SydeLabs Raises US$2.5m to Solve Security and Risk Management for Generative AI
Security and risk management startup SydeLabs announced their seed funding round of $2.5m to build solutions aimed at securing GenAI systems for enterprises.
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Security and risk management startup SydeLabs announced their seed funding round of $2.5m to build solutions aimed at securing GenAI systems for enterprises.
Coalition has unveiled a new addition to its US Surplus and Canada Cyber Insurance policies: the Affirmative Artificial Intelligence (AI) Endorsement.
Verisk has partnered with Seek Now to transform the claims assessment procedure within the property insurance domain.
Global insurance leader MAPFRE proposes four scenarios and the role that the insurance industry will play in them
Virtuoso is a leader in software testing for the insurance industry – a service currently in huge demand. We caught up with their CEO, Derren Nisbet, to find out more
Physicist and former rocket scientist, Dr Christian Westermann, is taking Zurich’s AI transformation stratospheric. Insurtech Insights finds out more.
Lloyd’s, the renowned marketplace for insurance and reinsurance, has released a groundbreaking report today shedding light on the transformative influence of Generative Artificial Intelligence (GenAI) on the cyber threat landscape.
In a groundbreaking collaboration, insurer Aviva and autonomous vehicle operator Darwin Innovation Group unveiled the Darwin Autonomous Shuttle in late 2021, marking the UK’s longest-running self-driving passenger service.
Aon has announced its acquisition of Humn.ai’s technology assets and intellectual property, aimed at bolstering its commercial fleet proposition.
Global reinsurer Echo Reinsurance Limited (Echo Re) has announced that it has implemented ACORD Solutions Group’s ADEPT to automate digital data exchange with Guy Carpenter, a global risk and reinsurance specialist.
FWD Group Holdings Limited (“FWD Group” or “FWD”) has announced a four-year extension of its partnership with Microsoft.
Beazley has launched its latest initiative to fortify its cybersecurity services by merging its in-house Cyber Services team with Lodestone, its wholly owned cybersecurity firm.
Resilience expanded its capabilities through the acquisition of BreachQuest, an innovative incident response technology solution.
Armilla AI has successfully concluded a US$4.5 million seed funding round. The funding initiative, led by Mistral Venture Partners, garnered significant support from key players such as MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital, and Y Combinator.
In a move set to invigorate retail agents across the sector, a strategic partnership has been forged between Capitola and Ategrity Specialty Insurance Company.
Nationwide has forged a partnership with DigitalOwl to leverage its cutting-edge platform, which transforms the analysis of medical data for a streamlined and accurate underwriting process.
Rasa, a leading conversational AI platform, has successfully raised $30 million in a Series C funding round. The investment round was co-led by StepStone Group and PayPal Ventures, with notable participation from Andreessen Horowitz, Accel, and Basis Set Ventures.
Hugo Farinha, Co-Founder and CTO of Virtuoso explores the digital transformation journey, and ways companies can leverage technology to boost performance in the marketplace.
Verisk has launched its automated generative artificial intelligence (generative AI) record summary feature within Discovery Navigator.
Shepherd, a leading insurance technology platform catering to the commercial construction sector, announced today the successful closure of a $13.5 million Series A funding round.
AI-powered insurtech Indemn has closed a US$1.9 million pre-seed funding round – a milestone that highlights that Indemn’s commitment to revolutionising how people engage with and purchase insurance coverage through the integration of AI.
Planck, a leading player in the insurtech sector, has been recognised by Gartner as a standout innovator in the insurtech space for its use of Gen AI.
From a career in Law to running the most talked-about insurtech in the industry today, Joanna England gets the CEO scoop from Lemonade’s Co-Founder, Daniel Schreiber.
Resilience has expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues.
Capgemini has announced a significant milestone in its partnership with the Auto Club Group (ACG), unveiling the successful migration of ACG’s core insurance processing applications to Google Cloud.
Insurity has unveiled its latest analytics solutions empowered by AI-driven insights, promising to reshape the landscape of decision-making for P&C insurance carriers.
Insurance industry finally ready for digital transformation with 75% of insurance organisations ready to swap core management platforms by 2025 – Novidea global report reveals
AgentSync has launched the ProducerSync API, the inaugural offering in its commercial API suite, aimed at streamlining insurance producer onboarding and compliance procedures.
