Joel Agard, Zurich Insurance Group’s (Zurich) Group Head of Innovation, and Antony Elliott, Zurich’s Group Head of Digital R&D, are responsible for coordinating and managing one of the most respected accelerator programmes in the insurance industry globally – the Zurich Innovation Championship. Joanna England caught up with them to find out more.
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Pibit.ai, Inc Joins Guidewire Insurtech Vanguards Programme to Transform Commercial Underwriting with AI Automation
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.
HealthTech GRAIL has secured a coveted spot on Fortune’s 2023 Change the World List. This marks the ninth year of the prestigious list, which highlights companies making positive contributions to society through activities integral to their core business.
Measured Analytics and Insurance, a prominent cyber insurance Managing General Agency (MGA) based in the US, has introduced CyberGuard 2023, a state-of-the-art AI-driven cyber insurance product designed to fortify the cybersecurity defenses of Small and Midsize Enterprises (SMEs).
At-Bay has announced the recent appointment of Kristie Felton as the insurtech’s new Head of Insurance.
On-demand insurance platform INSHUR has launched its insurance offering for on-demand livery drivers in Arizona, its second state in the US following its success in New York.
QBE North America, the global insurance leader helping customers solve unique risks, in partnership with Leading Cities, has unveiled the 10 finalists for the 2023 QBE AcceliCITY Resilience Challenge main track, along with the victors of the property tech track.
USAA, a leading financial services provider, has announced an expansion of its collaboration with Resideo Technologies, based in Scottsdale, Arizona, to bolster its commitment to safeguarding homes and optimising efficiency.
Aon plc has launched its cutting-edge insurance solution, FI Protect 360, in collaboration with esteemed London market insurers.
Chubb has entered into a strategic partnership with SentinelOne, a frontrunner in the cybersecurity industry. The collaboration aims to revolutionise cyber risk management practices for businesses across the US.
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.
Bold Penguin has forged a strategic partnership with NEXT Insurance, a leading technology-driven insurer specialising in small businesses, with the aim of enriching the range of coverage options available on the Bold Penguin Terminal.
Redline Underwriting, a Managing General Agent (MGA), has achieved official recognition as a Lloyd’s coverholder, marking a milestone in its ongoing expansion efforts.
Hexure, a leading provider of sales and regulatory automation solutions catering to the life and annuity sector, has officially completed the acquisition of Vive, an innovative startup specialising in quote and e-submission solutions for the life insurance industry.
Guidewire has announced that specialty P&C insurer RLI, a US-based specialty property and casualty (P&C) insurer, implemented Guidewire ClaimCenter on Guidewire Cloud to power its claim operations and enhance the claim experience for agents and policyholders.
Allianz Versicherungs-AG has announced it is expanding its partnership with Fleetpool – one of the largest providers of car subscription models in the B2C and B2B2E sectors in Germany – in a targeted manner to usher in more ESG mobility offerings and support net zero regulations in Germany.
Mulberri Launches Certificate of Insurance Platform for PEOs and Workers’ Compensation Master Carriers
In a groundbreaking move, Mulberri, an innovative AI-driven embedded insurance startup, has unveiled its cutting-edge Certificate of Insurance (COI) platform.
Markel, a prominent specialty insurer, and cutting-edge insurtech firm Cytora have unveiled the extraordinary outcomes of their collaborative effort, which have led to an astounding 113% increase in productivity (Gross Written Premium per Full-Time Equivalent) for Markel’s underwriting team.
Authentic, the turnkey insurance platform catering to vertical Software-as-a-Service (SaaS) enterprises, has successfully raised US$5.5 million in seed funding.
New York City, Washington DC, and Los Angeles are among the major US cities that have the highest chance of experiencing outbreaks of damaging civil unrest in the next 12 months, according to a new predictive data model released by Verisk’s global risk intelligence unit, Verisk Maplecroft.
New technologies are enabling businesses to predict a whole new spectrum of risks related to political instability, rioting, strikes, terrorism, warfare and more. Insurtech insights talks to Torbjorn Soltvedt, Principal Analyst at Verisk Maplecroft, to find out how.
