We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
AXA UK has named Willis Towers Watson (WTW) manager David Ovenden (pictured) as the new chief underwriting officer for its commercial business, succeeding long-time executive David Williams, who will be leaving at the end of the year.
BOXX, a cyber insurance provider for small businesses, individuals and families, announced today that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.
Proof of concept used to support rapid claims response to Hurricane Ida.
Insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment.
Just Insure, a pay-per-mile insurance technology company, has raised $8 million in a funding round.
Aviva, the UK’s leading insurer, today announces the appointment of Andrea Montague as Chief Risk Officer and John Cummings as Chief Information Officer.
French startup Alan is better known for its health insurance products — they now insure 200,000 people. But it has been slowly building a superapp for your health and expanding with new services.
In August of 2021, we interviewed Andrew Toy (President, CTO and Board Member at Clover Health) and here’s what he had to say to our Future50.
bolttech, one of the fastest growing international insurtech unicorns, today announced the extension of its recently-announced US$180 million series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The largest ever Series A round for an insurtech now adds two new strategic investors in bolttech, Singapore-based global investor EDBI (“EDBI”) and Alma Mundi Insurtech Fund, Spain (“Mundi Ventures”).
Embroker released two new standalone digital insurance products: Cyber Insurance and Commercial Crime Insurance. Embroker insurance products, built digitally from the ground up, are designed for privately held small to medium sized businesses that are being underserved by legacy commercial insurance carriers.
Cover Whale Insurance Solutions Inc., a Rancho Santa Margarita, Calif.-based insurtech, is partnering with excess and surplus lines insurer Everspan Indemnity Insurance Co., to offer a commercial trucking insurance program.
“Our first 10 months we worked from a Virgin Active, so we were in a gym working from the lobby,” says 29-year-old Oliver Kent-Braham, speaking from his sleek new London office just a few miles but a world away from where he started.
Farmers Insurance today announced plans to use a digitally controlled mobile robot to assist with in-field catastrophe claims handling and non-catastrophe property inspections, helping to improve the safety and efficiency of both while becoming one of the first national P&C insurers to deploy a robotic quadruped.
British visual assessment and disaster recovery startup Tractable has unveiled AI Inspection, a solution that precisely assesses the external condition of a vehicle’s body within minutes.
Moody’s Corp. reported that it has completed its acquisition of RMS, the climate and natural disaster risk modeling and analytics firm.
The FBI reported a 400% increase in cybercrimes in 2020, in part because of the increase in remote work. Among the cybercrimes were two major data breaches: SolarWinds and FireEye, both third-party technology partners hired to protect their clients from data breaches and then becoming victims themselves.
In the immediate aftermath of the COVID-19 lockdowns in early 2020, M&A activity in the insurance industry dropped off as deals were put on “pause” while potential buyers waited to see how the pandemic would affect the availability of capital, target company values, and the ability of the parties and service providers to carry on with the acquisition process.
The platform will allow insurers to accelerate their transition to new digital operating models, facilitate the creation of new products and drive cost savings – irrespective of business line.
Insurtech Previsico today announced that it has gained £1.75mil Seed Plus funding, led by Foresight Group,
a listed private equity and infrastructure investment manager, to support the next stage of their product development, including IoT sensors, team expansion and sales growth, in the UK and beyond.
Those insurance industry disruptors known as insurtechs are more than happy to coexist with brokers.
The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.
A new UK Motor Insurer Adiona has launched today in London. Adiona is a new technology-driven brand led by a group of global industry figures who are aiming to make changes to fix the ‘broken’ motor insurance market.
wefox, a full-stack digital insurance company based in Berlin, has announced the appointment of Peter Huber, formerly Chief Executive Officer (CEO) at Zurich International, as its Chief Insurance Officer.
Hippo, the home insurance group that created a new standard of care and protection for homeowners, today announced the launch of its Builders Program to further simplify the home purchase process and deliver home insurance directly to buyers of newly built homes.
From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.
Ascend on Wednesday announced a $5.5 million seed round to further its insurance payments platform that combines financing, collections and payables.
Large insurance companies are lagging in embracing open insurance, despite the fact that the number of challengers in the landscape continues to grow. This is according to new research from management consultancy Innopay.
Global reinsurance broker Gallagher Re has announced the launch of Gallagher Automated Insurance Analytics (GAIA), a proprietary automated analytics platform.
Envelop Risk, a leading data-driven underwriting and risk analytics business, today announced a Series B investment of $130 million led by SoftBank Vision Fund 2.
Sun Life Financial has appointed Alanna Boyd to the newly-created role of senior vice president and chief sustainability officer.
Insurtechs that specialize in cyber risk can take numerous paths — with their future dependent at least in part on their investors’ patience — but not all will survive, experts say.
BriteCore, a leading provider of next-generation core platforms for P&C insurers, today announced the appointment of Ray Villeneuve as CEO and the completion of a $20 million Series C financing.
Swiss Re has entered into a partnership with BlaBlaCar, the world’s leading community-based travel platform, and motor insurance specialist L’olivier Assurance, the French branch of Admiral Group.
The company now offers instant-issue life-insurance policies both direct-to-consumers and through the 1.2 million licensed insurance sellers in the US via its new Agent Platform.
Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy
Accenture has identified five critical insurance industry technology trends for 2021 after COVID quickly elevated customer expectations beyond the traditional offer to products and services enabled by the cloud.
Vouch, a provider of business insurance to startups and high-growth companies, announced today it has raised $90 million in new funding.
Lemonade Pet launched a new preventative care package designed for puppies and kittens under two years old. The new package offers coverage for procedures like spay and neuter, microchipping, flea medication, and up to six vaccines or boosters.
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.
Willis Towers Watson has around $5 billion of capital which could used for acquisitions, its president and incoming chief executive said on Thursday, as the insurance broker prepares for a future as a standalone company.
Property and casualty reinsurers have displayed underwriting discipline during this year’s renewals, continuing with rate corrections that began several years ago, despite the pressures of abundant capacity. Prices continued to harden during the first half of 2021 – albeit with slightly less momentum than last year – in a trend that will likely continue into the January 2022 renewal season.
Supercede, the global reinsurance placement platform built for dealmakers, today announced its partnership with Web Connectivity Ltd. (WCL), a Zywave company.
Last May marked the 229th anniversary of the Buttonwood Agreement, which organized securities trading in New York, laying the groundwork for what would become the New York Stock Exchange.
Cloud computing will become a common technology in the insurance industry over the next decade, surveys by Sollers Consulting show. Robotic Process Automation (RPA) is seen as more important in the market than Artificial Intelligence and Machine Learning, while Telematics and the Internet of Things are weighted comparatively low.
Metromile Enterprise, the cloud-based technology platform used by global property and casualty insurers to automate insurance claims, today announced Tokio Marine Group is now using the artificial intelligence fraud-detection product Metromile DETECT across its property and casualty lines of business in Japan.
The real-time risk aggregation platform utilizes Corvus scan data and helps to makes risk capital more transparent and efficient for insurers and reinsurers.
