We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Playa Vista-based iLife Technologies Inc., a software platform that gives insurance agents and brokers the ability to quickly create their own digital insurance agencies, has received $4 million in seed funding.
P&C and life insurer Farmers Insurance announced it has integrated Zesty.ai ‘s wildfire risk scoring model (Z-FIRE™) into its homeowners insurance underwriting processes – selectively expanding opportunities for coverage for residences located in certain wildfire-risk areas.
Insurance broker Aon’s $30 billion bid for Willis Towers Watson, the biggest ever in the sector, is expected to get the EU antitrust green light later this month or in early July, people familiar with the matter said.
SOMPO Holdings, one of Japan’s largest insurers, is investing an additional $45 million in One Concern, Inc., an AI startup focused on building the global resilience market. The money is part of an expanded partnership between the two companies.
The collaboration will enable a personalized, simplified and connected “digital front door” for Humana Employer Group and Specialty members.
This year, insurtech funding rounds are breaking the pandemic gloom by helping to insert these businesses ”successfully into the insurance value chain”, according to data and analytics company GlobalData.
AXA France has today announced a settlement offer of €300 million, gross of tax and before reinsurance, to 15,000 restaurant owners who hold non-damage business interruption (BI) policies.
Vitality has today announced it has partnered with Samsung UK to integrate Samsung Health into the Vitality Programme, providing members with more ways to track their activity and improve their health.
USAA is acquiring the insurtech Noblr and will use the company’s usage-based insurance platform for a new offering.
Insurtech Qlaims has announced a new CEO – but it isn’t saying goodbye to her predecessor.
Global market research and consulting company Frost and Sullivan rewarded Amodo with a European User-based Insurance Industry Excellence in Best Practices award.
Digital experiences that will not only be efficient and resilient, but they will pay for themselves through improved customer and agent engagement and far greater profitability due to smarter risk selection and greater portfolio management.
Chubb, the world’s largest publicly traded property and casualty insurer, has announced the development of its “Pay As You Roam” (PAYR) travel insurance proposition.
While most insurers offered financial relief for customers, a more limited number of insurers launched financial assistance specifically for agents and partners.
This week we spoke with Silvi Wompa Sinclair, group head of portfolio underwriting at Swiss Re Institute, on modern approaches to data, cultural shifts in reinsurance and how incumbent reinsurers can forge effective partnerships with fresh players in the space.
The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely to continue as failures increase, Swiss Re AG said on Tuesday.
Branch Insurance, the all-digital home and auto insurer that moved to Columbus last year, has raised $50 million in venture capital.
In today’s webinar, we explored approaches to modernising underwriting, AI and machine learning solutions and how to embed data-driven solutions into the heart of insurance workflows.
Cyber insurance seems smart but risks increasing criminal behaviour and may be an unsustainable business model.
Usage-based insurance (UBI) has finally come of age in the US insurance sector. Insurers have spent the last 20 years exploring the potential of telematics with alternating curiosity, commitment, and disillusionment.
Embroker, a digital broker focused on business insurance, aims to become a full-stack insurance carrier – an expansion of its strategy enabled by $100 million in new venture capital financing.
Insurtech providers Wilbur and BAIS are collaborating to provide improved claims solutions to the global insurance industry
Global re/insurer Chubb has appointed Mark Hammond to the additional role of Deputy Chief Financial Officer, a newly created position.
Insurance Technology Innovations are changing the face of insurance business and making it more dynamic. With the advent of latest technologies, insurers are now not far behind in providing better services and solutions to their clients.
Insurance Technology Innovations are changing the face of insurance business and making it more dynamic. With the advent of latest technologies, insurers are now not far behind in providing better services and solutions to their clients.
Aon’s specialised cargo insurance product that uses the Internet of Things (IoT) to provide supply chain cover for transporting the Covid-19 vaccine globally is a “game changer” for this line of business, according to data and analytics firm GlobalData.
Insurtech start-up Certificial has completed an oversubscribed $5.8mn Series A funding round with investors including IA Capital, Nationwide, Cofounders Capital, Fin VC and Cameron Ventures.
The insurtech companies featured on the 2021 Forbes Fintech 50 are innovating in a space that has long been associated with antiquated processes and practices—and lots of paper.
With the proliferation of microservices and APIs, will UIs go modular too? Some technologists note a rising trend around smaller, intent-based customer experiences that more directly mirror API endpoints.
International insurance broker Howden has announced the launch of Parhelion, which Howden calls “the world’s first fully sustainable insurer.” Parhelion is targeting a capital raise of $500 million.
Eva Huston had an unconventional start in the insurance industry. She originally planned to use her B.S. in Foreign Service from Georgetown University to “become a diplomat and save the world,” but life had other plans for her.
Insurance broker Aon said it will sell some assets to private equity firm Aquiline Capital Partners and tech firm Alight for $1.4 billion, in a bid to get U.S. Department of Justice approval for its merger with Willis Towers Watson.
Canopius Group has launched its algorithmic underwriting platform, Vave, as an managing general agent.
ELEMENT, the Berlin-based white-label provider of digital insurance solutions, has raised €16 million (US$19.5 million), in additional investment from existing and new investors.
Global insurer Zurich has appointed Neeren Chauhan as Head of Strategy, Innovation & Business Development for Zurich North America.
Baloise Group has launched ‘BaloiseFleet Motor Vehicle’, a new insurance solution that offers companies a wide range of elective options for enhanced protection for their company vehicles.
There will soon be a new man at the helm of Gallagher’s reinsurance business, Gallagher Re.
Odie Pet Insurance, a New York-based tech-enabled pet health insurance company, raised $3M in funding.
There has been a raft of US insurtechs recently going public, leading to speculation that European insurtechs might follow suit.
Data has always been of high importance to insurance companies when undertaking multiple basic functions. With digital transformation taking over, insurance technology is in the spotlight as a growth concept in the sector.
Aviva plc and Darwin Innovation Group are pleased to announce that they are entering into a five-year strategic partnership, beginning with collaboration on an exciting autonomous vehicle trial.
Trellis Technologies, Inc., a U.S.-based insurtech platform, announced on Thursday it secured $10 million through its Series A funding round, which was led by QED Investors with participation from NYCA Partners and General Catalyst.
A company which uses data and machine learning to detect fraud and increase access to insurance has received £8m of investment from venture capitalists and private investors.
In a recent development, the insurtech startup, Qumata, announced that it has raised $10M (nearly €8.2M) in its Series A round of funding.
Allianz-owned Euler Hermes has appointed Sarah Murrow as CEO of its UK and Ireland business, with effect from 1 June.
Anorak, a fully automated life insurance advice platform, has raised around €5.8 million on its journey to become the most innovative life insurance technology company in Europe.
Former AXA XL Executive Jonathan Beck and Underwriter Richard Spurrier are set to launch a new Specialty Insurance Cell focused on land-based and maritime Kidnap and Ransom, Fine Art, Jewellery and Classic Car risks.