NEXT Insurance, the prominent digital small business insurer, has unveiled a game-changing feature that empowers agents to finely customise coverage quotes, thus better serving the unique requirements of their small business clientele.
Planck has unveiled an innovative underwriting tool named Planck PLUS – a new platform that incorporates advanced Generative AI (GenAI) functionalities, marking a significant milestone in the evolution of underwriting processes.
Hollard has successfully expedited its operations with the adoption of the cloud-based Guidewire ClaimCenter. The insurer’s transition to this innovative platform has yielded promising results.
From showroom sales to CEO, Sri Ramaswamy, Founder of Charlee.AI, talks to Insurtech Insights about her climb to the top and her passion for insurtech
In our latest insurtech investment funding round-up, we look at SEVEN companies that have raised significant amounts of capital that will drive their scaling strategies and disruption in the industry.
Beam Benefits, a trailblazing digital employee benefits company, announced today that it has successfully secured $40 million in funding.
Blackstone has launched a new restructuring effort, consolidating its corporate credit, asset-based finance, and insurance divisions into a unified entity known as Blackstone Credit & Insurance (BXCI).
In a strategic move geared towards strengthening its renewable energy insurance services in Brazil, Tokio Marine, a major international specialty insurer, has forged a partnership with Clir Renewables (Clir), a global market intelligence platform specialising in wind and solar energy.
Cincom Systems®, a global leader in Customer Communications Management (CCM) solutions, has announced a strategic partnership with Socotra Inc.
Coaction Global Raises US$200 Million in Funding to Boost Transformation into Full-Service Specialty Insurance Provider
Private specialty insurance group, Coaction Global, has secured approximately US$200 million in a recent capital injection to propel its evolution into a comprehensive specialty insurance provider.
DGTAL, a pioneering insurtech specialising in AI-powered tools for insurance portfolios, has successfully secured US$3 million in strategic funding from various investors.
Spanish Insurtech Inari Secures US$5.2 Million in Funding to Advance Innovative Insurance Technology
Inari, a Barcelona-based insurtech that provides core technology infrastructure for the global insurance and reinsurance sectors, has raised US$5.2 million in funding through a seed round led by Caixa Capital Risc in partnership with Criteria Venture Tech.
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.
Partners Life, one of New Zealand’s largest private life and health insurance companies, has become the first insurer to successfully launch medical claims on the FINEOS Platform, as outlined in a new case study.
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.
SME cyber insurance provider Cowbell, will expand its offerings in the UK with the launch of its AI-powered standalone cyber insurance programme – Cowbell Prime One.
In a groundbreaking partnership, the International Federation of Red Cross and Red Crescent Societies (IFRC), along with Aon, Lloyd’s Disaster Risk Facility, and the Centre for Disaster Protection, has unveiled a revolutionary financial tool aimed at transforming disaster response efforts.
ACORD, the standards-setting body for the global insurance industry, today announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data.
Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, today announces the 12 teams that will join the 11th cohort of the Lloyd’s Lab, the InsurTech accelerator hub for developing innovative insurance products in the Lloyd’s market.
FINEOS Corporation (ASX:FCL), the global leader of group and individual core software for life, accident and health insurance, announced today that Insurance and Care New South Wales (icare) will move its Dust Diseases Care Scheme to the FINEOS Platform.
In our latest instalment ‘How to Innovate Faster’ in collaboration with FintechOS, we spoke to AXA XL’s SVP and Head of Innovation, Americas for AXA XL, Rose Hall.
Last month, the US Securities and Exchange Commission (SEC) implemented regulations that mandate public enterprises to divulge any cybersecurity breaches with potential impacts on their financial standings within a four-day window.
Cyber insurance is now a priority expense for any reputable business. Insurtech Insights lists 10 companies disrupting space and driving growth in the sector
Unqork, the leading Codeless as a Service platform, has announced the availability of the Unqork platform on Google Cloud Marketplace.
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.
