We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
The significant outage linked to IT giant Microsoft has caused widespread disruption, affecting banks, airlines, train companies, and media organisations – with dramatic implications for the global insurance industry as businesses worldwide report significant disruptions.
In our latest series, MEET THE FOUNDER, we speak to former British Army Officer (Intelligence Corp) turned insurtech entrepreneur, Forbes McKenzie, who is a trailblazer in space and intelligence technology for the financial services and insurance industry.
Five Sigma, a leading AI claims management software company, has announced the launch of “Clive™”, the insurance industry’s first AI-powered Insurance Adjustment Agent.
Zyber has announced the launch of its new cyber insurance quoting platform tailored for startups and midsize enterprises. The platform allows users to obtain insurance quotes within minutes through a streamlined digital process.
Charlee.ai, a provider of AI-based predictive analytic solutions, has announced a partnership with SaaS insurtech Duck Creek Technology to enhance the claims management process through advanced predictive analytics.
Aspen Insurance, a prominent provider of insurance and reinsurance solutions, has introduced Aspen Data Labs, a platform designed to enhance digital capabilities and strengthen its focus on data and Analytics.
Limit, the insurtech, has launched LimitAI, which it claims is the first generative AI created exclusively for the Property & Casualty (P&C) sector. LimitAI is designed to analyse extensive insurance documents, quotes, and policies, providing rapid answers to various insurance-related queries.
GNP Seguros is further strengthening its digital transformation efforts with the implementation of Equisoft’s cloud-based policy administration solution, which uses Oracle Insurance Policy Administration (OIPA) at its core.
Insurtech Insights speaks to three parametric experts about why this swift and transparent approach to insurance is gaining ground in our increasingly unstable climate.
Mercia Fleet Management has revealed a significant reduction in its insurance costs by leveraging AI-enhanced driver profiling and accident damage assessment, despite the wider rise in insurance premiums.
Dani Katz, Co-founder and Director of Optalitix, explores the evolving role of underwriters as AI innovation transforms legacy processes and roles across the insurance industry
Cytora, a leader in transforming underwriting workflows within the insurance industry, has announced the integration of Autoaddress’ Address Capture into its underwriting productivity tool.
Bondaval, a leading London-based insurtech, has announced the release of its first trade credit insurance product, designed to provide greater certainty over credit risk cover while reducing administrative burdens.
Norm Ai, a cutting-edge regulatory compliance platform, has successfully raised $27 million in a Series A funding round. The round was led by Coatue, with significant participation from Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.
Flow Specialty, a next-gen specialty wholesale insurance brokerage, has publicly released its AI credo and vision. The initiative aims to educate the insurance industry on the application of agentic AI in offering professional liability, management liability, and cyber insurance products.
Qover, a pioneering insurtech company committed to establishing a global safety net through innovative insurance solutions, today announced the launch of its AI-driven embedded insurance platform.
As climate events hit the insurance industry through escalating losses, Daniel Grimwood-Bird, Head of Sales & Marketing for McKenzie Intelligence Services, talks to Insurtech Insights about the role of Disaster Response and it’s future in the insurance industry
Daniel Grimwood-Bird, Head of Sales & Marketing at McKenzie Intelligence Services (MIS), discusses why First Notice of Incident (FNOI) – rather than First Notice of Loss (FNOL) is changing the game when it comes to claims processing.
CompScience Insurance Services has launched its latest innovation, the SafetyBriefAI App, aimed at transforming job-site safety management for insurance brokers.
Hiscox has managed to shorten its lead underwriting process for the London Market sabotage and terrorism book from three days to just three minutes through the incorporation of Generative Artificial Intelligence.
OpenRoad Insurance has selected and implemented Majesco’s P&C Intelligent Core Suite, Digital Customer360, and Digital Agent360.
Sapiens International Corporation has launched its AI-powered, open, integrated, cloud-native platform, Sapiens Insurance Platform.
Tara Foley, CEO of Axa UK, and Sten Saar, CEO of Zego, have both ruled out using Generative AI for insurance pricing due to compliance concerns.
Insurtech funding has seen a significant uptick in recent weeks with raises almost reminiscent in frequency of the 2021 digital transformation boom.
In a surprising turn of events, Elon Musk has withdrawn his breach of contract lawsuit against OpenAI and its CEO, Sam Altman.
Instabase, a leading AI company, has launched AI Hub Chatbots, designed to meet the rigorous demands of sophisticated enterprises.