Global insurance brokerage Willis Towers Watson (WTW) has launched Igloo Cloud, a new cloud-based solution that offers “game-changing performance” – with virtually unlimited and flexible computing resources, scalability, and reduced operating costs.
Allstate has agreed to acquire Ohio-based SafeAuto, which offers car insurance that meets the minimum legal requirements in 28 states.
The obvious answer to this question is, of course, Yes! Technology is always changing industries—always innovating, building, adapting, evolving. In this regard, the insurance industry is no different than any other.
Following the launch of Nayya’s Use product, the funding will scale team growth and product innovation, helping American workers optimize their health and insurance benefits to save more money throughout the year
Insurtech and cloud-based platform provider Novidea has secured $30m in series B financing to support its accelerated growth.
Marsh McLennan has named Nick Studer as the new President and Chief Executive Officer (CEO) of international management consulting firm, Oliver Wyman Group, effective July 1st, 2021.
In today’s digital economy, customers expect better and personalized products, round-the-clock services, and frictionless online and offline experiences. Given ever-mounting customer expectations, how can enterprises attract and retain their customers?
As per the data from the Pet Food Manufacturers’ Association, during the pandemic crisis – in the UK alone – around 3.2 million households have bought a pet, taking the country’s total number of pets to more than 34 million. This pandemic pet boom has also impacted the pet insurance sector just like boom in sale for retailers like Pets at Home.
Based out of London, Penfold is a digital pension platform managed fully on your mobile phone. Recently, the company has secured £6 million in funding, £3 million of which was from a crowdfunding campaign. The funding round was led by Bridford Investments Limited.
German startup Wefox has raised a $650 million Series C funding round led by Target Global. Following this funding round, the company has reached a post-money valuation of $3 billion. Wefox is a digital insurer focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance.
Stephen Brittain is late for a board meeting. For the first time in months, the co-founder and director at UK-based insurance technology incubator Insurtech Gateway and his team are back in the office. As a result, he’s finding himself stretched for time.
Spectrum Labs, which provides technology to consumer internet brands to help identify toxic behavior online, is partnering with Munich Re to offer a performance guarantee for Spectrum’s AI-Based Trust & Safety system.
Mike Karmilowicz of Everest Insurance shares details about his company culture, the threat of cyber and how technology will impact the insurance industry going forward.
Companies now have the opportunity to provide personalized, on-demand products to protect clients — without over-insuring them with unneeded policies.
Insurance brokers and their customers live in a digital world where almost everything can be achieved online, whether it’s buying tailored computers, getting real-time assessment of current computer specifi-cations, leveraging expert advice or obtaining consumer recommendations. The consumer chooses the channel and can swap seamlessly between them throughout the life cycle.
Insurance is infamous for having one of the highest customer acquisition costs of any industry.
London-based insurer Aviva has appointed Adam Winslow as Chief Executive Officer, UK & Ireland General Insurance.
How insurers create value for their customers has changed rapidly over the past year, which means that the fundamentals of how an insurance carrier generates revenue has changed. If you want to gain an advantage as an insurer, now is the time to listen to the changing market and innovate accordingly.
The insurance market is facing changes in risk, regulation and customer expectation – data will be its ally.
The insurer says CAPE’s geospatial analytics integration will deliver risk assessment and mitigation insights at faster speeds and with greater accuracy.
In our latest webinar, we discussed how to engender loyalty among your customers and give them an experience that turns them into great proponents of your company.
Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, today announced it has secured extensions to its recent Series C funding, led by venture capital firms FinTLV and Aquiline Technology Growth (ATG).
Insurtech is picking up steam in a big way, but startup Parametrix thinks there is still plenty of room left to innovate. The company, which today announced the close of a $17.5 million funding round, offers insurance policies for companies that rely on third-party cloud providers, e-commerce services, payment gateways and CRM systems.
GEICO, the second-largest auto insurer in the US, is partnering with Tractable to accelerate its auto claim and repair process.
There’s breaking news and then there’s “breaking” news and the announcement that Colm Holmes, currently CEO of Aviva General Insurance, will be taking over from Jon Dye as CEO of Allianz Holdings is firmly in the latter bracket.
People are wired to gravitate toward ease of use, and fully connected partner ecosystems are a way insurers can deliver it.
Evertas, a cryptoasset insurance company, said it has raised nearly $5.8 million in seed funding, which it will use to accelerate product development, increase its insurance capacity and build out its infrastructure.
Visual Intelligence technology and advanced computer vision algorithms let insurers identify causes of property claims at an earlier stage, reducing resources and time spent.
Insurance agency technology firm Vertafore has released a product it says puts the power of data and analytics into the hands of independent agencies.
More than a year after the start of the COVID-19 pandemic, we’re also seeing big shifts in consumers’ expectations for health and life insurance. This has generated significant innovation from insurers.
Even the most vigilant insurers and reinsurers scanning the risk landscape for potential future liability problems are likely to fall into landmines.
Though still in its infancy in insurance, blockchain is poised to transform the industry.
Breach, a Boston-based insurtech start-up that provides insurance technology and products for the cryptocurrency market, has raised $2.5 million in seed funding in an oversubscribed funding round.
Mile Auto, a telematics-driven auto insurance MGA, is armed with $10.3 million in new funding. The Atlanta-based InsurTech plans to partner with Ford Motor Company and expand efforts to target customers who don’t drive that much.
Arch Capital Group has appointed Christine Todd to the role of Chief Investment Officer, effective June 7.
Bold Penguin announces the expansion of its partnership with LeavittLink, a digital agency of Leavitt Group focused on small business insurance. The partnership, which started in 2019, will allow LeavittLink to receive and quote small business prospects in the Bold Penguin Exchange.
Available through an entirely online application, Haven Disability offers financial protection for the 51 million American workers who don’t have disability insurance.
Aviva Singlife, the merged entity between Singlife and Aviva Singapore, has appointed Pearlyn Phau as executive director and group CEO on May 24.
This week, we spoke with Andy Tomlinson, COO of Cuvva, on how customers are losing out in the current motor insurance equation, and how the industry can adapt to more discerning customer expectations.
Health insurance is critical in nature, but a couple of years ago, it was more of a fringe benefit provided by startups (and other small enterprises) and not a key trigger for recruiting and retention.
Chubb Benchmarq Package helps to fill a gap in the lower middle market; provides agents and brokers the ability to scale and tailor coverage offerings to create a fully customized package policy.
Aon UK Chief Executive Julie Page has underlined the need for re/insurers to embrace and enable the disruptiveness of insurtech innovation, especially as the world attempts to recover from COVID-19.
Collecting more data from small and medium-sized enterprises should improve the prices and terms their insurers offer them, according to panelists on an S&P Global Market Intelligence webinar.
Waffle, a New York based insurtech start-up, has raised $5 million in a seed funding round led by Verve Ventures, with participation from BetterLabs Ventures and Techstars.
AI enables insurance providers to offer insurance to a wider range of people and can help create new products for agents to sell.
Minneapolis-based insurtech Bright Health Group is officially going public after announcing it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission.
Today, mobility data and analytics company Arity launches Arity IQ, a game changing innovation that enables insurers to offer consumers the most accurate price by leveraging driving behavior data at new business.