While the industry buzzes about the potential impact of generative AI, Planck customers are already experiencing the benefits
At-Bay has announced a significant step in its evolution.
Empowering Insurance: Monica Garcia Cristóbal, Director of Transformation for MAPFRE Spain Talks Tech Trajectory
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
EIS Ltd’s SVP of Corporate Strategy, Rory Yates, examines the challenges facing insurance leaders as they seek greater agility and resilience in today’s transforming climate
CLARA Analytics, a prominent provider of artificial intelligence (AI) technology for optimising personal injury claims, is making significant strides in expanding its presence in the Asia-Pacific region.
Sivan Iram launched Capitola – an insurtech digital marketplace that connects brokers and underwriters – in 2021. In April, the startup generated US$15.6 million in its Series A round. Insurtech Insights finds out more.
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.”
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.
Insurtech experiences 251% increase in live entertainment sales in 12 months as more event venues and ticketing platforms add refund protection to their online experience
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.
Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, today announces the appointment of David Brooks and Simon Hogg as its first Chief Operating Officer (COO) and first Chief Information Security Officer (CISO) respectively.
Leading commercial motor insurer, Zego, has announced a significant advancement in its claims handling capability, with both the growth of its in-house team and its implementation of an innovative in-house case management system.
Aon, the prominent global professional services firm, has successfully finalised a “historic” parametric insurance programme for the Government of Puerto Rico.
Tokio Marine Holdings has unveiled a new market intelligence platform that aims to improve collaboration with external companies.
Tony Grosso is the Head of Growth/GWB Insurance Markets for EIS. We quizzed him on the importance of APIs in the Employee Benefits space.
Zurich Insurance Group (Zurich) has announced a strategic partnership with Qover, an insurtech based in Belgium, as part of its efforts to expand its embedded insurance capabilities.
Qover, a leading insurtech specialising in embedded insurance orchestration, has recently concluded a successful Series C up-round funding, securing an impressive $30 million.
Humn.ai has forged a partnership with QBE Insurance Group to provide its Innovative dynamic pricing insurance solution to taxi fleets
Closing the Technology Deficit Could Generate $3 Trillion in Revenue for European Companies, Reveals Accenture Report
A recent report from Accenture has highlighted the potential for European companies to generate an additional $3.2 trillion in revenue by 2024 if they close the technology deficit that exists between them and their North American counterparts.
In a recent report, broker Howden revealed that cyber insurance rates have decreased by approximately 10% in June compared to the previous year.
Germania Insurance has announced its successful migration of their Guidewire InsuranceSuite self-managed environment to Guidewire Cloud.
Zurich Insurance (Hong Kong) has received widespread recognition for its strong commitment to environmental, social, and governance (ESG) practices and its innovative approach to product development.
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.
LEADERSHIP SPOTLIGHT: Ben Bergsma, Principal VC at Munich Re Ventures, Talks Resilience, ClimateTech and Investment
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.
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
According to a recent report by Cover Genius, overall traveller numbers are expected to reach a staggering 4.0 billion in 2024, surpassing pre-COVID-19 levels.
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.
Transforming PropTech and InsurTech: Lexasure collaborates with Qornerstone on new insurance solutions
Lexasure Financial Group Limited, a key player in the InsurTech market across South and Southeast Asia offering reinsurance, insurance, and tech solutions, along with Qornerstone, an innovative PropTech firm revolutionising property management, have recently unveiled a memorandum of understanding to develop a strategic partnership.
Eigen Technologies has announced the launch of its new integration with GPT via its no-code AI-Powered platform.
AXA has announced it is adopting the CoverGo platform to enhance health claims processes and elevate customer experience
Insurtech Insights USA 2023 is holding a series of in-depth expert panel sessions, exploring the impact of AI on the insurance industry.
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.
Israeli insurtech Novidea just raised US$50 million in investment capital and is scaling fast. CEO and Founder, Roi Agababa tells us more
Earlier this month, Chubb CEO Evan Greenberg blew up social media channels when he announced that the insurance giant will be rolling out AI at scale, following extensive experimentation of the technology.
