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.
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One of the biggest types of insurance fraud is double-dipping, where a claimant gets multiple insurers to pay out for the same incident. KPMG estimates that fraud makes up 5%-10% of insurer payouts. It’s a tricky one for insurers because they’re usually unaware that other insurers have also paid out. Until now.
Fathom, a research-led flood risk modelling specialist has launched its UK flood model on Nasdaq’s Risk Modelling for Catastrophes service.
Willis Towers Watson (WTW) has revealed an update for Claim Metrics, its bespoke motor claims benchmarking platform specifically targeted at personal lines insurers in the UK.
Zurich Insurance Group has rolled out an online platform designed to simplify the process of structuring international insurance programs.
Insurance technology disrupter, Iotatech has launched its multi-line policy administration SaaS solution for Insurers, MGAs and Brokers.
The Insurtech company Greater Than is deepening its collaboration with Zurich through an agreement with Onto, the UK’s largest all-inclusive electric car subscription service. Through the collaboration, Onto and Zurich obtain predictive risk data, facilitating their joint mission to improve road safety and enable dynamic insurance solutions.
Chubb has launched a new digital brand, Blink by Chubb, that focuses on convenience and opportunity in order to meet younger customers’ coverage needs and interaction desires.
Willis Towers Watson (WTW), together with global specialty and commercial insurance products provider Liberty Specialty Markets, has launched a new insurance product designed to help organizations deal with reputational crises.
Arity, a mobility data and analytics company, is teaming up with Ford Motor Company to enable any participating insurer to deliver simple and secure usage-based insurance (UBI) programs to eligible connected Ford and Lincoln vehicle owners.
The new product covers the cost of damages to equipment that may occur while working, including damage to rental equipment, customer equipment, or borrowed equipment.
GIC provides a simple and intuitive way for an automotive insurance policy holder to confidently capture images of a damaged vehicle, through an easy-to-use web-based app.
Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers.
Prudential Group Insurance is expanding their mental health benefits for employees on disability leave through a partnership with NeuroFlow, a behavioral health platform.
Insurtech Foxquilt has unveiled a new underwriting platform, which allows small business owners to quote, bind, and directly purchase customized business insurance online.
Liberty General Insurance has automated vehicle inspections for car insurance policy renewals and claim assessments using Inspektlabs’ AI based technology. This is expected to transform the car inspection process, which is currently dominated by manual inspections – a people intensive job leading to delays in the claims and policy issuance process.
Simply Business has selected insurtech MGA Equipsme as its health insurance provider for its latest proposition.
Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd’s of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd’s.
HazardHub and Plasmatic Technologies Inc. today announce their partnership centered around the harmonization of connected device and property and hazard risk data, unleashing new capabilities for increased policyholder engagement and peril prevention programs in Home Insurance.
Global insurance and reinsurance broker Aon has partnered with Chubb to provide small and medium-sized businesses in France with an efficient means to understand coverage options and purchase insurance online.
Riskbook has announced that it has rebranded to Supercede. The company has also launched what it said is the world’s first all-in-one reinsurance platform built for dealmakers.
Chubb has introduced its next generation of crime insurance offering, The Chubb PrimarySM Commercial Crime Insurance, to help companies of all sizes and industries protect themselves from criminal activity both inside and outside their organizations.
As consumer technology companies continue to build out AR capabilities and telecom providers build out 5G infrastructure, the barriers to entry and challenges associated with launching AR initiatives will be lessened.
Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of Futureset, a new platform and community designed to drive greater societal and economic resilience to some of the largest and most complex global risks.
Amazon.com has revealed plans to install AI-powered video cameras in its branded delivery vans, in a move that the world’s largest e-commerce firm says would improve safety of both drivers and the communities in which they deliver.
PasarPolis Raises US$5M from World Bank’s International Finance Corporation to Democratise Insurance
The investment in PasarPolis is the first IFC has made in the insurtech sector in Indonesia, where insurance penetration rate remains low
Canada and US-based insurtech venture Relay Platform, which is approved by Lloyd’s as one of the London market e-platforms, has launched a new broker-carrier API-driven quoting solution for the commercial insurance and reinsurance industry.
French startup Seyna is getting a new CEO. Stephen Leguillon is joining the company as chief executive while Philippe Mangematin is stepping back from day-to-day activities for personal reasons — he’ll become honorary chairman.
Zurich North America today announced it has launched a new risk services unit in the United States, as part of a global initiative developed by Zurich Insurance Group to provide businesses worldwide with advisory services, solutions and tools to help them prevent and mitigate a wide range of risks.