Infrastructure-as-a-Service Leader Unlocks a $700 Billion P&C Insurance Market Opportunity for Companies Across Industries.
AI, blockchain, analytics, BI, automation & emerging technologies will fundamentally change how risk is assessed, how products are developed & how customers interact with insurers.
Super, an insurtech company that provides subscription care for the home, today announced the closing of $50 million in an oversubscribed Series C round of funding.
In this week’s webinar, we discussed what the future of mobility looks like – from claims prevention to data analytics and long term trends from the pandemic.
Jerry, a mobile-first car ownership app and car insurance comparison system, has raised more than $57 million in funding, including a new $28 million Series B round led by Goodwater Capital.
As the industry continues a new digital awakening and adapts to market changes, new customer expectations, and global demands, those insurers willing to adopt a different mindset and leverage the latest technology to accelerate growth will accelerate their growth and position themselves in a new era of market leaders.
Digital transformation in insurance is a complex and challenging undertaking. But most problematic of all – the process is often extremely slow and siloed.
More consumers are seeking life insurance today than in any time in decades. According to a LIMRA study, there are 60 million un- and under-insured households in the United States, representing a $12 trillion coverage gap and an enormous opportunity for the industry. But if insurers want to reach this underserved market, they need to up their games by providing consumers with personalized products offered through convenient digital channels.
Berkshire Hathaway Inc said on Monday it has taken a $943 million stake in insurance brokerage Aon Plc and sold large portions of its investments in Chevron Corp and Wells Fargo & Co.
Leading insurtechs to provide consumers with increased convenience, flexibility and additional discounts with an auto and homeowners insurance bundle.
With the threat of cyber attacks looming larger than ever in the minds of business leaders, we investigate the current state of cybersecurity insurance.
Relationships between carriers and brokers are the foundation of the insurance industry. Here’s how to strengthen your partnerships.
Zurich’s Property & Casualty (P&C) gross written premiums (GWP) jumped 9% to $US11.03 billion ($14.17 billion) in the first quarter, driven by further improvement in pricing and strong growth in commercial insurance.
This week we spoke with Janthana Kaenprakhamroy, CEO of Tapoly, about insuring the gig economy, founding an all-digital MGA and the future of platforms in insurance.
The weekly SPAC/IPO Tracker shows that through the middle of the month, year-to-date banking related listings stood at 25, trailed by a baker’s dozen of payment firms coming to market.
Insurance companies, generally risk-averse, are not used to seeing failure — something they need to get used to when they work with insurtechs that are trying to create a better system for them, says one insurtech leader.
Ping An Insurance recently revealed that it has completed the initial close of Ping An Voyager Partners, LP, which is a growth stage venture fund. Approximately $200 million in commitments have now been made toward the planned $475 million target.
Traditional insurers have never faced as much competition for their customers’ attention as they do now.
Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company, wholly owned by Hippo Enterprises Inc., today announced the appointment of Torben Ostergaard as its new president and chief executive officer.
Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced Capital One marketing veteran Troy Dye will join the company in the new role of Senior Vice President, Growth on May 24, 2021. He will oversee a fast-growing team of growth, acquisition, brand and marketing professionals as a member of the leadership team.
A new report by insurance and reinsurance marketplace Lloyd’s of London has explored the potential benefits of human capital insurance solutions for workforce management in the wake of the pandemic and future systemic risks.
“The insurance industry needs to embed itself within an ecosystem of disruptors and technology to compete in a digitised financial services landscape” – This week, we discussed the future of insurance partnerships with Stefano Bison, Generali Group Head of Business Development and Partnerships.
VisibleRisk, a joint venture between Moody’s Investors Service and VC firm Team8, today announced that it raised $25 million for its cyber risk evaluation platform. The proceeds — which come as VisibleRisk launches a new risk assessment service, Cyber Rating — will be used to expand the company’s workforce well into this year.
Despite the huge economic impact of the COVID-19 pandemic, the global insurance industry was relatively unharmed, compared to other industries, such as travel and hospitality.
The insurance industry is rich with data. Having the right information at the right time is critical for making important underwriting decisions, but all too often an underwriter can’t access the data that would be most helpful. A carrier’s data goes uncaptured, can be difficult to transform and store, or is inaccessible.
Like many industries, insurers made fast and dramatic changes in response to COVID-19 to keep operations running smoothly and customers supported. With vaccinations hinting at a return to “normal,” it’s a perfect time to do a data-driven post-mortem on how insurers responded to the pandemic. What actions were taken, what were the lessons learned and what do they mean for the future?
Arthur J. Gallagher’s (Gallagher) agreement to acquire the majority of reinsurance broker Willis Re will take the company’s data and analytics capabilities to new heights, according to J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer (CEO).
The term “digital platform” is just as ambiguous within insurance as the term “digital strategy.” A wide range of solutions all market themselves as digital platforms, from development platforms and low-code/no-code toolsets to pre-built portals and even hubs and intermediaries.
AXA XL, the property & casualty and specialty risk division of AXA, has appointed five senior underwriters to its Canadian Casualty, Professional and Property groups.
Life insurance is a unique product — even when compared to other consumer financial services.
For starters, a life insurance product, at its core, is all about managing mortality risk, which has a wide range of contributing factors and can take decades to emerge.
Planck has attracted $20 million in additional venture capital cash. The InsurTech startup – centered around an AI-based data platform for commercial insurance – plans to use the investment to expand into Europe, the U.K. and the Asia/Pacific region, and to build out its U.S. team.
In our latest webinar we discuss the threat of ransomware and cyber-extortion, how to engage SMEs in cybersecurity insurance and integrating cybersecurity into insurance verticals.
Yuanbao raised nearly 1 billion yuan ($144.9 million) in a Series C funding round that was led by Source Code Capital and included Cathay Capital and Hike Capital, per Deal Street Asia.
Aon plc and Willis Towers Watson have agreed to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co.
Global reinsurer SCOR is partnering with digital life and health underwriting specialist HealthyHealth to help provide customers with instant underwriting decisions via new data-driven solutions.
Capgemini and Efma’s World Insurance Report 2021 finds that insurers need to rethink their distribution models to offer uninterrupted service, superior customer experience (CX), and maximum value, as the industry’s business dynamics continues to evolve.
Digital innovation is taking Asia’s insurtech sector by storm. When looking at the current climate, it remains clear that insurtech is well set to surpass the region’s fintech wave, and with the timely addition of AI technology and increased digital adoption, the experience customers have with insurance is taking on an incredible new form.
Acko General Insurance Ltd. is weighing a new funding round that could value the Indian online insurer at more than $1 billion, according to people familiar with matter.
When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies.
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has raised $63.9 million in a Series C funding round, according to Crunchbase News.
Ethos, the InsurTech leader that is transforming the life insurance space, today announced it has raised a $200M Series D investment round, boosting its valuation to $2B in just a few years since launch.
Propelled by the impact of COVID-19 on driving behaviour, the growth in consumer demand for personalised automotive insurance was particularly strong: 70 percent expressed an interest in pay-as-you-drive insurance where the less you drive, the less you pay. That compares with 52 percent two years ago.