The specialty insurance market is gaining popularity globally, and is predicted to grow at a CAGR of 10.6% from 2022 to 2031 with top players like Allianz, AXA, Chubb, and Zurich leading the expansion.
Cyber insurance provider Cowbell has released its Cyber Round-Up: Q2 2023 report, revealing that 90% of small and medium-sized enterprise (SME) leaders underestimate the costs of a cyber incident.
AgentSync is one of the fastest-scaling insurtechs in the US, and is bridging the gap between innovation and compliance.
Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, has launched WriteSpeed, a turnkey solution that allows workers’ compensation insurers to rapidly leverage AI-enabled underwriting, accelerating time to value.
Verisk Analytics, Inc. and CCC Intelligent Solutions Inc. (CCC) have announced a strategic partnership to bring new innovations to the P&C insurance claims industry.
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.
bolttech has teamed up with the Malaysian retail brand, AEON, to launch an all-in-one protection programme called AEON SAFEGUARD.
DroneDeploy, EagleView Technologies, and PrecisionHawk are some of the top key players mentioned in a new report on the Aerial Imaging in Insurance Service Market.
Denise Garth, Chief Strategy Officer at Majesco, has been recognised by InsurTech Hartford with the inaugural 2023 Making Waves Award.
CogniSure AI, a leading provider of insurance document extraction and analytics solutions, has announced its strategic partnership with Innoveo, a market-leading no-code platform provider, to bring underwriting efficiencies and pricing accuracy to commercial insurers.
CLARA Analytics, a leading provider of artificial intelligence (AI) technology for casualty insurance claims optimisation based in Silicon Valley, has launched its award-winning claims AI platform for general liability claims.
Verisk, the global data analytics and technology provider, has announced the launch of XactXpert, a new rules engine integrated into its Xactimate property estimating solution.
Sayata Launches First Online Platform to Provide Multiple Miscellaneous Professional Liability Quotes
Sayata, has announced the addition of Miscellaneous Professional Liability (MPL) coverage to the Sayata platform.
Fisher Asset Management Reveals New Acquisition in Resideo Technologies, Inc. as reported to the Securities & Exchange Commission.
Ernst & Young LLP (EY US) has teamed up with the global digital insurance platform provider, EIS Group Inc (EIS), to implement EIS’ cloud-native digital insurance platform for clients in the insurance industry.
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.
Clearcover, the digital-first car insurance company, has deepened its relationship with Experian’s auto insurance shopping solution to deliver a seamless embedded car insurance experience
InnSure, a mission-driven nonprofit that aims to combat climate change by harnessing the power of the insurance industry, has been awarded $6.5 million by the New York State Energy Research and Development Authority (NYSERDA) to fund insurance innovators who are developing products and solutions to address climate risk challenges.
Majesco, a global leader in cloud insurance platform software for insurance business transformation, has announced a new digital payment offering for its Majesco Claims for Property & Casualty (P&C) customers.
Verisk, a leading global data analytics and technology provider, has acquired Krug Sachverständigen GmbH, a Germany-based motor claims solutions provider.
Swiss Re and Benekiva have joined forces to revolutionise the claims experience in the insurance industry with their new Integrated Claims Management Platform.
Investment might be sluggish, but innovative startups with solid offerings are still attracting new capital. April 2023 saw Nayms, Capitola, YellowBird, Axle, Justos and Arma Karma attract healthy funding rounds
Nayms, a blockchain insurance startup, has announced a successful funding round at an $80 million valuation through a private token sale.
LexisNexis Risk Solutions Strengthens Geospatial Data Suite to Tackle Rising Property Risks for UK Insurance Providers and Consumers
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.
US-UK Insurtech Accelerator Initiative to Launch Recruitment for First Us Cohort at Hartford Symposium
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.
The UK is facing considerable upheaval over the next few months in response to financial, political and social changes, reports suggest.
Global, on-demand insurance provider INSHUR, has announced its strategic acquisition of American Business Insurance Services (ABI).