Simon Hughes, VP and General Manager at Cowbell discusses mitigating risk at the broker level through a four-stage framework
Affectionately known as ‘The InsurTech Queen’, Sabine VanderLinden is a pioneer in the startup space. Insurtech Insights unravels her story.
Maine Employers’ Mutual Insurance Company (MEMIC), workers’ compensation insurance specialists, has partnered with CLARA Analytics, a leading provider of artificial intelligence (AI) technology for insurance claims optimisation.
In its 13th annual release, the Allianz Risk Barometer has cast a spotlight on the paramount business risks for the year 2024.
ZEEKR, the prestigious international electric mobility brand under the umbrella of Chinese automotive giant Geely, has joined forces with the innovative embedded insurance startup, Qover.
Zurich Insurance Group has announced the launch of the fifth edition of the Zurich Innovation Championship, a global startup program that has gained industry acclaim since its initiation in 2018.
Duck Creek Technologies has announced it’s latest collaboration with CAMCOM, an AI-powered platform specialising in visual inspections across various industries.
SentinelOne, a leading AI-powered security company partnered with industry leaders including Chubb and Travelers, has announced its decision to acquire PingSafe.
From cyber insurance and generative AI, to embedded offerings and climate risk technologies, the insurance space over the next 12 months will see huge changes.
Redactable, a cutting-edge AI-driven web application specialising in the redaction of sensitive documents, has successfully raised $5.5 million in seed funding.
Last week, the European Parliament and Council reached a landmark political agreement on the European Union’s Artificial Intelligence Act (“EU AI Act”), concluding months of intense trilogue negotiations.
Prasad Prabhakaran, Generative AI Practice Lead at esynergy, examines the pros and cons of regulating AI and the UK’s AI Summit, in the wake of the EU AI Act.
Originally intent on a career in medicine and forensic science, Shelley Ma credits her ADHD for a career switch that saw her swap the mortuary for the cyber insurance space.
Cytora and Relativity6, a provider of industry classification modelling, have announced a partnership which will enable Relativity6’s models to be used to enhance the underwriting process within Cytora.
AI is transforming the insurtech space – bringing with it many benefits – and reservations. We spoke to Darian Acosta, Chief AI Officer for the commercial trucking insurtech, Cover Whale, to find out how telematics technology is being used to transform fleet insurance and driver safety – and its impact on the job market.
Hiscox, a prominent UK insurer, has made waves in the insurance industry by collaborating with Google to develop an artificial intelligence (AI) model designed to revolutionise the core underwriting process for specialist risks.
NOW Insurance, a full-stack, AI-enabled commercial insurance platform specialising in medical professional liability coverage, recently launched coverage for physicians and physician groups in their online platform.
MAPFRE and technology provider Cyberwrite, a leading global provider of cyber insurance technology, have joined forces to help the insurer’s clients reduce the risk of cyber-attacks with AI.
Insurance industry leaders discussed the remarkable comeback of OpenAI’s CEO, Sam Altman, following his equally unexpected fall from grace just days ago.
Marsh McLennan has introduced LenAI, a revolutionary generative AI tool crafted at the company’s Dublin Innovation Centre in collaboration with Oliver Wyman Digital
Howden has named Jean Bayon de La Tour as the International Head of Cyber, effective immediately.
Eigen Technologies (Eigen), a leading global provider of intelligent document processing (IDP), has introduced version 6 of its no-code artificial intelligence (AI) platform, marking a significant leap in the automation of document workflows.
CLARA Analytics has launched CLARAty.ai – a platform designed to transform the insurance claims process by enhancing the day-to-day operations of claims professionals through its holistic approach to claims intelligence.
Federato has unveiled a groundbreaking partnership with Google Cloud to integrate cutting-edge capabilities into its RiskOps underwriting platform.
In its 10th edition of the annual AXA Future Risks Report, global insurer AXA reveals a significant shift in perceived future risks, with artificial intelligence (AI) and data-related concerns entering the top 10 for the first time.
Guidewire has announced a new collaboration with EvolutionIQ as a new Solution partner on Guidewire PartnerConnect.
Insurtech firm DGTAL has introduced GRABBER, a cutting-edge Intelligent Document Processing tool, as part of its Software-as-a-Service (SaaS) platform specialising in AI-driven audit solutions for insurance portfolios.
Arity, a prominent mobility and data analytics company, has officially launched its Arity IQSM network and attributes dataset on Google Cloud’s data exchange platform, Analytics Hub – a platform that empowers auto insurers with enhanced pricing accuracy.