Anish Jadav has been appointed Chief Underwriting Officer for AXA XL P&C in the UK, life insurtech Ethos Technologies Inc. has a more than $2bn (£1.4bn) valuation after a $200m funding round, and home insurtech Kin has raised $63.9m in Series C funding.
Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success.
AXA XL has appointed Anish Jadav as chief underwriting officer (CUO) for retail, property and casualty (P&C), UK and the Lloyd’s market.
In April, Willis Towers Watson announced the launch of Radar Workbench, a new software product enabling frontline underwriters to make better decisions at pace and, more recently, Chubb engaged the services of WTW’s insurance consulting and technology business for advanced pricing delivery software. All in all, it’s been a busy time for Dave Ovenden (pictured), global head of product, pricing, claims and underwriting consultancy at Willis Towers Watson, and his team.
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
AIG is full speed ahead with IPO plans for part of its Life & Retirement division and hopes to pull the trigger by the end of 2021, President and CEO Peter Zaffino said.
COVID-19 has forced consumers and businesses to embrace virtual, contactless transaction modes to minimise infection risks. This trend has accelerated the digitalisation of processes, many of which leverage machine learning (ML) and artificial intelligence (AI).
Jérémy Jawish discusses the company’s expanding product set, its focus on R&D and its vision to become an exemplary AI-focused insurance vertical software vendor.
The partnership will enhance the company’s U.S. product development and growth in custom-built products and services for partners
Global insurer Zurich has promoted Hayley Robinson to the role of Group Chief Underwriting Officer (CUO), reporting to Sierra Signorelli, who was recently named Chief Executive Officer (CEO) for Commercial Insurance.
Paris-based Shift Technology is a startup that provides AI-based fraud detection for the insurance industry. In a recent development, the SaaS provider announced that it has raised $220M (approx €182.58M) in its Series D round of funding.
The reinsurance industry is missing out on the benefits of digital transformation while the rest of the insurance industry surges ahead with modernisation, according to new research published by Supercede, the fast-growth global reinsurance placement platform.
AXA Partners has entered a new deal with mobile phone and gadget insurance provider Insurance2go – this supports the company’s growth plans within its existing brands and markets.
Global reinsurer SCOR has announced a new strategic partnership that will provide its clients with access to an end-to-end claims management platform, digital payments platform, motor virtual appraisal offering, and set of third-party integrations.
We spoke with Ben Smyth, co-founder and CEO of ethical contents insurer Arma Karma. We discussed engaging young customers, building bespoke products and taking on social responsibility in insurance.
Digital insurance platform will be the first to accept insurance premiums and pay insured claims in cryptocurrency.
In our latest webinar we discuss record breaking Insurtech funding, the most promising Insurtech territories, and how to win over venture capital with amazing teams.
In today’s APAC webinar, we were joined by industry leaders to discuss what the future of distribution might look like in a post-pandemic landscape.
Digital life insurer Singapore Life (Singlife) Philippines on Thursday said it is gearing to roll out at least two new offerings, which could come as early as September.
In a counterintuitive twist, technology can go a long way toward humanizing the life insurance industry.
Aviva has joined forces with Ripe’s Cycleplan brand to offer customers specialist cycle insurance.
Africa has one of the lowest insurance penetrations in the world. A 2018 study by McKinsey revealed that penetration stands at about 3%. This is significantly lower than the global average of 7.23%.
Christiaan Erasmus explains how SLVRCLD are improving lives with automated and digitised P&C claims processes. What trends within the industry are we currently seeing, and what will the future hold?
An undisputed fact is that in the period from March, 2020 to present, business processes in almost every
industry changed significantly. Whenever a business process changes, so do the associated risks.
Sprout.ai, the insurtech that enables insurance claims to be settled within just 24 hours, today announced that it has raised £8m/$11m in Series A funding.
Motus is excited to announce a strategic distribution partnership with the HUB International Real Estate group lead by Jonathan Naranjo and Kevin Eggleston. Motus has built an expanded offering of its earthquake program exclusively for HUB’s CCCASA members and its high-rise luxury condo portfolio.
Ernie Bray is passionate about technology – he understands why there is so much potential behind AI, machine learning and video estimating. But, he cautions, there is a time and a place for tech. The touchless utopia some in the industry are wishing for has downsides, too.
Anyone who tried to work and collaborate remotely in the last year will have noticed that most solutions have drawbacks. Screensharing can be unsafe, connecting to legacy systems can be difficult. For Nicholas Piel, CEO at Surfly, the new way of working was a huge opportunity.
To help employers address the mental health issues of their workforce, Zurich Resilience Solutions – part of the Zurich Insurance Group – has launched a new digital tool.
Broker Aon announced today the launch of a shareholder class action exposure modelling service, responding to clients’ need for support to manage the challenging directors’ and officers’ (D&O) insurance market.
Today we see Allianz announce that it will phase out insurance for coal-based business by 2040, Direct Insurance and other affiliates integrated into the new Aventum Group, and Canadian insurtech APOLLO has secured coverholder status with Lloyd’s of London.
Digital disruption stems from initiatives in younger insurance markets, such as the fast-growing pet insurance sector, and we are now seeing traditional insurance sectors successfully adopting a digital mindset in areas such as claims management.
Data entry can be inconvenient, forcing staff to take time off their core work. For the health sector such inconvenience is costly, especially when personnel has to process voluminous insurance claims paperwork.
Travel insurtech battleface is looking to disrupt an industry that has already been upended by the pandemic, putting customer choice at the heart of the travel insurance equation.
Though the insurance industry can be slow to adopt new technologies, with the past year bringing new challenges to businesses, the rest of 2021 is insurtech’s time to shine.
Hippo, an insurtech that provides home insurance in 34 states, has announced a series of major additions to its technology organization, including the company’s first CIO and CISO.
Waterdrop, the online insurance and medical crowdfunding platform backed by Tencent, has started marketing its initial public offering (IPO) of up to US$360 million on the New York Stock Exchange.
Spending on artificial intelligence (AI) platforms in insurance will grow by almost a quarter every year out to 2024 as the industry exhibits a general willingness to innovate, analytics firm GlobalData predicts.
Berkshire Hathaway CEO Warren Buffett has a message about the insurability of Elon Musk’s future SpaceX missions. “It would depend on the premium,” the Oracle of Omaha joked Saturday during Berkshire’s annual shareholders’ meeting, live streamed on Yahoo Finance.
Marc Rowan steers firm toward future as credit-investing titan catering largely to insurers with ample cash to park
In the late 1980’s the car company Oldsmobile produced a television ad in which it touted its new models were, “Not your father’s Oldsmobile.” The idea behind the campaign was to show that the brand was evolving with the times and moving forward.
Europe is home to more than 700 million people versus 350 million in the US, making the European market, in terms of potential size, big. The big markets are Germany, the UK, Italy and France, which represent the far majority of the European premiums and are therefore a preferred base for many InsurTechs.
