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.
wefox, one of the world’s leading insurtech, has been appointed as affinity insurance partner by WINDTRE, Italy’s leading telecommunications business.
Resilience, a leading cyber risk solution provider, has announced a substantial increase in its underwriting capacity, now extending up to US$12.1 million in cyber insurance coverage for clients in the United Kingdom and the European Union.
Cyber insurtech leader Coalition has announced a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs).
Insurtech startup Allium Data, Inc., has announced the conclusion of its pre-seed funding round, amassing a US$750,000 in financial backing.
Munich Re Green Tech Solutions Achieves Final Certification of Photovoltaic Warranty Insurance with Sunova Solar
Munich Re Green Tech Solutions has successfully completed the final certification of photovoltaic warranty insurance in collaboration with Sunova Solar, a leading global energy solutions company specialising in the design and manufacturing of clean renewable energy components.
EMPOWERING INSURANCE: Rebecca Zhang, Chief Partnership Officer for SCOR’s Life and Health Business in South Asia
Like most leading insurance experts, SCOR’s Rebecca Zhang had an inadvertent journey into the insurance business. She talks to Insurtech Insights about why versatile and highly sought-after actuarial skills help to forge strong partnerships.
BeSafe Group, a leading travel-insurtech company headquartered in Rome, has successfully closed a €3 million round in Series A funding.
Embedded auto insurance provider, Clearcover, has announced the expansion of its embedded insurance strategy through a bind-API integration with Goosehead Insurance, Inc., a rapidly growing, independent personal lines insurance agency.
Boost Insurance has announced a strategic partnership with Canopius US Insurance Holdings, Inc., a subsidiary of the Canopius Group.
Joel Agard, Zurich Insurance Group’s (Zurich) Group Head of Innovation, and Antony Elliott, Zurich’s Group Head of Digital R&D, are responsible for coordinating and managing one of the most respected accelerator programmes in the insurance industry globally – the Zurich Innovation Championship. Joanna England caught up with them to find out more.
Pibit.ai, Inc Joins Guidewire Insurtech Vanguards Programme to Transform Commercial Underwriting with AI Automation
Pibit.ai, an insuretech revolutionising commercial underwriting with AI automation, has announced its partnership with Guidewire’s Insurtech Vanguards programme, an initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insuretechs and how to best leverage them.
Parametric insurtech Blue Marble and global conglomerate Nestlé, have partnered to deliver weather insurance to coffee farmers in Indonesia.
CoverGo, a leader in the global Software as a Service (SaaS) no-code insurance core platform for health, property and casualty (P&C), and life, has secured a patent for its cutting-edge drag-and-drop product builder.
London-based Managing General Agent (MGA), Skyrisks Ltd., specialising in the advanced air mobility (AAM) sector, has marked its official launch, buoyed by a substantial investment and capacity support from Convex Group, a prominent specialty re/insurer.
Resistant AI, specialists in financial crime prevention harnessing the power of AI and machine learning, have announced a strategic partnership with Instabase, a leading unstructured data automation platform.
Root, the comprehensive digital insurance platform, has revealed its expansion plans for the UK and Europe following its latest funding success.
Atlanta-based company Safely has successfully secured $8 million in funding, with Highgate Technology Ventures leading the investment and participation from LAGO Innovation Fund.
In a swift response to potential concerns related to reinforced autoclaved aerated concrete (RAAC), AXA Commercial has harnessed the power of an advanced AI tool, significantly expediting its ability to identify affected customers.
The International Finance Corporation (IFC), a prominent global development institution with a focus on the private sector in emerging markets, has inked a monumental $3.5 billion credit insurance policy.
Velocity HoldCo, LLC, and Insight Risk Technologies LLC have finalised an agreement that sees Velocity acquiring a majority stake in Insight Risk.
Howden has introduced a fresh brand strategy while consolidating its global broking operations under a unified name.
In a strategic move, Generali has officially named Giulio Terzariol as the Chief Executive Officer of Insurance, a pivotal role that will encompass leadership across all insurance Business Units.
Previsico has announced the completion of its latest funding round, at a significantly higher valuation than the prior one in August 2021.
Haven Life, a digital life insurance agency based in New York and fully owned by MassMutual, is embarking on a strategic collaboration with Origin8cares, an entirely online insurance agency and network of licensed agents headquartered in Lake Oswego, Oregon.
HealthTech GRAIL has secured a coveted spot on Fortune’s 2023 Change the World List. This marks the ninth year of the prestigious list, which highlights companies making positive contributions to society through activities integral to their core business.
American International Group, Inc. (AIG) has announced the appointment of Patricia Walsh as its Executive Vice President and General Counsel, effective December 1, 2023. This decision underscores AIG’s commitment to bolstering its leadership team with seasoned professionals.
Measured Analytics and Insurance, a prominent cyber insurance Managing General Agency (MGA) based in the US, has introduced CyberGuard 2023, a state-of-the-art AI-driven cyber insurance product designed to fortify the cybersecurity defenses of Small and Midsize Enterprises (SMEs).
In a notable new development, Chief Financial Officer Giulio Terzariol of Allianz is reportedly poised to step down from his role within the German conglomerate to assume a key position at Italy’s largest insurer, Assicurazioni Generali.
At-Bay has announced the recent appointment of Kristie Felton as the insurtech’s new Head of Insurance.
On-demand insurance platform INSHUR has launched its insurance offering for on-demand livery drivers in Arizona, its second state in the US following its success in New York.
Heritage Insurance Company, headquartered in Tampa, Florida, has taken a significant step towards enhancing its claims operations by deploying Guidewire Software’s Guidewire ClaimCenter on Guidewire Cloud.
Helvetia, a prominent Swiss insurance company with a rich legacy of 160 years in the insurance sector, has selected Qover, a leading player in embedded insurance orchestration, as its strategic insurtech collaborator to revolutionise the European automotive insurance landscape.
Nationwide Policies Not to Be Renewed Amid Ongoing Coastal Hurricane Threat for North Carolina Homeowners
Nationwide Insurance has announced its decision not to renew a substantial number of homeowners’ insurance policies in North Carolina, a move rooted in their deep-seated concerns regarding hurricane risks.
Gallagher Re has announced the appointment of Linda Purnama to spearhead its reinsurance arm in Indonesia, marking a significant move aimed at fortifying client relationships within the country.
Helios Underwriting, the Lloyd’s focused investment entity, has released its H1 2023 financial results, showcasing an impressive 28% surge in gross written premiums (GWP) to reach £160 million.
QBE North America, the global insurance leader helping customers solve unique risks, in partnership with Leading Cities, has unveiled the 10 finalists for the 2023 QBE AcceliCITY Resilience Challenge main track, along with the victors of the property tech track.
USAA, a leading financial services provider, has announced an expansion of its collaboration with Resideo Technologies, based in Scottsdale, Arizona, to bolster its commitment to safeguarding homes and optimising efficiency.
Aon plc has launched its cutting-edge insurance solution, FI Protect 360, in collaboration with esteemed London market insurers.
Fernride, a cutting-edge German startup based in Munich, has successfully raised an impressive $50 million in funding for its innovative self-driving trucks initiative.
Verisk’s ISO Businessowners Programme Adds Nearly 160 New Classifications to Help Insurers Keep Pace with Evolving Risks
Verisk has announced the launch of its latest update to the ISO Businessowners (BOP) programme and has added almost 160 new classifications to help insurers keep up with evolving risks.
Chubb has entered into a strategic partnership with SentinelOne, a frontrunner in the cybersecurity industry. The collaboration aims to revolutionise cyber risk management practices for businesses across the US.
Peppercorn, the conversational AI platform designed for the insurance sector, has partnered with Aurum Solutions, specialists in next-generation reconciliation software, to streamline their reconciliation processes.
International specialist insurer Hiscox has entered into an agreement to sell DirectAsia, its business operations in Singapore and Thailand predominantly providing motor insurance, to boost Thailand Holdings Limited, the parent of the Roojai group of companies.
Korean Re has unveiled its financial performance for the first half of 2023, revealing a robust net income of KRW 268.9 billion.
In a strategic move, SCOR has introduced significant changes to its senior leadership team by appointing Claudia Dill as the new Chief Operating Officer for the Group and Redmond Murphy has been named as the Deputy Chief Executive Officer for SCOR Life & Health.
Bold Penguin has forged a strategic partnership with NEXT Insurance, a leading technology-driven insurer specialising in small businesses, with the aim of enriching the range of coverage options available on the Bold Penguin Terminal.
Redline Underwriting, a Managing General Agent (MGA), has achieved official recognition as a Lloyd’s coverholder, marking a milestone in its ongoing expansion efforts.
Hexure, a leading provider of sales and regulatory automation solutions catering to the life and annuity sector, has officially completed the acquisition of Vive, an innovative startup specialising in quote and e-submission solutions for the life insurance industry.
Guidewire has announced that specialty P&C insurer RLI, a US-based specialty property and casualty (P&C) insurer, implemented Guidewire ClaimCenter on Guidewire Cloud to power its claim operations and enhance the claim experience for agents and policyholders.
