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Eigen Technologies Unveils Eigen 6, Redefining Document Workflows with Enhanced Generative AI
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.
CoverSelf Secures Additional US$3.4 Million in Extended Seed Round, Reaching $8.2 Million Total Investment
CoverSelf, the unified platform revolutionising healthcare claims and payment integrity, has announced the extension of its seed round to US$8.2 million, attracting renewed interest from existing investors and prominent figures in the healthcare industry.
Chubb Survey Exposes Alarming Lack of Awareness and Preparedness Among US Businesses Regarding Flood Risk
Chubb, the world’s largest publicly traded property and casualty insurance company, has released the results of a comprehensive survey revealing a significant underestimation of flood risk among mid-market companies in the United States.
WTW Launches “A-Star” Excess Layer D&O Insurance Solution for Directors and Officers
In a strategic move, insurance broker WTW has unveiled “A-Star,” a comprehensive excess layer Directors and Officers (D&O) insurance solution.
INSTANDA and Farmsure Partner to Transform Agricultural Insurance Via No-Code Technology
INSTANDA, a global leader in no-code insurance platform technology, and Farmsure Underwriters Ltd, a prominent agricultural insurance specialist, have announced a strategic partnership.
Parametric Insurtech Anansi Announces Triple Partnership with Tokio Marine HCC, Liberty Mutual and Arch Insurance
UK insurtech Anansi has announced a triple collaboration with Tokio Marine HCC, Liberty Mutual and Arch Insurance to introduce a pioneering parametric goods-in-transit insurance tailored for large retailers.
Accelerant Appoints Gabriella Engstrand as Head of Distribution for Europe
In a strategic move, data-driven risk exchange Accelerant has welcomed Gabriella Engstrand to lead its distribution efforts in Europe
Kin Achieves a 63% Increase in GWP, Surpassing US$270 Million in 2023
Digital P&C insurtech Kin has reported a remarkable 63% year-over-year increase in Gross Written Premium, reaching a milestone of over $270 million in 2023.
Guidewire Partners with Swiss Re Reinsurance Solutions
Guidewire has joined forces with Swiss Re Reinsurance Solutions to transform the insurance landscape by leveraging cutting-edge technology.
Prime Perks: Amazon’ify My Health, Please
Rory Yates, Chief Strategy Officer for EIS, unpicks the pros and cons of Amazon’s new Health Insurance offering
Sedgwick Appoints Neil Gibson as CEO for UK Operations
Sedgwick, the technology-driven risk solutions provider, has announced the appointment of Neil Gibson as the new Chief Executive Officer (CEO) for its operations in the United Kingdom.
ICEYE Bolsters Radar Imaging Constellation with the Launch of Four New Satellites
ICEYE, a provider of natural catastrophe solutions and insights, has expanded its constellation by introducing four new synthetic aperture radar satellites.
Guidewire Announces Innsbruck Release Date, Welcomes Insurtech E.design to it’s Platform
E.design, an insurtech company affiliated with the Tokio Marine Group, has selected Guidewire Cloud to strengthen its core operations. Guidewire has also announced the release of its new cloud solution, Innsbruck.
Zurich Warns of ‘Significant’ Climate Risks Impacting Australia’s Energy Sector
In a recent report by Zurich Australia and Mandala Partners, it has been highlighted that nearly 40% of Australia’s energy generation assets are poised to face heightened risks from climate impacts in the coming decades.
Coalition Expands Presence in UK with Strategic Underwriting Hire
Coalition has bolstered its footprint in the UK and announced the appointment of Gareth Machin as its inaugural Manchester-based underwriter.
Aon Bolsters Climate Risk Advisory Function in Risk Capital Expansion
Aon, a global leader in risk management, has announced the expansion of its Climate Risk Advisory function to encompass the firm’s Risk Capital capability.
Securing Cyber: Insuring Against an Escalating Threat
The growing cyber threat to businesses globally has seen the insurance industry mobilise into action. Insurtech Insights explores the regulatory and technical minefield of the cyber insurance space
Diesta Secures US$1.9 Million in Seed Funding to Revolutionise Insurance Payments
London-based Insurtech startup, Diesta, has successfully concluded its seed funding round, securing an impressive $1.9 million in capital.
OUT NOW: Read the Latest Issue of Insur.Tech.Talk
Check out the latest issue of Insur.Tech.Talk, edited by Insurtech Insights USA President, Megan Kuczynski. This month features Unqork, Benekiva, Celent, JobsOhio and more
Liberty Mutual Returns to Profitability in Q3 2023
The insurer disclosed its Q3 2023 results, showcasing a net income of $219 million for the quarter. However, the overall performance for the first nine months of the year reflects a net loss of $441 million.