Xceedance, a leading global provider of strategic operations support, technology, and data services for insurance organisations, has officially launched its Centre of Excellence for Generative AI.
James Cowen, Chief Commercial Officer (CCO) at HUMN.ai, discusses how telematics is revolutionising risk management for fleet managers
Vellum Insurance, a cutting-edge provider of data and analytics solutions for the insurance and reinsurance sector, has emerged from stealth mode with a successful US$7 million seed funding round.
Lloyd’s has launched a groundbreaking systemic risk scenario, unveiling the potential worldwide economic consequences of extreme weather events leading to food and water shocks.
Ukraine has officially launched a data platform, developed with the support of Marsh McLennan, providing a robust tool for insurers, investors, and governments to assess war risks within the country.
A new report from Swiss Re has found that China has leapt an incredible 10 places, according to the insurance giant’s index on digital adoption – documented in a new report from the Swiss Re Institute.
Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its Platinum sponsorship of the 2023 CAS Annual Meeting for the third year in a row.
Reserv, a frontrunner in AI-powered insurance claims processing, has successfully concluded its Series A funding round, securing $20 million to enhance its generative AI tools for claims data analysis.
Pibit.ai, an insuretech revolutionising commercial underwriting with AI automation, has announced its partnership with Guidewire’s Insurtech Vanguards programme, an initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insuretechs and how to best leverage them.
Parametric insurtech Blue Marble and global conglomerate Nestlé, have partnered to deliver weather insurance to coffee farmers in Indonesia.
CoverGo, a leader in the global Software as a Service (SaaS) no-code insurance core platform for health, property and casualty (P&C), and life, has secured a patent for its cutting-edge drag-and-drop product builder.
London-based Managing General Agent (MGA), Skyrisks Ltd., specialising in the advanced air mobility (AAM) sector, has marked its official launch, buoyed by a substantial investment and capacity support from Convex Group, a prominent specialty re/insurer.
Resistant AI, specialists in financial crime prevention harnessing the power of AI and machine learning, have announced a strategic partnership with Instabase, a leading unstructured data automation platform.
In a swift response to potential concerns related to reinforced autoclaved aerated concrete (RAAC), AXA Commercial has harnessed the power of an advanced AI tool, significantly expediting its ability to identify affected customers.
Peppercorn, the conversational AI platform designed for the insurance sector, has partnered with Aurum Solutions, specialists in next-generation reconciliation software, to streamline their reconciliation processes.
Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today announced that it has expanded its relationship with Travelers, a leader in personal, business and specialty insurance.
Cowbell has announced its strategic partnership with leading solutions provider, Zywave.
Coalition, a cyber insurtech firm led by Joshua Motta, is in discussions to establish a new cyber reinsurance Managing General Agent (MGA) with a focus on writing third-party treaty business, The Insurer has reported.
DGTAL, a pioneering insurtech specialising in AI-powered tools for insurance portfolios, has successfully secured US$3 million in strategic funding from various investors.
The latest data from Swiss Re suggests the non-life reinsurance sector will continue to see growth, as insurers proactively anticipate and manage risks to catastrophic events.
CLARA Analytics, a leading provider of artificial intelligence (AI) technology for insurance claims optimisation, today announced its $24 million Series C funding, bringing its total funding to $60 million.
In a bold move towards combatting climate change, Allianz has unveiled its comprehensive net-zero transition plan.
Cowbell has announced a new integration with Cloudflare, the security, performance, and reliability company helping to build a better Internet.
Guy Carpenter, a leading global risk and reinsurance specialist, has introduced the latest iteration of its catastrophe analytics platform, GC AdvantagePoint.
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has unveiled Circ, its cutting-edge regulatory solution designed to monitor, analyse, interpret, and execute regulatory modifications.
Verisk Maplecroft, the risk intelligence business arm of Verisk, has launched a new predictive strikes, riots, and civil commotion (SRCC) data model, providing forecasts for thousands of global locations on the potential for damaging civil unrest events to emerge.
Cyber insurance is now a priority expense for any reputable business. Insurtech Insights lists 10 companies disrupting space and driving growth in the sector
Oka has announced its new partnership with carbon data firm Sylvera. The collaboration will enable Oka to hone its market-leading carbon insurance solutions by integrating its modeling capabilities with Sylvera’s sophisticated carbon project assessment data.
Check out the latest issue of Insu.Tech.Talks, edited by Insurtech Insights President, US, Megan Kuczynski
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced it has secured the #23 spot in the Software Report Top 100 Software Companies of 2023.
CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimisation, announces extended capabilities that empower insurance carriers to extract critical information from legal demand documents.
Nubank, one of the world’s largest digital financial services platforms, launched Nubank Lar Seguro, a home insurance offering, in partnership with Chubb, the world’s largest publicly traded property and casualty insurer. Nubank Lar Seguro will become available to eligible customers in Brazil over the next few months.
Waterdrop Inc., a leading technology platform focused on insurance and healthcare services, recently introduced an innovative digital intelligence-powered risk management approach at the 2023 Inslab Insurance Technology Festival in Zhejiang province, China
Nuveen and Nuveen Green Capital have launched a new fund, which has started with $525 million from six major insurance companies.
While the industry buzzes about the potential impact of generative AI, Planck customers are already experiencing the benefits
In the first of our new series Empowering Insurance, which features disruptive female leaders in the industry, we caught up with Monica Garcia Cristóbal, Head of Transformation for MAPFRE Spain, to talk career trajectory, technology and trends
Insurtech company Tractable, based in London, has secured $65 million in a Series E funding round led by SoftBank Vision Fund 2
Leading MGA, Nexus Underwriting, has successfully finalised its acquisition of Evolve Cyber Insurance Services LLC, an MGA based in California specialising in cyber insurance.
Despite the challenging market environment, insurtech startups are thriving. Insurtech Insights lists FIVE key players, with female founders and CEOs, that are driving change in the marketplace
Lemonade, the AI-driven digital insurance company with a focus on social impact, has announced the results of its 2023 Giveback program, marking the seventh consecutive year of giving back to numerous local and global charities selected by its customers.
Leading cyber insurer Beazley has published its latest Risk & Resilience report titled “Spotlight on: Cyber & Technology Risks 2023.”
Cyber insurance startup Coalition has announced its acquisition of the privacy assistant app Jumbo.
True Flood Risk, a leading property data and risk management platform specialising in flood risk, has announced its participation in Guidewire’s Insurtech Vanguards programme.
Socotra, a leading provider of modern core platforms for innovative insurers, has announced its collaboration with Steadily, the top-rated landlord insurance solution in America.
Bees360, the top provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the most advanced provider of AI-enabled interior property inspections powered by more than a decade of MIT research, have partnered to transform the insurance claims process.
Allianz has unveiled the top emerging liability trends in the professional indemnity space for 2023.
The Florida insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state’s insurers, according to Aon’s Reinsurance Market Dynamics report.
Agi3 Risk Services (ARS) and Definity Financial Corporation have launched an AI-powered crop insurance solution called AgriEnhance.
Insurtech company Singlife has entered into a Memorandum of Understanding with technology giant Microsoft to facilitate the adoption of generative artificial intelligence (AI) among high-growth insurance startups in Singapore.
AMA Research & Media LLP has released its latest insights on Artificial Intelligence (AI) in insurance market, citing the work of key market players, including Lemonade, Snapseed, Liberty Mutual, Insurify and Clearcover.
Lemonade has joined forces with General Catalyst (GC), a prominent venture firm and early investor in Lemonade. Together, they have introduced the innovative Synthetic Agents programme, aimed at fueling growth without depleting cash reserves.
Leading cyber underwriter, Corvus Insurance (Corvus), has introduced new AI-driven features to its underwriting platform, aiming to enhance workflow efficiency and automate routine tasks.
Central Insurance, a leading insurance company, has expanded its partnership with Shift Technology, a provider of AI-powered decision automation and optimisation solutions for the insurance industry.
Global insurer MAPFRE has released a comprehensive research report urging the insurance industry to embrace artificial intelligence (AI) responsibly, safely, and reliably.
Bdeo, a rapidly growing technology company specialising in Visual Intelligence for the insurance and fleet industries, has successfully raised an additional $8.2 million in funding to fuel its international expansion and solidify its position in Europe and Latin America.
Insurance companies that fail to invest in customer experience technology run the risk of losing out on business to their tech-savvy competitors, caution brokers and agents.
In today’s digital landscape, cyber security insurance has become an essential safeguard for businesses against data breaches, malware attacks, and cybercrime.
The protection gap is widening on a global scale in response to a range of factors, including the economic crisis and natural catastrophes, says a new report from reinsurance giant, Swiss re.
Zurich Financial Services Australia (Zurich) has introduced an insurance affordability resource in response to the ongoing cost-of-living pressures faced by Australians, driven by inflation and rising interest rates.