Driving Change: Insurance Innovation Strategist, Peggy Klingel, Talks Ecosystems, Diversity and Disruption
Peggy Klingel is a key figure in the insurance space when it comes to driving change and adopting innovations. Insurtech Insights caught up with her to find out more.
Cowbell, the cyber insurance provider catering to small and medium-sized enterprises (SMEs), has introduced a new collection of capabilities called MooGPT, which utilises large language models and proprietary data.
The sheer established presence of the USA’s most successful automobile insurance incumbents, is impressive. The market size, measured by revenue is expected to hit US$330.4bn this year.
Hannover Re Exits United Nations-Backed Net-Zero Insurance Alliance, Citing Commitment to Own Sustainability Goals
Hannover Re, the world’s third-largest reinsurer, has announced its departure from the United Nations-convened Net-Zero Insurance Alliance (NZIA), becoming the third major name to do so in just three weeks
At-Bay, a leading cyber and technology insurance provider, has announced that AM Best has awarded At-Bay Specialty Insurance Company a Financial Strength Rating of A- (Excellent), with a “stable” outlook.
Safe Security Raises US$50 Million Series B Round for AI-Driven Platform to Manage and Mitigate Cyber Risk
Safe Security, the leader in AI-based cyber risk management SaaS platforms, today announced the close of a $50 million Series B round led by Sorenson Capital, with participation from Eight Roads, venture capital arm of Fidelity Investments, Telstra Ventures, WTI, and all existing investors.
Allianz Trade, the world’s leading provider of trade credit insurance, is expanding its Excess of Loss (XoL) teams in Germany, Asia Pacific, Spain, and Brazil.
Pathpoint has announced the expansion of its Commercial Property offering. The expansion centres around the addition of Vave’s commercial property product to Pathpoint.
Anansi partners with Wowcher to embed digital goods-in-transit insurance into their shipping process
Koala, a Paris-based insurtech startup specialising in travel insurance technology, has successfully raised US$2.1 million in a recent funding round.
Lloyd’s has unveiled the 13 insurtech firms that will participate in the 10th cohort of its innovation hub, the Lloyd’s Lab.
Cover Whale has announced its latest strategic partnership with TrustedChoice.com
Joshua Motta is the founder and CEO of the cyber insurtech Coalition. At 15, he started working at Microsoft and, while still a teenager, cut his cybersecurity teeth at the CIA
Munich Re Life US and insurtech Paperless Solutions Group (PSG) have teamed up to introduce a new risk assessment and e-application solution, which promises faster and more accurate underwriting for life insurance carriers.
Investment in the start up space might well have slowed down, but insurtech unicorns are still a serious force to be reckoned with. We take a look at 12 US insurtech unicorns that are leading the disruption.
Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Coalition’s new Active Cyber Risk Model simulates aggregate risk for 5,000 companies, extrapolated to an estimated $29.8 billion in total losses to the U.S. economy
The Indian payments firm PhonePe has secured US$200 million in funding to launch insurance and wealth offerings
Digital insurtech API provider, Sure, has launched a new technology that enables online merchants to offer customers embedded one-click insurance.
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.
Singapore-based insurtech bolt has partnered with Pathpoint, a digital wholesaler for small commercial excess & surplus (E&S).
Cover Genius, the insurtech for embedded protection, has announced the completion of an asset acquisition agreement with US-based embedded warranty provider, Clyde Technologies. The assets acquired will assist Cover Genius’ continued expansion into the medium-sized e-commerce segment.
SVLA and Black Kite have forged a strategic partnership to help protect businesses from third party cyber risks.
The Facebook pixel, website session recorders, online video tracking and reporting – these are the new privacy threats companies are facing as class action lawsuits and regulatory actions heat up.
Cyber risk can often be a challenging space to navigate for brokers due to the dynamic and unpredictable nature of cyber threats. But it’s this constant evolution that makes the field so exciting, according to Sebastian Swain (pictured), director with CRC Group.
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.
With 48% of insurance brokers and agents uncomfortable explaining cyber insurance to their clients, Academy strengthens insurance brokers’ knowledge of standalone cyber insurance
Digital business insurance platform Embroker is going broader and wider with its new application, ONE.