Latium Technologies and Aon plc today announced a strategic alliance to introduce Latium’s Job Site Insights® (JSI®) Internet of Things (IoT) application and suite of products as a foundational risk mitigation tool for contractors and owners.
Amazon has launched an online network for small business insurance.
Swiss Re expects insurance market premium growth to continue, driven by increased exposures, risk awareness and evolving client needs.
The malicious nature of cyber criminals has prompted cyber insurance carriers to implement new guidelines for clients.
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world.
American International Group (NYSE: AIG) today announced that Peter Zaffino, President & Chief Executive Officer, will assume the additional role of Chairman of the Board of Directors, effective January 1, 2022.
London-based insurtech with high profile backers including one of the world’s largest reinsurer SCOR has become Britain’s next unicorn with its latest funding round. The company is looking to “disrupt” the insurance market worth $5 trillion globally.
Israeli insurtech startup Vesttoo announced on Sunday that it has completed a $6 million funding round led by Hanaco venture capital fund, just four months after raising $2 million.
The credit-based insurance score has not gone without challenges over the years, but 2020’s protests over police brutality have pushed more industry figures to look for alternatives. At issue is the legacy of structural racism that has hindered economic opportunities for communities of color and led to disproportionately lower credit scores among them.
Major U.S. insurers are joining new digital exchanges to sell not only their own policies but those of their competitors as well, a new twist in an industry known for its fierce competition.
There can be little doubt that COVID-19 has accelerated the move to a digital-first society, forcing many more traditional organisations to fast-track their data and digitisation journeys.
Cybersecurity start-up ActZero has announced a strategic partnership with cyber insurance provider Zeguro to create a cyber risk management program for small and mid-sized businesses.
Climate change will help propel a threefold surge in property insurance premiums over the coming two decades, according to a study published on Monday by Swiss Re.
Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.
Swiss Re Corporate Solutions will use a tropical cyclone risk modelling product developed by Sydney-based Reask to extend its parametric windstorm cover to regions including Asia Pacific.
This Spring, UK regulator, the FCA announced a ban on the unfair practice of ‘price walking’ in the insurance industry.
Willis Towers Watson has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel.
China’s banking and insurance watchdog issued a draft guideline on Friday aiming to improve its regulation over insurance group companies to prevent financial risks as the world’s no.2 economy strives to recover from the impact of COVID-19.
Kalepa, an insurance underwriting platform based out of New York, has raised a $14 million Series A funding round led by Inspired Capital, with participation from previous investor IA Ventures.
Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.
Sunday, an insurtech startup based in Bangkok, announced it has raised a $45 million Series B.
The COVID-19 pandemic and ensuing lockdowns have changed how we work for good. Offices, once the bustling centre of company life, have for much of the year been home only to empty desks, unground coffee beans and unanswered questions.
Tractable, the company developing AI for visual assessment and disaster recovery, today launches AI Inspection, a new solution that accurately assesses the external condition of a vehicle’s body within minutes.
Shepherd, an insurtech startup focused on the construction market, has closed a $6.15 million seed round led by Spark Capital.
Global reinsurer Swiss Re is set to create a central cyber underwriting team, led by AXA XL’s John Coletti, that will assume responsibility for group’s product development and underwriting activities in the space.
To compete for a larger share of a valuable market, insurance companies improve the customer experience by offering tailored products and efficient services while also amplifying their social engagement.
The Series A investment will be used to further develop Balance Re’s proprietary asset-liability management technology and to support its fully licensed German reinsurance company.
Insurtech could rightly be considered the greatest of the Wild West insurance opportunities, but in terms of opening up new markets, Group and Voluntary Benefits are making their own case for a land of new opportunities.
American International Group Inc. has hired former Allianz SE executive Ciara Brady as chief underwriting officer, international casualty, effective Sept. 1.
Blueprint Title, an insurtech startup working in the title insurance space, announced this morning that it closed a $16 million Series B. The new round was led by Forté Ventures. The startup previously raised an $8.5 million Series A in the final weeks of 2019.
Insurify, America’s highest-rated virtual insurance agent and comparison platform, announced today it has closed $100M in Series B funding led by Motive Partners, a specialist private equity firm focused on financial technology investments.
With technology taking centre stage, industries and sectors are getting disrupted. Insurance is no exception, and its key functions are being reimagined with the power of digital technologies such as artificial intelligence (AI) and machine learning (ML).
Willis Towers Watson (WTW) not only has a new global leadership team but is also restructuring the business.
Commercial motor insurance provider Zego has introduced a workplace policy to encourage internal mobility for its employees.
Insurtech The CareVoice,
has today announced numerous firm updates, including launch of its upgraded operating system
as an API-based infrastructure and health ecosystem, new collaboration with several major
insurance companies, a progressive roll-out across multiple countries from Asia, Europe and
Latin America, and additional capital as part of ongoing B financing round.
Over the last few years, insurers have been heavily focused on finding ways to tap into the younger generation that will be their primary consumers in the future. Here is an interview with insurtech Gigacover’s Mr Amerson Lin to get his take on how to reach that demographic.
Amica Insurance has partnered with Zesty.ai, the leader in climate risk analytics powered by artificial intelligence (AI). Amica will integrate Zesty.ai’s predictive wildfire risk analytics solution, Z-FIRE™, into its homeowners product line.
Having cyberinsurance should be a requirement for any organization’s security plan, especially for SMBs.
Emerging risks and changing customer behavior are shifting the revenue landscape for insurers. These trends call for change in the products and services insurance companies bring to market.
Having a loved one with specialized care needs is incredibly challenging, but not something that people who have never had to deal with the issue would necessarily quite understand.
Global insurance group Zurich has promoted its current commercial insurance Chief Financial Officer Paolo Mantero to serve as Group Chief Strategy Officer.
Australian insurtech Open has raised a $31 million series B as it looks to launch in New Zealand and the UK in the 12 months.
Slope Software, the Atlanta insurtech startup that is modernizing actuarial modeling for insurers, today announced a $2.0 million investment led by Tech Square Ventures, a leading early-stage investment firm.
The pandemic has not stopped the growth in the M&A insurance market. Brokers in North America have seen an uptick in M&A transactions, M&A insurance, and claims over the last year.
Insurers may be surprised at how fast and inexpensively telematics exchange data can help scale a UBI program.
Hong Kong-based digital insurance platform OneDegree has raised $28 million in a new round of funding as the startup looks to expand in Asia. Sun Hung Kai & Co. and AEF Greater Bay Area Fund took part in the series B1 round along with six existing investors. To date, the company has raised ~ $70 million.
The home insurance group, which is transforming homeowners insurance, will fuel growth through its global team.
Following the company’s latest investment, Roamly is on the fast track to becoming a revolutionary RV insurance provider, with international expansion to Canada and additions to its claims business.
Quantum Assurance International has partnered with Cover Whale , a wholesale broker that offers trucking, builders risk, and equipment insurance.
When the Town of Peterborough, New Hampshire, announced earlier this week that it lost $2.3 million to a business email compromise scam, officials also said it was unlikely the 7,000-person community would ever recover that money.
Insurance broker Willis Towers Watson (WTW) has signed a non-binding agreement to acquire Israel-based insurance broking and consultancy business Leaderim.
