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Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
Insurance and reinsurance broker firm BMS has appointed Ian Gormley as its new UK CEO.
Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
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The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Munich Re Specialty Insurance has implemented into production Bond-Pro’s Next Gen surety solution, according to the firm.
Paris-based cybersecurity insurtech Stoïk has raised €11m in a Series A round led by US investment giant Andreessen Horowitz (a16z) to roll out its hybrid insurance and cybersecurity product in European SME markets.
Joanne Butler, (Jo), Head of Product Marketing at Charles Taylor Insuretech, interviewed, with Polly Jean Harrison from The Fintech Times at the Insurtech Insights Conference 2022. Jo spoke about the launch of InHub and key trends in insuretech.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
Gigaforce, an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform, is pleased to announce the launch of a new claims intake bot, Gigabot, which moves the company’s clients significantly closer to a touchless claims experience.
Ellen Robles shares how Employee Resources Groups foster an inclusive environment and help build careers at AIG.
Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company.
Gallagher announced recently that it has acquired INNOVU Group Holding Company Limited (“INNOVU Insurance”). Terms of the transaction were not disclosed.
Insurance has always been a data-driven business, from ancient waybills recorded on papyrus under the Code of Hammurabi, to the charters of the first property insurers after the Great Fire of London.
Nationwide has partnered with Cambridge Mobile Telematics (CMT), a telematics service provider, to implement the new DriveWell Messaging platform into Nationwide’s telematics products.
The insurance industry has reached a point where many executives are also technologists, even if their title has a different designation. What’s driving this, in part, is multiple disciplines working together to further technological progress.
WTW has announced the launch of new price inflation forecasting technology for insurers. The ground-breaking tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW.
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
Laka, winner of the ‘Best Cycle Insurance Provider’ Award four years in a row has secured additional funding from Porsche Ventures, the venture capital unit of Porsche AG.
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
Tesla has begun rolling out its insurance plans in a handful of U.S. states over the past few years, as one more piece of the company’s growing ecosystem. While it’s still in its infancy, Tesla Insurance could be crucial to keeping rates low and driver safety high, as detailed by a few of the automaker’s executives in recent months.
The macroeconomic challenges of recent years have shined a spotlight on the need for insurance companies to adapt to an increasingly digitized marketplace.
Pie Insurance, an insurtech that specializes in workers’ compensation insurance for small businesses, has announced that it has expanded into Alabama and Oregon.
Established in 1863, innovation has always been part of Swiss Re’s DNA. With its 160th anniversary drawing near, Swiss Re is more relevant than ever. We interviewed Carl Christensen, Global Head of Life & Health Solutions, to learn the secret of Swiss Re’s longevity, and to explore the top trends Life & Health insurers are exploring to remain competitive in the
near to medium term.
Wefox, the German digital insurer, is in advanced discussions to raise fresh funding at a valuation of $5 billion to $6 billion, people with knowledge of the matter said.
Instanda, provider of a “no-code core insurance platform,” Monday (June 20) announced it raised $45 million in a Series B funding round that was led by Toscafund and included existing investor Dale Ventures.
Global digital asset platform Amber Group has secured insurance coverage for its wallet infrastructure from Arch Syndicate 2012 at Lloyd’s and insurtech firm OneDegree, which is supported by a multi-year reinsurance partnership with Munich Re.
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.
Nationwide and property risk insight technology company Betterview will extend their partnership, begun in 2018, for three more years. The companies will continue their collaboration on efforts to predict and prevent losses, their officials say.
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
As more insurance back-end processes become digitized, and thus more streamlined, agents can focus more heavily on providing excellent customer service and support agent-customer relationships.
Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance products powered by AI-driven risk data, today announced the appointment of Paul Gaspar as Chief Data Officer, effective immediately.
Pazcare, a Bangalore-based employee benefits and insurtech platform, announced today it has raised $8.2 million led by Jafco Asia, bringing its valuation to $48 million. The funding also included participation from returning investors 3One4 Capital and BEENEXT.
Lloyd’s of London has re-appointed Bruce Carnegie-Brown for his third term as chairman, running from June 2022 until June 2025.
AXA today announces the launch of a strategic program to build a Digital Commercial Platform. This platform will aggregate different services to transform AXA’s value proposition to better serve its commercial customers, in line with AXA’s Driving Progress 2023 strategic plan.
Established in 1863, Swiss Re is a well-established company, with a reputation for leveraging data and technology to drive innovation in the insurance industry. With its 160th anniversary drawing near, Swiss Re is more relevant than ever.
What is the secret of Swiss Re’s longevity? We interviewed Pranav Pasricha, Global Head P&C Solutions to get a flavour of an organisation that never rests on its laurels, and to explore the outlook for P&C in the near to medium term.
Zurich Insurance Group (Zurich) has announced the digitalisation of its International Programs business.
Climate change commitments expose insurers to potential lawsuits if companies fail to live up to their net-zero promises, according to Chubb Ltd. CEO Evan Greenberg.
Lemonade has launched its car insurance product in Ohio. It’s the third state for the product following Illinois and Tennessee. The usage-based insurance product can be bundled with the insurtech’s renters, homeowners, pet and life products.
Liberty Mutual Insurance has named Monica Caldas its next EVP and CIO. Caldas will enter her new role effective January 2023, after James McGlennon retires. The company announced the succession plan in a release today.
Middesk, a platform designed to automate business verification and underwriting decisions, today announced that it raised $57 million in a Series B round.
Israel’s insurtech ecosystem continues to grow and develop. Because insurance affects all facets of our lives, it is a multi-faceted industry that includes many nuts and bolts. Here is a complete map of the Israeli insurance / insurtech ecosystem:
Chubb and Singaporean insurtech firm JA Assure have launched Haxsafe, a cyber insurance portal for small and medium enterprises (SMEs) in Asia.
Branch, a startup offering bundled home and auto insurance, has raised $147 million in Series C funding at a postmoney valuation of $1.05 billion.
Overalls closed a $4.6 million funding round led by RPM Ventures , bringing its total funding to $8.6 million.
The French startup wants to disrupt the traditional pet insurance experience with personalised coverage, fast reimbursement, unlimited live vet chats and support, and charity-driven benefits.
Global insurer, Chubb has announced that Cheryl Krauss has been appointed Senior Vice President, Chubb Group and Chief Communications Officer.
Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of Clark Insurance, a leading independent agency in Maine. Terms of the acquisition were not disclosed.
