Temasek’s ISTARI, with participation from investors NFP Ventures, IA Capital Group and former BP CEO Bob Dudley.
Although the accelerated pace of Covid-19-induced digital disruptions has led to seismic changes in business operations across industries, their impact is expected to be the most pronounced in the financial services and insurance domains.
Zesty.ai, a provider of property analytics powered by Artificial Intelligence (AI), and The Berkshire Hathaway Homestate Companies (BHHC) have expanded their partnership.
Swiss Re Insurance-Linked Investment Advisors Corporation is SEC-registered and offers investment management services to qualified investors.
NuVenture International has launched BluNiche, which is the incubator’s third managing general agent in the UK.
Poor claims experiences could put up to $170 billion of insurance premiums at risk in the next five years, with process inefficiencies in underwriting potentially risking another $160 billion over the same period, according to a new report from Accenture.
The H1 2022 financial results are in for AXA and CEO Thomas Buberl has credited the insurance giant with delivering “a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment.”
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally.
The specialist Lloyd’s insurance and reinsurance marketplace has received approval to establish a second protected cell company (PCC), building on the success of its London Bridge Risk PCC vehicle.
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
Aviva has signed a binding agreement with the specialist managing general agent Azur Underwriting Ltd to acquire its high-net-worth personal lines business in the UK and Ireland.
In today’s environment, marked by sky-high inflation, market volatility and overall business complexity, insurers are working tirelessly to assess and manage new levels of risk.
An increase in inflationary pressures such as the rise in gas prices, the acceleration of extreme climate events and the soaring cost of manufactured goods have caused insurance rates to rise to record levels this year.
Right from the launch of its first product in 2020, Kenyan insurtech Lami Technologies set out to increase insurance penetration in Kenya and the rest of Africa.
There were about 33 funding rounds in the insurtech sector between July 1 and July 31, 2022, according to a review by Digital Insurance.
JAROWA has successfully closed its Series A funding round, led by Eos Venture Partners, a strategic venture capital fund focused on InsurTech. The proceeds will be used to further expand JAROWA’s offering throughout Europe.
Italy’s top insurer Assicurazioni Generali said on Tuesday it would increase prices to keep up with rising costs, and maintained its financial targets after a strong life business helped it beat first-half earnings expectations.
The firm claims that Anthemis led the round, which was also supported by SoftBank Group’s SB Opportunity Fund, Banco Popular, the largest bank in Puerto Rico, Consorcio, 305 Ventures, a Miami-based venture capital firm, and first-check investor Divergent Capital.
The recent Qorus Accenture Innovation in Insurance Awards highlighted the world’s leading insurance changemakers. The winners of each category stood up against tough competition with initiatives that were not only innovative, but effective and with measurable impact.
LiveWell by Zurich, Zurich’s health and wellbeing business, announced a collaboration with sports wearable company Polar Electro. The collaboration will initially start with six countries – Brazil, Italy, Portugal, Spain, the UK & Ireland – and will expand to other countries in due course where Polar and LiveWell are present.
Insurers should continue to embrace technological change, writes Laurent Rousseau, CEO of SCOR in French newspaper Les Echos.
Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS.
Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.”
Mulberri, a pioneering insurtech and business insurance platform for modern PEOs and brokers, has announced that it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio).
Cover Genius, the insurtech for embedded insurance, announced today its acquisition of Booking Protect, the leading specialist in embedded ticket protection for ticket sellers, platforms and live event companies such as SeatGeek, Spectrix, AudienceView, and Night Out in the US, Zaiko in Japan, See Tickets, Festicket and TicketSource in the UK and OzTix in Australia.
Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad, which is expected to make Liberty Mutual the country’s largest auto insurer.
Climate change has led to more intense wildfires, flooding and hurricanes – and they’re only projected to get worse. But major insurance carriers are often hesitant to insure customers in disaster-prone areas.
Alberta Blue Cross was an early adopter of the InsurTech’s real-time parametric flight disruption solution in 2018.
Cover Genius, the insurtech for embedded insurance, announced today its acquisition of Booking Protect, the leading specialist in embedded ticket protection for ticket sellers, platforms and live event companies.
Wallife, the Italian insurtech startup that protects individuals from new risks originating from technological and scientific progress in the areas of genetics, biometrics and biohacking, today announced the close of a €12 million investment round led by United Ventures, the Italian venture capital firm specialising in digital technology investments.
Funding round for AI-based data platform led by a venture studio headed by New York-based global investment and technology development firm DE Shaw
Sabre Insurance is forecasting a challenging period for the motor insurance industry for 2022 and 2023, mainly due to the impact of claims inflation.
Understanding and defining digital innovation is key to bring about change. In the insurance industry digital transformation has become a requirement to keep up with new Insurtechs in the space.