Insurtech Arbol and The Institutes RiskStream Collaborative have announced that the dRe insurance solution had gone live on RiskStream’s blockchain platform. dRe uses smart contracts for reinsurance calculations on chain.
Parrot, a technology-based court reporting firm, announced today its groundbreaking AI-enabled platform aimed at assisting insurance providers and legal firms in expediting case resolutions and reducing costs.
Canopius, a global specialty lines re/insurer, and Measured Analytics and Insurance, an AI-powered cyber insurance provider, have announced a new partnership to offer cyber insurance and cybersecurity solutions to small and midsize businesses in the US.
Ben Bergsma is the Principal VC at Munich Re Venture and is an industry leader when it comes to insurtech investment. Insurtech Insights finds out more
The United Kingdom has announced new funding and insurance support for businesses involved in the reconstruction of Ukraine following Russia’s illegal invasion.
Novidea, the creator of the cloud-based, data-driven enterprise insurance management platform, has announced significant new enhancements to its award-winning insurance management software.
London-listed SPAC Financials Acquisition Corp will unveil plans to raise £500m on Wednesday and form London Innovation Underwriters, a pure-play Lloyd’s vehicle, Sky News reports.
Leading insurtech company bolttech, has announced its inclusion in the prestigious AIFinTech100 2023 ranking.
Auto insurance in California is becoming increasingly difficult to obtain, as insurance agents report challenges in finding quotes for clients who would have easily secured coverage just a year ago, news reports states.
CogniSure AI, a leading provider of cutting-edge insurance document extraction and analytics solutions, has joined forces with Federato, the pioneering RiskOps underwriting platform for Property & Casualty (P&C) and Specialty insurance.
Hong Kong could surpass London, Tokyo, and Singapore as the international insurance hub, industry experts predict in latest report.
BNP Paribas Cardif, bolttech, and Back Market have announced a collaboration to offer an ambitious upskilling programme for the repair industry within the insurtech sector.
AIB (Allied Irish Banks) and Great-West Lifeco have joined forces to launch a new technology-led joint venture called AIB Life.
Intelligent AI, a UK-based startup, says its new data-driven platform has solved the US$433.8 billion commercial property underinsurance problem, and has issued a public statement detailing the triumph
Global broker Howden has bolstered its marine business by acquiring Bremen-based broker Northern Lloyd, a renowned player in Northern Germany’s marine insurance sector.
Insurtech provider Zywave recognised top performers in the cyber risk industry at the 10th annual Cyber Risk Awards on Thursday. The event took place at Gotham Hall in New York City.
Insurtech Qover has announced a second partnership with Revolut, the global financial super app with more than 30 million retail customers worldwide, to provide embedded insurance for its new trip and event cancellation cover.
Eyhab Aeyjaz, the CEO and Co-Founder of Breach Insurance, is leading the charge when it comes to securing investments in the digital asset space through his scaling insurtech start-up, Breach. Here, he speaks to Insurtech Insights about the challenges and opportunities for crypto insurance
omni:us, a leading provider of AI-powered end-2-end insurance claims automation solutions, has announced it is one of the global winners in the 2023 Zurich Innovation Championship for its Digital Claims Adjuster platform.
The insurance industry has reacted with mixed views on the news that AI-powered insurtech, Lemonade, facilitated a claim settlement in just two seconds, setting a new speed precedent for the insurance industry.
Lloyd’s, the renowned insurance marketplace, has entered into an agreement with the Dubai Department of Economy and Tourism (DET) to collaborate on an insurtech accelerator programme.
Lemonade, the InsurTech firm known for its use of AI and machine learning, has achieved a remarkable feat by settling an insurance claim in just two seconds, setting a new world record in the process.
Thinksurance, an InsurTech firm specialising in digital insurance consultations, has successfully raised a hefty €22m in its latest funding round.
Driver Technologies, an AI-based mobility tech company, has announced the successful completion of a $6 million strategic funding round.
Halifax-based startup QuickFacts, an insurtech dedicated to improving the insurance industry with technological disruption, has confirmed the successful completion of a funding round securing $1.13m.
AM Best’s Market Segment Report says the first hard market cycle in US cyber insurance segment is brings return to profitability.
Chubb has announced that its Board of Directors has granted approval for a new share repurchase programme worth $5 billion.
Capitola, the digital marketplace for commercial insurance that connects brokers and carriers, today announced the introduction of GPT technology into its commercial insurance platform.