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
Electric vehicle manufacturer Rivian is following Tesla and General Motors’ leads, by launching its own in-house auto coverage – and Nationwide Insurance is serving as one of the company’s underwriters.
This morning we see more funding rounds, major insurers partner to insure global vaccine rollout, and the LMA has announced their new Legal Director.
Apollo Insurance Solutions Ltd. (“APOLLO Insurance”) (TSXV: APLO Reserved), Canada’s leading online insurance provider, announced that it has secured coverholder status with Lloyd’s of London.
Trend-led brands will help establish the ‘winning insurance brokers for the next decade’
The life insurance industry has experienced a period of significant change over the last few years, unparalleled in recent memory.
The new products are designed to support the growing trend of self-directed, shop-from-home, insurance buying experiences possible because of emerging technology and robo-advice tools.
Layr is delighted to announce a new partnership with Brown & Brown Insurance Brokers of Sacramento and the Placer County Contractors Association and Builders Exchange (PCCA).
Chubb and Marsh today announced a collaboration with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (Gavi), that has secured insurance coverage for a Program that will offer eligible individuals in 92 lower-income countries and economies a fast, fair and transparent process to receive compensation for rare but serious adverse events associated with vaccines distributed through COVAX up to June 30, 2022.
Allianz has committed to clean oceans and coasts, biodiversity conservation and sustainable fishing practices by partnering with the international marine conservation organization Sea Shepherd Global.
Insurtech Concirrus has entered into an agreement with risk management MGA, Cargocorp Underwriters to help digitalise their cargo insurance business in Latin and North America.
COVID-19 has severely impacted how UK consumers go about their daily lives, and this has serious implications for the risks they face and how they buy insurance.
In the last few hours, WTW released data on last quarter’s record-breaking funding, and other moves and updates in the world of insurtech.
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures.
By Matt Kenyon This morning we were joined by David Varley, Chief High Net Worth Officer at Sun Life, Dale Hansen, CEO at Austbrokers Coast
This morning Wunderite, a Boston-based software startup, announced that it has raised $3 million in an early-stage round led by Spark Capital.
Hub International Limited (HUB), a leading full-service global insurance broker, announced the rollout of a robust digital platform for transactional insurance.
Identity management has been an obstacle for commercial insurance companies for a very long time. Many thought that problems would dissipate or at least become easier to correct by moving to digital systems, but in reality, identity management has only grown more complex. It is obvious that we need a better way.
Via Denise Garth, Majesco Let’s start with a warm-up exercise. Here are phrases you might find in any project meeting. Insert the missing words. “The
During insurer and reinsurer Chubb’s first-quarter 2021 earnings call held earlier today, Chairman and Chief Executive Officer (CEO), Evan Greenberg, said that “the chapter with The Hartford is closed.”
The insurance industry as we know it is changing. In the wake of the COVID-19 pandemic, insurance carriers understand that they have to either innovate or fall behind. In this post, we will take a look at what that innovation looks like in practice and what industry leaders are learning about the art of innovating sustainably and at scale.
Prudential Financial subsidiary, The Prudential Insurance Company of America (PICA), and Zurich Assurance Ltd. have closed a £6 billion longevity swap with an unnamed UK pension scheme.
New data from re/insurance broker Willis Towers Watson (WTW) shows that global investment in the insurtech sector reached a new quarterly high of $2.55 billion during the first quarter of 2021.
New MGA platform aims to nurture, develops, and support a diverse portfolio of MGAs, each benefitting from modern technology and an extensive range of mid- and back-office support functions.
Analysis reviews innovative, decentralized applications that help offset the financial risk associated with decentralized finance.
Apollo Insurance Solutions Ltd. (“APOLLO”) (TSXV: APLO
Reserved), Canada’s leading online insurance provider for small businesses and individuals, is
pleased to announce that Klaus Salchner has joined the APOLLO team as Chief Technology
Officer.
While augmented reality (AR) has been around for a few decades, the technology to power its widespread use is still fairly recent.
Insurtech Worry+Peace has highlighted the implications of “potential complacency” should the insurance industry fail to embrace negative reviews – it believes customers should not be afraid of leaving negative reviews as they can be a way of problem solving.
Sigo, a managing general agency providing underserved populations with affordable access to auto insurance, is leveraging its newly secured funding to further serve the overlooked segment of immigrant and Latinx customers.
The insurance industry has proven its resilience. Through the disruptions of COVID-19 and massive claims from storms and other catastrophic events, valuations have gradually improved.
Qover, the insurtech hailing from Brussels has raised $25 million in a Series B round that is expected to fuel global expansion efforts.
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today an agreement with Atidot, a cloud-based SaaS provider of AI and machine learning solutions for life and annuity insurers.
A new report from Accenture says Australian and global insurers should work towards building an “intelligent, data driven” operating model to elevate business performance.
AXA UK Retail Insurance has appointed Marco Distefano as Managing Director for Motor and Home and Anna Fleming as Chief Operating Officer.
Steve Jobs trained consumers too well, says Kjell Gruner, the new president and chief executive officer of Porsche Cars North America Inc. And now car companies have a lot of catching up to do to match Apple Inc.’s standards for user interface.
Insurtech broker Cover Whale has announced a new partnership with Smart Choice. Under the partnership, Cover Whale’s streamlined truck insurance platform will be open to Smart Choice agents in select states.
Technology is redefining the very way our world works. From general knowledge to private data, we as a cohort have access to more information than any others through the course of human history.
Insurance services are promises that only really get tested in the event of a claim, according to Mark Stephenson, head of business development and market relationships at Liberty Specialty Markets, which is why it makes sense to integrate claims across the entire business.
It’s now nearly two years since Tesla boss Elon Musk announced his company would start offering insurance to its customers at a 20 or even 30 per cent discount to regular insurance. Now, some in the insurance industry are saying this is the start of a trend of car makers becoming insurers.
Global specialist insurer Hiscox has appointed Kevin Kerridge as CEO of Hiscox USA, effective May 15, 2021. Kerridge takes the reins from Steve Langan, who has run Hiscox USA for the last three years and will now return to the UK after working with Kerridge to ensure a smooth transition of the CEO role.
UPC Insurance to provide enhanced customer experience through SaaS-based core systems and its new flagship InsurTech company, Skyway Technologies
The Covid-19 pandemic has ushered in ample opportunities by accelerating the digital transition of tasks that were once considered mundane.
Singlife entered the local market in 2020, around the same time the World Health Organization declared the COVID-19 outbreak a global pandemic. Apart from its economic impact, people also feared the expensive medical bills that came with contracting the virus. Armed with advanced insurance technologies, Singlife Philippines quickly pivoted its launch plans and offered Cash for Dengue Costs with a FREE COVID-19 cover.
Increased use of video-based telematics in the commercial fleet space, as well as the evolution of car subscription services, are just two ways in which the Canadian insurance market could change over the next few years.
The Hartford CEO Christopher Swift expressed confidence that the property/casualty insurer has weathered the worst of the COVID-19 pandemic and that related concerns about business interruption claims have become minimal.
