ALL LATEST NEWS

We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.

Technology

Aon reveals new forms of volatility

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.

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Technology

CMT says automatic telematics communication ‘critical’ to driving safety

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.

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Technology

Effectively optimizing data in insurance

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.

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Thought Leadership

What do insurance leaders need to be?

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.

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Strategy

Can Tesla Insurance Help Increase Driver Safety?

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.

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Interviews

Innovating for Progress: Swiss Re Delivers What’s Next in Life and Health Insurance

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.

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Funding

UK InsurTech Startup Instanda Raises $45M

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.

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Partnerships

Nationwide extends partnership with Betterview

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.

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Interviews

Driving Innovation in Property and Casualty Insurance: How Swiss Re stays at the leading edge

Established in 1863, Swiss Re is a well-established company, with a reputation for leveraging data and technology to drive innovation in the insurance industry. With its 160th anniversary drawing near, Swiss Re is more relevant than ever.

What is the secret of Swiss Re’s longevity? We interviewed Pranav Pasricha, Global Head P&C Solutions to get a flavour of an organisation that never rests on its laurels, and to explore the outlook for P&C in the near to medium term.

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Strategy

The FinTLV Israeli Insurance/Insurtech ecosystem

Israel’s insurtech ecosystem continues to grow and develop. Because insurance affects all facets of our lives, it is a multi-faceted industry that includes many nuts and bolts. Here is a complete map of the Israeli insurance / insurtech ecosystem:

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Partnerships

Munich Re, partners to assess insurance risks of new auto tech

The Munich-based Mobility Technology Center (MTC), founded to develop auto insurance products and risk management solutions, announced its plan to launch its services in June. The center is a joint venture between ERGO Digital Ventures, Munich Re, automotive smart mobility developer, In-tech, and MaLiBu, a consultancy.

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Funding

Lumera acquires Ai-London

Strategic acquisition will be instrumental for expansion to the UK and Ireland markets, while investing in Ai-London’s vision to create the world’s first AI-powered PAS and adding award-winning digital engagement to Lumera’s policy administration environment.

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Funding

Acrisure secures $725m in new funding

Acrisure, a Fintech specialist that operates a top-10 global insurance broker, has closed a $725 million in Series B-2 Preferred Equity funding at a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.

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Funding

Air Doctor raises $20 million

Medical care and travel startup Air Doctor has secured $20M in funding for scaling the company globally. This second round of investment capitalizes on the worldwide influx in travelers after the Covid-19 pandemic and will enable the company to enter its next phase of growth.

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Technology

Four Ways Embedded Insurance Will Transform the Industry in 2022

The demand for embedded financial services has been seen across the industry, with the insurance sector being no exception. Embedded insurance has the potential to remove the hassle from a purchase, create tailored products, allow the insurer total control of what they want to sell, and help close the ‘protection gap’.

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Funding

Lassie pockets €11M for pet insurance app

Any pet owner will be able to confirm it – our pets become part of our family and their health is just as important as the owners. Increasingly, people are becoming pet parents and are prepared to invest in all aspects of their pet’s care – from how they are fed, to insurance, to toys and beyond. It’s meant that a new area of innovation has sprung up – PetTech.

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Technology

McKinsey: What insurtechs need to scale successfully

Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.

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Leadership Change

CoverGo Raises $15M in Series A Funding

CoverGo, a global enterprise no-code SAAS insurance platform, secured $15 million in Series A funding led by California-based SemperVirens VC with participation from U.S. venture capital firms SixThirty, Tribeca Early Stage Partners, and Fresco Capital.

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Thought Leadership

Allianz gears up for €500mn hit to exit Russia

Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”

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Technology

What machine learning techniques can help actuaries?

Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”

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Technology

Hippo Insurance’s Grace Hanson sees the future of insurtech

Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”

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Thought Leadership

How Travelers sees digital helping middle-market

Digital Insurance spoke with Scott Higgins, executive vice president and president of middle-market and national property, business insurance field for Travelers, about trends impacting the middle market and the role of insurtechs. Travelers defines this segment as businesses with 50 to 1,000 employees.