The Munich-based Mobility Technology Center (MTC), founded to develop auto insurance products and risk management solutions, announced its plan to launch its services in June. The center is a joint venture between ERGO Digital Ventures, Munich Re, automotive smart mobility developer, In-tech, and MaLiBu, a consultancy.
Haven Life, the customer centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), and Kinly are announcing a new partnership to make term life insurance more accessible to Black Americans.
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
The now familiar industry story is that big insurance companies with their juggernaut size and legacy technology find it very difficult to undergo a digital transformation to unlock all their data and improve customer service.
Strategic acquisition will be instrumental for expansion to the UK and Ireland markets, while investing in Ai-London’s vision to create the world’s first AI-powered PAS and adding award-winning digital engagement to Lumera’s policy administration environment.
Acrisure, a Fintech specialist that operates a top-10 global insurance broker, has closed a $725 million in Series B-2 Preferred Equity funding at a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.
Medical care and travel startup Air Doctor has secured $20M in funding for scaling the company globally. This second round of investment capitalizes on the worldwide influx in travelers after the Covid-19 pandemic and will enable the company to enter its next phase of growth.
Cyber risk analytics provider CyberCube has today launched CAERS, a new cyber incident response service for clients of the company’s SaaS products.
The demand for embedded financial services has been seen across the industry, with the insurance sector being no exception. Embedded insurance has the potential to remove the hassle from a purchase, create tailored products, allow the insurer total control of what they want to sell, and help close the ‘protection gap’.
Since I started my career three decades ago, there’s always been this paradoxical rhetoric about the insurance industry’s risk averseness, mainly stemming from the absence of a flurry of innovative products, services and processes.
Insurance firms are now aggressively adopting digital solutions to overcome decades of inertia in modernizing their businesses.
First Connect and Blink announced today a collaboration to make personal cyber insurance protection available to independent agents that participate in First Connect’s insurtech marketplace platform.
Any pet owner will be able to confirm it – our pets become part of our family and their health is just as important as the owners. Increasingly, people are becoming pet parents and are prepared to invest in all aspects of their pet’s care – from how they are fed, to insurance, to toys and beyond. It’s meant that a new area of innovation has sprung up – PetTech.
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer.
Customer satisfaction in digital offerings from insurers declined this year, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study.
Differentiated products and services are key to growth among life and annuity carriers.
Prudential has partnered with Singapore-based Nervotec, a digital health company to help people better manage and monitor their health and stress levels on a daily basis.
Charles Taylor, the leading provider of claims solutions and technology to the global insurance market, today launches ‘InHub’ to help the insurance value chain deliver better results.
Insurance broker WTW has launched specialist cyber coverage for ports and terminals, called CyNav.
Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.
Elon Musk took a moment this week to talk about something other than Twitter: his carmaker’s effort to cut out the middlemen and lower premiums.
Jamie Hale is the CEO and co-founder of Ladder. He has also served as a partner at Aldenwood Capital and Jasper Ridge/Oak Hill Investment Management.
The combination of Socotra’s core insurance technology with Avolanta’s offers the insurance industry an open and agile platform for accelerating innovation and speed-to-market.
Digital insurer Getsafe is launching its new buildings insurance to complete its home insurance proposition in the United Kingdom. This underlines Getsafe’s commitment to the British market. The company just hit the 50,000 customer mark in the UK and continues to grow its position as Europe’s leading neo-insurer.
Founded in 2021, Neptune Mutual is a marketplace for parametric coverage protection of digital assets against hacks and exploits.
Cyber insurance provider At-Bay has launched a new cyber insurance programme backed by two specialty insurance providers: Trisura Specialty Insurance Company and The Hartford Steam Boiler Inspection and Insurance Company (HSB).
CoverGo, a global enterprise no-code SAAS insurance platform, secured $15 million in Series A funding led by California-based SemperVirens VC with participation from U.S. venture capital firms SixThirty, Tribeca Early Stage Partners, and Fresco Capital.
Chubb has named Paul Johnstone as its new country president in Canada, moving up from his role as COO.
Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.
Faye, a Los Angeles, CA-based travel insurance startup, raised $8M in Seed funding.
While most insurers are pursuing a combination of strategies to meet demand for a more seamless user experience, some are putting a particular emphasis on improving data utilization, particularly in the context of external data.
Indonesian insurtech startup Qoala has raised US$65 million in a series B round led by France-based investor Eurazeo and joined by MassMutual Ventures and Sequoia Capital India.
As the InsurTech industry approaches the next wave of innovation, experts say this could mean navigating rough waters.
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”
AXA Hong Kong (“AXA”) announces the launch of its first-in-market “Green Premium Rebate” programme – selected AXA Employee Benefits business clients can now enjoy 1% of premium rebate by fully utilising the eClaim services.
FloodFlash Ltd. was founded in 2017 by Risk Management Solutions Ltd. alums Ian Bartholomew and Adam Rimmer and has been providing parametric insurance for flooding to business customers in the U.K. since 2019.
BIBA has launched a new member scheme to insure operators of drones, both commercial and recreational.
Digital Insurance spoke with Scott Higgins, executive vice president and president of middle-market and national property, business insurance field for Travelers, about trends impacting the middle market and the role of insurtechs. Travelers defines this segment as businesses with 50 to 1,000 employees.
The partnership integrates CyberCube’s solutions and Majesco’s Policy for P&C to automate cyber risk assessments using expanded sources of data, signals and models for risk modeling, rating, and underwriting to support the growing demand for cyber (re)insurance in the market.
The partnership offers fleet management solutions and telematics to Nationwide’s agribusiness customers across the U.S.
Meet Getlife, a Madrid-based startup that just raised $6.3 million (€6 million) in seed funding. The company wants to make it easier to access life insurance products in Europe. For instance, there’s no medical exams needed to subscribe to Getlife.
British insurer Hiscox (HSX.L) said on Thursday it had set aside $40 million for expected losses due to claims arising from the Russia-Ukraine conflict, mainly through its political violence, war and terror portfolio.
French startup Alan has raised a new €183 million funding round ($193 million at today’s exchange rate). The company sells its own health insurance products and has expanded to other medical products and services. In other words, Alan wants to build a healthcare super app and a one-stop shop for all your questions and needs when it comes to your health.
Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.
Sanlam Ltd., Africa’s largest insurer, agreed to form a joint venture with Germany’s Allianz SE that will combine their assets on the continent valued at 2 billion euros ($2.1 billion) and help the partnership expand.