Continuity, an insurtech using artificial intelligence and external data for professional and commercial P&C insurers, has announced a successful €10 million Series A funding round.
Sixfold, a generative AI insurtech for underwriters, has raised $15 million in a Series A round.
CoverGo, the no-code SaaS insurtech platform, today announced it is launching CoverGo Distribution, an AI-powered insurance platform for omni-channel distribution.
McKenzie Intelligence Services, a geospatial intelligence specialist, has developed an AI damage classifier to enhance its human-led damage assessments for insurers following catastrophic events.
EPAM Systems, a leading global provider of digital platform engineering and development services, has released a whitepaper focused on the transformation of underwriting through advanced digital solutions.
PwC’s firms in the United States and the United Kingdom have entered into a landmark agreement with OpenAI, positioning PwC as OpenAI’s first reseller for ChatGPT Enterprise and its largest user to date.
Habit, a Portuguese insurtech specialising in embedded insurance, digital and contextual distribution solutions, has announced the launch of a new protection solution for recurring payments / expenses: “Habit Bill Protection Insurance”.
Insurtech Founder and CEO, Frank Perkins launched inari in 2017 to help legacy system-based insurance companies digitally transition. Insurtech Insights caught up with him to find out more.
Insurtech Insights USA 2024, the premier gathering for innovators and leaders in the insurance technology industry, is excited to announce its lineup of top speaker sessions taking place at the Javits Center on June 5th and 6th.
Lloyd’s Lab, the renowned 10-week innovation accelerator, is now accepting applications for its 13th cohort.
INZMO, the leading Berlin insurtech serving the European rental industry, has today launched RentalBot, an AI-powered legal chatbot aimed at helping tenants and landlords in Germany’s strained rental market get easy access to tailored legal information and support.
Ben Potts, Managing Director International, at Novidea, discusses how data analytics is transforming the insurance landscape throughout Southeast Asia.
Munich Re Specialty – North America has announced its collaboration with Kalepa, a prominent InsurTech leader, to deploy the Copilot underwriting platform.
In recent years the focus on Environmental, Social and Governance (ESG) has grown and an organisation’s actions in these areas can have a considerable impact on overall reputation.
The leading insurtech aims to uplevel its customer service experience with the integration of the generative AI-powered tool into its platforms
Transcarent, which provides a comprehensive health and care experience for employees and their families led by Glen Tullman, has launched an AI-driven solution on May 15, 2024, to simplify healthcare navigation.
Marsh has announced the launch of MiCAssure, a proprietary insurance solution tailored for crypto-asset service providers such as custodians, exchanges, and administrators operating within the European Union.
Israeli insurtech company Honeycomb has secured US$36 million in a Series B funding round, the company has announced.
Arbol, a climate risk solutions provider with a global footprint across more than 15 countries, has announced the successful closure of a $60 million Series B funding round.
CLARA Analytics, a provider of AI technology for insurance claims optimisation, has expanded its partnership with Origami Risk, a risk, safety, and insurance SaaS provider.
CatX, a digital marketplace that connects (re)insurers and brokers with alternative capital, has announced a strategic partnership with CyberCube to enhance its cyber capabilities.
Google’s cloud computing division, Google Cloud, delivered an outstanding fiscal quarter, surpassing analysts’ expectations and propelling the stock of parent company Alphabet up by more than 13% in after-hours trading.
Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has launched Prime Tech with Cowbell Co-Pilot, a generative AI solution designed to streamline underwriting within its Prime Tech offering.
AI insurance ventures experienced an 18% year-on-year increase in funding in 2023, raising nearly $2 billion through private equity and venture financing, according to GlobalData’s Technology Foresights model.
Swiss Re has introduced an enhanced version of its market-leading Life & Health underwriting manual, Life Guide. The updated version features Swiss Re Life Guide Scout, an underwriting assistant powered by Generative AI.
Tesla is recalling 3,878 Cybertrucks to address a faulty accelerator pedal pad that could come loose and become trapped in the interior trim.
McKinsey and Google Cloud have joined forces to unleash the potential of generative artificial intelligence (gen AI), projecting a staggering $4 trillion in prospective business value.
Sayata, a leading provider of innovative insurance solutions tailored for small and medium-sized businesses (SMBs), has launched the Sayata Risk Engine.
Karim Derrick of Kennedys IQ explores the risks and rewards as the sector looks to an AI future.
Leveraging new intelligence is game-changing and predictive analytics can help provide a path to profitability in the increasingly complicated world of insurance, says Scott Ham.
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.
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