Last month Allianz Holdings unveiled a significant strategic restructuring of its operations, resulting in the creation of two distinct ‘Personal’ and ‘Commercial’ businesses.
In this series of articles, we have been examining digital trends that will shape the future of the insurance industry. The models emerging from these pivotal trends will continue to transform the industry over the next decade, transforming insurance into a fully digital universe.
While Artificial Intelligence (AI) has gained traction with enterprises in other industries, insurance providers have been slower to adopt. In 2016, research by Deloitte noted that less than 2 percent of insurance companies were currently investing in artificial intelligence technologies.
So, what exactly is driving this insurtech surge, and how can companies and entrepreneurs in the space be successful?
Goldman Sachs Group Inc.’s asset manager is backing startup DealerPolicy in a funding round that raised $110 million for the company, which provides auto dealers with insurance quotes for their customers.
The specialist Lloyd’s insurance and reinsurance marketplace has entered into a two-year partnership with McKenzie Intelligence Services (MIS) to deliver a faster claims service through its geospatial (GEO) technology platform.
Three insurance companies – Travelers, Coalition and Resilience – were among the attendees at the White House cybersecurity summit, along with giant tech companies and officials in the Biden administration.
General insurance provider Digit Insurance had announced in July that it raised $200 million at a valuation of $3.5 billion.
Pie Insurance will acquire a regional insurer as it moves forward with a bid of becoming a full-stack insurance carrier.
Technologies are emerging that enable omnipresent, real-time connectivity between the people and businesses being insured and their insurers, and that is fundamentally changing the business of insurance.
Zurich Insurance Group (Zurich) has appointed Peter Kasahara as its new group chief data officer following the recent appointment of Frank Verkerk as the new group chief platform officer.
Insurance technology company Joyn Insurance today announced the addition of Uwe Schoberth as Chief Distribution Officer, effective September 1, 2021.
In addition to the funding from from ManchesterStory, The Hive and Avanta Ventures, InShare names chief underwriting officer and CTO.
Sayata has raised $17 million in new venture capital and has a broad growth strategy in mind. The Massachusetts-based Insurtech startup has a platform designed to help brokers and carriers quickly and easily grow their business insurance portfolios, and the cash infusion will help it expand into new insurance lines.
Berlin-based digital risk carrier ELEMENT has partnered with US-based MGA Parametrix to launch a parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers.
Matt Booker appointed head of Westchester Property and Inland Marine; Bob Meyer to take on newly created role as Executive Vice President, North America Property.
Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), today announced the release of application programming interfaces (APIs) for streamlined digital distribution of cyber insurance.
Powered by application programming interface technology, Nayya’s decision-support engine and personalized benefits analysis help employees protect their health and financial wellness.
Every risk manager strives to protect their company, property, business and reputation from events that are foreseeable, whether from fire, extreme weather or any of the other risks facing the company.
This usage-based Insurtech offering will assist in empowering riders to customize flexible coverage plans and lower insurance costs.
The platform’s AI underwriting support, blockchain-enabled access to real-time data, and advanced automation aim to significantly increase the speed at which specialty insurance can be sold, underwritten and serviced.
DigiSure, a digital insurance company that caters to modern mobility form factors like peer-to-peer marketplaces, is officially coming out of stealth to announce a $13.1 million pre-Series A funding round.
The last eighteen months have tested traditional business practices and shifted them forward in a way that many industries haven’t seen in generations, insurance included.
More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they’re not banks.
Insurance customers are increasingly seeking flexible, pay-as-you-go insurance options. Also known as usage-based insurance (UBI), this type of coverage is commonly used for personal auto insurance, which is powered by telematics data and charges premiums based on the distance a vehicle is driven, the quality of driving (heavy braking or quick acceleration), and surrounding factors (e.g., location, weather, construction).
The Asian Insurtech environment is still relatively smaller as compared to the western world of Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in the last two years.
Zurich Insurance, one of the world’s leading insurance providers, with the help of Blue Prism has implemented a fresh robotic operating model (ROM) to great effect, scaling intelligent automation (robotic process automation fueled with AI) and providing its people the right skills for an ever-changing workplace.
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
A recent report produced by McKinsey & Company, explored the plethora of ways in which the insurance industry is partnering up with IT- particularly in relation to Artificial Intelligence (AI), and to what extent this is likely to affect the industry in the next decade or so.
HazardHub’s risk API service, derived from comprehensive U.S. property and hazard data, enhances the power of the Guidewire Platform.
“We’re really accelerating on a lot of different fronts with our products and into new markets. This came at the right time where we’re looking to expand pretty quickly here,” said Atif Siddiqi, Branch’s founder and CEO.
According to the California Air Resources Board, wildfires have been increasing in severity and frequency since the 1950s due to climate change, which has led to greater hesitance by insurers to insure some properties in California.
The deal with a top-3 reinsurer, with fronting support from an A-rated carrier, spans across multiple years and multiple states to support Loop’s expansion plans.
High Definition Vehicle Insurance Group, ranked on Insurtech Insights Future50 Americas is planning new products and a national expansion, following $32.5 million in new venture funding.
With 75% of U.S. businesses underinsured, TrustLayer continues its momentum as the preferred solution for reducing risk and cost amid 200k daily insurance verification requests.
Supercede, the global reinsurance placement platform built for
dealmakers, today announced the appointment of Aydin Betez, formerly CTO of Willis Re, to lead
the development of its cloud-based digital ecosystem, built for the global reinsurance market.
There is no doubt that we are living in an era in which insurers have been called to transform their business offerings, infrastructure and operations. Successful transformation translates into new revenue opportunities, stronger customer relationships and sustained brand relevance.
Specialist insurer Beazley has appointed Patricia Kocsondy as Head of US Cyber & Tech.
Snapsheet’s cloud-native, API-based software enables a differentiated member experience for Branch’s home and auto claims.
Willis Re’s global head of insurtech tells Insurance Times why he expects funding in this sector to increase and why the term ‘insurtech’ could lose its value in the long term
AXA XL, the property & casualty and specialty risk division of AXA, expands regional underwriting capabilities with the addition of senior environmental underwriters –Lindsay Judd, Jay Kao, Angela Case and Igor Pavlo. AXA XL also announced the promotion of Jeffrey Anastasio to lead its Environmental Claims team in North America.
Insurtech ecosystem specialist Quotall has announced that it has entered into a strategic partnership with global insurance broker and fintech service provider, Acrisure.
The reinsurance division of Swiss Re will see a couple of changes at the top.
Ping An Group has announced the roll out of its artificial intelligence-driven “AskBob” clinical decision support system (AskBob CDSS) in the Philippines to support the country’s COVID-19 response efforts.
Aon chief executive Greg Case has launched a robust defence of the insurance broker’s failed $30 billion (€25.5 billion) takeover of rival Willis Towers Watson, describing the logic of a deal shot down by US regulators “as strong today as it has ever been”.
Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.
In the past, it was not uncommon for an insurer or an insured to pull the plug on an innovation project over fears that a reinsurer would not underwrite the risk.