AXA XL, the property & casualty and specialty risk division of AXA, has announced a new tailored insurance solution to help clients address mass timber construction risks in North America.
Reinsurance giant SCOR has announced the launch of Vitae, an automated biometric risk calculator that employs machine learning techniques.
Bermuda-based Stable, a creator of an index insurance product for food and farming businesses around the world that automatically reimburses lost income caused by volatile prices, announced its official launch.
AmeriLife partners will now have access to Salesforce-enabled CRM systems, allowing it to better serve its clients through industry integrations that allow for real-time data access.
Global insurance and reinsurance brokerage firm, Aon, has launched a new fuel insurance solution for the shipping and aviation industries, backed by AAA-rated credit insurance.
In a move which provides investors with easier access to the specialist Lloyd’s of London insurance and reinsurance marketplace, regulators in the UK have approved the creation of a new multi Insurance Special Purpose Vehicle (mISPV).
Canadian travel insurance provider Allianz Global Assistance announced the launch of new assistance capabilities – Virtual Care services and a new online Claims Portal – which aim to elevate the end-to-end customer journey. Both services are now embedded within all products offered across Allianz’s national distribution network of broker and travel agency partners.
Founded to address the underserved sole-to-small commercial vehicle owner, Cover Whale’s process improvements created demand among large fleet owners, which its new programs are designed to address.
London-based provider of pay-as-you-go insurance Zego has become the first UK insurtech to secure a European broking license, paving the way for the company to continue its expansion across Europe.
Lloyd’s and insurtech start-up Parsyl Inc. announced the launch of the Global Health Risk Facility (GHRF), which will provide billions of dollars of insurance coverage, together with risk mitigation services, to help protect and support the global distribution of COVID-19 vaccines as well as critical health commodities.
Carro, South East Asia’s automotive marketplace, has launched a behaviour and usage-based car insurance (UBI) in partnership with Mitsui Sumitomo Insurance Group Holdings (MSIG), a member of MS&AD, a Japanese insurance company.
Launched by management consulting platform ritchee and insured by Generali France, ritchee Life is a “100% clean-share” life insurance policy. According to the company, the new offering is transparent on costs and without retrocessions for the intermediary, invested primarily in SRI or ESG funds and guaranteeing high-end management for savers.
In the wake of a rising gig economy, MSIG Insurance (MSIG) has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury.
Amadeus and AXA Partners Sign an Agreement to Provide Insurance and Healthcare Assistance to Corporate Travellers
While business travel continues to face challenges with the on-going COVID-19 situation, it is paramount that companies have the right tools and data to ensure the safety and well-being of their employees when on the road for business. In response to this new normal, travel tech company Amadeus and insurance provider AXA Partners have come together to make travel safer.
Generali Launches a Market-First Bill Insurance to Address Customers’ Needs with Innovative Solutions
Generali Hong Kong today announced the launch of a market-first Bill Insurance – an innovative solution created to cover the utility bills of an individual by paying a lump sum benefit in the event the insured is hospitalised for more than 3 consecutive days.
This is a comprehensive first and third-party policy designed for companies which develop or provide life science products, solutions or services.
Flock, the insurtech known for insuring complex commercial drone operations, today (8th December) launches Flock Motor, its commercial motor division focused on bringing motor insurance up-to-speed with the automotive industry.
Lemonade has started selling renters insurance in France, the third European country into which it has expanded so far.
Peterborough-based young driver insurance provider Marmalade has introduced a ‘Pay As You Go’ offering to allow drivers to pay specifically for the miles they use on a car where they are not the main named driver.
An insurance venture led by industry veterans Greg Hendrick and Dinos Iordanou is starting up with $1 billion in equity capital provided by Carlyle Group Inc., Hellman & Friedman LLC and management.
Leading Insurtech, Concirrus has announced a fully automated, algorithmically driven underwriting application for Marine Insurance.
New specialty insurer and reinsurer, Inigo Limited, has now received approval in principle from the Corporation of Lloyd’s and will start writing business for 2021, the company has confirmed.
Under the agreement, DocDoc will integrate SpesNet’s digital TPA technology with DocDoc’s telemedicine platform and AI-powered doctor discovery platform.
Nubank and Chubb announced the launch of a fully digital life insurance offering called Nubank Vida in Brazil; in other words, here’s another digital bank entering insurance.
Aon, a global professional services firm providing risk, retirement and health solutions, announced the launch of a digital insurance solution for small and middle market businesses.