Millennials will constitute a significant chunk of the insurance market for the next few decades, and how they engage and make decisions differs from previous generations.
Cover Genius, the leading insurtech for embedded insurance, today announced a partnership with the e-commerce furniture and home goods company, Pepperfry.
There wasn’t much discussion about car insurance at Berkshire Hathaway’s annual meeting this year, but when the subject came up, Warren Buffett acknowledged the continued dominance of a competitor, a mutual assurance.
Europe’s digital wunderkind, wefox, believes a broker network powered by humans is still the future of insurance. Tomaso Mansutti, head of international partnerships at the company, tells us why.
What problem did you set out to solve when founding Vitesse? I have worked in payments for quite a while (over 20 years). After leaving
MassMutual Ventures’ announcement on April 27 of a new $300 million fund targeting start-ups in digital health, cybersecurity, enterprise SaaS and financial technology looks to be a force for innovation in insurtech.
Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of a new renewable energy facility that provides streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada.
PayPal Holdings Inc. formed a partnership with Aon Plc to offer its small-business customers the ability to shop for and manage their insurance policies using the company’s digital-commerce platform.
There were 25 funding rounds in the insurtech sector between April 1 and April 29, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.
The company intends to use the fresh funds to expand in new geographies, including international expansion into Southeast Asia scale its leadership team and strengthen its product line.
Broker Buddha announced a $5 million investment round led by SiriusPoint with participation from Vertex Ventures US, and insurance professional Bob Sargent.
As Bold Penguin’s chief data officer, Benjamin Clarke (pictured) focuses in part on anticipating the insurance technology company’s future tech needs.
Cyber risk analytics company CyberCube has partnered with Ultimate Risk Solutions (URS), a US-based provider of actuarial capital modelling to the insurance and reinsurance sectors.
Insurtech Coalition Inc., a managing general agent specializing in cyber risk, said Wednesday it is getting additional capacity from a unit of Bermuda-based Vantage Group Holdings Ltd. to back its U.S. excess cyber program.
Global specialist insurer Beazley has partnered with artificial intelligence (AI) insurtech Cytora to automate and streamline its risk processing function, enabling the company to reduce costs and accelerate expansion plans in North America and European markets.
AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.
AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.
Elon Musk trumpeted Tesla’s early inroads into automotive insurance last week. Warren Buffett, whose Berkshire Hathaway conglomerate owns Geico, has cast serious doubt on whether Tesla and other automakers can break into the industry and turn a profit.
Hippo’s Expansion to the Empire State Further Diversifies its Portfolio, Reaching 88% of Americans in 38 States.
Hippo’s Expansion to the Empire State Further Diversifies its Portfolio, Reaching 88% of Americans in 38 States.
Resilience, which provides cyber insurance and security solutions to mid-market enterprises, continues to build its experienced insurance team with the addition of Sarah Thompson as SVP of Underwriting.
MassMutual Ventures (MMV, Boston) has announced that its Asia-Pacific (APAC) and Europe team has launched a new fund of $300 million to invest in early and growth-stage companies in digital health, financial technology, enterprise SaaS, and cybersecurity.
MassMutual Ventures (MMV, Boston) has announced that its Asia-Pacific (APAC) and Europe team has launched a new fund of $300 million to invest in early and growth-stage companies in digital health, financial technology, enterprise SaaS, and cybersecurity.
Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.
It’s not hard to understand and forecast why usage based insurance (UBI) — otherwise known as behaviour-based insurance or pay-as-you-drive (PAYD) — is becoming popular among North American drivers and rest of the world.
Nowhere is the insurance gap more pressing than in the case of flood insurance.
HM Treasury formally launched the taskforce today to develop the “gold standard” for UK firms’ climate transition plans.
Tesla is “trying to turn a nightmare into a dream with Tesla Insurance,” chief executive Elon Musk said Wednesday.
Harsh market conditions, innovative entrants, and demanding clients are a few forces driving transformation in the insurance industry, but every challenge presents an opportunity.
What makes a true digital payment experience in insurance? Although the past few years have been characterized by rapid digital payment options, the real game-changer has been the focus of market leaders to embrace the transformation of the actual payment experience – both for premium and claim payments.
Tractable to make AI-enabled straight-through processing available to North American insurers, backed by Mitchell’s open platform and comprehensive repair data.
Aon has set up a $35 million intellectual property (IP) based funding arrangement for GRUBBRR, a provider of self-ordering technologies, creating an IP-collateralized debt structure that enabled the firm to raise additional funds through debt.
SafetyWing, a startup that’s providing health insurance coverage to remote workers, has secured $35 million in a Series B round.
Marsh has announced the launch of new cybersecurity marketplace services aimed at simplifying the procurement process for US clients seeking to protect their organisations from cyber threats.
To help companies see the ‘big risk picture’ and pinpoint potential property exposures across their business locations, AXA XL Risk Consulting is rolling out its Risk Scanning risk assessment service in the US and Canada.
In the words of its CEO, there’s a “fair amount to pay attention to” from the first-quarter earnings call of Travelers, as the P/C insurer grew net written premiums 11% to a record $8.4 billion.
Tesla Insurance is now available in three new states – Oregon, Virginia, and Colorado. With these additions, Tesla Insurance is now live in a total of 8 states.
Tokio Marine, a Tokyo-headquartered insurance corporation, said Tuesday it has launched its $42 million corporate venture capital (CVC) fund, dubbed Tokio Marine Future Fund, to invest in early-stage startups around the world.
Blink Parametric, a CPP Group Company, enters partnership with baoba, a global travel insurtech with offices in the US, Canada and Hungary. baoba serves as a B2B marketplace for travel sector organisations looking to add innovative solutions for their customer base including online travel agents (OTAs), travel insurance companies and airlines.
Direct-to-consumer and fast-growing insurtech Kin Insurance coverage has now priced its debut Hestia Re Ltd. (Collection 2022-1) disaster bond issuance at a dimension of $175 million, with the coupon traders will obtain finalised on the top-end of preliminary steering.
Insoore plans to develop AI projects in damage detection, engage new talent and expand globally.
Swiss Re has successfully closed an innovative multi-year stop-loss transaction, with financing ultimately provided by J.P. Morgan and various institutional investors.
Insurers have made significant investments in improving their data assets over time. Large-scale IT projects are replacing legacy systems, data lakes and warehouses are being built and new policy and claims administration systems have been installed. All with the promise of improved data quality and greater data availability.