PwC UK Partners with Clearspeed Inc. to Transform Risk Assessment through AI-Powered Voice Analytics
PricewaterhouseCoopers (PwC) UK has unveiled a strategic alliance with Clearspeed Inc., a leading provider of voice analytics technology.
Arch Insurance (Bermuda), a specialty insurer and a member of the Arch Capital Group, is pleased to announce the appointment of Matthew Smith as its new Managing Director.
Allianz Versicherungs-AG has announced it is expanding its partnership with Fleetpool – one of the largest providers of car subscription models in the B2C and B2B2E sectors in Germany – in a targeted manner to usher in more ESG mobility offerings and support net zero regulations in Germany.
Arthur J. Gallagher & Co. has successfully acquired Hartley Cylke Pacific Insurance Services, Inc., a renowned retail insurance broker based in San Diego, California. The acquisition marks a significant development in Gallagher’s expansion strategy.
The offshore wind industry is on the brink of exponential growth, but both developers and insurers must navigate a complex web of challenges to ensure its successful expansion on a global scale, cautions Allianz in a recent report.
Mulberri Launches Certificate of Insurance Platform for PEOs and Workers’ Compensation Master Carriers
In a groundbreaking move, Mulberri, an innovative AI-driven embedded insurance startup, has unveiled its cutting-edge Certificate of Insurance (COI) platform.
MetLife UK, the protection and employee benefits provider, has appointed Charlotte Lade as Head of Customer Propositions reflecting the changing needs of the protection landscape and placing an even greater focus on delivering maximum customer value.
Global insurance leader Generali has joined forces with the United Nations Development Programme (UNDP) to launch the “Insurance Innovation Challenge Fund,” aimed at fostering innovative insurance solutions in Malaysia. This collaborative effort also marks the expansion of Generali’s flagship SME EnterPRIZE project into the Asian market.
Dawn Miller, the Commercial Director of Lloyd’s, delivered an impactful address to Lloyd’s participants and partners, where she lauded the Lloyd’s Lab for its remarkable contributions in elevating value within the global marketplace.
International insurance conglomerate Ageas has successfully concluded the sale of its French life insurance, savings, and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac).
J.P. Morgan’s Positive Outlook Shines on European Insurance Sector Despite Early 2023 Underperformance
J.P. Morgan, a leading global investment bank, has delivered an optimistic assessment of the European insurance sector, even in the face of its underperformance during the initial months of 2023.
Leading British insurer Aviva has announced that it has reached an agreement to purchase the UK life insurance business of American International Group (AIG) for a substantial sum of £460 million (US$563 million).
Ledgertech, Cellcom, and Menora Mivtachim Partner to Launch First Automated Digital Embedded Travel Insurance Solution
Ledgertech, an innovative insurtech company that has developed an advanced digital platform for creating embedded insurance products using cutting-edge technology, has partnered with Cellcom, a prominent telecommunications company, and Menora Mivtachim Group, a trusted insurance provider, to introduce a groundbreaking travel insurance product.
September has already seen a raft of impressive new partnerships being forged among insurtechs and incumbents alike. Read on to find out who is partnering with whom, and why.
Arthur J. Gallagher & Co has made a significant move to bolster its position in the competitive transportation market with the acquisition of Ace Commercial Insurance Center, based in California.
Sompo International has announced a strategic addition to its leadership team with the appointment of former Chubb executive Jérôme Gossé as the Head of Cyber Insurance for Continental Europe.
Markel, a prominent specialty insurer, and cutting-edge insurtech firm Cytora have unveiled the extraordinary outcomes of their collaborative effort, which have led to an astounding 113% increase in productivity (Gross Written Premium per Full-Time Equivalent) for Markel’s underwriting team.
Authentic, the turnkey insurance platform catering to vertical Software-as-a-Service (SaaS) enterprises, has successfully raised US$5.5 million in seed funding.
New York City, Washington DC, and Los Angeles are among the major US cities that have the highest chance of experiencing outbreaks of damaging civil unrest in the next 12 months, according to a new predictive data model released by Verisk’s global risk intelligence unit, Verisk Maplecroft.
BOXX Insurance has announced a strategic partnership with Nova Southeastern University (NSU) and the Alan B. Levan | NSU Broward Center of Innovation.
In a significant financial development, home insurance startup Openly has successfully raised $100 million in its latest Series D funding round, with Eden Global Partners spearheading the investment.
In the latest release of their 2023 Mid-Sized Company Risk Report, QBE North America has identified cyber attacks and financial risks as the foremost worries among mid-sized businesses operating in the United States.
Insurify has embarked on a multi-year collaboration with Santander Consumer USA Inc. (“Santander Consumer”), a leading player in auto finance.
Singapore-based insurtech leader, bolttech, has successfully raised $50 million in its latest Series B funding round, with impact investment firm LeapFrog Investments at the helm of this strategic investment.
Conduit Re, the global reinsurer headquartered in Bermuda, has embraced pricing decision intelligence (PDI) through its collaboration with hyperexponential.
Legal & General Negotiates £340 Million Buy-In Deal with Cable and Wireless Superannuation Fund to Safeguard Retirement Benefits
In a significant financial move, Legal & General Assurance Society Limited has successfully closed a substantial £340 million buy-in agreement with the Cable and Wireless Superannuation Fund, safeguarding the retirement benefits of approximately 1,800 retirees and deferred members.
Coalition has released its 2023 Cyber Claims Report: Mid-year Update, which details the evolution of cyber trends during the first half of 2023.
Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today announced that it has expanded its relationship with Travelers, a leader in personal, business and specialty insurance.
New technologies are enabling businesses to predict a whole new spectrum of risks related to political instability, rioting, strikes, terrorism, warfare and more. Insurtech insights talks to Torbjorn Soltvedt, Principal Analyst at Verisk Maplecroft, to find out how.
UN Capital Development Fund and the Sustainable Markets Initiative Insurance Task Force, Partner to Improve Insurance Access for Climate-Vulnerable Countries
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, on behalf of the Sustainable Markets Initiative’s Insurance Task Force, has announced a partnership with the United Nations Capital Development Fund (UNCDF) to scale insurance access for climate-vulnerable countries.
Lloyd’s Market Association (LMA) has unveiled its Environmental, Social, and Governance (ESG) Academy, meticulously crafted to cater to professionals entrenched within the Lloyd’s market and the broader global re/insurance sector.
Kayna, the Cork-based award-winning embedded insurance infrastructure platform, has closed a US$1.06 million pre-seed funding round.
European insurance giant Talanx has initiated a €300 million capital raising effort aimed at expanding its free float, a strategic move to bolster the liquidity of its shares and solidify its standing in equity indices.
SAP Fioneer, a leading global provider of financial services software solutions and platforms, has launched its first software solution for ESG data orchestration and calculation for portfolio and single exposure KPI.
Gallagher has revealed its plan to acquire Eastern Insurance Group, a subsidiary of Eastern Bank located in Natick, Massachusetts.
Transamerica has unveiled a significant strategic alliance with Bestow, marking a significant development in the insurance landscape
Sedgwick, a global leader in technology-enabled risk management, benefits, and integrated business solutions, has unveiled a new local capability framework tailored for Australia.
AKUR8 and Wüstenrot Gruppe have announced a new collaboration aimed at enhancing Wüstenrot’s pricing capabilities in Austria.
Redkik has announced it is joining forces with Lockton Companies, the world’s largest privately held insurance broker, in an exciting strategic partnership with McLeod Software.
In a recent undisclosed series funding round, cybersecurity insurance startup Stoïk has successfully raised $10.7 million, with contributions from both existing investors such as Alven and Andreessen Horowitz, as well as new backers, including Munich Re Ventures and Opera Tech Ventures.
London’s historic Lloyd’s underwriting room has once again swung open its doors to welcome face-to-face trading, marking the end of a 10-week closure for a comprehensive refurbishment.
NEXT Insurance, the prominent digital small business insurer, has unveiled a game-changing feature that empowers agents to finely customise coverage quotes, thus better serving the unique requirements of their small business clientele.
Planck has unveiled an innovative underwriting tool named Planck PLUS – a new platform that incorporates advanced Generative AI (GenAI) functionalities, marking a significant milestone in the evolution of underwriting processes.
Aon, a global leader in risk management and insurance, has officially become the first member of the International Emissions Trading Association (IETA) to possess risk capital capabilities.
Liberty Mutual Surety (LMS) has announced a significant agreement to acquire the House of Guarantees (HOGS), a prominent managing general agent headquartered in Oslo, Norway.
Insurify has forged a partnership with embedded insurance startup Fletch to introduce pet insurance to its platform.
Hollard has successfully expedited its operations with the adoption of the cloud-based Guidewire ClaimCenter. The insurer’s transition to this innovative platform has yielded promising results.
Hong Kong-based virtual insurer, Bowtie, has announced the successful conclusion of a Series B2 funding round, raising a substantial $34.9 million in capital.
From showroom sales to CEO, Sri Ramaswamy, Founder of Charlee.AI, talks to Insurtech Insights about her climb to the top and her passion for insurtech
Leading P&C insurtech Hippo has come under scrutiny, after a concerned shareholder group sent an open letter to the company’s board of directors.