Singapore-based technology startup OneDegree Global has formed a strategic partnership with Microsoft to drive insurtech and cybersecurity innovations powered by ChatGPT technology.
The insurance broker Aon has unveiled its latest offering in the form of a cutting-edge pricing platform.
Paul Latarche joined Swiss Re Reinsurance Solutions in September 2022 from Verisk, where he led the international sales team, having joined the company towards the end of 2018 as Chief Commercial Officer – Sequel Business Solutions.
MS Amlin Marine NV (MSAM) partnered with AI automation specialist omni:us and recently adopted a number of AI-drive processes earlier this year. We find out how that integration has transformed the company’s claims, data management and customer experiences.
As Instabase announces the launch of AI Hub – a repository of AI apps focused on content understanding and a set of generative AI-based tools to transform the customer experience – we caught up with Bas de Goei, Instabase Insurance Leader, to find out more.
Simplifai, a leading provider of AI automation solutions, has unveiled Simplifai InsuranceGPT, a revolutionary custom-built Generative Pre-trained Transformer (GPT) tool powered by their no-code AI platform.
Cover Genius has surpassed 25 million policies sold, safeguarding more than 14 million customers worldwide, new data shows
Josh Butler, CEO CompScience, examines the potential of AI to create a safer workplace and prevent environmental risk factors from impacting employee health
Planck, the leading provider of AI-enhanced business risk data for commercial insurers, has announced the integration of the latest generative pre-trained transformer (GPT) technology into its platform.
Capgemini and Google Cloud have announced a significant expansion of their long-standing strategic partnership in data analytics and artificial intelligence (AI).
New research from the insurance giant Swiss Re, has revealed that countries with the greatest digital advancements are far less trustful of AI than developing nations.
Generative AI looks set to revolutionise risk assessment for insurers as innovative insurtechs like Sixfold raise the interest of investors
AXA Venture Partners (AVP) has recently unveiled its ambitious goal of raising a €1.5 billion ($1.6 billion) late-stage fund.
Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, today announces the appointment of Rachel Turk in the new role of Chief Underwriting Officer.
Mulberri has unveiled its revolutionary AI-powered risk engine to enhance workers compensation, streamline underwriters’ decision making and boost profitability
Insurtech Insights USA 2023 is holding a series of in-depth expert panel sessions, exploring the impact of AI on the insurance industry.
Speciality insurer, Beazley has released its latest report on cyber risk – and finds software vulnerability a major cause in rising attacks.
Users of Guidewire Marketplace’s app BillingCenter are now able to access Paymentus’ new, Ready-For-Guidewire accelerator.
Cover Genius has announced its new strategic partnership with Volaris, the low-cost Mexican airline serving various regions including Mexico, the United States, and Central and South America.
Coalition has unveiled its highly anticipated Cyber Claims Report for 2023. This comprehensive report sheds light on the ever-evolving landscape of cyber trends, offering valuable insights into the nature of cyber incidents.
As President and CEO of Verisk – one of the world’s leading data analytics insurtechs, Lee Shavel has taken a radical approach to company leadership since his appointment in 2017.
With a PhD from MIT, data scientist, CEO and startup founder Manasi Vartak is one of the leading lights in AI software development.
Coalition has launched a new version of its Executive Risks Insurance products for not-for-profit organisations.
Deloitte and Google Cloud have announced a significant expansion of their decade-long partnership to help bring Google Cloud’s advanced Generative AI capabilities to enterprises in every industry.
We spoke to Hamesh Chawla, CEO and Co-Founder of Mulberri Inc – a leading business insurance solution built for PEOs and brokers – about his views on AI.
Coalition, the world’s first Active Insurance provider designed to prevent digital risk, has announced the release of its new cyber risk management platform, Coalition Control 2.0.
Glia, a leading provider of Digital Customer Service (DCS), has unveiled a voice banking solution for the Glia Interaction Platform.
The vast majority of companies that will need to implement AI regulations over the next few months, are not adequately prepared to carry them out, new data reveals.
Nayms, a blockchain insurance startup, has announced a successful funding round at an $80 million valuation through a private token sale.
LexisNexis Risk Solutions, the data, advanced analytics and technology provider to the UK and Ireland insurance market, has launched a new suite of geospatial intelligence datasets for basements, trees and windstorms to address these weather-related challenges.