We’ve learned that direct-to-consumer and fast-growing insurtech Kin bolstered the surplus capital of its main carrier operating in Florida by $20 million in order to meet Demotech’s requirements for its rating affirmation recently.
Five insurers including Aviva (AV.L) and Lloyds Banking Group (LLOY.L) have joined a programme set up by Britain’s FloodRe to give homeowners extra funds to build up resilience to floods, FloodRe said on Thursday.
The expanded capability will focus on formulating market insights, evaluating new solutions through advanced analytics, and curating the market to find the best fit solutions for clients.
The innovative data science company kasko2go is joining forces with Amodo, an award-winning Insurtech company. The combination of their solutions offers insurers unique and groundbreaking technology and helps both companies reach new customer groups around the world. As a result of the partnership, both companies will be able to broaden their offerings and strengthen their mutual global presence.
Processing claims at scale presents a challenge for insurers, particularly where the claims entail factors like complex underlying health conditions.
Munich Re Life US, part of the global reinsurer, has signalled its intent to buy medical record firm Clareto.
Roamly’s global travel insurance offers coverage designed to protect consumers from financial losses should a trip be delayed, interrupted, or canceled.
Tokio Marine Kiln has released its new Intellectual Property Abatement Insurance for US-based SMEs, where the product will be available as an add-on to TMK’s Intellectual Property (IP) Infringement Defence Policy and features limits of up to $3 million.
The COVID-19 pandemic has likely led to more distracted driving. April marks Distracted Driving Awareness Month and insurers have released data and studies that reveal what behaviors are leading to unsafe roadways.
Insurance conglomerate American International Group Inc. has named Tom Bolt its chief risk officer.
Reinsurance giant Swiss Re has appointed Claudia Cordioli as the new Group Finance Director, reporting to Group CFO John Dacey.
Surance.io has recently completed a round of financing from Tech Mahindra that acquired 25% equity of the start-up with an option to invest in additional 20%. The initial investment is at the amount of US$ 4 million which will support the global expansion of the strong player in the InsurTech industry.
Digit Insurance sold its first policy in late-2017. In 2021, it became not only the first unicorn of the year but also the first insurtech startup to achieve the coveted billion-dollar valuation. Founder Kamesh Goyal charts his and the company’s growth journey.
For any life insurer, future success means resonating with demographically diverse generations of new consumers where they live—and that’s increasingly in a digital world.
For any life insurer, future success means resonating with demographically diverse generations of new consumers where they live—and that’s increasingly in a digital world.
In this blog series, we’ve looked at the latest entry in the only longitudinal survey of underwriters in North America. The study, which is run in partnership with Accenture and The Institutes, provides vital context for tracking the trajectory of underwriting, which is the heart of any insurance carrier’s business.
Digital life insurance platform Covr Financial Technologies has announced the completion of a Series B funding round.
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Since the onset of the pandemic, many businesses across all industries stayed afloat by fundamentally understanding the way people shop and purchase and transforming their processes to meet that need.
Challenger firms are helping to change the industry, but incumbents will take the rewards, says John Chambers.
The UK Government today announced a formal agreement with Connecticut Insurance & Financial Services (CT IFS), the MetroHartford Alliance, the Connecticut Department of Economic & Community Development, the Connecticut Insurance Department and Insurtech UK to launch a new InsurTech Corridor.
Italian giant Generali has partnered with the United Nations Development Programme (UNDP) to help boost access to insurance and risk finance solutions in developing countries.
OneDegree Hong Kong Limited (“OneDegree”) announced today that it has entered into a three-year strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product, making OneDegree the first licensed insurer in Asia to collaborate with a global leading reinsurer in offering digital asset insurance.
Previsico, the live flood alert InsurTech, today announces its partnership with Watertight International, the market leader in property flood resilience solutions, to enhance its service to insurers and major corporates as it continues to scale in the UK and worldwide in the flood risk mitigation space.
Canopy’s specific focus on hail damage insights will enable Betterview to provide even more accurate information to insurer customers evaluating risks.
Insurance broker and risk advisor Marsh has announced the launch of a new property analytics product. The new product aims to help clients around the world manage their property risks by transforming a slow, manual process into a digital experience with real-time, actionable insights.
Covington & Burling LLP attorneys suggest how the insurance industry might respond to the unique risks that are sure to arise from commerce in the metaverse.
It is no big secret that insurance companies sit on potential goldmines of data. But extracting value from that data is easier said than done, with many data transformation projects across the world failing to reap their full benefits. Pieter Stel, an associate partner at Valcon, outlines how insurers can successfully adopt a data driven model.
Redkik, a global software company with the mission to simplify and improve the cargo insurance industry with technology, today announced a strategic partnership with Howden Insurance Brokers AB, a leading provider of insurance brokerage and risk consulting.
Allianz and Swiss Re have successfully placed the world’s first legally binding reinsurance contract on distributed ledger technology (DLT), enabled by B3i’s live production network.
LeO will integrate with Vertafore and third-party sources, letting distributors use text and voice querying to identify business opportunities.
InsurTech closes new round of funding aiming to bring auto insurance to the underserved Hispanic market.
It’s been just over two years since the World Health Organization declared COVID-19 a global pandemic. As a result, we’ve seen major shifts in how people expect to work, play, shop and take on risks. It’s become clear that many of these new expectations are here to stay with varying degrees of impact on all industries.
Relm, a company that provides insurance to the crypto sector and the first and only commercial insurer globally to hold Bermuda’s IIGB license, has announced the launch of Relm II, the world’s first fully regulated collateralized reinsurance business that can accept both fiat and cryptocurrencies as collateral.
The frantic pace of insurance industry M&A activity that emerged in 2021 shows no signs of slowing down, as firms look to expand their operations and take advantage of new growth opportunities in a variety of areas.
Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It’s an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re.
New carrier partner now provides capacity on Coalition’s primary cyber program, accelerating Coalition’s growth.
Here’s a round-up of March’s insurance industry-related M&As and partnerships:
Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that it has partnered with Socotra, the modern core platform provider for innovative insurers and insurtech MGAs.
Since forever, insurance has been a valuable option for individuals looking to protect their loved ones from potential threats. The pandemic has further reinforced the necessity of preparing for the unexpected. However, the barriers to enrolment in any insurance are several, and with many complicated coverage options, the insurance industry is looking for a makeover.
Using AI and ML, Layr helps business owners get the right insurance faster, cheaper and easier.
Global financial app Revolut has appointed Allianz Partners, a B2B2C insurance provider, as its global travel insurance services provider.
As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and distribution platforms).