Benekiva, a leading provider of innovative digital claims automation and optimisation solutions, proudly announces the appointment of Tony Diodato as its new Chief Revenue Officer.
Hub International Limited (HUB), a leading global insurance brokerage, announced today that it has successfully completed a substantial minority investment from Leonard Green & Partners, L.P. (LGP), along with several other prominent institutional minority investors.
In our latest insurtech investment funding round-up, we look at SEVEN companies that have raised significant amounts of capital that will drive their scaling strategies and disruption in the industry.
Beam Benefits, a trailblazing digital employee benefits company, announced today that it has successfully secured $40 million in funding.
Blackstone has launched a new restructuring effort, consolidating its corporate credit, asset-based finance, and insurance divisions into a unified entity known as Blackstone Credit & Insurance (BXCI).
LEADERSHIP SPOTLIGHT: Lisa Wardlaw, Founder of 360 Digital Immersion, on Shaping the Future of Insurance
As a Founder and former CFO with a background in economics, accounting and back ops digital technologies, Lisa Wardlaw has big ideas when it comes to implementing change in the industry
In a strategic move geared towards strengthening its renewable energy insurance services in Brazil, Tokio Marine, a major international specialty insurer, has forged a partnership with Clir Renewables (Clir), a global market intelligence platform specialising in wind and solar energy.
Cincom Systems®, a global leader in Customer Communications Management (CCM) solutions, has announced a strategic partnership with Socotra Inc.
Delos Insurance Solutions, a pioneering player in the insurance industry, has successfully concluding a seed extension funding round, amassing an impressive US$7.3 million in investments.
Insured Nomads, a startup specialising in health and travel protection, has partnered with Allianz Partners’ health division to boost advancements in the new, remote and hybrid workforce.
Lloyd’s has announced a new collaboration with Moody’s Analytics to develop a solution that will help to quantify greenhouse gas (GHG) emissions* across managing agents’ underwriting and investment portfolios.
Zurich Insurance Group’s Zurich Resilience Solutions has embarked on a strategic partnership with KPMG Switzerland, reinforcing their shared commitment to addressing the challenges posed by climate change.
EMPOWERING INSURANCE: Sally Wan, CEO, AXA HK, Macau, Greater China on Asia’s Incredible Insurance Climate
Sally Wan has spent over 20 years in the insurance industry and has occupied a number of leading roles. Insurtech Insights caught up with her to find out which trends are driving growth in the Asian marketplace.
The direct-to-consumer home insurance company, Kin, has raised US$33 million in its Series D funding round extension.
Cowbell has announced its strategic partnership with leading solutions provider, Zywave.
Coalition, a cyber insurtech firm led by Joshua Motta, is in discussions to establish a new cyber reinsurance Managing General Agent (MGA) with a focus on writing third-party treaty business, The Insurer has reported.
Insurtech UK has today announced the appointment of its first-ever CEO, as it looks to drive forward its mission of transforming insurance through technology.
Cover Genius has partnered with Spirit Airlines to launch personalised embedded protection for international travellers, backed by a speedy claims process, for the first time.
Aon plc, a global professional services firm, has released research indicating an alarming 80% increase in losses related to severe thunderstorms, primarily driven by the growth in exposure to these events.
Moody’s RMS has unveiled its Cyber Industry Steering Group, aimed at spearheading industry initiatives to address the expansion of the global cyber insurance market.
Munich Re has collaborated with existing partner Boerse Stuttgart Digital – a European leader in crypto and digital business, to create a crypto staking insurance solution
Sompo International, a renowned player in the worldwide commercial and consumer property and casualty (re)insurance sector, has announced significant appointments within its North America Reinsurance leadership team.
Nomura Invests in Prismic Life Reinsurance: Boosts Combined Initial Equity Investment to US$1 Billion
Nomura has announced an equity investment into Prismic Life Reinsurance, Ltd. (Prismic), a licensed Class E Bermuda-based life and annuity reinsurance platform, alongside Prudential Financial, Inc. (US) (“PFI”), Warburg Pincus and other investors.
RiverStone International, the premier provider of legacy solutions in the Lloyd’s market, has inked a strategic agreement with members of the Catalina Group.
The MAPFRE Group has moved up in the 2022 ranking of Europe’s largest insurance groups, according to a report prepared by MAPFRE Economics and published by Fundación MAPFRE.
Coaction Global Raises US$200 Million in Funding to Boost Transformation into Full-Service Specialty Insurance Provider
Private specialty insurance group, Coaction Global, has secured approximately US$200 million in a recent capital injection to propel its evolution into a comprehensive specialty insurance provider.
DGTAL, a pioneering insurtech specialising in AI-powered tools for insurance portfolios, has successfully secured US$3 million in strategic funding from various investors.
Munich Re, the global reinsurance leader, has unveiled plans to reinforce its capacity to confront the dynamic challenges of the market environment, as announced by Thomas Blunck, Member of the Board of Management.
Insurance leaders from Hannover Re and SCOR have commented on the rising price of risk, and the exclusions customers face in the current marketplace.
Spanish Insurtech Inari Secures US$5.2 Million in Funding to Advance Innovative Insurance Technology
Inari, a Barcelona-based insurtech that provides core technology infrastructure for the global insurance and reinsurance sectors, has raised US$5.2 million in funding through a seed round led by Caixa Capital Risc in partnership with Criteria Venture Tech.
The latest data from Swiss Re suggests the non-life reinsurance sector will continue to see growth, as insurers proactively anticipate and manage risks to catastrophic events.
CLARA Analytics, a leading provider of artificial intelligence (AI) technology for insurance claims optimisation, today announced its $24 million Series C funding, bringing its total funding to $60 million.
In a bold move towards combatting climate change, Allianz has unveiled its comprehensive net-zero transition plan.
Cowbell has announced a new integration with Cloudflare, the security, performance, and reliability company helping to build a better Internet.
Cover Genius has announced a partnership with SKY Airline, a Chilean low-cost airline with flights to over 40 destinations across the Americas, to offer customers in Latin America comprehensive travel protection.
Insurance Industry Faces Average Annual Natural Catastrophe Losses of US $133 Billion, A New High, says Verisk Report
The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models.
Guy Carpenter, a leading global risk and reinsurance specialist, has introduced the latest iteration of its catastrophe analytics platform, GC AdvantagePoint.
Catching the interest of an investor is a hard task in these times. But many companies are still attracting successful funding events. Insurtech Insights talks to investors and insurtech startups to find out what makes a startup an attractive investment prospect.
Roots Automation, creator of AI-powered Digital Coworkers, has announced that the company has joined Guidewire’s Insurtech Vanguards programme, an initiative led by property and casualty (P&C) cloud platform provider Guidewire.
YuLife, the tech-driven financial force, has partnered with renowned health provider, Bupa, to expand its insurance offerings, reinforcing its commitment to enhancing business health provisions in the UK.
Partners Life, one of New Zealand’s largest private life and health insurance companies, has become the first insurer to successfully launch medical claims on the FINEOS Platform, as outlined in a new case study.
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has unveiled Circ, its cutting-edge regulatory solution designed to monitor, analyse, interpret, and execute regulatory modifications.
Verisk Maplecroft, the risk intelligence business arm of Verisk, has launched a new predictive strikes, riots, and civil commotion (SRCC) data model, providing forecasts for thousands of global locations on the potential for damaging civil unrest events to emerge.
SME cyber insurance provider Cowbell, will expand its offerings in the UK with the launch of its AI-powered standalone cyber insurance programme – Cowbell Prime One.
In a groundbreaking partnership, the International Federation of Red Cross and Red Crescent Societies (IFRC), along with Aon, Lloyd’s Disaster Risk Facility, and the Centre for Disaster Protection, has unveiled a revolutionary financial tool aimed at transforming disaster response efforts.
ACORD, the standards-setting body for the global insurance industry, today announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data.
Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, today announces the 12 teams that will join the 11th cohort of the Lloyd’s Lab, the InsurTech accelerator hub for developing innovative insurance products in the Lloyd’s market.
FINEOS Corporation (ASX:FCL), the global leader of group and individual core software for life, accident and health insurance, announced today that Insurance and Care New South Wales (icare) will move its Dust Diseases Care Scheme to the FINEOS Platform.
Bluevine has announced expanded FDIC insurance coverage of up to US$3 million through Coastal Community Bank, Member FDIC, and program banks in a sweep network, automatically offering Bluevine account holders coverage of up to 12x the industry standard of $250,000.
Qover, a leader in embedded insurance orchestration, has recently achieved a significant milestone by securing full authorisation from the FCA.
Akur8 has joined forces with SGI CANADA, to boost their insurance pricing process, by leveraging Akur8’s RISK module for P&C lines.
Insurance Premium Tax receipts have risen by over a quarter in past year as £2.76 billion was collected in first four months of the financial year, 27% higher than same point last year.
Aon plc has appointed former Munich Re and Zurich Insurance executive Vincent Banton as the head of Construction and Infrastructure for the Asian market.
The MAPFRE Group is the top international insurance group operating in Latin America, with US$9.229 billion in premiums and a 5.3% market share.
