ALL LATEST NEWS

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

Technology

Why UBI will survive the pandemic

It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years.

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Partnerships

InShare Partners With Snapsheet

InShare, a leading provider of insurance solutions for the sharing economy, final mile delivery and logistics, today announced its partnership with Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management.

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Acquisitions

Insurtech startup Luko acquires Coya and gains insurance license

French startup Luko is acquiring German startup Coya in order to grow its European presence and get an insurance license from German regulator. While Luko isn’t disclosing terms of the deal, the company says it’s a 100% share deal, which means that Coya investors are now Luko investors. Those investors include Valar Ventures, Headline and Roland Berger’s family office.

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Funding

Insurtech startup Five Sigma extends Series A funding round

Five Sigma, a cloud-native Claims Management solution provider, announced on Wednesday extension of its Series A round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20 million. The company’s Series A funding was initially announced in September of 2021.

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Thought Leadership

Insurtech 2022: Hype vs. Impact

Insurtech is no stranger to hype but with 2020 and 2021 bringing far more change than anyone bargained for, the industry has seen a fresh round of predictions and speculation.

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News

Acceptable risk: Technology innovation in underwriting

Back in the good old days of incumbent monopoly, insurance underwriters were a revered breed. Their knowledge of specific industries like marine, agriculture, and health, meant their calculations regarding potential risk, were the difference between claims being paid or not.

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Funding

Stoïk raises $4.3 million

Meet Stoïk, a new French startup that wants to protect small and medium companies against cybersecurity incidents. The company offers an insurance product as well as a service that monitors your attack surface.

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Product Launch

WTW launches new crisis management unit

WTW has announced the formation of a new crisis management unit with the merger of SCR and its political violence teams. The unit will sit within WTW’s Financial Solutions Global line of business and be headed by Jo Holliday, managing director of SCR.

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Partnerships

Lloyd’s and London Market Insurance Companies Tap DXC Technology to Transform the World’s Largest Insurance Marketplace

DXC Technology, Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, and the International Underwriting Association (IUA), have announced the signing of a multi-year agreement to transform the London market. The agreement has also received support from Lloyd’s Market Association (LMA).

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Funding

MassMutual backing newly launched reinsurer

An investor group that includes Centerbridge Partners and Massachusetts Mutual Life Insurance Co. is planning to start a life and annuity reinsurance company, according to people familiar with the matter.

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Thought Leadership

What is the role of litigation analysis in the insurance industry?

For decades now the insurance industry has been capitalizing on analytics to understand and predict risk when writing policies. But what if one of those disputed claims becomes a legal matter? Wouldn’t it be prudent for insurers to apply those same kinds of analytics to understand and predict legal exposure?

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Partnerships

Root taps Tractable for AI claims platform

Root Insurance, a usage-based auto insurtech, will use artificial-intelligence technology from Tractable in its claims process. The first implementation will be of Tractable’s AI Subro product for subrogation.

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Thought Leadership

Can Tesla Profit From Its Insurance Business?

For most Tesla investors, electric vehicle sales are the headline numbers on the company’s balance sheet. But if CEO Elon Musk is to be believed, another part of Tesla’s business could account for a significant chunk of its profits

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Acquisitions

Corvus acquires cyber platform Tarian from Beat

Beat Capital Partners, a long duration investor specialising in the insurance industry, has announced the sale of Tarian Underwriting to Corvus Insurance, a provider of smart commercial insurance products powered by AI-driven risk data.

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Leadership Change

Brit appoints Bilge Mert as Chief Technology Officer

The past two years have been tumultuous, to say the least. Two things we can all agree on is that life is not as predictable as we might hope and that change can happen faster than we think. The Covid-19 pandemic posed challenges for all industries across the world and the insurance space is no different.

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Thought Leadership

Insurtech companies in Asia – the leaders in 2022

The Asia-Pacific region’s insurtech industry predominantly consists of “less disruptive and more collaborative” start-ups complementing existing carriers rather than unconventional players seeking to unseat incumbents. This is what S&P Global Market Intelligence’s analysis of the biggest insurtech companies in the region has found.