State Farm has entered into a new agreement with the online lender LightStream that will allow the former’s insurance agents to offer the latter’s consumer lending products.
Zego and Abax have launched their data-led insurance model in the Netherlands and a ramped-up operations in France.
Survey indicates pandemic may have accelerated shifts in buyer preferences for a wider array of coverage, service, and distribution options.
Swiss Re’s iptiQ and Independer, “the Netherlands’ leading financial aggregator,” are bringing a new home insurance to the Dutch market under the new consumer brand Mintley.
Howden, the London-based international insurance broker, further strengthens its presence in Italy with two new acquisitions: Nord Est Insurance Broker and ASI Insurance Brokers.
Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.
Aviva said on Monday it appointed Charlotte Jones to be its new chief financial officer, replacing Jason Windsor who will leave the British insurer in June after 11 years in the role.
Efrat Sagi-Ofir, Co-Founder and Chief Revenue Officer at Air Doctor, reveals what traditional insurers should know before partnering with a tech start-up.
AXA XL’s North America Environmental insurance business has launched a tailored Environmental Ecosystem to help its clients adopt new technology solutions to proactively mitigate business risks and prevent losses.
There were about 25 funding rounds in the insurtech sector between March 1 and March 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.
– Life and retirement arm indicated to have $29 billion value
– Proposed terms for AIG selling shares in unit to be set later
Irish aircraft leasing company AerCap has submitted an insurance claim for $3.5 billion as more than 100 of its aircraft remain trapped in Russia following the invasion of Ukraine.
Yesterday, the Institutes RiskStream Collaborative announced that it will work with B3i Services, the blockchain insurance consortium that was incorporated in 2018. Several insurers are members of both organizations, with RiskStream more U.S.-focused. Jointly they will run Labs to explore the potential for homeowner parametric insurance and reinsurance.
Fenris Digital (Fenris), an insurance data sourcing innovator providing a
suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with online insurance marketplace Quotehound.
Fenris Digital (Fenris), an insurance data sourcing innovator providing a
suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with online insurance marketplace Quotehound.
Today, Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, announced its commitment to set and execute low-carbon transition strategies that chart a path to net-zero across its operations by 2050 and reduce its emissions by 50 percent by 2030.
Is adequate risk transfer in the face of rapid technological change even possible?
Integrated Solution Leverages Intelligence of Gradient AI’s Vast Dataset of Policies and Claims with Socotra’s Powerful Core Platform.
The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.
Chubb has acquired the renewal rights of DUAL Asia’s financial lines portfolio in Hong Kong SAR and Singapore.
Launched in Illinois in Nov. 2021, the Lemonade Car product can be bundled with renters, home, pet and life insurance policies.
Zesty.ai, a San Francisco, CA-based provider of predictive data analytics in the climate risk space, received $10M in venture debt financing.
Hundreds of companies have said they are withdrawing or suspending operations in Russia after its invasion of Ukraine, from energy producer Shell Plc (SHEL.L) to carmaker Hyundai Motor Co (005380.KS) to PwC, a global professional services firm.
Slide, an insurtech startup that quickly raised $100 million in seed capital, has acquired $400 million worth of premiums from Orlando-based St. Johns Insurance Co., which recently ceased operations after a ratings agency downgraded it.
According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.
Insurtech firm Lemonade’s non-profit arm has formed Lemonade Crypto Climate Coalition to offer climate insurance to farmers.
Following the launch of hr | equarium in 2019 Hannover Re is opening up its innovation platform to all interested parties with immediate effect and thereby offering even more insurers direct access to a pool of innovative services and solutions from insurtechs around the world.
In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.
Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.
Buckle, a digital financial services company aimed at the gig economy, has bagged a $15m upsizing for its term loan.
Global insurance broker Marsh has announced the launch of its Environmental, Social and Governance (ESG) Risk Rating, an assessment tool to measure an organisation’s ESG performance, enabling organisations to improve their ESG risks and gain access to additional insurance market capacity.
Consumers seem intrigued by the prospect of insurance products from big technology companies like Amazon, Google, Apple and Meta.
German technology firm Xempus has completed a Series D funding round, raising USD 70 million.
Ondo has become the first ‘insurtech’ firm to go public in the capital today, as listed acquisition vehicle Spinnaker Acquisitions snaps up the firm and brings it onto the London Stock Exchange.
Buckle, a tech-enabled financial services company,, is partnering with Cambridge Mobile Telematics (CMT), the world’s leading mobile telematics and analytics provider, to bring the award-winning DriveWell telematics platform to its gig economy drivers.
Swiss Re has appointed Ivan Gonzalez as the new CEO reinsurance China and China country president, while Katie McGrath will succeed him as the regional CEO for Swiss Re Corporate Solutions in North America, both subject to regulatory approvals.
The company will use the capital to invest in the growth of its core businesses of life, disability, home, and auto, as well as new no-exam life offerings and Policygenius Pro.
Sachin Bansal’s Navi Technologies, a fintech startup that offers customers insurance and loan products, has filed for a $440 million IPO as the 40-year-old entrepreneur who made his money by kick starting the e-commerce wave in the country once again makes a bold choice.
Tesla and other car makers represent a growing threat to incumbent auto insurers, even though they have little direct impact on the insurance market today, Moody’s Investors Services said in a report this week.
Investment commitment from Definity further solidifies APOLLO’s leading position in the Canadian market.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Marsh McLennan, parent company of the world’s largest insurance broker, has announced it will exit all of its businesses in Russia, following the “unprovoked attack by the Russian government against the people of Ukraine”.
Q: What problems does the business look to solve & what makes ELEMENT best place to solve these industry issues? A: The insurance industry is
Crowley has joined forces with Insurtech MGA, Loadsure to help accelerate the development of proprietary smart technology serving the global cargo and freight insurance market by investing in the $11 million Series A funding round.
As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.
The integration will provide shoppers with seamless access to AI-powered condition reporting from interactive 360˚WalkArounds.
Swiss Re has signed a partnership with health and technology start-up dacadoo to enrich its MyWellLife offering.
Nuon AI (Nuon) announces it closed an oversubscribed £1m pre-seed round today. Nuon extended the round led by Haatch Ventures to grow the team following earlier-than-expected customer traction in the UK and US.
AXA XL today announced Nancy Bewlay has been appointed as Chief Executive Reinsurance with immediate effect.