Thai life Insurance is the first Thai insurance company and one of the largest companies in Thailand. Digital transformation and online distribution channel are currently at the top of the agenda for upcoming investments.
Surging global inflation, elevated used car prices, and ongoing supply chain constraints pushing up repair costs as well as the effects of the pandemic are all affecting motor insurance claims payouts.
Cinven private equity firm has raised more than 37 billion euros since its inception in 1977. Headquartered in London, it now operates internationally across nine locations.
Britain is likely to see around 35 billion pounds ($41.62 billion) in pensions buy-in and buy-out deals in 2022, up more than 25% from 2021.
American global insurance brokerage and risk management services acquires Australia’s National Insurance Group, extending their geographic reach.
The European electric vehicle (EV) market is experiencing unprecedented growth, with 2 million electric car sales in the first quarter of 2022, a rise of 75% compared to the same period in 2021.
European insurance tech startup Wefox has raised $400 million in a series D round of funding, giving the German company a post-money valuation of $4.5 billion. This represents a 50% increase on last year’s $3 billion valuation at its series C round.
Developed by a senior team of actuaries and data scientists at Akur8, the objective of this new paper is to familiarize practitioners with Penalized regression as an extension of established actuarial techniques, instead of considering it one among several new modeling techniques from the Machine Learning and Data Science literature. Akur8 is excited to publish this information in an effort to help expand the literature available to the actuary and insurance community on this important topic.
Chubb has announced the appointment of David Kirk as head of marine for Chubb Global Markets (CGM), the company’s London market wholesale and specialty business including its Lloyd’s platform. Kirk is currently cargo product head and deputy head of marine at CGM.
The new system, CAT-RS, solves many of insurers’ greatest challenges, by using property-level analytics to support a fast, accurate catastrophe response.
Coalition, the world’s first Active Insurance company designed to prevent digital risk before it strikes, today announced it has raised an additional $250 million to accelerate its rapid growth, power international expansion, and broaden the services Coalition offers to help organizations manage digital risk.
Embedded insurance is a growing focus area of digital distribution across the insurance industry. By making insurance available in conjunction with other products on existing online services, customers can easily add insurance protection that fits their needs and budget as part of a customer journey linked to an established need.
Mendix, a Siemens business and global leader in modern enterprise application development, today announced that Zurich, the international insurance giant, has rolled out two major new enterprise-wide solutions that streamline workflow for underwriters and transform user experience for 1.5 million customers. Both solutions were built using the Mendix low-code platform.
Since departing his role as Casper CEO in 2021, Philip Krim has spent the majority of his time investing and incubating companies via Montauk Ventures. The latest is an insurance company called Ranger, which aims to elevate the agents in the insurance industry, rather than replace them.
Chainproof has launched as the world’s first regulated smart contract insurance provider, fusing the unprotected gap between traditional insurance with decentralised finance (DeFi).
Embedded insurance, a way for carriers to sell policies to customers at the point of sale of consumer goods, is quickly evolving, with “billions of dollars of potential” in areas like auto, home, and business insurance, according to an executive with Swiss Re, the world’s largest reinsurer.
The term “digital innovation” is used a lot. Within the insurance sector, it can describe everything from the digitization of a paper-based form to the digitalization of an entire workflow. It is often used interchangeably with “digital disruption” and the transformational change brought about by new entrants like insurtechs.
Insurers and insurance providers in the U.S. continue to see a number of key trends that are reshaping the way industry professionals analyze risk.
Tech-driven insurance company YuLife will use its new capital to fundamentally change how people and businesses around the world derive value from financial products.
Lloyd’s underwriting syndicate Probitas 1492 has announced that it has started to officially underwriter cyber.
In just one year since its launch, Paris-based insurtech startup Orus has raised €5 million. The company is aiming to reinvent professional insurance for small businesses, providing a tailored service to underserved players.
While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh.
InsurTech leader’s latest acquisition adds deep industry talent and two leading MGA solutions into the Vertafore ecosystem.
According to a survey sponsored by Rackspace Technology, 51% of insurance IT executives say that a shortage of IT talent is a leading issue for businesses.
Insurtech players have different ways to accelerate growth, depending on the type of insurtech they have decided to invest.
Munich Re has a “strong appetite for nat cat” and believes they have the skills and capabilities to write it, according to a statement by Goldman Sachs, following a management meeting on June 30th.
WTW, along with the Mesoamerican Reef Fund (MAR Fund) and the InsuResilience Solutions Fund has appointed Munich Re and AXA Climate as the insurance capacity providers that will support the MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative.
Porsche Financial Services Canada is proud to introduce Porsche Insurance, the customized insurance program developed for vehicles offered by the premium sports car brand. The first of its kind for the brand in Canada, this comprehensive offering will help Porsche drivers design personalized insurance solutions tailored to their unique needs.