Today, DigitalOwl, an insurance technology company that utilizes artificial intelligence to interpret and transform medical records into a comprehensive and interactive Digital Underwriting Abstract, and Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer, announced a collaborative partnership designed to strengthen and streamline the underwriting process.
CNA Hardy has launched Technology Package+, a suite of cyber insurance products that is intended to meet the needs of technology businesses.
According to the global consulting firm McKinsey, best-in-class insurers are “putting distance between themselves and their competitors” by applying advanced data and analytics.
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4M seed round, with ATB Financial and NAventures, National Bank of Canada’s corporate venture capital arm, as the lead investors. Other investors include Harvest Venture Partners, Highline Beta, and N49P.
Which are the main factors driving the possibility that a company and its board of directors may be sued by investors or other stakeholder groups in 2023? A poor financial performance or even insolvency amid economic uncertainty and the prospect of a global recession, a lack of robust cyber security and governance processes, or an inadequate or non-compliant response to environmental, social and governance (ESG) issues are among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty (AGCS). Despite a downward trend in new filings, US class action securities litigation remains a key concern, particularly around mergers, while cryptocurrency companies and exchanges are subject to increasing activity, the insurer’s annual D&O report also notes.
Bupa (Asia) Limited, a health insurance specialist, and CoverGo, the leading global no-code insurance SaaS platform for health, P&C, and life, are joining forces to streamline Bupa’s health insurance ecosystem in Hong Kong.
Insurance startup At-Bay announced that its Miscellaneous Professional Liability insurance product will now be available via API to wholesale brokers, multi-carrier platform providers, and other distribution partners who service the insurance and small-to-medium sized business community
$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
Legal & General Group plc (“Legal & General”) announces that it has agreed its first Pension Risk Transfer (PRT) transaction in Canada for more than CAD $200 million (£114 million). The Canadian PRT market is an attractive and fast-growing market, which has more than doubled in size over the last five years to reach sales in 2018 of CAD $4.6 billion (£2.6 billion).
Chubb, the world’s largest publicly traded property and casualty insurance company, announced today it will launch a new technology services center in Thessaloniki, Greece in early 2023 to deliver innovative technologies that enhance the customer experience, increase efficiency and accelerate the company’s digital transformation.
The CCC First Party Claim Portal, developed in collaboration with USAA, extends CCC’s casualty offering, helps insurers digitally engage with policyholders.
Insurers need to place the customer at the heart of everything they do, developing a digital strategy for both front and back-office operations to meet customers where they are.
Covid-19 has accelerated online shopping and customer convenience has become critical. But even before COVID, Wolt, Zoom, and current consumer habits, all the signs were there, way before the race for digitalization. In fact, shortly after the emergence of social media in 2003-2004, businesses realized its potential and started utilizing it for marketing and business purposes.
Tesla Inc said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier.
Moody’s has affirmed the ratings of Aviva, AXA UK, L&G, and M&G, saying that the insurance financial strength ratings (IFSR) of the first three are still ‘stable’, while that of M&G remains ‘negative’.
At-Bay is collaborating with Guidewire Cyence on the creation of the capability to quantify active CAT management.
Insurtech company LuckyTruck announced Thursday it has raised a $2.4 million seed extension led by Candid Insurance Investors with participation from Markd, Draper University Ventures and SiriusPoint as the company scales its retail insurance platform that reduces time spent shopping insurance. Since its founding in 2019, LuckyTruck has raised a total of $6.5 million.
Hurricane season is well underway, and with several weeks of activity potentially on the horizon, homeowners in high-risk areas are in a pinch. Forecasters are still predicting an above-average season with plenty of time left for powerful storms to form.
MetLife announced the launch of a new dental wellness incentive. The provision rewards employees for positive oral health behavior – such as routine cleanings and exams – by increasing a member’s annual maximum and/or coinsurance percentages, and/or by reducing plan deductibles.