Insurely, on its mission to digitize the insurance market with its easy-to-use solutions for open insurance, today announced the completion of a €19 million Series A funding round. The company will use the funds to scale the business into new markets in Europe.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Pendella Technologies – a fast-growing technology company on a mission to take the bias out of life insurance – recently announced the completion of $5.2 million in Series Seed-2 funding.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Aviva and Zego have today announced a multi-year partnership to provide tailored fleet policies to trades and haulage businesses. The partnership will pair Zego’s behavioural insight, data and telematics capabilities with Aviva’s experience and expertise in fleet underwriting and claims.
Whatfix, the global leader in the digital adoption platforms (DAP) space, today announced a new partnership with Duck Creek Technologies, a leader in property and casualty (P&C) insurance software-as-a-service (SaaS) solutions.
Insurers and reinsurers holding large books of East European business are being urged to stress test their portfolios against the threat of Russian and Ukrainian cyber attacks.
It’s 3 am, you are thinking about your client meeting – is your data in order? If it is in your inbox, various word templates or on paper documents, it’s not a surprise that you are awake at this hour.
Coalition, the world’s first Active Insurance provider, reported today on its rapid growth and launched “Active Insurance,” a new tech-powered model for insurance and risk management designed to prevent digital risk before it strikes.
Insurers are re-shaping their roles and value propositions with customers in mind, transforming into data driven, value-based entities.
DeadHappy, the UK’s fastest-growing life insurance provider, has raised over $15M in equity in its latest funding round, with existing VC’s Octopus and Headline reinvesting in this round alongside new shareholders Volution, Verso Capital and Channel 4 Ventures.
As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.
Over the past few years, the economy has reeled from inflation, labor shortages, global conflict, and, yes, the Covid-19 pandemic. Even before the uncertainty of today’s climate, women were grappling with unique setbacks: earning lower wages, shouldering the bulk of unpaid labor, and facing more student loan debt than men.
Strategic partnership will enable insurers to accelerate product development and provide policyholders an optimized customer experience
Lloyd’s has announced the appointment of Sara Gomez as chief people officer (CPO), effective immediately.
WTW has announced the appointment of Pardeep Bassi as global position leader in data science for the company’s insurance consulting and technology business. In the newly created role, Bassi will lead the advancement of the unit’s data science capability globally, building on WTW’s analytics and data science software, Emblem and Radar.
Plum Life Inc announced today it closed a $5.3 Million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors.
There were 34 funding rounds in the insurtech sector between Feb. 1 and Feb. 28, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.
HSBC has announced that it has signed a new, five-year broker agreement with Marsh. The agreement builds on a relationship that began in 2010.
Pendella Technologies, a fast-growing technology company on a mission to take the bias out of life insurance, announced the completion of $5.2 million in Series Seed-2 funding.
Hub will acquire the Insureon digital insurance agency and brand while Bold Penguin will acquire the Insureon technology platform.
The closing makes Liberty Mutual the second-largest carrier serving the independent agent channel.
Kin Insurance, the direct-to-consumer home insurance company built for every new normal, today announced the $82 million first close of its Series D round, with additional commitments for a second close totaling $18 million.
Nayya will further its mission of providing consumers with a personalized benefits experience that meets the realities of today’s health and financial landscape. Helping Americans gain understanding and control in the wake of rapid inflation, surprise medical bills, and growing debt is more critical than ever.
Aon plc (NYSE: AON), a leading global professional services firm, today announced it has acquired actuarial software platform Tyche from technology and software firm RPC Tyche.
Amazon Alexa can now connect users to doctors through their Echo smart speakers thanks to a new partnership with telemedicine giant Teladoc Health. Telling the voice assistant, “Alexa, I want to talk to a doctor,” will prompt a call back on the device from a Teladoc doctor for any non-emergency consultation.
MAPFRE has launched a new scale-up program for insurtechs that offers up to €100,000 of financing per project, focusing on health and wellness, climate risks, and cybersecurity for SMEs.
Cyber risk analytics specialist CyberCube announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), a leading provider of software as a service (SaaS) insurance core systems, to streamline the underwriting of cyber insurance policies.
Now is an excellent time for people in the insurance industry to start studying what trends may become prominent during 2022.
Aioi Nissay Dowa is launching MOTER as an insurtech MGA in the U.S. and partnering with Socotra to rapidly develop its telematics-driven, usage-based insurance product.
Swiss Re’s digital B2B2C insurer iptiQ and the digital bank WiZink announced a bancassurance partnership focussing on the Spanish and Portuguese markets.
OCTO Telematics today announced a new agreement with Ford Motor Company to extend its data streaming partnership into Europe.
Two years into the global pandemic, it seems nearly impossible to remember what life was like before COVID. In that short time, life as we know it has changed dramatically and we are redefining what is considered “normal.”
An insurance technology company reimagining the insurance claims process has appointed former Tractable executive Roi Amir as CEO.
Cowbell and Trend Micro now provide MSP partners and customers with actionable, real-time insights to reduce risk exposures.
Foxo Technologies Inc., whose artificial intelligence and genetics technology is used to underwrite life insurance, is going public through a deal with a blank-check company, according to people familiar with the matter.
A recent survey of 280 decision makers at U.S.-based life/annuity and P&C insurers shows increased attention and commitment to aligning investments with Environmental, Social and Governance (ESG) goals.
February has been a landmark month for Ageas UK. In the last fortnight alone, the insurer has announced the sale of the renewal rights of its commercial business to AXA UK&I, a brand new partnership with EIS and its full-year 2021 financial results.
Small businesses that find it difficult to find affordable insurance with traditional carriers may find new options with digital-first carriers that operate with different assumptions and new processes.
The round, co-led by MLTPLY and Brooklyn Bridge Ventures, provides fit-for-purpose coverage and tools to help policyholders run their businesses more effectively.
Nirvana Insurance, a technology-driven platform that modernizes commercial fleet insurance using vast amounts of data from sensors on trucks, today announced the public launch of its services to make our roads safer and aid the imperiled truck industry.
Trōv, one of the earliest and most widely recognized insurtechs, today announced that its technology has been acquired by The Travelers Companies, Inc. (NYSE: TRV), a leading provider of property casualty insurance for auto, home and business. Most members of Trōv’s team have also joined the company. Terms of the transaction were not disclosed.
Zurich Life & Investments has expanded its operations team by appointing Suzi Leung as its new chief claims officer (CCO), effective immediately.
Uniting Descartes’ technology-driven product expertise with wind risk data from Reask will enable expansion of parametric cyclone insurance into new locations.
