ALL LATEST NEWS

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

Funding

Cyber insurtech BOXX Insurance announces USD $10M Series A

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.

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Funding

bolttech extends Series A funding round to US$210 million

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”).

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News

How insurers can approach cybersecurity risk

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.

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News

Insurance M&A Activity Rebounds

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.

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automation
Technology

Automation is changing the rules for insurance underwriting

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.

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Daniel-Schreiber-lemonade
Product Launch

Lemonade launches new pet health insurance offering

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.

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Strategy

Risk managers tap into new technology

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.

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AI

May AI underwrite you?

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.

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Thought Leadership

P/C Reinsurers Keep Underwriting Discipline Even as Capacity Rises: Guy Carpenter

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.

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Thought Leadership

Future insurance technology will be in the cloud

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.

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Metromile-Pulse_Package2
Partnerships

Metromile and Tokio Marine Partner to Reduce Insurance Fraud

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.

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Strategy

Insurers seek equitable digital alternatives to credit scores

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.

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Thought Leadership

Things for insurers to consider as they invest in insurtech

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.

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Thought Leadership

Points for insurers to consider as they invest in insurtech

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.

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Strategy

5 Ways in which AI/ML is transforming Insurance

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).

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Partnerships

The CareVoice Launches API-based Infrastructure and Health Ecosystem and Collaborates with Major Insurers

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.

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Thought Leadership

Modernising insurance for a new generation of consumers

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.

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Strategy

The rise of M&A insurance

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.

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Funding

OneDegree raises $28 million

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.

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Acquisitions

WTW agrees to acquire Leaderim

Insurance broker Willis Towers Watson (WTW) has signed a non-binding agreement to acquire Israel-based insurance broking and consultancy business Leaderim.

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Strategy

How tech is evolving insurance risk analysis, tools

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.

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AI

3 ways to streamline your document processing with AI

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.

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Thought Leadership

Tomorrow’s Insurance is Connected

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.

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Funding

Sayata Raises $17M; Broker Platform to Expand Beyond Cyber

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.

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Thought Leadership

4 ideas to inspire your next pay-as-you-go insurance product

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).

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Funding

Branch raises $ 48 million in Series B financing

“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.

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Thought Leadership

Rising to the challenge of core insurance transformation

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.

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Thought Leadership

Aon chief defends logic of failed $30bn Willis tie-up

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”.

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Thought Leadership

Insurance Expert Q&A With Angel Conlin, CIO of Kin

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.

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Funding

Carvana to invest $126 million in Root

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.

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Technology

Why is blockchain the key to boosting consumers’ trust in insurers?

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.

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Leadership Change

One Inc. names new CEO

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.”

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Thought Leadership

Top 5 Insurtech Trends for Now and the Future

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.’

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Thought Leadership

Digital Claims: The ‘moment of truth’ for insurers

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.

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Thought Leadership

CFC’s new CEO on what the future holds

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.

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Partnerships

NEXT Insurance Participates in Amazon Insurance Accelerator

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.

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Funding

InsureLife announces seed round

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.

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Acquisitions

Chubb Acquires StreamLabs

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.

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Strategy

Aon reports strongest organic growth in over a decade

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.

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Thought Leadership

Chubb CEO makes case for pandemic insurance program

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

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Partnerships

CI partners with Swiss Re to launch its first embedded cyber protection

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.

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AI

AI risks increase as cover struggles to keep up

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.

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Funding

Study: Pandemic pushes life insurers digitally forward

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.

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Thought Leadership

Why the Embedded Insurance Recipe Will Work

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.

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Insights

InsurTech investment reached record high in H1 2021: WTW

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).

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Funding

Former Iora Health execs raise $13M to guide seniors through Medicare enrollment

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.

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Technology

Connected insurance and ecosystems: Crucial to modern business

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

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Product Launch

Hippo Expands Into Industrial Insurance coverage

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.

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Strategy

‘Digital revolution’ presents challenges for insurers

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.

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Technology

The ROI of Automation

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.

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Technology

How can insurance companies become truly autonomous?

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.

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Data

Why RV-sharing tech company launched an insurtech

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.

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Partnerships

Biba launches home insurance scheme

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.

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Leadership Change

L&G Re names Amy Ellison as new CEO

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.

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Partnerships

AutoClaims Direct partners with Attestiv

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.

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Strategy

3 Ways to Simplify Your Claims Operations

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.

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Technology

How insurers are divesting to shift to a digital future

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.

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Lloyds
Product Launch

Chaucer launches $536 million consortium at Lloyd’s

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.

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Thought Leadership

Accenture: The top trends defining insurance revenue

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.

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Partnerships

Bold Penguin partners with IVANS Distribution Platform

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.

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Technology

Why insurtech should avoid incrementalism

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.

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Strategy

Why Sharing Economy Firms Just Might Be The Best Insurance Customers

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.

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AI

Greater Than’s AI revolutionize motor insurance underwriting

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.

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Funding

Caura raises $4.2 million

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.

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Funding

Tractable hits unicorn status and takes on property damage appraisal

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.

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Funding

Leading InsurTech RenewBuy raises US$ 45 million

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.

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