The second stage of a major transatlantic collaboration that has forged insurance industry trade links and driven innovation between the US and the UK will launch at next month’s insurance event, InsurTech Hartford Symposium
Insurtech Insights USA 2023 is holding an expert panel on the ‘Bionic Approach Transforming Underwriting Capabilities’ in today’s hard market, organisers have announced.
Advancements in technology have given new life to the slow, inefficient processes common in the insurance industry, says Agentsync
The CoalitionAI dashboard is now accessible to several US brokers and will answer questions about cybersecurity best practices, cyber policy coverage options, and more
Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.
With inflation sparking an increase in the cost of repairs, labour and claims, fees for insurance are similarly spiking across the board.
Created by OpenAI, ChatGPT is an AI-powered chatbot that responds to questions and engages in conversation using opensource AI. ChatGPT can understand and generate text in a manner similar to humans and works like an assistant that users can ask to perform tasks or answer questions.
Insurance risk managers are embracing a new technological evolution in how to predict and manage incident outcomes.
$10 Million in Funding, new Patent for AI Technology, Product Innovation, and Executive Hire with Deep AI Experience Mark Another Successful Year for the Company
Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies—including insurance carriers—are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics.
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
Insurance companies have relied on data for as long as insurance has existed. Today’s insurers use big data from myriad sources to underwrite more accurately, price risk and create incentives for risk reduction.
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Integrated Solution Leverages Intelligence of Gradient AI’s Vast Dataset of Policies and Claims with Socotra’s Powerful Core Platform.
Clara Analytics Inc. on Wednesday announced it will partner with Nationwide Mutual Insurance Co. to provide artificial intelligence technology in the commercial insurance industry for a new program aimed at improving workers compensation claims operations.
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
Artificial intelligence (AI) has taken a life of its own within the realm of insurance. With enhanced automation and analytic capabilities, the industry is able to take innovation and efficiency to new heights.
Greater Than (GREAT.ST), the insurtech using AI for pricing insurance based on real-time analyses of drivers’ accident probability, has in partnership with the Tryg A/S now tailored Tryg Sidekick to include electric vehicles.
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.
Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities.
Metromile’s auto insurance offerings are informed by a decade’s worth of data, which should improve the quality of the newly-introduced product, Lemonade Car.
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.
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.
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.
Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.
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.
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.
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.
In today’s webinar we discussed the possibilities of digital product development, and how a flexible mindset within teams can drive dynamic, flexible products.
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.
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.
McKinsey has warned the life insurance industry does not realise the full impact artificial intelligence (AI) will have on the sector.
Risk analysts have always relied on data to guide decisions toward strong growth potential and away from high-risk strategies. This used to be a fairly linear process, but now that up to 90% of our data is unstructured, information is not only difficult to organize into digestible formats but also produced in volumes that go beyond the capabilities of human analysts aided by conventional data systems.
In our latest webinar, we discussed how automation in the claims process can improve customer experience, optimise the efficiency of claims and make insurers’ lives easier.
Life insurers that invest in artificial intelligence (AI) can improve the customer experience by making it more personalized and data-driven. With AI, carriers can profitably attract and retain customers with new “pay-as-you-live” products and services that reward consumers’ healthy habits.
This week Stéphane Guinet, founder and CEO at Kamet Ventures discussed the key attributes of startups that can rise above the rest and attract major funding.
This week we spoke with Silvi Wompa Sinclair, group head of portfolio underwriting at Swiss Re Institute, on modern approaches to data, cultural shifts in reinsurance and how incumbent reinsurers can forge effective partnerships with fresh players in the space.
In today’s webinar, we explored approaches to modernising underwriting, AI and machine learning solutions and how to embed data-driven solutions into the heart of insurance workflows.
Companies now have the opportunity to provide personalized, on-demand products to protect clients — without over-insuring them with unneeded policies.
This week, we spoke with Andy Tomlinson, COO of Cuvva, on how customers are losing out in the current motor insurance equation, and how the industry can adapt to more discerning customer expectations.
AI enables insurance providers to offer insurance to a wider range of people and can help create new products for agents to sell.
This week we spoke with Janthana Kaenprakhamroy, CEO of Tapoly, about insuring the gig economy, founding an all-digital MGA and the future of platforms in insurance.
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
AXA Partners has entered a new deal with mobile phone and gadget insurance provider Insurance2go – this supports the company’s growth plans within its existing brands and markets.
Christiaan Erasmus explains how SLVRCLD are improving lives with automated and digitised P&C claims processes. What trends within the industry are we currently seeing, and what will the future hold?