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Partnerships

Majesco and CyberCube Partner

The partnership integrates CyberCube’s solutions and Majesco’s Policy for P&C to automate cyber risk assessments using expanded sources of data, signals and models for risk modeling, rating, and underwriting to support the growing demand for cyber (re)insurance in the market.

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Funding

Getlife wants to democratize life insurance in Europe

Meet Getlife, a Madrid-based startup that just raised $6.3 million (€6 million) in seed funding. The company wants to make it easier to access life insurance products in Europe. For instance, there’s no medical exams needed to subscribe to Getlife.

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Funding

Alan raises another $193 million for its medical one-stop shop startup

French startup Alan has raised a new €183 million funding round ($193 million at today’s exchange rate). The company sells its own health insurance products and has expanded to other medical products and services. In other words, Alan wants to build a healthcare super app and a one-stop shop for all your questions and needs when it comes to your health.

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Product Launch

Inside MassMutual Ventures’ new fund

MassMutual Ventures’ announcement on April 27 of a new $300 million fund targeting start-ups in digital health, cybersecurity, enterprise SaaS and financial technology looks to be a force for innovation in insurtech.

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Funding

Top insurtech funding rounds of April 2022

There were 25 funding rounds in the insurtech sector between April 1 and April 29, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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Product Launch

Insurtech Coalition adds excess cyber capacity

Insurtech Coalition Inc., a managing general agent specializing in cyber risk, said Wednesday it is getting additional capacity from a unit of Bermuda-based Vantage Group Holdings Ltd. to back its U.S. excess cyber program.

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Product Launch

MassMutual Ventures Launches $300M Fund for Europe, APAC

MassMutual Ventures (MMV, Boston) has announced that its Asia-Pacific (APAC) and Europe team has launched a new fund of $300 million to invest in early and growth-stage companies in digital health, financial technology, enterprise SaaS, and cybersecurity.

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Thought Leadership

Is it time for insurers to reimagine digital payments?

What makes a true digital payment experience in insurance? Although the past few years have been characterized by rapid digital payment options, the real game-changer has been the focus of market leaders to embrace the transformation of the actual payment experience – both for premium and claim payments.

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Product Launch

Tokio Marine launches CVC fund

Tokio Marine, a Tokyo-headquartered insurance corporation, said Tuesday it has launched its $42 million corporate venture capital (CVC) fund, dubbed Tokio Marine Future Fund, to invest in early-stage startups around the world.

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Partnerships

Insurtech Innovators Blink Parametric And baoba Enter Partnership

Blink Parametric, a CPP Group Company, enters partnership with baoba, a global travel insurtech with offices in the US, Canada and Hungary. baoba serves as a B2B marketplace for travel sector organisations looking to add innovative solutions for their customer base including online travel agents (OTAs), travel insurance companies and airlines.

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automation
Technology

How automation can focus insurer resources

Insurers have made significant investments in improving their data assets over time. Large-scale IT projects are replacing legacy systems, data lakes and warehouses are being built and new policy and claims administration systems have been installed. All with the promise of improved data quality and greater data availability.

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Partnerships

Unique synergies are creating added values for car insurance: Amodo & kasko2go

The innovative data science company kasko2go is joining forces with Amodo, an award-winning Insurtech company. The combination of their solutions offers insurers unique and groundbreaking technology and helps both companies reach new customer groups around the world. As a result of the partnership, both companies will be able to broaden their offerings and strengthen their mutual global presence.

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tokio-marine
Product Launch

Tokio Marine Kiln launches new IP product for SMEs

Tokio Marine Kiln has released its new Intellectual Property Abatement Insurance for US-based SMEs, where the product will be available as an add-on to TMK’s Intellectual Property (IP) Infringement Defence Policy and features limits of up to $3 million.