LifeSearch, one of the UK’s leading, independent protection specialists, has made two senior appointments as it drives forward its ambition to grow the protection market and deliver innovative protection to untapped and underserved customer markets.
Chubb, the world’s largest publicly traded property and casualty insurance company, announced the appointment of George N. Nikolaou as head of Chubb Business Services EMEA in Thessaloniki, Greece.
Despite all the bad news on the backs of wildfires and hurricanes, commercial property insurance is a market that is thriving globally in the face of adversity, with The Hartford, Next Insurance, Obie, Hiscox and Nationwide, leading the industry in growth.
Banking Circle, the Payments Bank for the new economy, is strengthening its presence in Spain with membership of the Spanish Association of FinTech & InsurTech (AEFI).
Moody’s Investors Service has indicated that reinsurance prices are poised to experience further upward momentum across all sectors in the year 2024, continuing the trend observed in recent times.
Nia Batten, Head of Cloud and Platforms at esynergy, discusses the escalating costs incurred to companies still reliant on legacy systems
In another significant development impacting California’s beleaguered homeowners’ insurance market, USAA looks set to curtail its operations within the state.
Verisk Estimates Industry Insured Losses from Hurricane Idalia to Range from US$2.5 Billion to $4 Billion
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, estimates industry insured losses to onshore property for Hurricane Idalia will range from US$2.5 billion to $4 billion.
Akur8, the trailblazing insurance pricing solution powered by Transparent AI, has successfully concluded a new funding round, securing an impressive $25 million in investment.
In a stark warning, Swiss Re, the renowned reinsurance giant, has raised concerns about the seismic risk in Japan, particularly in its densely populated capital, Tokyo, despite significant strides in structural resilience over the past century.
Aon has joined forces with Rubrik, a leading company specialising in Zero Trust Data Security, to enhance businesses’ ability to maintain cyber resilience in the face of modern threats.
eazley, the leading specialist insurer, has partnered with Sola Technologies and Spinnaker Insurance Company to provide the first admitted parametric tornado disaster benefit insurance for homeowners.
AXA XL today announced that Lucy Pilko has been appointed Chief Executive Officer for the Americas region of its insurance operations, effective October 30, 2023.
Prudential, one of the industry’s giants, has unveiled an ambitious strategy for growth and increased shareholder dividends.
Specialist insurer Apollo has teamed up with algorithmic underwriting insurtech Artificial Labs to introduce an ingenious smart follow collaboration.
Clark UK, the UK’s fastest-growing life insurance and protection business, has announced the appointment of Joshua Sargent as its new CEO.
Global data and analytics provider Verisk, has announced the launch of its new ClaimSearch system in Israel to combat rising fraud.
The AI-driven processing platform Cytora has announced its partnership integration with the property insights provider, CAPE Analytics, to enhance commercial property risk assessment.
Quantiphi Partners with Unqork to Launch Integrated Intelligent Insurance Underwriting Platform on Google Cloud
The insurance industry, notorious for its sluggish approach to innovation, has clung to static, paper-based documentation for over 300 years, despite advancements in technology
The insurance industry, notorious for its sluggish approach to innovation, has clung to static, paper-based documentation for over 300 years, despite advancements in technology
The State of Ohio has launched two new VC funds designed to support technology-based companies as part of a drive to support growth to Diversity, Equality and Inclusion driven companies in the Silicon Heartland.
China Re, the leading reinsurance company in China, has announced a noteworthy achievement of a net profit amounting to RMB 2.067 million in the first half of 2023.
Planitar Inc. and Verisk Partner to Revolutionise Insurance Adjusters’ Workflow with iGUIDE Instant Sketch
Planitar Inc., the creators of iGUIDE, and Verisk have announced a strategic integration aimed at accelerating the insurance industry’s claims process.
Reask, a leading science and technology firm focused on the financial impact of extreme weather, today announces its partnership with Geosite, a world-leading geospatial data aggregator for underwriting and claims management.
Direct Line, having weathered challenges in recent years, has enlisted the expertise of respected Aviva executive Adam Winslow to spearhead its transformation.
In a recent report titled “Global Cyber Insurance: Reinsurance Remains Key To Growth,” S&P Global Ratings (S&P) highlights the pivotal role of reinsurance in driving the burgeoning cyber insurance market.
In our latest instalment ‘How to Innovate Faster’ in collaboration with FintechOS, we spoke to AXA XL’s SVP and Head of Innovation, Americas for AXA XL, Rose Hall.
Zurich Insurance will empower insurtech startups in the Middle East via the 9th Edition of the DIFC Innovation Hub’s FinTech Accelerator Programme
AXA Life & Health Reinsurance Solutions has partnered with Verisk and its Health Risk Rating Tool and Ratings Engine to help its insurance partners in Egypt automate health insurance underwriting based on the declared pre-existing medical conditions of their customers.
CLARA Analytics has forged a collaboration with Amazon to introduce a novel initiative aimed at enhancing solutions for compensation claims concerning the workforce of the tech giant.
Cover Genius has announced the appointment of David Rudow as its new Chief Financial Officer (CFO) as part of its strategy to drive the next stage of growth.
News regarding the future of funding is consistently gloomy, but insurtech startups and more established insurance companies are still winning new investment. Insurtech Insights has rounded up some of the biggest investment events to have taken place this month.
Paul Donnelly, EVP, EMEA at FINEOS, unpicks the EU’s Digital Operations Resilience Act (DORA) to demystify the latest regulatory changes for the insurance industry
Azuga, a global leader in fleet telematics, has launched its Collision Reconstruction solution, a telematics-integrated accident analysis tool.
As MGAs gain ground in 2023, Insurtech Insights looks at three drivers motivating change in the marketplace
Newfront, the tech-driven insurance brokerage firm based in San Francisco, has introduced a powerful Total Rewards dashboard.
SpyCloud, a leading force in operationalising identity analytics for automating digital identity protection, has secured US$110 million in its latest funding drive.
Irys Insurtech, Inc. has successfully concluded a seed funding round, amassing an impressive US$3.5 million.
Redkik has pioneered a Next-Generation Cargo Insurance with that operates via a groundbreaking insurtech solution integration with Uber Freight
Zurich Insurance Group’s global headquarters, Quai Zurich Campus at Mythenquai, has been awarded WELL Platinum status, positioning the insurer as one of Europe’s pioneering companies to attain the distinction.
Stubben Edge Group has announced that careless™ insurance has joined as the latest member of its Appointed Representative Network
Velocity Risk Underwriters Implements Guidewire InsuranceNow to Launch New Products for Business Growth
Velocity Risk Underwriters, a catastrophe-focused property insurance hybrid managing general agency (MGA), has implemented Guidewire InsuranceNow to launch new products to meet changing market demands, grow its business, and deliver more value to its producers, brokers, and customers.
CLARA Analytics and ClaimDeck have formed a strategic partnership to help carriers manage their litigation rates and drive better legal outcomes.
SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has announced the launch of AcceleRate, a new accelerated underwriting experience that distribution partners and customers can count on for speed, reliability and convenience as well as improved rates on term and whole life insurance products.
NOW Insurance, a full-stack, AI-enabled commercial insurance platform specialising in medical professional liability coverage, has announced an investment from a subsidiary of Arch Capital Group Ltd. and a managing general agent partnership with Arch Insurance North America.
India-based Square Insurance Brokers, a firm authorised by IRDA under the Insurance Brokers Regulations of 2002, has just added another feather to its cap.
Clearcover, a next-generation car insurance company, today announces the launch of “Choice,” its embedded insurance solution that provides a customisable end-to-end auto insurance integration for brands.
World Insurance Associates LLC (“World”) has announced that Goldman Sachs Asset Management (“Goldman Sachs”), through its Private Equity and Hybrid Capital teams, have entered into a definitive agreement to make a major investment of more than US$1 billion in the company.
Munich Reinsurance Company holds onto the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2022, followed again by Swiss Re Ltd.
Marsh has announced its intent to acquire Honan Insurance Group, a distinguished insurance broker known for its proficiency in corporate risk, employee benefits, as well as strata and real estate insurance solutions.
Chubb has announced the appointment of Janice Mo as the Country President overseeing general insurance in Korea.
Socotra Hires Sonny Patel as Chief Product and Technology Officer, Bringing Decades of Fortune 500 Experience
Socotra, the leading provider of modern, cloud-based technology for insurers worldwide, announced today that Sonny Patel has joined the company in the role of Chief Product and Technology Officer.
SCOR SE, Hannover Re and Munich Re Report Robust 1H23 Amid Improved Pricing and Investments, Reveals Fitch
Hannover Re, Munich Re, SCOR SE, and Swiss Re have unveiled resilient financial results for the first half of 2023, according to a recent report titled “European Reinsurers: 1H23 Results” by Fitch Ratings.
Last month, the US Securities and Exchange Commission (SEC) implemented regulations that mandate public enterprises to divulge any cybersecurity breaches with potential impacts on their financial standings within a four-day window.
Cyber insurance is now a priority expense for any reputable business. Insurtech Insights lists 10 companies disrupting space and driving growth in the sector
CyRisk, a leading player in cyber management and data analytics, has made a significant announcement regarding its enrolment in Munich Re Specialty’s respected Reflex Cyber Risk Management programme.