Amazon Launches Revolutionary Healthcare Insurance for Prime Members with US$9 Monthly Benefit
Amazon has launched a groundbreaking health care benefit for Prime members, providing exclusive access to high-quality care through One Medical, an Amazon subsidiary.
Root Teams Up with Admiral’s Connect for Embedded Insurance Solutions
Root, the comprehensive digital insurance platform, has unveiled its inaugural strategic partnership in the UK with Connect, a subsidiary of leading insurer Admiral Group. The plan for the collaboration is to create an embedded insurance platform.
Lemonade Celebrates Milestone with Over 2 Million Active Customers
Digital insurance leader Lemonade, has announced it has surpassed the ‘two million active customers’ milestone.
Zurich’s P&C Insurance Revenue Jumps 9% to US$31.4 Billion YoY
Zurich Insurance Group has reported a robust financial performance in its first nine-month results, with property and casualty (P&C) insurance revenue witnessing a significant 9% year-on-year increase, reaching US$31.4 billion.
Ransomware, Extortion Claims on the Rise, Warns Allianz Commerical Report
Allianz Commercial has issued a report highlighting a resurgence of ransomware and extortion claims, marking a shift from the relatively stable loss activity observed in the past two years.
Munich Re Delivers Strong Q3 Results and Raises Full-Year Net Result Guidance to €4.5 Billion
Munich Re has delivered a strong set of results for the third quarter of 2023, with a net result of €1.2 billion and an improved combined ratio of 82% in its property and casualty (P&C) reinsurance business.
MetLife Launches New MetLife Xcelerator Platform in Latin America
MetLife, Latin America’s leading life insurance company, has announced the launch of MetLife Xcelerator.
Lloyd’s Launches Inclusive Futures Programme in Response to Transatlantic Slave Trade Associations
Lloyd’s has launched a comprehensive initiative aimed at fostering greater inclusivity and advancement opportunities for Black and ethnically diverse individuals, spanning from educational settings to corporate boardrooms.
bolttech Partners with Salt in Switzerland and Monaco Telecom
International insurtech, bolttech, today announced a preferred partnership with French entrepreneur Xavier Niel’s NJJ telecom Group (NJJ) to provide device insurance for European mobile operators under its portfolio.
Otonomi and Redkik Join Forces to Transform Freight Insurance Landscape
Otonomi, a leader in innovative supply chain risk technology, and Redkik, a leading embedded cargo insurance innovator, have united to revolutionise the approach logistics companies and shippers take to mitigate financial risks
Hippo CEO Addresses Speculation Regarding Spinnaker Insurance Sale
Hippo Insurance CEO Rick McCathron has addressed the speculation regarding the Spinnaker Insurance sale, and its significance of Spinnaker within the Hippo portfolio.
Citizens Property Insurance Boosts Underwriting Practices in Florida with Verisk’s Aerial Imagery Analytics
Citizens Property Insurance Corporation, a prominent not-for-profit insurer based in Florida, is set to enhance its underwriting capabilities by adopting Verisk’s Aerial Imagery Analytics solution.
Hiscox Cuts 42 Positions in US Amidst Reorganisation Strategy
In response to ongoing reorganisation efforts, Hiscox has made the decision to reduce its workforce by approximately 10% in the United States.
Lemonade will Hit Cash Flow Positivity by 2025, Predicts CEO Daniel Schreiber
Lemonade will hit profitability in the next 24 months, says the insurtech’s CEO, Daniel Schreiber, who also said the Israeli/American company was rallying, despite the geopolitical turmoil from the war in Gaza.
WTW Launches Asia Pacific Climate Risk Centre in Singapore
Global advisory firm Willis Towers Watson (WTW) has unveiled plans to establish the Asia Pacific Climate Risk Centre (ACRC) in Singapore.
Insly Secures US$1.8 Million in Venture Debt Funding from Hambro Perks
Insly, a software provider specialising in low/no-code technology platforms, has successfully raised US$1.8 million in venture debt funding from Hambro Perks.
Westland Insurance Collaborates with BOXX Insurance to Introduce Cyber Protection
Westland Insurance has joined forces with insurtech BOXX Insurance to launch a cyber insurance product tailored for individuals and families.
Enrico Bertagna Takes Helm of Howden’s European Reinsurance MGA Division
Howden, the global insurance group, has named Enrico Bertagna as Managing Director to spearhead the Managing General Agent (MGA) division within its European reinsurance arm.
QIC Achieves Remarkable 445% Surge in Net Profits, Reaching QAR 453 Million
Qatar Insurance Company (QIC) has posted a robust financial performance, with Net Profits reaching QAR 453 million for the initial nine months of 2023.