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Thought Leadership

Travelers, Nationwide on distracted driving

The COVID-19 pandemic has likely led to more distracted driving. April marks Distracted Driving Awareness Month and insurers have released data and studies that reveal what behaviors are leading to unsafe roadways.

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Funding

Surance.io Closes US$ 4Million Series A Round

Surance.io has recently completed a round of financing from Tech Mahindra that acquired 25% equity of the start-up with an option to invest in additional 20%. The initial investment is at the amount of US$ 4 million which will support the global expansion of the strong player in the InsurTech industry.

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Technology

Tech is improving underwriting—but not in the way you’d think

In this blog series, we’ve looked at the latest entry in the only longitudinal survey of underwriters in North America. The study, which is run in partnership with Accenture and The Institutes, provides vital context for tracking the trajectory of underwriting, which is the heart of any insurance carrier’s business.

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Product Launch

Marsh unveils property analytics tool

Insurance broker and risk advisor Marsh has announced the launch of a new property analytics product. The new product aims to help clients around the world manage their property risks by transforming a slow, manual process into a digital experience with real-time, actionable insights.

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Uncategorized

Data driven insurance companies will be frontrunners of their industry

It is no big secret that insurance companies sit on potential goldmines of data. But extracting value from that data is easier said than done, with many data transformation projects across the world failing to reap their full benefits. Pieter Stel, an associate partner at Valcon, outlines how insurers can successfully adopt a data driven model.

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Partnerships

Redkik partners with Howden Insurance Brokers and Chubb

Redkik, a global software company with the mission to simplify and improve the cargo insurance industry with technology, today announced a strategic partnership with Howden Insurance Brokers AB, a leading provider of insurance brokerage and risk consulting.

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Partnerships

LeO Partners with Vertafore

LeO will integrate with Vertafore and third-party sources, letting distributors use text and voice querying to identify business opportunities.

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Thought Leadership

5 trends influencing how consumers relate to insurers

It’s been just over two years since the World Health Organization declared COVID-19 a global pandemic. As a result, we’ve seen major shifts in how people expect to work, play, shop and take on risks. It’s become clear that many of these new expectations are here to stay with varying degrees of impact on all industries.

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Product Launch

Crypto insurer launches world-first reinsurance business

Relm, a company that provides insurance to the crypto sector and the first and only commercial insurer globally to hold Bermuda’s IIGB license, has announced the launch of Relm II, the world’s first fully regulated collateralized reinsurance business that can accept both fiat and cryptocurrencies as collateral.

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Thought Leadership

Insurtech innovation: 5 trends for 2022

Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It’s an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re.

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Thought Leadership

5 companies disrupting the InsurTech landscape in the Americas

Since forever, insurance has been a valuable option for individuals looking to protect their loved ones from potential threats. The pandemic has further reinforced the necessity of preparing for the unexpected. However, the barriers to enrolment in any insurance are several, and with many complicated coverage options, the insurance industry is looking for a makeover.

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Thought Leadership

The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and distribution platforms).

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Thought Leadership

Lloyd’s Lab reveals its eighth cohort focusing on decarbonisation and climate change

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.

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Funding

Top insurtech funding rounds, March 2022

There were about 25 funding rounds in the insurtech sector between March 1 and March 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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Partnerships

Blockchain consortia B3i, RiskStream partner for parametric insurance

Yesterday, the Institutes RiskStream Collaborative announced that it will work with B3i Services, the blockchain insurance consortium that was incorporated in 2018. Several insurers are members of both organizations, with RiskStream more U.S.-focused. Jointly they will run Labs to explore the potential for homeowner parametric insurance and reinsurance.

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Product Launch

Marsh launches ESG risk assessment tool

Global insurance broker Marsh has announced the launch of its Environmental, Social and Governance (ESG) Risk Rating, an assessment tool to measure an organisation’s ESG performance, enabling organisations to improve their ESG risks and gain access to additional insurance market capacity.

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Leadership Change

Swiss Re announces new CEO and country president

Swiss Re has appointed Ivan Gonzalez as the new CEO reinsurance China and China country president, while Katie McGrath will succeed him as the regional CEO for Swiss Re Corporate Solutions in North America, both subject to regulatory approvals.