Insurance broker Willis Towers Watson announced that its board of directors has unanimously selected Carl Hess as the company’s new president and next chief executive officer.
Global insurer AXA has entered into an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of USD 575 million (€487mn).
Ernst & Young LLP (EY US) today announced that Assaf Wand, co-founder & CEO of Hippo, the home insurance group that created a new standard of care and protection for homeowners, was named an Entrepreneur Of The Year 2021 Northern California Award winner.
AXA XL has appointed Dane Mahoney as Global Head of Political Risk, Credit & Bond (PRCB) Risk Management. Based in New York, Mr. Mahoney will report to Rafael Docavo-Malvezzi, Global Chief Underwriting Officer for PRCB and lead a team of global risk analysts across the Americas, Asia, and the UK.
The integration partnership combines Swiss Re’s best-of-breed Life Guide and Underwriting Automation Software, Magnum Pure, with the workflow capabilities of the Appian Low-Code Automation Platform.
Willis Towers Watson (WTW) has named Jon Drummond as its new head of broking, North America and Matt Romano as head of its mid-market broking solutions (MMBS) business.
Zurich Insurance Chief Executive Mario Greco wants governments to levy a carbon tax and remove the incentive for socially irresponsible companies to maximize profits by polluting the environment, he told Reuters.
Kin Insurance has its sights set on simplifying the insurance purchasing process for its customers through the innovative use of technology. By providing personalized coverage in catastrophe-prone areas, Kin plans to be the future of the insurance industry.
The insurance industry needs to think about sustainability through both an underwriting and an investment lens, says ESG analyst Xuan Sheng Ou Yong.
The COVID-19 pandemic has forced a wave of “remote” services in areas that allegedly required physical presence. It made us reimagine age-old practices and bring innovation to how businesses are operated, including insurance.
Rebounds don’t come much better than this.
E-commerce platform for buying and selling used cars Carvana and insurer Root are teaming up to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest ~$126 million in Root, subject to customary regulatory approvals.
The funding will be used advance Breeze’s mission to protect families in their most financially vulnerable moments.
Insurance and reinsurance broker Aon has appointed Joe Peiser as Commercial Risk Leader for its North American division.
The issuing carrier relationship, which will scale Hippo’s innovative insurance products to more homeowners across the U.S., will be Hippo’s largest to-date and will be Ally’s first home insurance issuing carrier relationship.
A recent report by the International Federation of Red Cross (IFRC) found that since the 1990s, there has been a 35% increase in climate and weather-related disasters. Since March 2020, when the World Health Organisation declared a global pandemic, there have been 100 such disasters affecting 50 million people worldwide.
Insurance industry payments processing company One Inc. has hired a new chief executive officer with more than 25 years of industry experience and a goal of expediting “the death of the physical check.”
COVID-19 has given direction to insurtech trends to lean towards digital solutions. If the pandemic has taught us anything, it is that we cannot really make accurate predictions about the future. However, it has also been a major catalyst of change as several industries underwent rapid and rampant transformations. These changes have now translated into the ‘new normal.’
Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego.
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
When a human being or even an animal faces risk, there can be one of two reactions – fight or flight. Risk is inarguably ubiquitous and something that most of us deal with on a daily basis. However, rather than fight or flight, sometimes the best way to deal with risk is to buy protection. And, this is where the insurance industry plays an integral role.
Just months after raising $28 million, Jerry announced today that it has raised $75 million in a Series C round that values the company at $450 million.
India is the second-largest insurtech market in Asia-Pacific, accounting for 35 percent of the US$ 3.66 billion insurtech-focused venture investments made in the country, according to S&P Global Market Intelligence data.
Marsh has entered into a new partnership with Amazon to help small business sellers get affordable product liability coverage.
When Graeme Newman (pictured) first joined CFC Underwriting he became part of a team of 15 people – now, 13 years later, CFC boasts a workforce of some 500 people, spread across a variety of locations.
Swiss Re Corporate Solutions has appointed Marilyn Blattner-Hoyle to its global credit & surety unit as Global Head of Trade Finance.
NEXT Insurance, the leading digital insurtech company transforming small business insurance, today announced it is participating in Amazon Insurance Accelerator, providing Amazon sellers looking to buy insurance with instant quotes at competitive rates, directly within Amazon Seller Central.
Brookfield Asset Management Inc’s reinsurance unit has agreed to buy insurer American National Group Inc. for about $5.1 billion in an all-cash deal, the companies said on Monday.
Given these evolving customer demands, both commercial and personal-line firms are seeing an increased need for multi-channel customer engagement.
Given these evolving customer demands, both commercial and personal-line firms are seeing an increased need for multi-channel customer engagement.
Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US.
Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US.
The Israeli company’s latest round comes just four months after it raised $2 million from the Sure-Tech R&D partnership.
Lloyd’s has today announced the next eleven InsurTech start-ups joining the seventh cohort of the Lloyd’s Lab innovation accelerator programme. The new cohort will focus on creating simpler products for customers, including building solutions related to cryptocurrencies.
American International Group Inc is tightening terms of its cyber insurance, noting that its own premium prices are up nearly 40% globally, with the largest increase in North America, the U.S. insurer’s chief executive said on Friday.
HCI Group, Inc. announced that its InsurTech subsidiary, TypTap Insurance Group, Inc., a Florida-based writer of private market homeowners and flood insurance, has confidentially submitted a draft registration statement for a proposed initial public offering with the Securities and Exchange Commission.
InsureLife, a startup technology company in Raleigh, NC, has developed an AI-powered platform for Insurers that digitally connects their financial services products with consumers and agents, growing sales in a contactless world.
Motion Intelligence has partnered with Cambridge Mobile Telematics to launch its Evvy Scoring & Rewards Program.
Oliver Baete, chief executive officer of Germany’s Allianz, on Friday spoke of a “horrible week” for him and the insurer, his first response to a disclosure that the U.S. Department of Justice was investigating losses at its fund division.
MGA Corvus Insurance, fresh off of raising $115 million in new venture financing, has made an acquisition with an eye on the admitted coverage marketplace and more digital platform partnerships. More acquisitions appear likely.
The events of the past year have changed how consumers and businesses view payment delays, regardless of industry and transaction type. Policyholders are no longer willing to wait days for claim payments to finalize so they can receive their funds.
As a result of the business combination of CCC and SPAC Dragoneer Growth Opportuniteis, CCC Intelligent solutions Holdings Inc. will be listed on the NYSE as CCCS.
The Hartford has appointed Claire Burns chief marketing and communications officer effective Sept. 1. Burns will report directly to Chairman and CEO Christopher Swift
Insurance broker Willis Towers Watson PLC said on Tuesday it is weighing strategic alternatives for its reinsurance unit, Willis Re, days after a planned sale to rival Arthur J. Gallagher fell through.
Moody’s has entered into an agreement to acquire catastrophe risk modelling firm RMS for approximately $2.0 billion from Daily Mail and General Trust.
Digital health insurer Ottonova has received fresh capital of around 60 million euros. Existing investors Debeka, HV Holtzbrinck Ventures, Vorwerk Ventures and btov Partners are increasing their commitment, according to an Ottonova press release.