Neptune Flood, an insurtech firm focused on the flood market, has expanded its residential products to the remaining five additional states, Montana, South Dakota, Utah, Vermont, Wyoming, and Washington, DC.
Ontario-based Insurance & Mobility Solutions (IMS) is launching a new set of configurable tools, which allow insurers and mobility operators to expand the ways they can interact with usage-based insurance (UBI) customers.
Global insurance broker Aon has launched a personal car leasing product that includes pay-on-use insurance, giving customers the advantage of saving money when they are not driving.
Allianz and DHS Announce $10.5M Strategic Partnership to Give Crutial and Focused Insurance and Asset Management
Allianz and DHS today announced a strategic partnership to help people work more effectively. The two industry-leading companies are teaming up to integrate their services for collaboration across Allianz and DHS on phones, tablets and the Web
Car management platform Caura is set to offer its own auto coverage through the so-called “Caura Project,” said Tech Crunch. This new product is intended to make getting car insurance more affordable and streamlined
Munich Re’s HSB Canada has introduced Sensor Systems, a solution created for insurers to reduce common property claims
The solution enables automated, rapid, and sophisticated life insurance underwriting decisions about new customers, regardless of whether the potential insured has a complex history
Lloyd’s Lab and risk modelling firm Praedicat have developed a series of scenarios for the casualty insurance market in the face of the COVID-19 pandemic
SCOR Global Life, Garmin and ReMark (SCOR’s in-house InsurTech solution provider) have announced plans to expand their Biological Age Model (BAM) solution across the wider APAC region.
The Detroit auto maker aims to leverage the reams of data generated by its cars to establish an auto-insurance business
London-based insurer Vitality has announced that it has launched a new Vitality Lifestyle Assessment for its corporate member organizations
Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, announced the onboarding of its first trading partners to its proprietary digital platform, providing access to its algorithmic underwriting in readiness for writing business from Jan 1
A new South African insurtech startup, OneSpark aiming to reinvent insurance and financial products with a variety of plans catering to low-income clients has officially launched
AXA has unveiled an initiative to improve the health and well-being of its 121,000 employees worldwide
Developed within the Lloyd’s Lab innovation accelerator, the Hurricane Non-Damage parametric solution provides open-banking validation, real-time impact assessment and automated payouts while cutting claim process time up to 95 percent.
Ultrafast Acceptance Decisions lead to Rapid Customer Acquisition and Long-Term Compounding Successes for Insurers
Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report released late Tuesday.
Liberty Mutual Insurance’s new ErgoValuator app helps policyholders more effectively protect their workers and bottom lines from overexertion injuries, which cost employers more than $14 billion annually.
The unique package will initially be available to travellers as part of a phased roll-out in Europe, before becoming available in up to 50 countries worldwide. It includes a combination of medical, trip cancellation and airline insolvency cover, including protection against travel disruption and sickness caused by COVID-19. It has been specifically designed to protect travellers, provide clarity and give them peace of mind when taking a trip.
AXA XL‘s insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the US.
Insurance and reinsurance marketplace Lloyd’s of London has set out the next phase of its transformation plan with the release of its second blueprint for change.
The insurer has solved the perennial problem of under-utilization by simplifying a difficult claims process and going the extra mile to detect when employees may be eligible for a benefit they haven’t claimed.
Lloyd’s has set out the next phase of its transformation plan via its Blueprint Two in a bid to “build the most advanced insurance marketplace
IDIT Go enables insurers to go-live in just a few months and quickly launch new offerings, empowering insurers to stay ahead of ever-changing market needs
London-based provider of pay-as-you-go insurance Zego now offers 30-day and Annual combined car delivery insurance policies to delivery drivers working across the UK. Before launching
Specialist energy and infrastructure insurance broker NARDAC is set to open a London office led by Peter Draper, the former international property director at AFL.
Prudential Retirement, a business unit of Prudential Financial, is expanding its global longevity reinsurance business with a new offering. Prudential’s first transaction in the emerging
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of a new Marine & Energy mutual, agency and captive reinsurance solutions
Property and casualty insurer MS&AD Insurance Group Holdings will adopt Tractable’s artificial intelligence (AI) solution across Japan in a bid to fast-track auto claims and
Specialty insurer AXIS Insurance and Kennedys Law have collaborated on services for AXIS’ new marine cyber insurance product. This product offers coverage for the marine
As Tesla touts the cutting-edge nature of its new Full Self Driving software, rival Mercedes-Benz says it has developed a similar system but stops short
Global reinsurer Swiss Re has joined a global coalition that aims to better predict and prevent outbreaks, epidemics and pandemics by leveraging data and analytics.