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Funding

Flipkart founder’s Navi files for $440 million IPO

Sachin Bansal’s Navi Technologies, a fintech startup that offers customers insurance and loan products, has filed for a $440 million IPO as the 40-year-old entrepreneur who made his money by kick starting the e-commerce wave in the country once again makes a bold choice.

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Thought Leadership

Marsh McLennan exits all Russian businesses

Marsh McLennan, parent company of the world’s largest insurance broker, has announced it will exit all of its businesses in Russia, following the “unprovoked attack by the Russian government against the people of Ukraine”.

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automation
Thought Leadership

How automation is key to scaling insurance agencies

As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.

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Funding

Insurely secures €19 million in Series A Funding Round

Insurely, on its mission to digitize the insurance market with its easy-to-use solutions for open insurance, today announced the completion of a €19 million Series A funding round. The company will use the funds to scale the business into new markets in Europe.

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Partnerships

Aviva and Zego announce deal to provide fleet insurance

Aviva and Zego have today announced a multi-year partnership to provide tailored fleet policies to trades and haulage businesses. The partnership will pair Zego’s behavioural insight, data and telematics capabilities with Aviva’s experience and expertise in fleet underwriting and claims.

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Partnerships

Whatfix Partners with Duck Creek Technologies

Whatfix, the global leader in the digital adoption platforms (DAP) space, today announced a new partnership with Duck Creek Technologies, a leader in property and casualty (P&C) insurance software-as-a-service (SaaS) solutions.

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Funding

DeadHappy Raises $15m

DeadHappy, the UK’s fastest-growing life insurance provider, has raised over $15M in equity in its latest funding round, with existing VC’s Octopus and Headline reinvesting in this round alongside new shareholders Volution, Verso Capital and Channel 4 Ventures.

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Thought Leadership

4 ways technology can help carriers acquire new customers

As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.

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Thought Leadership

For Gen Z and Millennial Women, Finances Are a Balancing Act

Over the past few years, the economy has reeled from inflation, labor shortages, global conflict, and, yes, the Covid-19 pandemic. Even before the uncertainty of today’s climate, women were grappling with unique setbacks: earning lower wages, shouldering the bulk of unpaid labor, and facing more student loan debt than men.

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Leadership Change

WTW hires data science leader

WTW has announced the appointment of Pardeep Bassi as global position leader in data science for the company’s insurance consulting and technology business. In the newly created role, Bassi will lead the advancement of the unit’s data science capability globally, building on WTW’s analytics and data science software, Emblem and Radar.

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Funding

Plum Life raises $5.3 million

Plum Life Inc announced today it closed a $5.3 Million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors.

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Funding

Top insurtech funding rounds, Feb. 2022

There were 34 funding rounds in the insurtech sector between Feb. 1 and Feb. 28, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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Partnerships

Amazon Links Alexa to Telehealth Provider Teladoc

Amazon Alexa can now connect users to doctors through their Echo smart speakers thanks to a new partnership with telemedicine giant Teladoc Health. Telling the voice assistant, “Alexa, I want to talk to a doctor,” will prompt a call back on the device from a Teladoc doctor for any non-emergency consultation.

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Partnerships

CyberCube Partners With Duck Creek Technologies

Cyber risk analytics specialist CyberCube announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), a leading provider of software as a service (SaaS) insurance core systems, to streamline the underwriting of cyber insurance policies.

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Thought Leadership

Where the Insurtech Heat Is Rising

Two years into the global pandemic, it seems nearly impossible to remember what life was like before COVID. In that short time, life as we know it has changed dramatically and we are redefining what is considered “normal.”

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Funding

Nirvana Insurance launches, raises $22 million

Nirvana Insurance, a technology-driven platform that modernizes commercial fleet insurance using vast amounts of data from sensors on trucks, today announced the public launch of its services to make our roads safer and aid the imperiled truck industry.