Some people may think insurance is boring, but not Maria Goy. She is passionate about it. As an executive at New York Life, she came to view insurance as a product that differentiates the haves and have nots.
Imagine your banking app, based on your purchase history within it, offering pertinent insurance products. This could very well be the norm moving forward, if the results of a Cover Genius poll are anything to go by.
AXA has launched STeP, a digital claims solution that is set to transform the insurer’s online offering and provide more choice for its motor insurance customers.
Zurich Insurance Group AG is nearing a deal to buy Deutsche Bank AG’s Italian financial promoters network, according to people familiar with the matter.
Chubb Limited (NYSE: CB) today announced that it has acquired the business of StreamLabs from Australia-based Reliance Worldwide Corporation Limited (RWC). StreamLabs offers leading Internet of Things (IoT) enabled water monitoring, leak detection and water shut-off products.
A hippo is on Times Square — Hippo Insurance, that is.
Lloyd’s will be testing whether delegated authority business can facilitate claims in minutes.
Aon’s revenues are up 12% and the half year stage with net income up 10%, helped by strong organic growth of 11% in Q2, but the numbers don’t include the $1bn termination fee the broker will pay Willis Towers Watson (WTW) for their collapsed deal.
Bold Penguin, the world’s largest commercial insurance exchange, announced today a new partnership with NOW Insurance (NOW), an AI-enabled insurance platform designed to match small business owners and professionals with affordable insurance coverage.
A few weeks after closing a Series A-2 round of nearly $3.8 million from 10 investors, insurance technology company Synchrono Group Inc., which operates under a trademarked brand name of SynchronoSure, is launching its third product, according to founder, CEO, and chairman Steve Hartman.
Insurtechs have stepped up to turn the $5 trillion insurance industry on its head. This radical upheaval hasn’t happened yet. But the insurance industry’s tech monopoly has already begun.
This week we spoke with Ron Rock, senior director for insurance and insurtech at Jobs Ohio. Following the departure of Tesla and Oracle from the once dominant Silicon Valley, we discuss whether insurtech could be the next big part of the tech world to pursue high-growth regions.
Colorado-based reThought Insurance, a managing general agency focused on the flood insurance market, has secured $15.5 million in investment to accelerate its growth.
Home insurance group Hippo has completed its previously announced merger with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company.
As more and more people are in search of integrated digital experiences it has become imperative for insurance service providers to embrace the digital disruption.
Chubb chairman and CEO Evan Greenberg has been a voice for the (re)insurance industry throughout the COVID-19 pandemic. As leader of the world’s largest publicly traded property and casualty (P&C) insurer, Greenberg has used his platform to speak out about the “impossible” task laid at the feet of the insurance industry – to cover the cost of the global pandemic alone. c
We live in an increasingly digital world, and new digital platforms such as financial apps, social networks, e-commerce, smart homes, and the new environment of remote working are associated with growing cyber risks. Recent researches clearly show that most consumers are concerned about cyber threats, but only a few know that personal cyber insurance products are available.
The insurance industry is in the early stages of understanding artificial intelligence (AI) algorithmic risks but there are widespread repercussions from technology failures, a white paper produced by Zurich and Microsoft says.
Insurers recognize the value of machine learning and are implementing it to deliver more consistent results and free up insurance underwriters to focus on other essential activities.
Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.
Democrance, the UAE-born InsurTech startup, has entered a partnership with MetLife as part of the global insurer’s commitment to simplifying interactions with customers through innovation and digitisation.
When you have even just $100 in a liquidity pool, you dread the day you awake to it being gone.
Arthur J. Gallagher & Co. (AJG) is no longer buying certain Willis Towers Watson (WTW) brokerage operations following the collapse of the latter’s highly anticipated merger with Aon Plc.
The COVID-19 pandemic has led life insurers to speed up their digital enhancements like mobile insurance shopping and accelerated or automated underwriting. Most insurance carriers are looking for ways to provide more services such as e-signatures, digital applications and online digital quoting.
The $5.8M USD raised will be used to strengthen their platform capabilities, build Guros’ team, expand into health insurance, and enhance its APIs for commercial partners, such as Kavak, Creditas and albo.
Opportunities for embedded insurance will give innovative insurers and their partners tremendous opportunities for growth, with new markets, new offerings, satisfied and loyal customers—and growing books of business.
Through Policygenius’ online insurance marketplace, homeowners can compare Openly insurance policies with those from other insurance carriers.
Amplify Life Insurance, a digital permanent life insurance platform, announced today it has raised $2.5M in Seed funding led by Anthemis with participation from Transverse Ventures Fund.
Dutch and US-based FRISS is a cybersecurity company that focuses completely on automated fraud and risk detection for P&C insurance companies across the world.
German insurance industry association GDV has forecast around €5.5bn worth of claims due to extreme flooding earlier this month.
China’s banking and insurance regulator said on Thursday that it will guide insurers to increase investment in natural disaster insurance and enrich product offerings.
In the last year or so we’ve seen a number of insurtech startups go public, including Root (auto insurance), Metromile (car insurance), and Lemonade (rental insurance). But should we be worried?
Lloyd’s will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation.
The company seeks to make injury insurance coverage more affordable, working through a network of affinity group partners.
Flock has raised $17M in Series A funding to supercharge its expansion into new geographies and product lines. This funding round marks a major milestone in building a global, fully digital insurance company for connected and autonomous vehicles.
Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW).
Chubb released positive second quarter results, driven by gains in its commercial property/casualty business and related rate hikes in the sector.
Employers typically offer three options for healthcare insurance. When it’s time to switch to Medicare, particularly Medicare Advantage, there are over 3,500 plans available nationwide, and an average of 30 plans someone can choose from in their particular area. Connie Health is leading seniors through the Medicare maze, helping whittle down those 3,000 plans into a handful of best choices based on care requirements.
Insurance does not exist in isolation. More and more, it is intrinsic to the business models of partner organisations, enabling new kinds of activities and new ways of working – a reality recognised by the Connected Insurance & Ecosystems category at Accenture’s Efma-Accenture Innovation in Insurance Awards
Munich Re Ventures’ HSB fund has reinvested in cyber insurance start-up At-Bay at a valuation of $1.35 billion to support the expansion of the insurtech into new markets.
Agentero serves over 800 independent agencies by converting existing data into actionable insights that enable them to maximize their earned revenue.
Before COVID-19, most insurance carriers had already started migrating their IT estates to the cloud. Now, accelerating the cloud transformation means elevating the cloud conversation.
Insurtech Gateway Australia says global investment activity in the first half has seen records broken as funders see attractive insurance opportunities, and has called for more local activity.
Home insurance group Hippo has announced that it is expanding into commercial insurance. The company has announced that the first product to launch from Hippo’s commercial lines unit is a tailored homeowners’ association (HOA) product.
Aon Plc and Willis Towers Watson Plc called off their $30 billion merger plan on Monday, terminating an agreement that could have made the combined company the world’s largest insurance broker.
Lloyd’s has swooped on a major name for its council. It has brought in Mark Sedwill, Baron Sedwill of Sherborne, in the role of senior independent director and deputy chair, taking the role previously held by Andy Haste.