Next Insurance is adding commercial property coverage to its suite of offerings, a move the insurtech says allows it to provide a full suite of coverages for its small business customers.
Re/insurance broker Miller has extended its partnership with insurtech company Concirrus to continue to utilise its Quest Marine platform.
W.R. Berkley Corp.’s Berkley One expanded into Maryland and broadened its product offerings in other states where it does business.
Zurich Insurance Group has added Ping An Health, a technology-driven health insurance company, to its Zurich Global Employee Benefits Solutions, which provides risk management and financing solutions for the global employee benefit plans of multinationals.
The shift towards an asset-light global economy has been described as transformative by HX Analytics managing director David Flandro, in a Howden report that highlights the rise of intangibles and the subsequent challenges this brings to re/insurers.
Catching up with insurance technology developments involving Thimble and Bold Penguin, Vertafore and Nationwide, and eMaxx.
Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced Regi Vengalil will join the company as Chief Financial Officer on May 24, 2021.
AXA XL Insurance announced it has established a global partnership with SpaceAble, a start-up specializing in space situational awareness (SSA), to better support satellite operators and organizations operating in space.
Brella Insurance, Inc. announced it has raised a $15M Series A funding round led by Brewer Lane Ventures to bring Brella’s modern supplemental health solution to employers nationwide.
The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny.
A French startup that set out to bring a new approach to driver education and road safety, and then used that foothold to expand into the related area of car insurance, is today announcing a big round of funding to continue building its service across Europe.
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the appointment of Christophe Gaudron as Chief Executive Officer (CEO) of its French operations, effective January 1st, 2022.
Covéa, France’s largest insurance group, is to accelerate the processing of its policyholders’ claims across its three brands – MAAF, MMA and GMF – with an AI that analyses damage to cars.
COVID-19 has placed insurers of all shapes and sizes before a host of unaccustomed challenges. But as vaccines are rolled out and we move beyond the acute phase of the pandemic, there are increasing opportunities on offer as well – where insurers can play a role in addressing the pain points that consumers and businesses face in the new normal.
The acquisition gives Insurity an advantage in pursuing the $40 billion program business market and enables P&C carriers and MGAs to rapidly grow through bureau content-enabled software.
Munich Re has entered into a global cooperation agreement with Akur8 to boost the pricing capabilities of Munich Re’s Global Consulting Unit.
In our newly released webinar, The Principles of Claims Efficiency, FRISS and co-founder Christian van Leeuwen teamed up with Karen Mican, Chief Claims Officer at RSA Canada, and Ben Allen, co-founder and CTO at Laka, to answer some of your most pressing questions on claims efficiency.
The increased amount of data cloud providers can provide as more information moves to the cloud will help underwriters write cyber risk and their policyholders in turn, say insurers and a cloud provider.
Innoveo, a leading provider of enterprise no-code solutions, has announced the completion of its $15 million Series A funding round after a highly successful year in 2020.
The pandemic has changed a lot of things — online shopping, at-home entertainment, work arrangements, take out and food delivery — and telemedicine.
Oscar Health is launching +Oscar, a platform business to make its technology stack available to third-party payers and providers.
AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
Insurance risk platform Archipelago has raised $34 million in funding led by Scale Venture Partners and earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.
Commercial underwriting is inherently complex, and it’s led many insurers to underinvest in technology.
FintechOS the global technology provider for banks, insurers and other financial services companies, today announced it has raised USD60 million (EUR51 million) in Series B funding.
In 2020, annual funding for insurance startups hit an all-time high of $ 7.1 billion on 377 transactions. This equates to a 12% increase in funding and a 20% increase in transactions compared to 2019. according to CB Insights.
Hong Kong-based insurance platform Ignatica said it raised US$7 million in a pre-series A funding round led by growth capital private equity fund Ling Feng Capital.
The automotive technology company Veoneer, Inc. and insurance company Swiss Re are pooling their knowledge and vast experience on road safety technologies to further enhance the evaluation and development of advanced driver-assistance technologies (ADAS) and related services.
Seoul-based reinsurer Korean Re has partnered with Leapstack, an AI-powered insurtech that specialises in healthcare, to support Leapstack’s expansion into the Korean insurance market.
Digital insurer Lemonade is making the headlines again, with the launch of a new auto insurance offering.
Gradient A.I.’s software-as-a-service platform uses artificial intelligence to help commercial insurers automate and improve underwriting results, reduce claim costs and improve operational efficiencies.
Climate change is one of the biggest challenges we face as a society. With climate-related catastrophe losses continuing to climb, insurers are in a unique position to recognize just how high the stakes of climate change truly are.
Re/insurance broker Willis Towers Watson (WTW) has announced a set of measures aimed at reducing carbon emissions across its business operations, with a target to deliver net zero greenhouse gas emissions by 2050.
French startup Alan has raised a $220 million funding round at a $1.67 billion valuation (€185 million and €1.4 billion respectively). Coatue is leading the round with Dragoneer, Exor, and existing investors Index Ventures, Ribbit Capital and Temasek also participating.
In recent years and particularly during the Covid-19 pandemic, we have started to see a rise in businesses using artificial intelligence (AI) to improve their service or products and ensure a seamless, transparent customer experience.
Today Munich-based insurtech insureQ announces raising a €5 million seed round led by Nauta Capital, with existing investors Flash Ventures and GFC also participating.
Insurance markets are competitive (and getting more competitive with new market entrants), and insurance products are complex (and getting more complex with changing customer expectations).
US-based electric truck startup Rivian launched its own insurance coverage across 40 states, which are underwritten by third-party carriers, per TechCrunch.
Dieter Wemmer, a veteran insurance executive who was chief financial officer at Allianz SE, is launching a blank-check company to target deals in the sector where he worked for more than three decades, people familiar with the matter said.
Tokio Marine Holdings is reportedly acquiring a US-based insurer operating in the employee benefits space, in a deal that could be worth US$184 million.
Level, a startup that aims to give companies a more flexible way to offer benefits to employees, has raised $27 million in a Series A funding round led by Khosla Ventures and Lightspeed Venture Partners.
Touchless digital insurance, for years a mirage somewhere in the future for the insurance industry, is here to stay thanks to Covid-19. High-growth breakout successes of the past few years such as Lemonade, Hippo, Next, Root and–if I may be bold, my company Neptune–highlight how innovation in the use of data can change every aspect of the insurance supply chain.
Sun Life US has launched a new, comprehensive way for employers to offer supplemental health benefits to all of their employees, including part-time and gig workers who typically are not eligible for benefits.
Most all players in the insurance sector are digitising – some more seamlessly than others. This phygital (meeting of the physical and digital worlds) trend is becoming omnipotent, with a blend of automation and human expertise now the norm.
Willis Towers Watson has announced the launch of Radar Workbench, a new software product that will allow frontline underwriters to make better decisions at pace and with confidence.
Enquiron’s proven engagement success, data and technology solutions will complement Zywave’s existing product portfolio and help drive ROI for customers
The pandemic has changed everything. Well, not everything… but it has changed many aspects of the lives of individuals and families and has had far-reaching effects on businesses in every industry.