The global reinsurance sector has marked a return to underwriting profitability in the past year, although a circumspect attitude towards property casualty risks persists, according to analysis by AM Best.
Allianz Asia Pacific has released its financial performance for the first half of 2023, highlighting impressive growth across its regional operations.
Venteur, the digital health startup helping companies provide personalised health insurance options to their employees, has closed a seed funding round at $7.6 million.
Unqork, the leading Codeless as a Service platform, has announced the availability of the Unqork platform on Google Cloud Marketplace.
Charles Taylor InsureTech, a leading provider of technological solutions for the global insurance market, introduces the new version of InHub, a native cloud platform specialised in insurance.
The Liberty Company, a prominent property/casualty insurance broker headquartered in Florida and renowned as one of the largest in the nation, has triumphantly unveiled its accomplishment in securing a substantial US$340 million funding injection.
Megan Bingham-Walker, CEO and Co-Founder of Anansi explores the opportunities embedded insurance offers e-commerce and the retailer
Oka has announced its new partnership with carbon data firm Sylvera. The collaboration will enable Oka to hone its market-leading carbon insurance solutions by integrating its modeling capabilities with Sylvera’s sophisticated carbon project assessment data.
Check out the latest issue of Insu.Tech.Talks, edited by Insurtech Insights President, US, Megan Kuczynski
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced it has secured the #23 spot in the Software Report Top 100 Software Companies of 2023.
CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimisation, announces extended capabilities that empower insurance carriers to extract critical information from legal demand documents.
FINEOS has impressively clinched a $40m investment to fortify its financial foundation in its latest funding drive.
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that Aktia Life, one of Finland’s top life insurers with approximately 100,000 customers, has chosen Sapiens as their partner to lead their core system transformation via Sapiens CoreSuite for Life and Pensions.
Harford Mutual Insurance Group has announced that it has received final approval from the Maryland Insurance Administration of the Merger Agreement with ClearPath Mutual Insurance Company (“ClearPath Mutual”), a monoline workers’ compensation carrier headquartered in Louisville, Kentucky.
McKenzie Intelligence Services (MIS), a leading provider of geospatial intelligence to (re)insurers, announces it is piloting CAT360, an initiative in which ground-level imagery is introduced to MIS’ Global Events Observer (GEO) platform, in addition to the already provided satellite and aerial imagery.
Australian insurtech unicorn, SafetyCulture has recently announced its raised US$21.7 million in funding in a round led by Morpheus Ventures, Marbruck Investments and Index Ventures.
Ten leading brokers have successfully integrated into Placing Platform Limited’s (PPL) Next Gen risk placement platform, including Marsh, Aon and WTW. Additionally, McGill & Partners and Guy Carpenter have recently adopted the platform.
Leading Auto insurance provider Admiral has lost 380,000 customers over the past year as a result of rising premiums, executives have revealed.
Superscript today announces the appointment of Chris Barclay as Chief Commercial Officer and Tim Joslyn as Chief Technology and Operations Officer.
For the third year in a row, Humana has ranked number one among health insurers for customer experience (CX) by Forrester*. Humana has held the title of Industry Leader for Health Insurers in the Forrester CX Index since 2021.
Legal & General (L&G) has announced a “resilient financial performance” in Q1 and 2 of 2023, achieving operating and after-tax profits of £941 million and £316 million respectively.
Zurich Resilience Solutions (ZRS), a global provider of Risk Engineering, mitigation and resilience-building services, has expanded its Sustainability Services team in the US, adding expertise and capacity to help customers identify and manage environmental, social and governance (ESG)-related risks.
Aviva Plc has announced strong results with a strong first half, with profitable growth across the Group, with Group operating profits‡ up 8% and Solvency II own funds generation‡ up 26%
Contingent business interruption risk has dethroned cyber risks as the top risk agenda for Asia’s technology companies, according to the latest study.
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, has partnered with Web Connectivity Limited (WCL), a Zywave company, a provider of ACORD standards-based solutions for the commercial insurance industry.
Two leading insurtechs from Asia have been selected as part of the Top 50 List compiled by CB Insights.
The Demex Group, a tech-driven managing general agent (MGA), has successfully raised $5 million from a consortium of both existing and new investors, led by Blue Bear Capital.
SES Risk Solutions has announced that QUBIE has been selected as “Home Insurance Innovation Of The Year” in the annual PropTech Breakthrough Awards program.
New research released today by next-generation healthcare SaaS company HealthEdge reveals that only 45% of healthcare consumers are fully satisfied with their health insurance.
Aon’s broker, White Rock Insurance (SAC) Ltd. has demanded US$136.7 million to be returned from troubled insurtech Vesttoo.
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services.
On-demand insurance platform INSHUR has appointed Chris Wells as President of its fully owned Third-Party Administrator (TPA), Genoteq Claims Investigations.
The Berlin-based insurtech startup SureIn has closed a €4M Seed round for its mission to provide end-to-end insurance solutions to small and medium-sized businesses (SMBs).
We take a look at 10 new strategic partnerships that are driving change in the insurance industry this quarter.
European insurance group Talanx has announced its financials for the first half of 2023, revealing a group net income of €827 million, an uptick of 21% and is the best half year result for the group in its history.
Duck Creek Technologies India LLP, a subsidiary of the renowned Duck Creek Technologies, has set its sights on the thriving Indian general insurance sector.
Aviva has underlined its sustainability commitments by expanding its underwriting appetite to include engineered timber1 in commercial developments.
A shocking surge of 50% in home insurance premiums within high-risk regions across Australia has been brought to light, with climate change-induced disasters being identified as the main driver behind this staggering increase, reports the UK’s Guardian Newspaper.
Nubank, one of the world’s largest digital financial services platforms, launched Nubank Lar Seguro, a home insurance offering, in partnership with Chubb, the world’s largest publicly traded property and casualty insurer. Nubank Lar Seguro will become available to eligible customers in Brazil over the next few months.
Waterdrop Launches Digital Intelligence-Driven Risk Management Solution at Inslab Insurance Technology Festival
Waterdrop Inc., a leading technology platform focused on insurance and healthcare services, recently introduced an innovative digital intelligence-powered risk management approach at the 2023 Inslab Insurance Technology Festival in Zhejiang province, China
Nuveen and Nuveen Green Capital have launched a new fund, which has started with $525 million from six major insurance companies.
While the industry buzzes about the potential impact of generative AI, Planck customers are already experiencing the benefits
Inszone Insurance Services has announced the acquisition of Speck Insurance and Financial Services.
Chubb has announced the return of industry veteran Will Field to its offices as head of casualty for Asia, effective Q1 2024.
Quility, a leading insurtech company, today announced a significant investment from F&G Annuities & Life, Inc. (“F&G”) for a minority stake in Quility.
NeuralMetrics, headquartered in Denver, has added Lessor’s Risk Only (LRO) capabilities to its risk-quality data platform.
Insurance services firms in the UK are being warned that they are losing around £222.1 billion a year in total due to poor time keeping and lost billable hours, reveals a new study.
Portal360, Powered by Benekiva allows claimants to manage their claim and engage in real-time discussion with a carrier associate without ever leaving the intuitive Portal360 interface.
Cytora has forged a strategic alliance with Reask, a distinguished provider of advanced natural catastrophe risk analytics.
FINEOS Corporation has partnered with The Guardian Life Insurance Company of America (Guardian), a distinguished leader in employee benefits and financial wellness solutions.
Mulberri, an AI-driven insurance platform founded in 2021, has officially introduced its innovative Cyber Insurance MGA (Managing General Agent).
Atec Group’s Motorhome Insurance Sales Surpass 10,000 Milestone in a Year Amid Rising Van Life Trends
In a remarkable achievement that mirrors the growing popularity of the van life trend, Atec Group proudly announces the placement of more than 10,000 motorhome insurance policies since its foray into the motorhome insurance market just last year.
Insurers have paid out $34 billion in insured losses due to a relentless barrage of severe storms that swept across the nation during the initial half of this year, say leading insurers.
Zurich Insurance Group has unveiled its interim financial results, showcasing robust performance across various business segments in the first half of 2023.
Zurich Insurance Group has unveiled its interim financial results, showcasing robust performance across various business segments in the first half of 2023.
At-Bay has announced a significant step in its evolution.
Digital small business insurer NEXT Insurance has unveiled its latest expansion strategy, enhancing its insurance portfolio for small enterprises.
Sun Life Financial, a leading financial services company, has unveiled its financial results for the second quarter of 2023, revealing a robust underlying net income of $920 million.
Decentralized Insurance Provider Nexus Mutual Partners with InShare to Offer Coverage to UK Shopkeepers
Nexus Mutual, a pioneering startup offering decentralized insurance solutions, has forged a strategic partnership with InShare, a company specialising in managing mutual insurance organisations.
Arthur J. Gallagher & Co has announced its latest acquisition of California-based Wigmore Insurance Agency, Inc.