Liberty Specialty Markets (LSM) has appointed Parul Kaul-Green to the newly created role of chief digital strategy officer, a role that she takes up with immediate effect.
In the insurance industry, carriers are still learning to transform their business for a digital experience that benefits the customer. I worked in insurance sales, service, and underwriting for 15 years and just a few years ago moved to a position at Jerry, the car insurance comparison shopping app.
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
Insurtech startup Upcover has raised $2.7 million in a Seed funding alongside $2 million in debt as it looks to transform the small business insurance sector.
Insurtech company Konsileo has raised £4.7m in a Series A funding round, with £3.2m provided by previous investors Committed Capital.
Berlin-based digital insurance firm wefox says that it has now reached two million customers.
AXA Partners UK & Ireland has announced a new multimillion-pound extended partnership with ROCK Insurance Group, which launched in June.
Coalition, the world’s first Active Insurance company and a leading cyber insurance provider, today announced a new multi-year partnership with Allianz to back its U.S. and U.K. cyber programs.
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
Insurance and reinsurance broker firm BMS has appointed Ian Gormley as its new UK CEO.
Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Munich Re Specialty Insurance has implemented into production Bond-Pro’s Next Gen surety solution, according to the firm.
Paris-based cybersecurity insurtech Stoïk has raised €11m in a Series A round led by US investment giant Andreessen Horowitz (a16z) to roll out its hybrid insurance and cybersecurity product in European SME markets.
Joanne Butler, (Jo), Head of Product Marketing at Charles Taylor Insuretech, interviewed, with Polly Jean Harrison from The Fintech Times at the Insurtech Insights Conference 2022. Jo spoke about the launch of InHub and key trends in insuretech.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
Gigaforce, an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform, is pleased to announce the launch of a new claims intake bot, Gigabot, which moves the company’s clients significantly closer to a touchless claims experience.
Ellen Robles shares how Employee Resources Groups foster an inclusive environment and help build careers at AIG.
Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company.
Gallagher announced recently that it has acquired INNOVU Group Holding Company Limited (“INNOVU Insurance”). Terms of the transaction were not disclosed.
Insurance has always been a data-driven business, from ancient waybills recorded on papyrus under the Code of Hammurabi, to the charters of the first property insurers after the Great Fire of London.
Nationwide has partnered with Cambridge Mobile Telematics (CMT), a telematics service provider, to implement the new DriveWell Messaging platform into Nationwide’s telematics products.
The insurance industry has reached a point where many executives are also technologists, even if their title has a different designation. What’s driving this, in part, is multiple disciplines working together to further technological progress.
WTW has announced the launch of new price inflation forecasting technology for insurers. The ground-breaking tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW.
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
Laka, winner of the ‘Best Cycle Insurance Provider’ Award four years in a row has secured additional funding from Porsche Ventures, the venture capital unit of Porsche AG.
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
Tesla has begun rolling out its insurance plans in a handful of U.S. states over the past few years, as one more piece of the company’s growing ecosystem. While it’s still in its infancy, Tesla Insurance could be crucial to keeping rates low and driver safety high, as detailed by a few of the automaker’s executives in recent months.
The macroeconomic challenges of recent years have shined a spotlight on the need for insurance companies to adapt to an increasingly digitized marketplace.
Pie Insurance, an insurtech that specializes in workers’ compensation insurance for small businesses, has announced that it has expanded into Alabama and Oregon.
Established in 1863, innovation has always been part of Swiss Re’s DNA. With its 160th anniversary drawing near, Swiss Re is more relevant than ever. We interviewed Carl Christensen, Global Head of Life & Health Solutions, to learn the secret of Swiss Re’s longevity, and to explore the top trends Life & Health insurers are exploring to remain competitive in the
near to medium term.
Wefox, the German digital insurer, is in advanced discussions to raise fresh funding at a valuation of $5 billion to $6 billion, people with knowledge of the matter said.
Instanda, provider of a “no-code core insurance platform,” Monday (June 20) announced it raised $45 million in a Series B funding round that was led by Toscafund and included existing investor Dale Ventures.
Global digital asset platform Amber Group has secured insurance coverage for its wallet infrastructure from Arch Syndicate 2012 at Lloyd’s and insurtech firm OneDegree, which is supported by a multi-year reinsurance partnership with Munich Re.
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.
Nationwide and property risk insight technology company Betterview will extend their partnership, begun in 2018, for three more years. The companies will continue their collaboration on efforts to predict and prevent losses, their officials say.
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
As more insurance back-end processes become digitized, and thus more streamlined, agents can focus more heavily on providing excellent customer service and support agent-customer relationships.