Ernie Bray is passionate about technology – he understands why there is so much potential behind AI, machine learning and video estimating. But, he cautions, there is a time and a place for tech. The touchless utopia some in the industry are wishing for has downsides, too.
Spending on artificial intelligence (AI) platforms in insurance will grow by almost a quarter every year out to 2024 as the industry exhibits a general willingness to innovate, analytics firm GlobalData predicts.
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures.
Identity management has been an obstacle for commercial insurance companies for a very long time. Many thought that problems would dissipate or at least become easier to correct by moving to digital systems, but in reality, identity management has only grown more complex. It is obvious that we need a better way.
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today an agreement with Atidot, a cloud-based SaaS provider of AI and machine learning solutions for life and annuity insurers.
Covéa, France’s largest insurance group, is to accelerate the processing of its policyholders’ claims across its three brands – MAAF, MMA and GMF – with an AI that analyses damage to cars.
AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
Gradient A.I.’s software-as-a-service platform uses artificial intelligence to help commercial insurers automate and improve underwriting results, reduce claim costs and improve operational efficiencies.
In recent years and particularly during the Covid-19 pandemic, we have started to see a rise in businesses using artificial intelligence (AI) to improve their service or products and ensure a seamless, transparent customer experience.
Zurich has reduced the time taken to settle property claims to under 24 hours thanks to its latest artificial intelligence (AI) solution in collaboration with insurtech Sprout.ai.
As more organizations begin employing AI in production environments, it’s clear not everyone has completely thought through how AI will fundamentally change their business.
Artificial intelligence (AI) and machine learning have come a long way, both in terms of adoption across the broader technology landscape and the insurance industry specifically. That said, there is still much more territory to cover, helping integral employees like claims adjusters do their jobs better, faster and easier.
2021.AI is to team up with GF Forsikring, a leading Danish insurance provider, to deliver an AI platform to support GF Forsikring’s AI strategy to provide new and improved services to their members. The first AI model is ready to go into production in Q1 2021.
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems.
Life insurance is the greatest gift you can give your family and today, Survested, a new life insurance agency, is launching to make the process simple, honest, and completely transparent.
The rise of artificial intelligence has brought about easier and accurate handling of large digital information from various sources. Because of this various industries are adopting the technology to drive output and improve productivity. From machine learning and processing of natural languages to automation of robotic process automation, AI is dominating the digital world.
AI-based sensors can be used to track a patient’s biometrics 24/7, even while they are resting or sleeping, to track their health biometrics. Any abnormality, such as a slower heartbeat or an increase in body temperature or pulse rate, will automatically send alerts to the appropriate healthcare providers or agencies.
Insurance company Aon has entered into a strategic alliance with Zesty.ai in a move it says will “revolutionise underwriting”.
Does applying AI to insurance ratings and FICO scores improve fairness? The insurance industry says yes, but the data points to AI fairwashing. It’s time for a change.
Kennedys IQ, the technology company from law firm Kennedys, has taken its solution for compensators to the next level by using artificial intelligence (AI) to assess medical evidence and recommend a damages figure for insurance claims in the Claims Portal.
Over the past 12 months, technology has entered people’s lives in new and unexpected ways with some experts saying the digital adoption we’ve experienced since March 2020 is equal to 5 years of digital gains.
Improvements in technology have dramatically changed what enterprise analytics can do, but predictive and descriptive analytics still require time, expertise, and heaps of data, and often produce only narrow insights.
A strategic approach to implementing hyper-automation would aid in crunching up the investment made for redundant tasks while summoning a driving force to initiate innovation.
In some respects AI remains more buzzword than reality, especially within insurance IT organizations, but it has begun to have a real impact on the P&C insurance value chain.
ICICI Prudential Life Insurance has launched a new automated AI-based smart underwriting technology platform called AUSIS to speed up all policy-related data verification.
As per a report jointly released by TiE Delhi and Zinnov, the number of unicorns in India is expected to rise to 100 by 2025.
CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing
In my 30 years of experience in the industry, I have seen several great advances in claims processing, but nothing as exciting as AI.
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
Becoming an AI-driven business requires contributions from your entire workforce. While the transformation takes time, several tactics can begin democratizing AI now.
Whereas COVID-19 has essentially altered the longer term workforce, instruments like AI assist get it again on monitor.
Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms, such as insurtechs and big techs, to disrupt the space.
From transport networks to utility companies, insurance for AIs could unlock huge benefits for industry and consumers alike
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