The insurer has redeployed finance employees to work on acquisitions or product development, CFO says
The insurer has redeployed finance employees to work on acquisitions or product development, CFO says
Nationwide and Labrador Systems, an early-stage robotics company, are partnering on an assistive robot pilot program to support people aging in place, individuals with short and long-term health challenges, and their caregivers.
In the two years since the World Health Organization declared COVID-19 a global pandemic, we have seen major shifts in how people expect to work, play, shop, and take on risks. It’s becoming clear that many of these new expectations are here to stay.
UK life insurance stands out as the only life sector in Europe with an improving outlook, which is largely due to the likelihood of increasing business from pension schemes looking to transfer their risk to insurers, Fitch Ratings says.
Insurtech startup HealthySure has raised $1.2 Million (9crore approx.) in a Pre-Series A round led by Inflection Point Ventures (IPV). The round also saw participation from We Founder Circle, Dexter Angels, Campus Fund, HEM Angels and other private investors.
For consumers who have found that costlier insurance is just one of the expenses that make electric cars trickier to love, this is the year when relief may be coming.
Artificial intelligence is changing how the insurance industry operates and use cases for AI are skyrocketing. Today, AI is being used to provide customer service, assess risk profiles, to determine pricing, detect fraud and more. As technologies evolve and the industry’s use of AI becomes more mature, the opportunities for using AI in the future appear virtually limitless.
AXA Commercial has announced the official launch of its electric vehicle proposition for motor fleet customers, offering a greener fleet option to businesses.
Swiss Re has acquired the entire share capital of Champlain Reinsurance Company (CRC), a Swiss-based run-off reinsurance captive of Alcan Holdings Switzerland.
Fenris Digital (Fenris), an insurance data sourcing innovator providing a suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with Socotra, the first truly modern insurance core platform.
Connecting information across data silos to accelerate insurance brokers and agents into the digital age.
The Chairman and Chief Executive Officer (CEO) of global insurer AIG, Peter Zaffino, said today that the carrier is “very pleased” with the outcome of its core reinsurance placements at the January 1st, 2022 renewals, despite limited retrocessional and other capacity issues.
Business owners and leaders must take these trends into account when developing a robust risk-management strategy.
Specialist global insurer, Hiscox, has announced the appointment of Jon Dye as its new UK CEO, effective September 2022, subject to regulatory approval.
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change. Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage.
When Arthur Patterson and Jim Swartz co-founded Accel, a core principle of their approach to investing was a thesis-based method called a “Prepared Mind”. Referencing the Louis Pasteur quote “chance only favours the prepared mind”, this method remains integral to how we approach, learn about and invest in new opportunities today.
As consumers, we want a personalized experience whenever we shop online, stream videos, or even get a cup of coffee. And we want the companies we do business with to anticipate our needs, and, increasingly, to reflect the values we hold dear.
Bolttech, a Singapore-based insurtech unicorn, has acquired local insurance firm Ava Insurance for an undisclosed sum.
Swiss Re Corporate Solutions and The Hartford have announced a strategic partnership to expand The Hartford’s network of global partners. The partnership will give The Hartford’s multinational customers broader access to insurance coverage around the world.
CPP Group’s parametric platform, Blink Parametric, announces its collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group – a top-three provider of travel insurance in the world. This deal marks another significant milestone for Blink as it tracks the ongoing recovery of the global travel industry.
2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.
Last month Fitch Ratings held its 2022 Insurance Insight Series, and the first event on deck was a webinar about how the insurance sector will evolve over the next year.
Lloyds Banking Group has completed a £5.5bn (€6.5bn) longevity swap deal with SCOR and Scottish Widows for its Lloyds Bank No. 1 Pension Scheme.
Cyber Sierra, a Singapore-based technology-enabled cyber insurtech provide, announced Tuesday the completion of a $4.3 million seed round of financing led by Leo Capital, with participation from AppWorks, Credit Saison, as well as angel investors including prominent founders and leaders in the cloud and insurance sectors.
Boost Insurance (“Boost”) alongside go-to-market partner, Breach Insurance (“Breach”), an insurtech that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, the first insurance product for cryptocurrency available to retail wallet holders.
Spixii and Socotra today announced a strategic partnership to enable insurers to easily integrate best-in-class Spixii Conversational Process Automation with Socotra’s modern core platform. Combining the unique capabilities of both Socotra and Spixii into a complete and robust solution, insurers can efficiently serve their customers online through conversational experiences that seamlessly connect policyholder data to advanced core functionality.
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
Redkenko Health Tech Pvt Ltd, which operates insurtech startup Kenko Health, has raised $12 million (around Rs 90 crore) as part of its Series A round led by Sequoia Capital India, the company said in a statement on Monday.
Ontellus, the nation’s largest records retrieval and claims intelligence company, announced today its partnership with Duck Creek Technologies (Nasdaq: DCT), a leading provider of software-as-a-service (SaaS) insurance core systems, to offer records retrieval across the United States for P&C insurers.
The groundwork has been in place for years, guiding discussions of how, when, where, and why to use innovative technology solutions in the insurance industry. The goal: improving traditional insurance processes.
HSBC Insurance (Asia Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings (HSBC), has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of $529m, subject to closing adjustments.
Gaia is a startup that is effectively out to ‘de-risk’ the whole process of IVF fertility treatment, using products like personalized insurance and payment plans. It’s almost BNPL for babies — but not quite.
Insurance carriers focused on building alliances with insurtechs last year as they explored emerging technologies and capabilities, rather than making outright acquisitions.
A diverging insurtech market could injure many companies while others remain unscathed.
Swiss Re has made a minority investment in insurtech digital platform Klimber Latam Corp as the reinsurer looks to grow in Latin America’s life and health insurance markets and replicate its strategy of supporting digital businesses in other regions around the world.
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial
Vitesse, the global payment, liquidity and treasury management platform, today announced that it has raised $26 million in Series B funding led by Prime Ventures.
Meet Insify, an insurtech startup that raised a $17 million (€15 million) Series A round led by Accel. The company wants to modernize the insurance market. Instead of focusing on the consumer market like many insurtech startups, Insify has picked a different path. It’s a pure B2B play as Insify focuses on Europe’s small and medium companies.
Redkik, a global software company
with the mission to simplify and improve the marine cargo insurance industry with technology today announced the closing of a $3.3 million Seed funding round.
The acquisition of the provider of AI-driven solutions advances CCC’s vision for straight-through processing across the claims lifecycle.
Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor.