Listening to his customers and listening to his team. Mike Arbour closes in on the anniversary of him being named CEO of Sedgwick.
What a first half of the year in the European insurtech scene: over €1.7B was invested across 52 deals. That’s basically more than 2019 and 2020 combined!
Insurance startup bolttech has purchased i-surance a B2B2C digital insurance platform, to accelerate its expansion in Europe.
Just two short months after announcing a $200 million Series D round that took its valuation to $2 billion, Ethos, the insurtech leader that’s transforming the life insurance space, has raised an additional $100 million in capital.
Hippo, the home insurance group that created a new standard of care and protection for homeowners, today announced its expansion into Commercial Insurance.
There are several triggers – or what we call cloud archetypes – that typically push clients to move to the cloud. Most revolve around the need for greater speed and to create greater value, though the actual mix varies depending on each client’s circumstances.
Tractable, the company developing AI for accident and disaster recovery, today launches AI Subro, a new solution that will help US auto insurers resolve subrogation tasks with AI.
Koffie Labs (Koffie), an insurtech focused on reinventing the trucking and transportation markets, today announced an insurance partnership with Sutton National Insurance Company and its reinsurance panel.
While the need for permanent insurance cover (e.g. whole life insurance and health insurance) will always remain, people will continue to need special-purpose insurance in life.
Industrial motor insurer Zego, with help from Swiss Re, has teamed up with bp, an built-in vitality firm, to supply skilled insurance coverage for bp’s electrical car trial in London, referred to as “bp EV Professional.”
AXA UK has introduced a new machine learning tool designed to help streamline and accelerate complex property claims.
Metromile hired former Tesla executive Colleen Qiu as its new vice president and Head of Data, representing another recent high-profile executive hire from outside the insurance industry.
During these unprecedented times, significant challenges have ascended to the top of the insurance industry’s agenda and left many carriers puzzled about how to navigate the road ahead.
EY today announces an alliance between Fadata, a leading software provider that focuses on core insurance operational platforms, and Ernst & Young LLP (EY UK), to help insurance companies drive improved business performance through technology transformation delivering an end-to-end digital experience.
A London insurtech has announced that it has raised £6m of funding in a round led by a Silicon Valley investor.
COVID-19 has made people acutely aware of the pressures placed on health professionals and insurance systems. Insurtech solutions that alleviate this are valuable, a point recognised at this year’s Efma-Accenture Innovation in Insurance Awards.
N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter.
The round was led by Pivot Investment Partners, with additional investors Aquiline Technology Growth and HSCM Bermuda, as well as existing investors.
American International Group Inc (AIG.N)plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc (BX.N)agreed to buy a sizeable stake, according to a person familiar with the matter.
The further we move into the 21st century, the bigger the role technology plays in the insurance industry.
Slow and steady growth has been the mantra of Zywave in the UK since its inception, and the UK-based arm of the business has steadily grown a robust customer base of around 150 clients over the last decade.
Life insurer YuLife has raised $70 million (£50 million) in a Series B funding round led by Target Global.
APOLLO Insurance, Canada’s leading online insurance provider, has partnered with CAARY, a financial platform for small and medium-sized enterprises (SME), to offer tailored digital insurance products for visitors to caary.com.
Global reinsurer Swiss Re has appointed Barbara Scalzi to lead its automated underwriting solution Magnum in Asia.
Ease and speed to market: Swiss Re’s simplified flood offering combined with Milliman Appleseed’s streamlined regulatory approvals create a powerful package for insurers.
Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.
Today, Insurello, which helps consumers get fair compensation, announces it was able to claim €20 million in insurance compensation for its clients and the young company also just raised €15 million in fresh funding.
Eight of the world’s leading insurance and reinsurance companies on Sunday launched an alliance to help speed up a transition to a net zero emissions economy.
Short-term insurers say they went above and beyond for their customers in the past year and aren’t greedily gobbling up savings from lower claims.
The ‘digital revolution’ has driven insurer success and made the industry more efficient, more profitable and more accessible to customers – however, Delta Insurance COO Kent Chaplin says it has also created new challenges within the sector, and has ramped up competition between new and existing insurers like never before.
Hellas Direct today announced agreement of a EUR15 million loan from the European Investment Bank (EIB).
Cryptocurrency insurance platform Coincover raised $9.2 million in a Series A funding round led by Element Ventures.
This week we spoke with Ron Rock, Senior Director at JobsOhio, about insurance disruption and the future of work – and the State of Ohio.
Re/insurance broker Aon has partnered with Hamburg-based fintech Walbing on the establishment of a service tailored for syndicated trade credit insurance.
Willis Towers Watson, a leading global advisory, broking and solutions company, today announced the launch of a toolkit for startup airlines building a robust risk framework for the industry, now and into the future.
The future of insurance will be a hybrid model where consumers can choose a digital or traditional experience and gracefully move between these options with ease, convenience, and efficiency.
When people think of automation, and in particular the ROI of automation, they typically think that the return part of that equation is driven primarily by savings realized by cutting costs or faster processing times.
Insurtech Joyn has announced a key partnership and investment agreement with specialty re/insurer SiriusPoint, as the former looks to transform small and mid-market US commercial insurance using digital technology, data analytics, and automation.
Automated workflows ensure insurers keep the ball rolling between critical steps in the claim cycle, bringing both better efficiency and compliance.
Global insurance and reinsurance brokers, Aon and Willis Towers Watson (WTW), have emphasised the pressing need for the “earliest possible trial date” for their pending case against the Antitrust Division of the U.S. Department of Justice (DoJ), which seeks to block their $30 billion combination.
Lots of insurers are talking about innovation, but not every insurer means the same thing when they use the term.
At first glance, the similarities between the Mars landers, and the fraud detection and claims automation services of Daisy Intelligence may not appear obvious but there lies a strong parallel – a shared utilisation of truly autonomous systems.
Outdoorsy, an RV rental and travel marketplace,had a problem: With traditional insurance, RV owners could lose coverage when renting out their RVs due to a commercial exclusion clause. The solution: The company launched an insurtech company, Roamly, to eliminate the “gray zone” that traditionally comes with renting RVs.
Big data is one of the most rapidly growing industries in the world and was valued at $169 billion in 2018, with expectations to approach the $300 billion mark by the end of next year.
As data quality challenges continue to hinder insurers and reinsurers, Swiss Re is looking to overcome some of the inefficiencies and develop a habitat in which valuable data is discoverable, accessible, and trusted.
AXA XL Insurance has appointed Marine Ress as Chief Underwriting Officer, Casualty, APAC & Europe, a Paris based role.
BIBA has launched a new scheme with the Reading based insuretech OneClickCover Ltd offering members access to a highly innovative, data-driven online home insurance platform that provides customers a quote in a few seconds, using just the property address.
Telematics technology is a “total game changer” for the future of the auto insurance industry.
The global reinsurance arm of Legal & General Group, L&G Re, has announced the appointment of Amy Ellison as its new Chief Executive Officer (CEO), succeeding Thomas Olunloyo.
The pandemic introduced radical shifts in how we do our work, communicate and shop for products and services. Did it change the way we drive too?