Majesco’s Acquisition of ClaimVantage Yields Impressive Results, Boosting Offerings and Customer Base
Majesco, a global frontrunner in cloud insurance platform software, has declared the resounding success of its strategic acquisition of ClaimVantage in January 2021
The Travelers Companies, through its subsidiary Northland Insurance, a prominent trucking insurance firm, has made a significant stride in the world of insurtech with the introduction of a cutting-edge telematics programme.
Leading global specialist insurer Hiscox has unveiled its financial results for the first half of 2023, showcasing a remarkable upswing in its underwriting division and an overall enhanced performance across its various lines of business.
Global reinsurer Hannover Re has showcased impressive growth in its H1 2023 financial results, recording a remarkable 3.9% surge in reinsurance revenue, which now stands at €12.3 billion.
Mike Simonds, COO of Unum Group, and Atul Karma, CEO of SixThirty, discuss collaboration, innovation and trends in the Employee Benefits space.
Embedded insurance specialist, Cover Genius, has announced an exciting new partnership with Uber to offer enhanced protection for drivers in Brazil.
The State of Connecticut recently launched the Connecticut Baby Bond Trust with an initial deposit of $398 million, made possible in part by using a debt service reserve fund insurance policy from Build America Mutual (BAM).
DUAL, the prominent London-based managing general agent (MGA), has made a significant move by acquiring David Ashby Underwriting Ltd. (DAU), a specialised MGA focused on bloodstock and high-value sports horse insurance.
Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, has announced its acquisition of a majority stake in Riverton Insurance Agency Corp., a New Jersey-based insurance services business comprising a Managing General Agency (MGA) and a retail agency. The terms of the deal have not been disclosed.
Eaton Gate, the London-based managing general underwriter, has established a strategic partnership with SiriusPoint International.
Corebridge Financial, a major provider of retirement solutions and insurance products in the US, has finalized an agreement to sell its subsidiary, Laya Healthcare Limited (Laya Healthcare), to AXA for a significant sum of €650 million in cash.
Ondo InsurTech PLC, a prominent provider of home insurance claims prevention technology listed on the London Stock Exchange, has revealed an exciting strategic partnership with US-based PURE Insurance.
Novidea has launched a platform designed to help brokerages deal with the digital revolution started by Lloyds’ implementation of the Core Data Record (CDR).
MercadoLibre Surpasses 5 Million Clients in Insurance Business, Paving the Way Towards Regional Financial Dominance
Latin America’s leading e-commerce giant, MercadoLibre (MELI.O), has achieved a significant milestone by amassing five million clients in its insurance business, a senior executive confirmed.
Reask, a natural catastrophe modelling company headquartered in Sydney, has secured a coveted spot on CB Insights’ prestigious list of the top 50 most promising insurtech startups worldwide.
Resilience, a leading cyber risk solution company headquartered in San Francisco, has successfully raised $100 million in a Series D equity financing round.
As the latest industry reports show insurtech funding to be falling, recent investment rounds, including several startups in the Middle East and Africa, are bucking the trend and scaling fast.
Empowering Insurance: Alexis Cierra Vaughan, Cowbell’s AVP of Agency Marketing, talks cyber challenges in today’s digital market
In the second instalment of our series, Empowering Insurance, which spotlights women driving change in the industry, we spoke to Cowbell’s AVP of Marketing, Alexis Cierra Vaughan about challenges, changes and AI innovation in the growing cyber insurance space.
Source Insurance has extended its partnership with WhenFresh to streamline and accelerate advisers’ quotation process.
Leading insurtech Loadsure has made a groundbreaking announcement regarding the launch of its cutting-edge digital ocean cargo and stock throughput insurance products, named “Danube – Dynamic Ocean Cargo Insurance” and “Huron.”
The UK Insurtech Sector has reached a new record milestone as McKinsey reports its US$21 Billion Enterprise Value, establishing global dominance in the industry
Rory Yates, SVP Corporate Strategy, Global, EIS, examines the potential opportunities open to insurers as a new wave of regulations hits the industry
Bikmo Partners with Caravan and Motorhome Club to Offer Exclusive Cycle Insurance Options to Members
Bikmo, a renowned specialist insurance provider for cyclists, has announced its exciting partnership with the esteemed Caravan and Motorhome Club.
Allianz Trade, the world’s leading trade credit insurer, has introduced a new standalone fraud insurance product to assist businesses in tackling the surge in employee fraud and external scams in the UK post-pandemic.
Empowering Insurance: Monica Garcia Cristóbal, Director of Transformation for MAPFRE Spain Talks Tech Trajectory
In the first of our new series Empowering Insurance, which features disruptive female leaders in the industry, we caught up with Monica Garcia Cristóbal, Head of Transformation for MAPFRE Spain, to talk career trajectory, technology and trends
Zurich Insurance Group (Zurich) and researchers at one of the world’s leading universities ETH Zurich have identified 10 controls that can reduce the risk of becoming a victim of the most common cyberattacks by up to 70%.
Berlin-based insurtech INZMO has launched a new e-scooter product following growing demand in the marketplace.
Private equity firm Bain Capital has successfully raised $1.15 billion for its inaugural fund dedicated exclusively to investments in the insurance industry.
Car insurance premiums in the UK have hit their highest levels ever, as reported by WTW and Confused.com.
In a significant development, a cargo insurance facility that provided coverage for Ukraine’s grain shipments through a secure sea corridor has been suspended following Russia’s withdrawal from a United Nations-backed agreement.
LEADERSHIP SPOTLIGHT: Dolphin Technologies CEO, Harald Trautsch Talks Telematics and Life-Saving Innovations
As a pioneer in the telematics technology space, Harald Trautsch, Founder and CEO of Dolphin Technologies is passionate about improving safety through technology and the insurance industry.
Personal Lines Retraction of Property Insurance in Florida & California Could Trigger Commercial Market Expansion
In response to escalating catastrophe exposures, several major personal lines insurers have recently halted the writing of new residential property insurance policies in California and Florida.
Despite the abundance of risk data available to Specialty and Commercial insurers due to digitalisation, a recent survey conducted by independent research firm Coleman Parkes for pricing decision intelligence leader hyperexponential reveals that the sector’s pricing practices and technology fail to harness the full potential of data for better pricing and portfolio decisions.
Hailstone Labs, a prominent Web3 venture studio based in Hong Kong, has recently announced a strategic investment in OneDegree Group, an insurtech company with a strong presence across Asia.
Clark UK, formerly known as Candid, has strengthened its strategic partnership with iptiQ by introducing its own ‘over 50s’ life insurance product for the UK market.
Mumbai-based insurtech startup, Renewbuy, has successfully raised US$40 million in funding from Dai-ichi Life Holdings, a prominent insurance company based in Japan.
MCE Insurance Limited, self-proclaimed as the premier provider of motorcycle insurance in the UK, has entered into Administration.
Madison Mutual Insurance Company Partners with Akur8 to Boost Pricing Capabilities Across Personal Lines
Madison Mutual Insurance Company (MMIC) has partnered with Akur8, and will use the insurtech’s Risk and Rate modeling solution to update its pricing processes.
Insurtech company Tractable, based in London, has secured $65 million in a Series E funding round led by SoftBank Vision Fund 2
Leading MGA, Nexus Underwriting, has successfully finalised its acquisition of Evolve Cyber Insurance Services LLC, an MGA based in California specialising in cyber insurance.
Despite the challenging market environment, insurtech startups are thriving. Insurtech Insights lists FIVE key players, with female founders and CEOs, that are driving change in the marketplace
EIS Ltd’s SVP of Corporate Strategy, Rory Yates, examines the challenges facing insurance leaders as they seek greater agility and resilience in today’s transforming climate
CLARA Analytics, a prominent provider of artificial intelligence (AI) technology for optimising personal injury claims, is making significant strides in expanding its presence in the Asia-Pacific region.
Tensorflight, a leading computer vision, property data, and insights provider has joined forces with Socotra, a company providing a modern, cloud-based platform for technology-driven insurers.
Augment, a promising new London-based player in the reinsurance industry, has made a significant impact with its launch, following a substantial funding boost of up to $100 million from Altamont Capital Partners, a private equity firm.
Zurich Insurance has made a significant stride in the insurance industry by introducing its cutting-edge suite of solutions for digitally embedded insurance across all Asian markets, Zurich Edge.
Sivan Iram launched Capitola – an insurtech digital marketplace that connects brokers and underwriters – in 2021. In April, the startup generated US$15.6 million in its Series A round. Insurtech Insights finds out more.
How to Innovate Faster: Generali’s Stefano Bison Discusses Applying Digital Strategy to Legacy Systems
In the second instalment of our series, ‘How to Innovate Faster,’ in collaboration with FintechOS, we spoke to Generali’s Group Head of Business Development, Partnerships & Innovation, Stefano Bison
Hourly.io has partnered with Nationwide, a leading provider of insurance and financial services, to strengthen Hourly’s network of over 3,000 independent insurance producers.
Insurance broker Howden has entered into a four-year partnership with The British & Irish Lions, becoming a principal partner and the official front-of-jersey sponsor for the upcoming 2025 Lions Tour to Australia.
QBE Insurance Group has announced the addition of Peter Wilson, the former CEO of AXIS Insurance, to its group board as a non-executive director (NED). .