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Partnerships

Duck Creek and Adiona team up to revolutionise UK Motor Insurance with multi-faceted SaaS solution and scalable business model

Duck Creek Technologies announced today that it has partnered with a new UK insurtech motor insurer, Adiona, to offer insurance policies with premiums built on data / telematics, artificial intelligence and machine learning that provide fair and transparent pricing based on the driving habits of each insured customer.

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News

Lemonade’s Year in Review

Lemonade, the insurance firm that’s powered by AI and behavioural economics, notes that the end of the year 2021 is a time for “sitting back, taking stock, and reflecting on the past twelve months.”

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News

Insurtech Trends for 2022

The insurance sector is facing unprecedented change in a rapidly evolving environment. Energy transition, circular economy, urbanisation, digitisation: These trends have far-reaching consequences for the way we live and work.

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Thought Leadership

5 predictions for the insurance industry in 2022

For many of us, ringing in the new year means setting resolutions for better health and well-being. Whether in business or our personal lives, we must consider the scenarios that may threaten or enable our success. The insurance industry is no different.

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News

Toyota wants to sell you auto insurance

So far it’s being sold in Arizona, Illinois, Indiana, Ohio and South Carolina. Along with Texas, it will soon be operating in Georgia, Missouri and Tennessee with more states added monthly, Toyota said Thursday.

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Product Launch

WTW launches new Risk and Analytics model

Willis Towers Watson has launched a new Risk and Analytics model for the trade credit market which analyses clients’ trade receivables to predict potential losses over a range of statistical scenarios.

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Thought Leadership

Making the digital leap in underwriting

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected

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News

MetLife partners with YuLife

A new partnership between heritage insurance provider MetLife UK and insurtech startup YuLife marks the start of a new era of insurance for both companies

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Thought Leadership

Where does the M&A market stand going into 2022? – Report

Increased deal activity and the use of M&A insurance has led to a record rise in the number of notifications, according to a new report by Howden M&A, an international M&A insurance broker. However, the COVID-19 outbreak did not result in a surge in the volume of claims or the number of coronavirus-related break events that had initially been anticipated.

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Thought Leadership

Breeze CEO Colin Nabity on Bridging the Income Protection Gap

2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.

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Acquisitions

The Biggest Insurtech Funding Rounds of 2021 in APAC

2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.

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Acquisitions

Bought By Many acquires VetBox

Pet health and insurtech company, Bought By Many, has acquired VetBox, a UK pet health subscription and fulfilment business, in a major step in the extension of its offering beyond insurance.

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Technology

Making the digital leap in underwriting

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting.

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Product Launch

Matic Insurance Launches New Partnership with HSBC Bank

Matic, a leading digital insurance agency, and HSBC USA announced today a long-term partnership to provide insurance products to HSBC clients. Under the partnership, Matic’s innovative insurance marketplace of over 40 A-rated carriers will be integrated into HSBC Wealth and Personal Banking offerings.

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Leadership Change

Swiss Re Reorganizes Group Operations; Names Ladva as Group CTO

Swiss Re announced the appointment of Pravina Ladva as group chief digital & technology officer and member of the group executive committee, effective Jan. 1, 2022. Group Chief Operating Officer Anette Bronder will leave the company, and group operations will be reorganized.

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Thought Leadership

The venture capital view of insurtechs

Insurtechs continue to be a highly-funded sector and the pace will likely continue into 2022. Global insurtech funding has seen over $10 billion across 427 deals so far this year which is 48% greater than all the deals in 2020, according to a report from CB Insights.

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stere
Funding

Insurtech Stere raises $2mn seed funding

Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round.

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Thought Leadership

Commercial insurers are shifting their transformational tech priorities

It is difficult to imagine where digital business operations would be today if it wasn’t for the catalyst that is the pandemic. For nearly two years, businesses across industries, and especially within insurance, accelerated digital transformation plans to adapt to remote access for customers and employees.