As the world prepares for a post-COVID recovery, Insurtech Insights’ Kristoffer Lundberg and Bradley Collins lay out their vision for the future of the industry
The company’s Penni Connect embedding solution enables insurers to sell products online through partners such as car dealers, travel providers and banks.
Insurance giant AXA Switzerland now allows customers to pay premiums in bitcoin.
Lloyd’s announced the next 11 InsurTech start-ups that are participating in the sixth cohort of its Lloyd’s Lab innovation accelerator program.
Lloyd’s of London has announced the departure of Sonja Rottiers from her role as European Chief Executive Officer, with Amélie Breitburd set to step into the position.
If you’re reading this, you successfully made it through your first year of COVID-19. Like a dependable four-wheel drive, the insurance industry kept itself on the road over the past year’s many first-of-their-kind hazards: remote-working mandates, the evaporation of face-to-face channels, mass event cancellations and a slew of Business Interruption claims, to name a few.
Johanna Von Geyr, partner and EMEA lead banking, financial services and insurance at ISG, explores how to modernise the insurance industry with a shared cloud-based IT model
Fintech startup N26 is launching N26 Insurance as it plans to offer insurance products that you can access from the company’s mobile app and website. The first insurance product is a smartphone insurance plan for German customers.
Trevor Carvey, Chief Executive Officer (CEO) and Chief Underwriting Officer (CUO) of newly launched P&C reinsurer Conduit Re, has said that he expects 2021 to mark a “generational transformation” in the way the re/insurance industry operates.
Johanna Von Geyr, partner and EMEA lead banking, financial services & insurance at ISG, explains why insurance firms need to adopt open data.
Chubb Chairman and CEO Evan Greenberg is reiterating a call for litigation reform nationally and at the state level to address what he said is a “systemic” worsening of the legal environment and its harmful impact on the insurance industry.
Buckle, an insurtech known for its rideshare coverage, has hired two new members to the technology side of its executive team.
Zurich has reduced the time taken to settle property claims to under 24 hours thanks to its latest artificial intelligence (AI) solution in collaboration with insurtech Sprout.ai.
Bindable, the insurtech leader for digital property and casualty distribution, today announced a strategic partnership with iptiQ.
Global insurer AXA is collaborating with Microsoft to build a digital healthcare platform, which will allow virtual healthcare to all AXA customers.
Italy’s biggest insurer Generali is in exclusive talks to buy assets in Malaysia belonging to French rival AXA in a deal worth around 300 million euros ($358 million), two sources said on Tuesday.
Aon plc today introduced a new solution, through broad industry collaboration, that will provide supply chain protection for global COVID-19 vaccine shipments.
Aviva Singlife Holdings Pte, the holding company established following the merger of Aviva and Singapore Life Pte, has appointed Kim Rosenkilde as Group Chief Investment Officer.
Re/insurance broker Willis Towers Watson has launched a global modelling tool, Climate Diagnostic.
The Zebra, a home and auto insurance comparison website, has raised $150 million in a Series D fundraising round, which valued the company at over $1 billion.
Clearcover has raised $200 million in fresh capital as part of a late-stage financing round led by Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, the digital car-insurance startup will announce on Tuesday.
Over the past ten years, the world has become increasingly on-demand in order to cater to the preferences of Gen-Zs and millennials. The on-demand generation refers to being able to order things easily and quickly as the need for them arises. Examples of on-demand services that are currently dominating the world including Uber (rides), Airbnb (housing), and Instacart (groceries).
Over the past ten years, the world has become increasingly on-demand in order to cater to the preferences of Gen-Zs and millennials. The on-demand generation refers to being able to order things easily and quickly as the need for them arises. Examples of on-demand services that are currently dominating the world including Uber (rides), Airbnb (housing), and Instacart (groceries).
Lloyd’s of London has announced the departure of Sonja Rottiers from her role as European Chief Executive Officer, with Amélie Breitburd set to step into the position.
Farmers Insurance announced a collaborative effort with SimpliSafe, a maker of home security systems, that is designed to make preventative smart home protection available to homeowners in Alabama, Iowa, and Ohio.
Coronavirus has turned a spotlight on the insurance industry’s failings, now insurers must be bold to rehabilitate reputations and regain trust
AXA has announced that Jef Van In, currently CEO of AXA Belgium, has been appointed CEO of AXA Next and group chief innovation officer, effective July 01. He will report to Antimo Perretta, CEO of AXA Europe and a member of AXA’s management committee.
Following three years as Executive Director for QBE UK, Cécile Fresneau has been promoted to take the helm of QBE European Operations’ Insurance Division, overseeing the business in Europe and International Markets in addition to the UK.
Zensar, a leading digital solutions and technology services company, announced that they have entered into a global strategic partnership with US based Claimatic.
The COVID-19 pandemic exacerbated the threat and likelihood of cyber security breaches for organizations, Munich Re’s 2020 cyber risk report found. Despite the growing risk of cyber attacks, its insurance coverage products and services are still failing to catch up.
IIR talks with Ian Macartney about the specialty insurer/reinsurer has accelerated its transformation journey with grass roots innovation and an Enterprise Solution for digital transformation.
As more organizations begin employing AI in production environments, it’s clear not everyone has completely thought through how AI will fundamentally change their business.
As GenZ becomes more influential as consumers, their expectations for services and interactions will include many AI-based offerings. Add the purchasing power of the Millennial generation with that of GenZ, and all businesses must evolve to meet these collective expectations for technology.
The insurtech sector has emerged as one of the most significant players in the UK’s fintech industry, continuously reaping investments, even amid a myriad of economic disruptions caused by the pandemic.
Artificial intelligence (AI) and machine learning have come a long way, both in terms of adoption across the broader technology landscape and the insurance industry specifically. That said, there is still much more territory to cover, helping integral employees like claims adjusters do their jobs better, faster and easier.
Allianz SE Reinsurance (Allianz Re), the reinsurance arm of the global insurance carrier, has announced that Holger Tewes-Kampelmann will succeed Amer Ahmed as its Chief Executive Officer (CEO), effective May 1st, 2021.
Insurance has always been a valuable option for those looking to protect themselves from potential threats, and the pandemic has even further reenforced the importance of preparing for the unexpected. However, some customers have been deterred from enrolling in insurance coverage with traditional companies, due to barriers like complicated coverage options and unclear eligibility requirements.
Here is a recap of some of the latest insurtech launches and partnerships!
The coronavirus pandemic has highlighted how insurance can operate in a new way and excel, and it must now capitalise on new opportunities or risk losing out on a generation of talent
Zurich Insurance and Farmers Exchanges have closed on buying MetLife’s U.S. property/casualty business for $3.94 billion.
By leveraging platforms, modernizing their data use and adapting their portfolios, insurers will be well-prepared for the world that awaits us post-COVID.
The combination of the two companies reflects a shared vision: lowering costs and providing greater access to quality, affordable, personalized care, according to a press release issued by Cain Brothers, Zipnosis’ financial adviser.