Slide Insurance, a full-stack insurtech specialising in affordable homeowners coverage, has successfully priced its latest catastrophe bond, securing an additional $100 million in reinsurance protection.
Akur8, the creator of next-generation insurance pricing solutions employing transparent machine learning, has teamed up with Canal Insurance Company, a leading commercial insurance provider.
Europe’s major reinsurers forecasted to benefit from favourable market conditions in 2024 due to the absence of new capital inflows during the ongoing hard market cycle, according to BofA Securities analysts.
Forge Insurance, a leading specialist commercial auto insurer catering to the small business segment, has selected Majesco P&C Intelligent Core Suite and Majesco Digital Agent360 to boost their business growth, innovation, and bring new products to market.
Lemonade, the AI-driven digital insurance company with a focus on social impact, has announced the results of its 2023 Giveback program, marking the seventh consecutive year of giving back to numerous local and global charities selected by its customers.
Leading cyber insurer Beazley has published its latest Risk & Resilience report titled “Spotlight on: Cyber & Technology Risks 2023.”
CareVoice, a provider of embedded health solutions for insurers, has entered into a strategic partnership with InsureMO, the leading insurance middleware platform.
Global insurer AXA has finalised the acquisition of Groupe Assurances du Crédit Mutuel España (GACM España), a prominent property and casualty (P&C) and health insurance subsidiary in Spain.
Car insurance companies are facing a significant challenge due to the lack of reliable diagnostic data for electric vehicle (EV) batteries involved in accidents, leading them to declare mildly damaged vehicles as total losses.
Farmers Insurance, a major property insurer, has made the decision to cease offering its policies in Florida. This move will affect home, auto, and umbrella policies, forcing thousands of individuals to find alternative insurance providers.
Cyber insurance startup Coalition has announced its acquisition of the privacy assistant app Jumbo.
The riots that erupted in France following the police killing of a teenager have led to an insurance bill of $715 million, according to an industry body.
Sigo Seguros, a rapidly expanding insurtech company renowned for its Spanish-first approach, delivers auto insurance services predominantly for immigrant and working-class communities.
True Flood Risk, a leading property data and risk management platform specialising in flood risk, has announced its participation in Guidewire’s Insurtech Vanguards programme.
Insurtech experiences 251% increase in live entertainment sales in 12 months as more event venues and ticketing platforms add refund protection to their online experience
Socotra, a leading provider of modern core platforms for innovative insurers, has announced its collaboration with Steadily, the top-rated landlord insurance solution in America.
Global Insurance Industry to Demonstrate Resilience Despite Economic Slowdown and Inflation, Swiss Re Institute Reports
Global economic growth has exceeded expectations in the first half of 2023, but experts anticipate a slowdown in the coming months.
Bees360, the top provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the most advanced provider of AI-enabled interior property inspections powered by more than a decade of MIT research, have partnered to transform the insurance claims process.
Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, today announces the appointment of David Brooks and Simon Hogg as its first Chief Operating Officer (COO) and first Chief Information Security Officer (CISO) respectively.
Leading commercial motor insurer, Zego, has announced a significant advancement in its claims handling capability, with both the growth of its in-house team and its implementation of an innovative in-house case management system.
Hepster, a leading embedded insurance startup, has raised $11 million in its latest funding drive and has emerged as a key player in the rapidly advancing insurtech landscape.
Allianz has unveiled the top emerging liability trends in the professional indemnity space for 2023.
The Florida insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state’s insurers, according to Aon’s Reinsurance Market Dynamics report.
Agi3 Risk Services (ARS) and Definity Financial Corporation have launched an AI-powered crop insurance solution called AgriEnhance.
Capgemini Research Institute’s latest report found that despite apparent risks, such as copyright infringement or cybersecurity, nearly three-quarters (74%) of executives believe the benefits posed by generative AI outweigh the associated concerns.
Sabre Insurance, a prominent insurer, has chosen InsurTech company CDL as its partner for pricing and direct insurance platforms, following a formal tender process.
Amerisure Insurance, a prominent commercial property and casualty (P&C) insurer based in Michigan, has successfully implemented Guidewire ClaimCenter on Guidewire Cloud to enhance its claims operations and provide greater value to its agency partners and policyholders.
Subsidence insurance payouts are projected to surge to a staggering £1.9 billion by 2030 if the current trend of extreme heat continues, warns a recent analysis conducted by PwC.
Zurich North America, a provider of cyber risk solutions for over a decade, has introduced a cyber insurance offering designed specifically for middle market businesses.
Automotive marketplace Carsome, based in Malaysia, has entered into a partnership with insurtech firm PolicyStreet to introduce a personal accident plan that includes coverage for car loan payments in the event of unemployment.
Cork-based InsurTech company Blink Parametric has announced plans to expand its workforce by doubling its headcount in Cork by the end of 2025.
The internet news platform Yahoo, has published its top 10 list of US travel insurers for 2023, just in time for the summer break.
Insurtech company Singlife has entered into a Memorandum of Understanding with technology giant Microsoft to facilitate the adoption of generative artificial intelligence (AI) among high-growth insurance startups in Singapore.
AMA Research & Media LLP has released its latest insights on Artificial Intelligence (AI) in insurance market, citing the work of key market players, including Lemonade, Snapseed, Liberty Mutual, Insurify and Clearcover.
AXA Hong Kong and Macau (AXA) has announced its collaboration with CoverGo, a leading global no-code insurance SaaS core platform, to enhance AXA’s general insurance ecosystem in Hong Kong.
Ondo InsurTech PLC, a prominent insurance company specialising in water damage prevention, announced the signing of a significant five-year agreement with Länsförsäkringar Trygghetstjänster (LFTT), a renowned Swedish insurance provider.
As part of our new thought leadership series in collaboration with FintechOS, Simon Pink, UK Head of Emerging Technology for QBE Ventures, discusses the challenges currently facing the insurance industry when it comes to adopting and implementing innovation.
Aon, the prominent global professional services firm, has successfully finalised a “historic” parametric insurance programme for the Government of Puerto Rico.
Tokio Marine Holdings has unveiled a new market intelligence platform that aims to improve collaboration with external companies.
Despite recent economic turbulence, the managing general agent (MGA) sector is poised for continued growth, according to a new report by Clyde & Co.
Steadily, an online landlord insurance start-up, has successfully raised $28.5 million in a recent funding round.
In a significant revision of its regulations, the Net-Zero Insurance Alliance (NZIA) has eliminated all requirements for its members to establish and disclose targets for reducing greenhouse gas emissions, announced the United Nations has announced.
Tony Grosso is the Head of Growth/GWB Insurance Markets for EIS. We quizzed him on the importance of APIs in the Employee Benefits space.
Zurich Insurance Group (Zurich) has announced a strategic partnership with Qover, an insurtech based in Belgium, as part of its efforts to expand its embedded insurance capabilities.
wefox, a global leader in the insurtech industry, has entered into an exciting new partnership with GATE (Green & Advanced Transport Ecosystem), a venture founded by Iveco Group.
Qover, a leading insurtech specialising in embedded insurance orchestration, has recently concluded a successful Series C up-round funding, securing an impressive $30 million.
Humn.ai has forged a partnership with QBE Insurance Group to provide its Innovative dynamic pricing insurance solution to taxi fleets
Closing the Technology Deficit Could Generate $3 Trillion in Revenue for European Companies, Reveals Accenture Report
A recent report from Accenture has highlighted the potential for European companies to generate an additional $3.2 trillion in revenue by 2024 if they close the technology deficit that exists between them and their North American counterparts.
In a recent report, broker Howden revealed that cyber insurance rates have decreased by approximately 10% in June compared to the previous year.
Germania Insurance has announced its successful migration of their Guidewire InsuranceSuite self-managed environment to Guidewire Cloud.
Zurich Insurance (Hong Kong) has received widespread recognition for its strong commitment to environmental, social, and governance (ESG) practices and its innovative approach to product development.
The global renters insurance market is poised for substantial growth in the coming years, according to a recent market study conducted by The Latest.
In a groundbreaking move set to reshape the insurance landscape in Egypt, Estafsar, a prominant insurtech provider in Egypt, has officially announced its partnership with insurance leader Al Wataniya.
The Financial Conduct Authority (FCA) has sounded the alarm over the soaring insurance premiums that are burdening drivers and homeowners, exacerbating the cost of living crisis.
Multinational professional services firm EY has announced the appointment of Phil Vermeulen as the EMEIA Insurance Leader.
In a significant move within the Thai insurtech industry, online insurance provider Roojai has announced its acquisition of FWD General Insurance from fellow insurtech company bolttech.
Guy Carpenter, a global risk and reinsurance specialist and subsidiary of Marsh McLennan, has finalised its acquisition of Re Solutions, an independent reinsurance broker headquartered in Israel
Last month, the insurtech sector saw more than 30 funding events take place globally. We’ve rounded up eight of the biggest funding events that span the insurance industry sectors.
Qover has announced its partnership with Monzo to offer Premium users in the UK a new way to track and submit insurance claims within the Monzo app, making the insurance experience for its embedded travel protection seamless and user-friendly.