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Acquisitions

Trōv Technology Assets Acquired by Travelers

Trōv, one of the earliest and most widely recognized insurtechs, today announced that its technology has been acquired by The Travelers Companies, Inc. (NYSE: TRV), a leading provider of property casualty insurance for auto, home and business. Most members of Trōv’s team have also joined the company. Terms of the transaction were not disclosed.

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Product Launch

Strategies for insurers to grow AI responsibly

Artificial intelligence is changing how the insurance industry operates and use cases for AI are skyrocketing. Today, AI is being used to provide customer service, assess risk profiles, to determine pricing, detect fraud and more. As technologies evolve and the industry’s use of AI becomes more mature, the opportunities for using AI in the future appear virtually limitless.

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Product Launch

Axa launches EV fleet product

AXA Commercial has announced the official launch of its electric vehicle proposition for motor fleet customers, offering a greener fleet option to businesses.

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Thought Leadership

CoreLogic Climate Change Catastrophe Report Estimates 1 in 10 U.S. Residential Properties Impacted by Natural Disasters in 2021

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change. Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage.

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Thought Leadership

Prepared Mind: The insurtech landscape and five predictions for the future

When Arthur Patterson and Jim Swartz co-founded Accel, a core principle of their approach to investing was a thesis-based method called a “Prepared Mind”. Referencing the Louis Pasteur quote “chance only favours the prepared mind”, this method remains integral to how we approach, learn about and invest in new opportunities today.

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Partnerships

Swiss Re Corporate Solutions, The Hartford partner up

Swiss Re Corporate Solutions and The Hartford have announced a strategic partnership to expand The Hartford’s network of global partners. The partnership will give The Hartford’s multinational customers broader access to insurance coverage around the world.

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Thought Leadership

How insurtech digitization, adaptability could drive change

2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.

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Partnerships

Singapore insurtech provider Cyber Sierra raises $4.3M

Cyber Sierra, a Singapore-based technology-enabled cyber insurtech provide, announced Tuesday the completion of a $4.3 million seed round of financing led by Leo Capital, with participation from AppWorks, Credit Saison, as well as angel investors including prominent founders and leaders in the cloud and insurance sectors.

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Partnerships

Boost Insurance partners with Breach Insurance

Boost Insurance (“Boost”) alongside go-to-market partner, Breach Insurance (“Breach”), an insurtech that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, the first insurance product for cryptocurrency available to retail wallet holders.

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Partnerships

Spixii and Socotra partner to enable insurers to deliver superior customer experiences and powerful core functionality

Spixii and Socotra today announced a strategic partnership to enable insurers to easily integrate best-in-class Spixii Conversational Process Automation with Socotra’s modern core platform. Combining the unique capabilities of both Socotra and Spixii into a complete and robust solution, insurers can efficiently serve their customers online through conversational experiences that seamlessly connect policyholder data to advanced core functionality.

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Acquisitions

HSBC completes acquisition of AXA Singapore

HSBC Insurance (Asia Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings (HSBC), has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of $529m, subject to closing adjustments.

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Thought Leadership

3 Asian InsurTech companies to watch out for in 2022

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.

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Thought Leadership

Charles Taylor joins the AI battle against fraud

Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial

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Funding

Insify is modernizing insurance, but this time for SMEs

Meet Insify, an insurtech startup that raised a $17 million (€15 million) Series A round led by Accel. The company wants to modernize the insurance market. Instead of focusing on the consumer market like many insurtech startups, Insify has picked a different path. It’s a pure B2B play as Insify focuses on Europe’s small and medium companies.

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AI

Clara, Nationwide team up to provide AI in comp

Clara Analytics Inc. on Wednesday announced it will partner with Nationwide Mutual Insurance Co. to provide artificial intelligence technology in the commercial insurance industry for a new program aimed at improving workers compensation claims operations.

