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.

Funding

Insurtech Startup iLife Raises $4 Million

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.

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Partnerships

Farmers Insurance partners with Zesty.ai

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.

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Thought Leadership

Insurance telematics: Past, present and future

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.

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Strategy

Insurance Technology Innovations

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.

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Technology

Is Technology Changing the Insurance Industry?

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.

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Thought Leadership

Creating the Next Generation of Customer Experience

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?

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Funding

Bought By Many closes $350 million Series D round

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.

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Partnerships

Spectrum Labs partners with Munich Re

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.

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Thought Leadership

Riding the digital wave

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.

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Reports

The European insurance growth forecast

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.

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Funding

Parametrix Insurance raises $17.5 million to offer cloud downtime insurance

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.

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Partnerships

Bold Penguin Expands Relationship with Leavitt Group

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.

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Product Launch

Allstate’s Arity launches Arity IQ

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.

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Consumer Behaviour

How ecosystems transform the insurance customer experience

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.

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Leadership Change

Capital One Marketing Veteran Joins Metromile to Lead Growth and Nationwide Expansion

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.

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Funding

Cyber risk management startup VisibleRisk secures $25M

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.

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Strategy

Supercharge your underwriting with data science techniques

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.

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Strategy

Moving beyond 2020: A review of how insurers pivoted during COVID-19

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?

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Thought Leadership

The diversity of digital platforms can divide digital strategy

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.

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Funding

Insurers need to rethink customer experience

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.

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Funding

The Insurtech Race Is on for Asian Insurers

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.

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Thought Leadership

Partner and Personalise: Consumer Trends in Auto Insurance

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.

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Strategy

WTW on the Benefits and Challenges of Moving to Digital Trading in the Commercial Lines Space

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.

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Leadership Change

Zurich Promotes Hayley Robinson to Group CUO

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.

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Partnerships

Motus Insurance Services Partners with HUB International to Accelerate the Distribution of its “Opt-In” Earthquake Program Within High-Rise Communities

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.

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Product Launch

Aon Launches D&O Exposure Modelling Service

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.

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AI

AI Gains Traction Across Insurance

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.

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Thought Leadership

A Promising Road Ahead for InsurTech

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.

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Uncategorized

3 Emerging InsurTech Companies in the European Market

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.

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AI

Insurtech and Artificial Intelligence

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.

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Partnerships

Chubb and Marsh collaborate on Covid-19 Vaccine Cover

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.

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AI

Arturo Raises $25 Million in Series B Funding Round

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.

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AI

How AI Will Enhance Identity Management in Claims

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.

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Thought Leadership

How Innovation is Paying Off for Insurance Leaders

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.

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Thought Leadership

Insurtech Worry+Peace Highlights Value of Negative Reviews

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.

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Thought Leadership

Smart Choice Partners with Cover Whale

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.

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Partnerships

How Elon Musk is Planning to Put Motor Insurers Out of 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.

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Partnerships

Hiscox USA Appoints Kevin Kerridge as CEO

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.

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Thought Leadership

A Mobile-First Life Insurance Built For The Future

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.

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Zurich-Logo
Partnerships

Zurich Adds Ping An to Network of Insurance Providers

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.

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Leadership Change

Metromile Hires CFO from Expedia Group

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.

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Thought Leadership

A New Normal for Consumers and Businesses – and a New Normal for Insurers

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.

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Acquisitions

Insurity Acquires Instec

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.

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Technology

3 Ways To Solve Inefficiencies In Your Claims Process

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.

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AI

How Technology is Changing the Auto Insurance Landscape

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.

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Funding

Insurance Risk Platform Archipelago Raises $34 Million

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.

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Thought Leadership

The Insurance Industry is Realizing We’ll Never Go Back After Digitalization

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.

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Thought Leadership

11 Digital Trends in the Insurance Industry

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.

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Acquisitions

Zywave Acquires Enquiron

Enquiron’s proven engagement success, data and technology solutions will complement Zywave’s existing product portfolio and help drive ROI for customers

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Thought Leadership

Forget COVID-19, It’s Time to Start Insuring The New Normal

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.

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Product Launch

Challenger Bank N26 to offer Insurance Products

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.

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Thought Leadership

How Insurance is Modernizing On-Demand Generation

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).

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Thought Leadership

How Insurance is Modernizing On-Demand Generation

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).

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Leadership Change

AXA Appoints New Group Chief Innovation Officer

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.

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Strategy

Think 24-Year-Olds Don’t Influence Insurance? Think Again

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.

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AI

The Future of AI in Insurance

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.

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Technology

Lemonade & 12 More Insurtech Companies You Should Know In 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.

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Thought Leadership

Tackling the Talent Crisis in Insurance

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

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Funding

Fenris Digital Announces $2.7M Investment to Modernize Insurance and Financial Applications

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.

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Funding

Indian Insurtech Policybazaar Plans Mumbai IPO

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.

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Thought Leadership

5 InsurTech Trends To Follow In 2021

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.

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Strategy

Digital Embedding Makes Insurance Relevant

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.

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Consumer Behaviour

Digital Onboarding and the Digitization of Touchpoints

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.

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Lloyds
Product Launch

The Latest Launches From Lloyd’s, Amwins and Kin

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.

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Data

How Data in the Cloud Is Helping Pioneer ‘Whole Person’ Healthcare

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.

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Thought Leadership

How Insurers Can Close the Information Gaps Between Old and New Technology

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.

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