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
The economic viability of the insurance industry’s current business model has been under discussion for several years.
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
Taking advantage of the rising popularity of digital assets, crypto hackers raked in record-high profits last year, a recent study from blockchain analytics company Chainalysis has found.
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
Kinetic Insurance, a partnership between Kinetic, a wearable device company, and Nationwide is protecting workers from potentially high-risk activities. Kinetic’s Reflex can reduce injuries by as much as 50%, according to the company.
The H1 2022 financial results are in for AXA and CEO Thomas Buberl has credited the insurance giant with delivering “a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment.”
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally.
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
Understanding and defining digital innovation is key to bring about change. In the insurance industry digital transformation has become a requirement to keep up with new Insurtechs in the space.
The European electric vehicle (EV) market is experiencing unprecedented growth, with 2 million electric car sales in the first quarter of 2022, a rise of 75% compared to the same period in 2021.
Chainproof has launched as the world’s first regulated smart contract insurance provider, fusing the unprotected gap between traditional insurance with decentralised finance (DeFi).
Embedded insurance, a way for carriers to sell policies to customers at the point of sale of consumer goods, is quickly evolving, with “billions of dollars of potential” in areas like auto, home, and business insurance, according to an executive with Swiss Re, the world’s largest reinsurer.
The term “digital innovation” is used a lot. Within the insurance sector, it can describe everything from the digitization of a paper-based form to the digitalization of an entire workflow. It is often used interchangeably with “digital disruption” and the transformational change brought about by new entrants like insurtechs.
According to a survey sponsored by Rackspace Technology, 51% of insurance IT executives say that a shortage of IT talent is a leading issue for businesses.
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
Lemonade has launched its car insurance product in Ohio. It’s the third state for the product following Illinois and Tennessee. The usage-based insurance product can be bundled with the insurtech’s renters, homeowners, pet and life products.
Israel’s insurtech ecosystem continues to grow and develop. Because insurance affects all facets of our lives, it is a multi-faceted industry that includes many nuts and bolts. Here is a complete map of the Israeli insurance / insurtech ecosystem:
Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
The demand for embedded financial services has been seen across the industry, with the insurance sector being no exception. Embedded insurance has the potential to remove the hassle from a purchase, create tailored products, allow the insurer total control of what they want to sell, and help close the ‘protection gap’.
Since I started my career three decades ago, there’s always been this paradoxical rhetoric about the insurance industry’s risk averseness, mainly stemming from the absence of a flurry of innovative products, services and processes.
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer.
Customer satisfaction in digital offerings from insurers declined this year, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study.
Differentiated products and services are key to growth among life and annuity carriers.
Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.
Elon Musk took a moment this week to talk about something other than Twitter: his carmaker’s effort to cut out the middlemen and lower premiums.
Jamie Hale is the CEO and co-founder of Ladder. He has also served as a partner at Aldenwood Capital and Jasper Ridge/Oak Hill Investment Management.
As the InsurTech industry approaches the next wave of innovation, experts say this could mean navigating rough waters.
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”
Insurers have made significant investments in improving their data assets over time. Large-scale IT projects are replacing legacy systems, data lakes and warehouses are being built and new policy and claims administration systems have been installed. All with the promise of improved data quality and greater data availability.
In this blog series, we’ve looked at the latest entry in the only longitudinal survey of underwriters in North America. The study, which is run in partnership with Accenture and The Institutes, provides vital context for tracking the trajectory of underwriting, which is the heart of any insurance carrier’s business.
Since the onset of the pandemic, many businesses across all industries stayed afloat by fundamentally understanding the way people shop and purchase and transforming their processes to meet that need.
Challenger firms are helping to change the industry, but incumbents will take the rewards, says John Chambers.
Covington & Burling LLP attorneys suggest how the insurance industry might respond to the unique risks that are sure to arise from commerce in the metaverse.
Insurance companies are on a constant quest to price risk better using data scientists, actuaries and decades of loss history. Over the years, they have sought (and found) better proxies for driving risk, having started with age before moving on to zip codes, occupation and credit scores.
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
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