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Funding

The attention economy: How insurers can stay visible in a crowded field

A customer’s attention has been a rare commodity since long before the term “attention economy” entered the business lexicon. Wherever consumers are online, providers from all sectors are competing to get noticed. Staying visible is the name of the game, but it is becoming increasingly difficult as digitalization advances and delivers an ongoing clamor from companies in every conceivable industry vying for customers’ limited attention.

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Thought Leadership

CEO on the microeconomics of insurance

These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.

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Product Launch

Launch of Beazley’s digital division, aiming to transform broker access

Beazley announced that its global digital commerce division, Beazley Digital, is up and running. New hub brings together underwriting, claims, technology and operations experts into a cross-functional team, to provide seamless digital access and services to a range of high-volume, low-premium products for its partners global brokerage.

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Funding

ICEYE Raises USD 136M in Series D Funding Round

The financing will further accelerate the continued expansion of the world’s largest synthetic aperture radar (SAR) satellite constellation, and the growth of ICEYE’s Natural Catastrophe (NatCat) Insights and Solutions offering.

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Partnerships

TrueNorth Partners With CyberCube

U.S. based professional services and insurance brokerage firm TrueNorth Companies is set to roll out CyberCube’s Broking Manager, the cyber risks analytics platform for insurance intermediaries.

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Partnerships

Rewire partners with Qover and AIG

Rewire, the fintech startup offering international money transfer services to migrants working abroad, has partnered with Qover and AIG to introduce a new insurance coverage for users.

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Thought Leadership

Three lessons learned from mentoring insurtech founders

In 2020, American Family Insurance launched an innovative partnership with the Creative Destruction Lab (CDL) and the University of Wisconsin-Madison that provides support and mentorship to start-up founders in their companies’ early stages.

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Funding

Revolut enters insurtech – launches Pet Insurance

Revolut, the financial superapp with almost 4 million UK customers, today announced the launch of Pet Insurance. The stand-alone product reinforces Revolut’s existing insurance offering including travel insurance, purchase protection and ticket- and missed event cover. Pet insurance is Revolut’s entrance into insurtech, and is the company’s first of many future standalone insurtech products.

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Funding

Tint Raises a $25M Series A Round

Tint, the platform that empowers companies to protect their end-users through unique embedded insurance products, today announced that it raised $25M in Series A funding.

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Partnerships

Luko Strengthens Its Pricing Process with Akur8

Luko and Akur8 have announced a collaboration to strengthen Luko’s pricing process. By forging this alliance with the first French neo-insurance company, Akur8 affirms its solid position in its domestic market and consolidates its position within the insurtech ecosystem in France and internationally.

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Funding

Top insurtech funding rounds, January 2022

There were 41 funding rounds in the insurtech sector between Jan. 1 and Jan. 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. For our previous edition, which covered the month of December, click here. These updates will continue monthly.

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Product Launch

Resilience launches captive reinsurer

Cyber insurance and security solutions provider Resilience has launched a captive reinsurance company. The captive will allow the agent to retain a share in the risks it underwrites, fuelling additional growth and “demonstrating its long-term commitment to underwriting a profitable and sustainable book on a global scale”, it said.

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Technology

How to perfect the science behind driving rates

Insurance companies are on a constant quest to price risk better using data scientists, actuaries and decades of loss history. Over the years, they have sought (and found) better proxies for driving risk, having started with age before moving on to zip codes, occupation and credit scores.

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Partnerships

The bright future for digital claims

Insurance organizations have transformed the claims process rapidly in the past few years. The first-notice phone calls, adjuster visits and carbon-paper trail is now just one of many paths customers can take through their claims.

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Funding

Ascend Raises $30M Series A and Secures $250M Lending Commitment To Boost Modern Insurance Payment Offerings

Ascend, the first modern insurance payments platform, today announced that they have raised a $30M Series A in equity funding, bringing the total funding raised to $39M along with a $250M lending commitment to finance insurance premium loans through its platform facilitated by Hudson Structured Capital Management Ltd. – doing its re/insurance business as HSCM Bermuda – an investment adviser that specializes in re/insurance, insurtech, and transportation investments.

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