Digit Insurance, backed by Indian skipper Virat Kohli, has attracted $200 million investment from existing and new investors which has helped rocket its valuation to $3.5 billion (approximately Rs 26,000 crore).
As the “next digital pandemic,” cyber risks are increasingly becoming a problem for insurers themselves, according to an industry expert.
Zurich Insurance Group has announced the appointment of Frank Verkerk to the newly created role of group chief platform officer.
Insurance carriers can use Lob’s direct mail automation and Metromile STREAMLINE to automate claims and issue payments faster to improve customer satisfaction.
Carrot General Insurance Corp., South Korea’s first digital-only insurance provider, announced that it has raised 100 billion won (US$88.7 million), which equals its founding capital raised in 2019.
Aon Plc has confirmed the appointment of James Platt as chief operating officer.
Specialist managing general underwriter (MGU) Carbon has promoted Director Nick Tye to lead as Chief Executive Officer, succeeding Stephen Card in the role.
In today’s age, the best way for many businesses to move forward is to embrace digital transformation.
The pandemic has heightened financial inequality, climate change risk and the threat posed by ‘zombie’ companies.
New MAPFRE policyholders in Massachusetts who participate in the program will receive a discount of up to 10 percent at initial enrollment.
INSHUR, a leading global Insurtech firm carving out a name for itself in commercial insurance, today announced completion of additional Series B funding, led by JVP alongside existing investors Viola Fintech, and MTech Capital. The new funding takes the total raised to $35 million.
Insurance tech startup bolttech on Thursday said it raised $180 million in a funding round, led by private investment firm Activant Capital Group, that valued it at more than $1 billion.
Thanks to digital engagement and emerging technologies like AI, IoT, and machine learning, insurers have more data than ever.
There’s no doubt that COVID-19 has been a catalyst for digitisation. We’ve witnessed the rise of fintech, the explosion of edtech and the vast spread of ‘fit-tech’ to keep us moving during the quarantine. But what about the global insurance industry?
“It was the best of times, it was the worst of times.” The introduction from Charles Dickens’ “A Tale of Two Cities” may be an apt description of today’s property insurance landscape. While numerous opportunities exist, insurers face a variety of challenges—some often unforeseen.
AutoClaims Direct, Inc., (ACD) an established auto claims technology and services company to the property and casualty industry, and Attestiv, Inc., a leading media authenticity platform today announced a joint collaboration to bring photo verification and fraud detection to ACD’s CLARITY technology platform.
Today we spoke with Apollo’s Jeff McCann and Berkley Canada’s Alexandra Spence about what the ‘Amazon’ insurance experience could look like – from embedded insurance to platform ecosystems, distribution is fundamentally changing.
To provide clients with quicker and better service, you want to simplify your claims operations in insurance; the customer experience matters. If you want to succeed in the industry, you have to realize it’s about streamlining things for an overall satisfactory outcome for them.
SCOR received shareholder approval for all resolutions submitted at its General Meeting today, including for the separation of the roles of Chairman and CEO as Denis Kessler hands over his executive role to Laurent Rousseau.
London-based insurtech hyperexponential (“hx”) – which has a mathematical modeling software for the commercial insurance sector – has closed an $18m funding round led by growth capital fund Highland Europe.
Bequest is creating a digital revolution in the insurance industry with the sole purpose of simplifying wills and life insurance for the millennial market.
AI-enabled insurance platform NOW has announced a partnership with Hiscox on medical malpractice insurance policies for health care professionals on its direct-to-consumer marketplace.
Sønr’s chief executive predicts that insurtech M&A will double in 2021 – so far, 45 deals have been completed in the first six months of the year.
In the wake of COVID-19, insurance customers are looking for more than most insurers typically offer. They are looking for protection from all forms of controllable adversity.
Manulife Financial Corp. Chief Executive Officer Roy Gori is setting a higher bar for the financial firm’s Asia operations after growing the business substantially in the past four years.
Pathpoint, a digital excess and surplus lines insurance brokerage, reported that it has raised $30 million in funding.
Re/insurance broker Willis Towers Watson has started live trading complex commercial risks after integrating its broking platform with Ki.
Acko is in talks to raise $200 million in a new round of funding that could value the online general insurance startup at $1 billion, according to people aware of the negotiations. A successful deal will propel the startup into a fast-expanding set of newly minted Indian unicorns this year.
Insurers lose billions each year due to losses caused by major catastrophes like earthquakes, floods and storms. In 2020 alone, Aon estimated that insured property losses from natural disasters in the U.S. climbed to around $74 billion in losses, much higher than the 10-year average.
EIS, a core and digital platform provider for insurers, today announced a growth investment of more than $100 million from TPG, a global alternative asset firm.
Covéa, the French non-life mutual, is interested in acquiring AXA XL’s reinsurance business, AXA Re, in deal that could be valued at €5 billion, according to press reports.
With advancements in technology enabling carriers to leverage data in a more meaningful way, the insurance and reinsurance industry has an opportunity to refocus its thinking, derive greater insights and transform some of the inefficiencies within the business, according to Ian Haycock, Chief Data Officer at Swiss Re.
Total insured losses related to the COVID-19 pandemic in the global re/insurance industry could end up settling close to US$50 billion, according to Zurich-based PeriStrat LLC, which aggregates publicly available loss reports from insurance and reinsurance companies to analyze how COVID-19 losses are developing.
The Columbus insurance technology company Bold Penguin plans a major expansion that would add more than 160 jobs to its Downtown headquarters.
You can add another item to consumers’ pandemic shopping list: life insurance. The number of life insurance policies sold jumped 11% in the first quarter from the same time a year ago, according to the industry research firm Limra.
The COVID-19 pandemic is accelerating the transformational trends impacting the insurance sector and highlighting the need to take bolder actions in areas such as digital capability and effective engagement to address the customer’s needs post-pandemic. Over 90% of companies in the sector report that the changing technology and competitive landscape are directly influencing their divestment plans.
Re/insurance broker Aon has decided to extend its strategic alliance with Zesty.ai, a tech firm that uses artificial intelligence to assess climate and non-catastrophe risk, following the approval of a new wildfire risk model in California.
Jérôme Itty knows all too well the challenges of onboarding new hires in a remote work environment. “I’ve experienced it myself,” said AXA XL’s chief operating officer in the Americas.
Like major companies across the U.S., Nationwide executives in the early part of 2021 were discussing the process of repatriating some work-from-home employees to the office as the COVID-19 pandemic receded. That’s when inspiration struck.
Peter Ma, Chairman and founder of Ping An Insurance, marked the 33rd anniversary of the company with a reflection on the impact of digitalization on human progress and productivity.
WeSure is buying 50.4% of insurance company Ayalon’s shares at a $216 million valuation, 33% higher than its Tel Aviv Stock Exchange market cap.
Specialty reinsurance group Chaucer has announced the launch of its new Belt and Road Consortium at Lloyd’s. The consortium will initially underwrite political violence risks, with future products in development for other lines of business.
