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AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
Insurance risk platform Archipelago has raised $34 million in funding led by Scale Venture Partners and earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.
Commercial underwriting is inherently complex, and it’s led many insurers to underinvest in technology.
In 2020, annual funding for insurance startups hit an all-time high of $ 7.1 billion on 377 transactions. This equates to a 12% increase in funding and a 20% increase in transactions compared to 2019. according to CB Insights.
Climate change is one of the biggest challenges we face as a society. With climate-related catastrophe losses continuing to climb, insurers are in a unique position to recognize just how high the stakes of climate change truly are.
Re/insurance broker Willis Towers Watson (WTW) has announced a set of measures aimed at reducing carbon emissions across its business operations, with a target to deliver net zero greenhouse gas emissions by 2050.
In recent years and particularly during the Covid-19 pandemic, we have started to see a rise in businesses using artificial intelligence (AI) to improve their service or products and ensure a seamless, transparent customer experience.
Today Munich-based insurtech insureQ announces raising a €5 million seed round led by Nauta Capital, with existing investors Flash Ventures and GFC also participating.
Insurance markets are competitive (and getting more competitive with new market entrants), and insurance products are complex (and getting more complex with changing customer expectations).
Touchless digital insurance, for years a mirage somewhere in the future for the insurance industry, is here to stay thanks to Covid-19. High-growth breakout successes of the past few years such as Lemonade, Hippo, Next, Root and–if I may be bold, my company Neptune–highlight how innovation in the use of data can change every aspect of the insurance supply chain.
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