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Strategy

Lloyd’s chief of markets reveals focus areas for 2022

“Our overarching goal is to facilitate the Lloyd’s market to be the preeminent corporate and specialty insurance and reinsurance market in the world.” That’s how Patrick Tiernan, Lloyd’s chief of markets, introduced the Lloyd’s 2022 capital plans.

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Strategy

10 Insurtech Trends and Predictions for 2022

The pandemic turned everything upside down in 2020, and the dust hasn’t settled yet. Will 2022 mark a return to normal life? Don’t bet on it! Expect the changes we’ve seen to continue accelerating innovation and technology in all aspects of insurance. Here are 10 key trends and predictions to watch in 2022.

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Product Launch

Coalition Launches Captive to Accelerate its Growth in Cyber Insurance

Coalition, the world’s largest commercial insurtech provider, today announced it will launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.

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Partnerships

Twelve Capital and Eos Venture Partners launch insurtech fund strategy

Twelve Capital Management, the Zurich-headquartered catastrophe bond, insurance-linked securities (ILS) and reinsurance linked investment fund manager, is expanding its strategies to include insurtech investments with the help of a new collaboration with specialist insurtech investor Eos Venture Partners.

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Strategy

How technology can help insurers evolve, manage risk

In 2021, the insurance industry reckoned with the broad impact of the COVID-19 pandemic. Appropriately, 2022 will need to be the year that agencies and carriers pivot from reacting and surviving to implementing new strategies for success.

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Technology

Could the insurance industry help trigger a new wave of nature-based solutions?

What should you do if a forest-based carbon offset project you have invested in burns down? This is not simply a dystopian hypothetical question. It has already happened in the U.S. and it is expected to become a more common occurrence as climate-induced wildfire risks increase in the coming decades. But could a potential answer to this problem be to simply “make an insurance claim”?

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Partnerships

The (in)convenient truth about insurance claims

The insurance sector is notoriously low touch. There are arguably only four key customer journeys: taking out a policy, renewal, making a claim and cancellation. Customers tend to only hear from their insurer once or twice each year, and these are usually dull, administrative interactions. Then it’s radio silence until it’s time to renew again.

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Partnerships

Generali launches cyber insurance services

Generali has announced a partnership with Accenture and Vodafone Business to launch a suite of cyber insurance services. The initiative includes cyber risk assessments, phishing simulations and learning programs.

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Technology

Digital disruption will accelerate in 2022

Investment in technology will ramp up in the coming year, impacting every aspect of insurance companies’ operations, from internal processes to the products and solutions they deliver to customers.

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Thought Leadership

How to work with insurtechs to maximize value, limit risk

Every day, it seems a hot, new insurtech is funded and ready to partner with insurance carriers. Insurers shouldn’t allow their risk-averse nature or concerns about a potentially difficult integration road ahead to lead them to ignore upstart insurtechs.

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Acquisitions

The state of SPACs in insurtech

Several insurtech companies including Hippo and Metromile, amongst others, have merged with a special purpose acquisition company (SPAC) as a path to being traded publicly on stock markets. This approach became more popular in the past two years, as the COVID-19 pandemic led to companies seeking quick, efficient paths to growth.

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Strategy

4 areas where digital twins could help insurers

In this series, we’ve been looking at the value digital twin data can bring to the insurance business. Specifically, I see there being four main areas where insurers could take advantage of digital twins to make material improvements.

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Technology

Allianz Global Q&A: Cyber insurance trends

Digital Insurance spoke with Thomas Kang, the North American head of cyber technology and media for Allianz Global Corporate & Speciality about cyber insurance trends and challenges ahead for the industry.

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News

Fiverr partners with Stride Health

Freelance services platform Fiverr is partnering with Stride Health to provide Fiverr members access to Stride’s portable benefits platform where they can access health, dental, and vision insurance.