Slice Labs and AXIS Insurance Collaborate to Bring Home Based Business Insurance to Small Businesses
Slice Labs Inc., a technology startup with the first on-demand insurance platform, has created an alliance with AXIS Insurance to distribute AXIS Home Based Business
Estonian startup DriveX could save car insurance companies billions. Insurance may not be the most glamorous of industries, but it can be lucrative, especially for
Chubb Life’s new Chubb LifeBalance app helps people view their health through a new lens. Available in Thailand, Hong Kong and Myanmar, the app is
Munich Re Specialty Insurance, a division of the global reinsurer, has launched new cyber and technology errors and omissions (E&O) insurance solutions. The solutions are
Humn.ai has launched a new fleet insurance product – Rideshur – which uses real-time data to generate premiums. The company says Rideshur is able to
Asta, the third-party managing agent at Lloyd’s, announced the Council of Lloyd’s granted in-principle approval for the launch of Picnic Syndicate PIC 2460, a syndicate-in-a-box
Vouch Insurance, a business insurance platform for startups, has expanded its coverage into New York. The expansion is an effort to bring risk mitigation to
New Energy Risk (NER), an affiliate of global re/insurer AXA XL, has provided an insurance solution to Bloom Energy to facilitate the purchase and financing
Experts Say Tesla’s Unique Data-Tracking Abilities Give it an Advantage as Elon Musk Looks to Build a ‘Major Insurance Company’ for Tesla Owners
Elon Musk has made a name for himself as a data-savvy innovator, and he’s seeking to further that label with an ambitious goal: scaling up
Credit Suisse is launching integrated bancassurance solutions for clients in collaboration with AXA. Set to launch next week, CSX is Credit Suisse’s digital banking offering
You’ve heard of telemedicine, but have you heard of tele-home maintenance? Today Luko, a fast-growing home neoinsurance has launched an innovative video consultation service of
Provider of supplemental accident, health and life insurance products Combined Insurance, a Chubb company, announced the launch of a new online accident insurance product for
O2 Broking ApS has been approved as the first Lloyd’s Registered Broker in Denmark as part of the re/insurance marketplace’s preparations for Brexit. Lloyd’s previously
The new company empowers carriers to make the insurance experience more relevant by leveraging social data Introduced today by Evgeny Aleksandrov, Founder of Insurtech startup,
The North American business of global insurer Zurich is launching a medical stop loss insurance product for larger employers with self-funded group health plans administered
A new integrated telematics package has been launched by telematics firm Geotab and Mercedes-Benz Connectivity Services. It is available to order for Mercedes-Benz cars and
UAE drivers who drive safely on the road will now be rewarded with free meals, discounted hotel stays and gym memberships if they sign up
Dallas-based specialty lines insurance manager, Risk Theory LLC, has launched of a new specialty underwriting unit, Carbon Underwriters, for downstream energy contractors. Carbon Underwriters’ multi-line
Zurich North America is launching a medical stop loss insurance offering for larger employers with self-funded group health plans administered by national carriers. The new
After downloading the Metromile app, drivers are shown their monthly rates and estimated savings and offered the opportunity to conveniently switch their coverage to Metromile.
Global reinsurer, Munich Re has announced the introduction of Lawyers Professional Liability (LPL) insurance, an errors and omissions policy specially designed for mid-size law firms.
BGL Group announced the launch of counter fraud ‘pre-sale’ technology that uses artificial intelligence and machine learning to identify criminal activity. This technology is the
Swiss Re and carmaker Daimler announced a joint automotive and mobility insurance venture on Monday, seeking to tap into a wealth of new data generated
Dublin-based Munich Re Automation Solutions, a subsidiary of the global reinsurer, is set to invest roughly €16 million in a research & development program and
Aon Plc has arranged an intellectual property collateral insurance policy in excess of $100 million – a bespoke policy that the broking giant believes is
Revolut and SNACK by NTUC Income, an insurance cooperative in Singapore, announced a partnership to incorporate lifestyle-based insurance offerings. The COVID-19 pandemic has thrust cloud
Walmart is launching health plans through a new brokerage that will be available for the first time for seniors signing up this fall for Medicare
zizzl, a benefits consulting firm has announced the launch of zizzl Health. “Gone are the days of nervously waiting for that health insurance renewal to
Superscript, the business insurance challenger previously known as Digital Risks, has become a Lloyd’s registered broker — a sign of the continued digitalisation of the
Innoveo, a leading technology company, is leveraging its no-code rapid application development expertise to deliver digitization to the SME agency broker market with eBro, a
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