The insurance revenue landscape is shifting in a myriad of fast-acting, unexpected ways. In our recent Insurance Revenue Landscape 2025 study, we were able to analyze customer demands to understand the trends shaping global revenue pools. Based on this research, we predict that the insurance industry will be influenced by the following four areas of innovation.
Duck Creek Technologies (DCT) has inked a partnership deal with Price Digests, a division of Informa PLC (GB:INF), to provide insurers with the most comprehensive API-integrated vehicle asset data solutions.
Bright Health Group Inc. shares began trading on the New York Stock Exchange Thursday, the latest issue to test investors’ appetite for new health-care companies that have yet to show profit but are aiming for high growth.
Nationwide has introduced a new package of coverage geared for those who are spending a lot more time at home these days.
Automation brings in efficiency, better distribution, reduced overhead and lower latency. Therefore, routine tasks around claims processing, servicing, mail centre management, present enormous opportunities for automation.
IVANS Insurance Solutions has announced a partnership with commercial insurance exchange Bold Penguin. Under the partnership, Bold Penguin will connect to the IVANS Distribution Platform, a platform for commercial lines marketing and sales distribution. The connection will expand agency access to more insurers.
As capital has become more plentiful and continues to look to insurance risks, it’s no longer the main value of what carriers need to deliver in the market, which in turn has raised the importance of scale, efficiency and ownership of the client, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re.
Allstate Corp. wants to buy more independent insurance agencies this year to build the business it acquired with its purchase of National General, Allstate Chief Executive Tom Wilson told Reuters on Wednesday.
Dave Brune, the founder, president and CEO of Munich Re’s Digital Partners North America, has taken on a new role in the insurtech space. Brune will use his 30 years of experience in property/casualty insurance to help Cover Genius accelerate its growth in the US, Canada and Latin American markets.
Universal Fire & Casualty Insurance Company (UFCIC) has become the first insurance company to accept cryptocurrency for premium payments.
Longtime Nationwide Chief Financial Officer Mark Thresher plans to retire in September after 12 years in the role and 25 years with the insurer, the company announced.
It’s 2021 and fintech is more than mainstream. The neo-banks are snapping at the big banks’ heels, Robinhood traders are dominating the headlines, and more mortgages are being done online than not.
Paris-based insurtech Hoggo has raised €11 million in a Series A funding round led by Partech with the participation of its existing investor GFC.
In today’s webinar we discussed the possibilities of digital product development, and how a flexible mindset within teams can drive dynamic, flexible products.
With cyberattacks and insurance claims on the rise, leading cyber insurers AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers have formed a company to pool their data and expertise and join forces to bring containment efforts together of cyber risks in all areas to improve the insurance industry.
Over the past few years, changing business landscape, new digital-first entrants, and evolving customer expectations have transformed the way companies deliver services and handle the moment of truth, yes, including insurers.
Having secured its $2.1m seed funding round in January this year, Nayms brings in a new cohort of investors who have subscribed to a future listing of the project’s native token, NAYM.
Reports from Bloomberg highlight how the proposed $30 billion merger of insurance brokerage giants Aon and Willis Towers Watson (WTW) would create the world’s largest outsourced investment management firm.
The company seeks to disrupt the $22B market multi-family property market by delivering a simple, efficient, and transparent experience for buildings and communities.
In the last week alone, multiple high-profile cyber incidents have made the headlines of news sites across the world, impacting everything from high-profile insurance companies to healthcare providers.
After an initial surge, the number of clients taking advantage of virtual claims processing has dipped. For insurers, now is a critical time to evaluate their processes and figure out how to properly provide a touchless experience, says a recent report.
Assicurazioni Generali has agreed to buy rival Axa’s insurance assets in Malaysia for a consideration of RM 1,290m (€262m) in a key strategic push into the region.
Resolution Life, a long-term manager of legacy life insurance portfolios, has appointed Nardeep Sangha as Chief Executive Officer (CEO) of New Markets.
Hong Kong Broadband Network Ltd. (HKBN) is now offering customers an “All-in-One Home Kit,” complete with fiber broadband service and home insurance from AXA Hong Kong and Macau (AXA).
Commercial motor insurance provider Zego has introduced a robust workplace policy to support Trans and Non-Binary employees, outlining the company’s clear position and commitment to supporting Trans and Non-Binary employees.
The digitization of the insurance industry is inevitable but human interaction is still an essential part of the process. Paul Ford, CEO of insurance platform Traffk, explains how the companies that will succeed are those that use data and automation to develop better products and help their agents become advisors.
IT strategies establish a vision for the future and can be motivational if communicated properly.
Think about insurance coverage prospects who really take pleasure in assembly with their insurance coverage dealer. Clients who see insurance coverage not as a nuisance mandate however as an integral a part of their very own and their prospects’ success. Insurance coverage consumers who’re smitten by discussing dangers and coverages repeatedly, not simply begrudgingly annually. Clients who’re desperate to share knowledge on security and efficiency. Or prospects who view insurance coverage not as a value however as a income builder.
Greater Than (GREAT), the AI data analytics provider, is taking motor underwriting into a new era. The company’s AI unlocks future cost for accidents per driver, thus providing a time advantage of 12 to 18 months’ over traditional risk models. A time advantage that fundamentally changes how motor risk proactively will be mitigated, managed, and priced.
Caura, the vehicle management platform founded by former Apple exec Dr Sai Lakshmi, has secured $4.2 million in funding to develop its application and integrate with in-car infotainment systems.
The US-based AI-enabled insurtech raised a $60 million Series D funding round, valuing it at $1 billion, per TechCrunch. Tractable’s AI solution uses computer vision technology to evaluate photos of vehicle damage rather than relying on human appraisals, which both increases the accuracy of damage estimates and streamlines the customer claims journey.
A successful AI-powered digital distribution strategy integrates tried-and-true customer relationship-building strategies with new data-driven digital experiences.
RenewBuy, one of India’s leading InsurTech companies, has raised US$ 45 million, in a series C funding round. This funding round has been led by an investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth stage financial services and financial technology businesses. RenewBuy’s existing investors, Lok Capital and IIFL Wealth also participated in the fundraise.
Insurtech startup Urban Jungle, famous for its £5 per month renters insurance, has today announced the launch of its new Building and Contents insurance product – targeted at younger homeowners, who it says have been ‘ignored’ by the big insurance companies.
Automation brings in efficiency, better distribution, reduced overhead and lower latency. Therefore, routine tasks around claims processing, servicing, mail centre management, present enormous opportunities for automation.
An outcome of 2020 is the emergence of a digital economy – one where digital avenues and alternatives are just as effective as traditional engagements were in 2019.
The enhanced ability to innovate is a principal motivator for Aon’s proposed acquisition of Aon and Willis Towers Watson. It’s a message that Aon CEO Greg Case has been emphasizing since the $30 billion deal was announced in March 2020.
While the full potential of blockchain is yet to be revealed, its far-reaching applications, in combination with adjacent technologies, has the potential to transform every industry—including insurance.
Ping An Life’s reform is driven by a combination of digital empowerment and a “heartwarming” value system, said Peter Ma, Chairman of Ping An Insurance. Mr. Ma spoke at the 25th Ping An Life Insurance Summit in Chongqing.