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Technology

AI-Powered Chatbots: A Better Experience

AI-powered chatbots pack more power than simple rule-based chatbots. As opposed to pre-programmed “if this, then that” rule-based chatbots, AI bots use algorithms and natural language processing to develop human-sounding responses and collect data to learn from each interaction, improving over time.

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Technology

Buckle Up for Telematics 2.0

For as much coverage and discussion as telematics has received over the past two decades, its impact on the auto insurance economy, including transportation, is going to be even greater and further reaching than many may have thought – it will be transformative in the fullest sense of the word.

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Thought Leadership

Future of Insurance Is Preventive

Insurers, which traditionally render services after catastrophes like earthquakes, hurricanes and wildfires, are busier than ever as climate risk becomes a genuine, dangerous possibility to many customers.

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Thought Leadership

Are consumers going off digital claims?

According to Zurich’s Chief Claims Officer Ian Thompson, the company is seeing evidence that consumers are choosing to file in-person claims rather than use the digital options available to them.

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Funding

French insurtech startup Leocare raises €110 million

French startup Leocare has raised a big Series B funding round led by Eight Roads. Overall, the company has raised $116 million. It’s an equity and debt round, which means that part of this amount is a cash-for-equity transaction, while the rest is a credit line.

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Funding

Resilience raises $80mn in Series C round at $650mn valuation

Resilience, an industry leader in cyber insurance and security solutions, announced today that it closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital, and Intact Ventures.

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Thought Leadership

2022 insurance industry outlook

2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery.

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Funding

Kettle raises $25M for its reinsurance platform against fire and other catastrophes

One of the most noticeable — and noted — effects of climate change has been its impact on how other events in the environment — be they natural or man-made occurrences — play out: forest fires burn more violently and for longer; floods happen more often and are more severe when they do; and so on, with climate change often cited as the main culprit for all of the catastrophes.

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Strategy

How to save the $3.78B insurtech market: Coretech to the rescue

The convergence of insurance and digital technology — “insurtech” — has transformed the industry. Although insurance companies initially feared insurtechs would whittle away at their market share, partnering with these disruptive tech firms is now widely seen as the catalyst necessary to spur growth and accelerate the development of new insurance products. But challenges remain.

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News

Branch partners with Nextbase Dash Cams

Nextbase Dash Cams, the world’s leading dash cam brand, and Branch, a full-stack insurance company that uses data and technology to make insurance easier to buy and less expensive, today announced a visionary partnership offering customers of both brands the chance to drive safe and save.

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News

John Hancock Expands Apple Watch Program

Today, John Hancock is expanding its Apple Watch program to offer the recently announced Apple Watch Series 7 to life insurance customers participating in the John Hancock Vitality Program, which rewards customers for the everyday things they do to live longer, healthier lives.

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Thought Leadership

3 Trends Transforming Auto Insurance

The auto insurance industry is at a turning point. After navigating the unwelcome effects of a global pandemic, carriers and collision repairers are eagerly awaiting a return to “normal.”

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Thought Leadership

The (in)human touch: AI and fairness in insurance

People don’t trust insurers. We’ve probably all had to contact an insurer about a problem only to find it’s not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.

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innovation
News

Insurance must innovate or die

For many of those outside – and even inside – the industry, insurance and innovation may not seem to go together. Yet, rather quietly, most large insurers have been ramping up their innovation spending over the past decade.

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Funding

Independent workers insurtech Jove to launch in January

Improving the lives of workers in the gig economy isn’t just a political issue — it’s also becoming a hot topic for startups. The latest example is London-based newcomer Jove, an insurtech which has just closed a £600k pre-seed from Fuel Ventures and the heads of Octopus Group Ventures.

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Thought Leadership

The relevance of sustainable insurance in Europe

As the impacts of climate change rise and interest in renewable energies peaks, sustainability is becoming a central priority for businesses across all sectors – but insurers have the edge in terms of providing long term solutions.

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Acquisitions

Verisk Acquires Driver Data Company

Verisk Analytics, the global data analytics firm, has acquired North Carolina-based Data Driven Safety to expand its automobile insurance underwriting data business, Verisk announced.