Clara Analytics Inc. on Wednesday announced it will partner with Nationwide Mutual Insurance Co. to provide artificial intelligence technology in the commercial insurance industry for a new program aimed at improving workers compensation claims operations.
A customer’s attention has been a rare commodity since long before the term “attention economy” entered the business lexicon. Wherever consumers are online, providers from all sectors are competing to get noticed. Staying visible is the name of the game, but it is becoming increasingly difficult as digitalization advances and delivers an ongoing clamor from companies in every conceivable industry vying for customers’ limited attention.
Seyna, the fast-growing insurance platform, announces a €33 million investment round to scale its service to all brokers and merchants in Europe.
ICEYE, the Helsinki-based synthetic aperture radar (SAR) data provider and natural disaster solutions specialist, announced that Tokio Marine Holdings has made a strategic investment in the company as it seeks to develop new insurance products and services that use satellite data.
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
Wouldn’t it be nice, if, instead of relying on adjusters and restoration companies to surmise how much damage was actually caused by a water leak, an insurer could stop the leak almost before it starts.
Innoveo, a global technology firm and pioneer in enterprise no-code solutions, today elevated its President, Vinod Kachroo, to Chief Executive Officer (CEO). Current CEO, Amir Ghaffar, will continue on the Board of Directors as Executive Vice-Chairman.
Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that it will partner with WCL, a Zywave company, to provide messaging to Lloyd’s of London Bureau Services.
QBE has appointed Kevin Shallow as Director of Underwriting and Product Head for Marine, subject to regulatory approval.
Lemonade has announced the expansion of its pet insurance to Massachusetts. The coverage is available for dogs and cats and includes diagnostic, procedural and other medical needs.
What makes an insurance carrier an insurance carrier and not a generic financial services organization? This is more than a philosophical thought experiment.
Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute. These organizations are considered data masters.
These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.
UK-based insurtech startup Percayso Inform has raised £3.4m in a funding round led by Manchester-based venture capital investor Praetura Ventures.
Beazley announced that its global digital commerce division, Beazley Digital, is up and running. New hub brings together underwriting, claims, technology and operations experts into a cross-functional team, to provide seamless digital access and services to a range of high-volume, low-premium products for its partners global brokerage.
wefox, the Berlin-based digital insurance company, is continuing to build its world class team with the appointment of Peter Huber as Chief Insurance Officer. Mr Huber was formerly CEO at Zurich International. He starts at wefox on Monday 20th September.
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
The financing will further accelerate the continued expansion of the world’s largest synthetic aperture radar (SAR) satellite constellation, and the growth of ICEYE’s Natural Catastrophe (NatCat) Insights and Solutions offering.
UK-based InsurTech firm Stubben Edge has raised £10m from an investment round that including firms such as Lloyd’s Names and a range of institutional investors.
Evertas, the first such “coverholder” to specialize in crypto wallets, was sponsored by Lloyd’s syndicate member Arch Insurance.
Aegon NV said Wednesday that Deborah Waters will be appointed as chief technology officer, effective from Monday.
U.S. based professional services and insurance brokerage firm TrueNorth Companies is set to roll out CyberCube’s Broking Manager, the cyber risks analytics platform for insurance intermediaries.
Here’s a round-up of January 2022’s insurance industry-related M&As and partnerships
Rewire, the fintech startup offering international money transfer services to migrants working abroad, has partnered with Qover and AIG to introduce a new insurance coverage for users.
In 2020, American Family Insurance launched an innovative partnership with the Creative Destruction Lab (CDL) and the University of Wisconsin-Madison that provides support and mentorship to start-up founders in their companies’ early stages.
Revolut, the financial superapp with almost 4 million UK customers, today announced the launch of Pet Insurance. The stand-alone product reinforces Revolut’s existing insurance offering including travel insurance, purchase protection and ticket- and missed event cover. Pet insurance is Revolut’s entrance into insurtech, and is the company’s first of many future standalone insurtech products.
African countries are yet to catch up with social security and safety programs commonly used in the West, where the government provides health insurance and unemployment benefits to citizens.
Coalition now offering Directors & Officers (D&O) and Employment Practices Liability (EPL) with new tools and features to all broker partners, furthering its breadth of offerings to protect businesses against modern risks.
Chilean insurance-tech startup Betterfly plans to expand overseas after its latest funding round swelled its valuation to $1 billion.
Tint, the platform that empowers companies to protect their end-users through unique embedded insurance products, today announced that it raised $25M in Series A funding.
Luko and Akur8 have announced a collaboration to strengthen Luko’s pricing process. By forging this alliance with the first French neo-insurance company, Akur8 affirms its solid position in its domestic market and consolidates its position within the insurtech ecosystem in France and internationally.
There were 41 funding rounds in the insurtech sector between Jan. 1 and Jan. 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. For our previous edition, which covered the month of December, click here. These updates will continue monthly.
Cyber insurance and security solutions provider Resilience has launched a captive reinsurance company. The captive will allow the agent to retain a share in the risks it underwrites, fuelling additional growth and “demonstrating its long-term commitment to underwriting a profitable and sustainable book on a global scale”, it said.
Greenlight Re Innovations, part of Greenlight Re, has received approval from Lloyd’s to establish an insurtech-focused syndicate.
Insurance companies are on a constant quest to price risk better using data scientists, actuaries and decades of loss history. Over the years, they have sought (and found) better proxies for driving risk, having started with age before moving on to zip codes, occupation and credit scores.
Denver-based Parsyl has raised $25m in Series B funding to expand its cargo insurance and risk management solutions.
Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo.
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
Descartes Underwriting, the insurtech company that specializes in parametric natural catastrophe products, has announced a $120 million Series B funding round.
Audi has partnered with connected car data company Otonomo to pilot consumer offerings, ranging from pay-as-you-drive insurance, to general vehicle status, to first notification of loss.
Insurance organizations have transformed the claims process rapidly in the past few years. The first-notice phone calls, adjuster visits and carbon-paper trail is now just one of many paths customers can take through their claims.
New Agreement will give over 8,000 wholesale Property and Casualty agents access to the Plum Life Insurance Selling Platform.
If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages.
Ascend, the first modern insurance payments platform, today announced that they have raised a $30M Series A in equity funding, bringing the total funding raised to $39M along with a $250M lending commitment to finance insurance premium loans through its platform facilitated by Hudson Structured Capital Management Ltd. – doing its re/insurance business as HSCM Bermuda – an investment adviser that specializes in re/insurance, insurtech, and transportation investments.