Technologies to help manage and automate the reinsurance ceding are becoming increasingly critical for insurance carriers, according to Martin Greenberg, Reinsurance Product Manager for Sapiens, a global provider of software solutions for the insurance industry.
Flood forecaster Previsico has partnered with insurer Zurich and one of their top UK customers in a market-first tripartite pilot across 5,000 UK locations.
According to the Lloyd’s yearly market report, the 2020 casualty treaty market saw a number of pre-existing trends accelerate as the market faced issues such as diminishing capacity, tightening policy coverage and significant price strengthening in distressed and high exposure accounts across most lines of business.
Insurance technology company Fenris raised $2.7 million in new funding. Fenris, a data and analytics company focused on streamlining and modernizing the process of quoting insurance products, will use this funding to meet the growing demand from clients for its API-delivered insights and data, with a strong focus on expanding its sales and marketing resources.
Coalition is linking up with Insureon to expand the reach of its cyber insurance and security tools. Cowbell Cyber has expanded into the New York market.
New UK brands include Lloyds Bank, Love To Rent, Moovshack, OpenBrix, Utilita and Movinghub, with many more to come in 2021
Boston-based insurtech firm Corvus Insurance has entered into a new partnership with Skyward Specialty Insurance Group to expand its Smart Cargo + Cyber offering.
Indian online insurance platform Policybazaar is planning to file a draft prospectus as soon as next month for its Mumbai initial public offering that could raise about $500 million, according to people familiar with the matter.
Whether they know it or not, consumers have been the beneficiaries of embedded insurance, a trend that’s moving beyond simple eCommerce payments and has recently made its debut in the logistics sector.
AXA XL, the property & casualty and specialty risk division of AXA, has named Sundeep Khera as Head of Marine, UK & Lloyd’s market, and Global Head of Hull.
Sedgwick has struck a new strategic partnership with John Lewis to provide an innovative claims service for its new home insurance product.
Acrisure LLC said Tuesday that it has named Matthew Marolda as its first chief innovation officer.
As technology has reshaped the world in recent years, it’s also become an integral part of the financial industry. The emergence of financial technology companies, or fintech for short, has changed the way we spend money, take out loans, and track our budgets.
InsurTech Bold Penguin is making it easier for agents and small business customers to secure to coverage by the month or by the hour—through a partnership with InsurTech startup Thimble, Bold Penguin announced today.
The insurance industry isn’t exactly synonymous with “cutting edge,” but that’s changing thanks to modern technology. Insurtech is completely upending the way the insurance companies operate and how consumers access coverage.
CEO of Lemonade, Daniel Schreiber says: It takes a one-two punch to make insurance fair. I’ve previously argued that AI can vanquish bias in insurance, and so it can. But while machine learning can help ensure equality, it cannot ensure equity. It might even make it worse.
AXA XL has moved to consolidate its reinsurance operations under the newly-formed AXA XL Re entity, in an effort to more easily bifurcate and evaluate the performance of its insurance and reinsurance business segments.
New generally available release includes features that provide major quality of distributor performance improvements for carriers looking to optimize and expand distribution channels.
New generally available release includes features that provide major quality of distributor performance improvements for carriers looking to optimize and expand distribution channels.
This RIMS session weighs in on how all corporate boards can prepare themselves for any cyber risk that may occur.
Astorya.io, which aims to serve as the search engine for Insurance and Banking technologies, has published a blog post, titled InsurTech Europe: 10 Years Of InsurTech In Europe Analyzed Through 800+ Startups (based on data from astorya.io).
2021.AI is to team up with GF Forsikring, a leading Danish insurance provider, to deliver an AI platform to support GF Forsikring’s AI strategy to provide new and improved services to their members. The first AI model is ready to go into production in Q1 2021.
Bright Health Group Inc., a digital health records platform, is planning an initial public offering in the U.S. this year, according to people with knowledge of the matter.
It should come as no surprise that the pandemic has opened up new opportunities for consumers to consider insurance. The unforeseen, after all, might seem like it’s more a possibility than ever before — disrupting travel, health and even shopping.
Global insurer Zurich has announced it will be setting new targets for its investments and operations in an effort to accelerate the transition to a net-zero emission economy.
Life and health insurance firm Bounce Life has sold its InsurTech platform and advisory business for an undisclosed seven-figure sum.
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems.
The insurance industry has been in the midst of digital transformation in recent years – but experts say this technological shift has been accelerated by the need to address the unprecedented challenges brought about by the pandemic.
Ledger Investing, the insurtech and insurance-linked securities (ILS) focused venture-backed company, has announced the addition of industry veteran Peter Hancock to its board of directors.
The new funds for the insight-driven workflow platform for safety and risk management will be used for product innovation, hiring, and accelerated client acquisition and sales, as well as marketing and partnership development.
When we talk about customer onboarding, we are referring to a set of activities that aim to introduce new customers to the services we offer, making them aware of these services and guiding them through all the phases of subscription, configuration, and activation of the services themselves.
Lloyd’s launched a parametric earthquake insurance policy in New Zealand. Amwins Specialty Logistics Underwriters is expanding into the Canadian market to serve Canada’s growing logistics industry. Kin Insurance said it is now offering homeowners policies in Louisiana.
Richard Roper, Health & Benefits Leader Hong Kong, Mercer Marsh Benefits (MMB) Asia, discusses the optimisation of data in order to drive the insurance company forward.
San Francisco based car insurance start-up Metromile has announced that it plans to restructure its reinsurance program going forward, as the company reported improved performance over 2020.
Healthcare is undergoing a transformation. While consumers once received treatment based solely on their symptoms at the point of care, healthcare providers can now incorporate a wealth of historical, social, and environmental information to assess an individual’s condition and provide more personalized—and preventive—care.
Traditional wholesale brokerage harnesses INSTANDA cloud-native platform to launch brand new commercial insurance program
Salty, a U.S.-based Embedded Insurance technology company, announced on Tuesday it secured over $15 million through its latest investment round, bringing the company’s capital raised to date to more than $31 million.
Next Insurance raised a whopping $250 million in new venture financing – a major cash infusion after a year of acquisitions and other actions to further growth.
Amsterdam based Digital Insurance Group (DIG) and Swiss Healthtech and Insurtech company dacadoo join forces to further boost their set of Insurtech solutions for banking, insurance and brokers, with a new quote & buy product that will revolutionize the underwriting process for life operators.
A new smart contract-based insurance marketplace is promising radical efficiency and more coverage for the long-underserved crypto industry.
Australian insurers have been under constant pressure to adapt to new customer expectations over recent years, with rising demand for digital and mobile services. In addition to this, global insurtech disruptors have been increasingly making omnichannel digital experiences the norm. COVID-19 has also intensified this pressure, with major organisational challenges around transitioning large workforces to remote working, as well as continuity plans, self-assessments of occupational risks and sick leave or leave for quarantine.
Lee Fogle reached down to save his 12-lb. Yorkshire terrier Nemo as a pit bull lunged forward. The attacking dog’s jaws clamped onto his left hand, sending him to a clinic for sutures and starting a 10-month-long insurance battle.