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Thought Leadership

Health Insurance: What’s Next?

Looking toward 2022, health insurers are going to be wrestling with all the ways COVID has transformed the health insurance industry and what it means for coverage, pricing and patient care for the years to come.

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News

Zurich North America gears up for Innovation Championship

Zurich North America, with its parent organization Zurich Insurance Group, is inviting startups from around the world to enter the third edition of the Zurich Innovation Championship for a chance to grow and collaborate on solutions to some of the insurance industry’s biggest challenges.

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Thought Leadership

Amazon insurance – what it means for the UK insurance industry

Rumours of Amazon’s intention to disrupt the insurance industry have, it turns out, not been greatly exaggerated at all, and the technology giant’s plan to enter the small and medium-sized UK business customer segment have put players on edge across the insurance industry.

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News

Munich Re widens partnership with FloodFlash

FloodFlash – the parametric insurance provider that is setting records by allowing same-day property flood compensation – has secured what the start-up called a “landmark” agreement with the major reinsurer Munich Re.

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Thought Leadership

6 key takeaways from Europe’s biggest insurtechs

InsurTech is an enormous industry whose global market size is projected to reach US$ 11940 million by 2027. Ever since the first insurtech startups tested the waters in 2010, it has been hotting up and on a constant path of massive development.

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Thought Leadership

Issues to consider in insurance-technology partnerships

Insurance companies are investing heavily in technology, machine learning, robotic process automation, data aggregation and analytics – and many other innovative tools – to improve their operations, bolster their customer service and customer experience, and enhance their underwriting, pricing, and loss control capabilities.

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News

Amica partners with insurtech Shift Technology

Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced today that Amica, the longest-standing mutual insurer of automobiles in the United States, will deploy three solutions from the Shift Insurance Suite.

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Funding

Climate Modeler Startup Jupiter Raises $54M

Jupiter, a global climate modeling and technology startup, has nailed down a $54 million financing round – money that will help accelerate sales and marketing efforts. A big boost in research and development is also in the cards.

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News

Metromile Expands Reach Through Independent Agents

Metromile, a leading digital insurance platform and pay-per-mile auto insurer, today announced a significant expansion of its Independent Agents program, along with the appointment of Scot Rankin, a 30 year insurance veteran, as Independent Agency Relationship Manager.

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Funding

Claim Genius Raises $6 Million in Series A3 Funding

Claim Genius, a rapidly emerging global InsurTech leader of AI-based claims solutions advancing the automotive industry, announced the closing of its $6 million Series A3 funding round today, following its earlier funding of $7.8M; now totaling $14.8M to-date.

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News

How insurtech is driving robust M&A activity in the industry

Mergers and acquisitions (M&A) in the global insurance industry dropped by 3% in the first half of 2021, with 197 deals completed worldwide, down from 206 in the second half of 2020, and 201 at the same point last year, according to Clyde & Co’s Insurance Growth Report mid-year update.

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Thought Leadership

The rise of the exponential underwriter

As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernising the underwriting function now.

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Funding

Bowtie raises US$22 million

Bowtie, the first company to receive a virtual insurance licence in Hong Kong, has raised US$22.6 million (SG$30.4 million) in its series B1 funding round, led by Mitsui & Co., with participation from existing investor Sun Life Hong Kong.

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Funding

Supply chain-focused insurtech startup BondAval lands $7M

For independent retailers, inventory financing is often a complicated and lengthy process that ties up their working capital. BondAval, an insurtech startup with offices in London and Austin, Texas, is focused on helping them access better credit terms while providing assurance to suppliers that they will be paid on time.

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News

TigerRisk partners with cutting-edge data analytics firm Pinpoint Predictive

TigerRisk Partners LLC, a risk, capital and strategic advisor to the global insurance and reinsurance industries, has announced a partnership with Pinpoint Predictive, the leading analytics platform providing powerful new predictive signal to insurers via individualised data enrichment and explainable analytics.