Tim Bailey, the UK CEO of Zurich Insurance, has been appointed as the President of the Association of British Insurers (ABI).
Cytora, a leading digital risk processing platform, has joined forces with hyperexponential, a pricing decision intelligence company, to introduce “supersonic underwriting” capabilities in the commercial insurance sector.
OneDegree Group, a prominent digital asset insurtech leader based in Hong Kong, has successfully raised $55 million in its Series B funding round.
The insurance industry in the Philippines experienced a slight decline in net income, reaching nearly P10 billion in the first quarter, primarily driven by a drop in the life insurance segment.
Lemonade has joined forces with General Catalyst (GC), a prominent venture firm and early investor in Lemonade. Together, they have introduced the innovative Synthetic Agents programme, aimed at fueling growth without depleting cash reserves.
Leading cyber underwriter, Corvus Insurance (Corvus), has introduced new AI-driven features to its underwriting platform, aiming to enhance workflow efficiency and automate routine tasks.
R&Q Insurance Holdings, following its recent approval for the separation of its programme management and legacy insurance units, has released its financial results for the year ending December 31, 2022.
NFP has finalised the purchase of FinTrust Insurance and Benefits’ employee benefits solutions business and Presidio Financial Services Corporation, marking the latest additions to its expanding portfolio of acquisitions.
French insurer AXA has established its first-ever environmental targets for its insurance portfolio, aiming to limit emissions of climate-warming gases associated with the vehicles and companies it covers.
Central Insurance, a leading insurance company, has expanded its partnership with Shift Technology, a provider of AI-powered decision automation and optimisation solutions for the insurance industry.
Global insurer MAPFRE has released a comprehensive research report urging the insurance industry to embrace artificial intelligence (AI) responsibly, safely, and reliably.
Spanish Insurtech Bdeo Raises US$8.2 Million for Expansion of AI-Powered Insurtech Visual Intelligence
Bdeo, a rapidly growing technology company specialising in Visual Intelligence for the insurance and fleet industries, has successfully raised an additional $8.2 million in funding to fuel its international expansion and solidify its position in Europe and Latin America.
Insurers Urged to Invest in Customer Experience Technology to Retain Business, Warn Brokers and Agents
Insurance companies that fail to invest in customer experience technology run the risk of losing out on business to their tech-savvy competitors, caution brokers and agents.
Federato, an innovative Insurtech firm, introduced as the insurance industry’s premier RiskOps underwriting platform, disclosed today a successful $25m Series B fundraising round.
The cyber insurance market expected to surpass US$79.75 billion by 2030, fueled by increasing cyber attacks and risk awareness
Candid, the rapidly expanding life insurance and protection company in the UK, has announced its transformation into CLARK UK.
Afreximbank, the export-import bank has introduced its wholly-owned insurance management services subsidiary, AFREXInsure.
ServiceNow, an enterprise cloud computing company, and Guidewire, an InsurTech provider, have come together to enhance insurance experiences.
Expert.ai, the industry leader in AI-powered language solutions, has announced the launch of their highly anticipated expert.ai Platform for Insurance.
Insurtech Raincoat Raises US$6.5 Million to Invest in Financial Resiliency in the Wake of Climate Disaster
Raincoat, a startup developing scalable climate insurance solutions that enable instantly processed individual claims, today announced the closing of an additional $6.5 million seed round bringing its total raised to date to $11 million.
Insurance fraud has witnessed a sharp increase of 61% amid the ongoing cost of living crisis, according to new figures released by the City of London Police’s Insurance Fraud Enforcement Department (IFED).
Blink Parametric has announced a strategic partnership with CPP Italy and Europ Assistance Italy.
Innovative Risk Labs (IRL) has made a significant entry into the prestigious Lloyd’s market, marking a major milestone for the insurtech firm.
London, UK – Rnwl, a groundbreaking insurtech company dedicated to streamlining insurance purchase and management, has introduced its latest feature, ‘Instant Quotes,’ as the first in a series of innovative product line enhancements.
Reask, a prominent ClimateTech company specialising in natural hazard modelling, has recently announced a strategic partnership with InsurTech MGA Kettle.
LEADERSHIP SPOTLIGHT: Ericson Chan, Zurich’s Group Chief Information & Digital Officer, Talks Innovation, Trends & Talent
Insurtech Insights talks to top CIDO and financial technology leader Ericson Chan, who shares his unique perspective on the future of insurtech
Atlanta-based insurance company Accelerant has successfully raised $150 million in a recent funding round led by Barings LLC, a global investment firm owned by MassMutual.
Slide Insurance, an InsurTech firm with a specialised focus on homeowners insurance, has announced a noteworthy stride in its financial journey.
In today’s digital landscape, cyber security insurance has become an essential safeguard for businesses against data breaches, malware attacks, and cybercrime.
Serial entrepreneur Gonçalo de Vasconcelos, is passionate about entrepreneurship and encouraging innovation. Insurtech Insights caught up with him to find out more.
Kenyan insurtech startup Turaco has announced it has surpassed one million lives insured.
Lemonade, the innovative insurtech company, has received a carrier license from the Prudential Regulation Authority (PRA), enabling the company to further expand its presence in the UK insurance market.
Marsh McLennan has revealed its collaboration with the Ukrainian government to assist in unlocking access to the global insurance market.
The insurtech will be invited to engage with the World Economic Forum to address industry and societal issues
Fidelis Insurance Holdings Limited (FIHL) has announced the completion of its proposed terms for a $298 million initial public offering (IPO) in the United States.
The protection gap is widening on a global scale in response to a range of factors, including the economic crisis and natural catastrophes, says a new report from reinsurance giant, Swiss re.
Zurich Financial Services Australia (Zurich) has introduced an insurance affordability resource in response to the ongoing cost-of-living pressures faced by Australians, driven by inflation and rising interest rates.
Insurtech Arbol and The Institutes RiskStream Collaborative have announced that the dRe insurance solution had gone live on RiskStream’s blockchain platform. dRe uses smart contracts for reinsurance calculations on chain.
Parrot, a technology-based court reporting firm, announced today its groundbreaking AI-enabled platform aimed at assisting insurance providers and legal firms in expediting case resolutions and reducing costs.
Canopius, a global specialty lines re/insurer, and Measured Analytics and Insurance, an AI-powered cyber insurance provider, have announced a new partnership to offer cyber insurance and cybersecurity solutions to small and midsize businesses in the US.
LEADERSHIP SPOTLIGHT: Ben Bergsma, Principal VC at Munich Re Ventures, Talks Resilience, ClimateTech and Investment
Ben Bergsma is the Principal VC at Munich Re Venture and is an industry leader when it comes to insurtech investment. Insurtech Insights finds out more
The United Kingdom has announced new funding and insurance support for businesses involved in the reconstruction of Ukraine following Russia’s illegal invasion.
Novidea, the creator of the cloud-based, data-driven enterprise insurance management platform, has announced significant new enhancements to its award-winning insurance management software.
London-listed SPAC Financials Acquisition Corp will unveil plans to raise £500m on Wednesday and form London Innovation Underwriters, a pure-play Lloyd’s vehicle, Sky News reports.
Auto insurance in California is becoming increasingly difficult to obtain, as insurance agents report challenges in finding quotes for clients who would have easily secured coverage just a year ago, news reports states.
CogniSure AI, a leading provider of cutting-edge insurance document extraction and analytics solutions, has joined forces with Federato, the pioneering RiskOps underwriting platform for Property & Casualty (P&C) and Specialty insurance.
Hong Kong could surpass London, Tokyo, and Singapore as the international insurance hub, industry experts predict in latest report.
BNP Paribas Cardif, bolttech, and Back Market have announced a collaboration to offer an ambitious upskilling programme for the repair industry within the insurtech sector.
AIB (Allied Irish Banks) and Great-West Lifeco have joined forces to launch a new technology-led joint venture called AIB Life.
Intelligent AI, a UK-based startup, says its new data-driven platform has solved the US$433.8 billion commercial property underinsurance problem, and has issued a public statement detailing the triumph
Guy Carpenter, a subsidiary of global risk and insurance specialist Marsh McLennan, has made significant announcements regarding key leadership appointments in Italy.
Insurance broker Marsh is being sued for $143 million by US private finance group White Oak over its handling of insurance cover for collapsed supply-chain finance firm Greensill Capital, says FT report
According to a recent report by Cover Genius, overall traveller numbers are expected to reach a staggering 4.0 billion in 2024, surpassing pre-COVID-19 levels.
The UK-based insurtech Rnwl has announced it is seeking growth capital through a funding round on Seedrs, a crowdfunding platform.
Travel insurer Getcover.com has forged a strategic a partnership with Cork-based InsurTech Blink Parametric to introduce a range of online travel insurance products making use of Blink’s real-time parametric flight delay solution for policyholders.
Global broker Howden has bolstered its marine business by acquiring Bremen-based broker Northern Lloyd, a renowned player in Northern Germany’s marine insurance sector.
Insurtech Qover has announced a second partnership with Revolut, the global financial super app with more than 30 million retail customers worldwide, to provide embedded insurance for its new trip and event cancellation cover.