Beazley Capitalises on “Exceptional” Property Market, Reports Robust Growth in 2023
Beazley has revealed a remarkable 9% growth in insurance written premiums, amounting to $4.3 billion during the first nine months of 2023.
CNA Moves to Guidewire Cloud to Boost Commercial and Specialty Lines Operations
Guidewire, a leading provider of insurance software solutions based in San Mateo, California, has announced that CNA has opted for Guidewire ClaimCenter and Guidewire PolicyCenter on Guidewire Cloud to drive its claims, policy administration, and underwriting operations
Coalition Launches Active Cyber Insurance Solutions in Australia
Leading cybersecurity firm Coalition has officially introduced its suite of Active Cyber Insurance products in the Australian market.
Marsh McLennan Appoints Susan Potter as CCO for US and Canada
Marsh McLennan, a global professional services firm, has announced the immediate appointment of Susan Potter as Chief Commercial Officer for the United States and Canada.
Arthur J. Gallagher Acquires Dublin’s Keaney Insurance Broker
Arthur J. Gallagher & Co. has successfully completed the acquisition of Keaney Insurance Brokers Ltd, a prominent commercial insurance broker headquartered in Dublin, Ireland.
Hadron, New MGA Advancing Insurtech, Announces Launch
Hadron, a hybrid insurer designed to boost the advancement of Managing General Underwriters (MGUs), has officially launched.
French Insurtech Flitter Raises €3,5 million to expand UBI Auto insurance
Paris-based insurtech Flitter has successfully secured €3.5 million in a recent funding round aimed at expanding its usage-based car insurance offerings.
CLARA Analytics Launches Comprehensive Casualty Claims Intelligence Platform, CLARAty.ai
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.
Hippo Records Strong Growth with 38% YoY Increase in Q3 2023 Total Generated Premium
Leading home insurer, Hippo, has reported robust performance in the third quarter of 2023, with a noteworthy 38% Year-over-Year (YoY) growth in Total Generated Premium (TGP), reaching US$303.7 million compared to $219.9 million in the corresponding period last year.
Howden Strengthens Latin American Presence through Contacto Acquisition
Global insurance group, Howden, has made a significant stride in expanding its Latin American reach with the acquisition of Contacto Corredores de Seguros S.A (Contacto), a prominent insurance broker in the Peruvian market.
Travelers to Acquire Corvus Insurance in US$435 Million Deal to Boost Cyber Capabilities Expansion
The Travelers Companies, Inc. has announced its decision to acquire Corvus Insurance Holdings, Inc. for an approximate sum of $435 million.
Global Insurtech Funding Surges to Record US$1.1 Billion in Q3 Amid P&C Boom
The insurtech landscape experienced a significant milestone in the third quarter of 2023, surpassing the US$1.1 billion mark in new funding.
Swiss Re’s Net Income Hits US$2.5 Billion in 2023’s First Nine Months
Swiss Re has announced a robust financial performance for the first nine months of 2023, reporting a net income of US$2.5 billion.
Deutsche Bank and UniCredit invest US$55 Million in wefox to Boost Insurtech’s $4.5 Billion Valuation
wefox has secured a substantial boost with $55 million in fresh funding from Deutsche Bank and UniCredit, according to reliable sources familiar with the deal as reported by CNBC.
Federato Partners with Google Cloud to Empower Underwriting Platform through AI
Federato has unveiled a groundbreaking partnership with Google Cloud to integrate cutting-edge capabilities into its RiskOps underwriting platform.
Lemonade Shows Resilience with Strong Growth and Reduced Net Loss in Q3’23
Lemonade has revealed robust performance in the third quarter of 2023. The insurtech’s share price soared over 30% following the improved Q3 results and experts say the company will return to its long-term growth rate target of around 25% in 2024.
Parametric Offerings Yield Better Service as Estimated Losses From Storm Babet Could hit US$800 Million
As Storm Ciaran continues to batter the UK, PwC UK has forecasted insurance losses stemming from Storm Babet, estimating the range to be between US$550-$800 Million.
Zurich Secures 51% Stake in Kotak Mahindra General Insurance for US$488 Million
Zurich Insurance Group has acquired a 51% stake in Kotak Mahindra General Insurance Company Limited.
LEADERSHIP SPOTLIGHT: Sachin Shah, General Manager, Emerging Markets, Manulife, on Operating Successfully in Asia
Sachin Shah began his career as an electrical engineer, but discovered his passion for problem solving was the perfect fit for the insurance industry.
AXA Completes Acquisition of Corebridge Financial’s Laya Healthcare
AXA has concluded the acquisition of Laya Healthcare Limited from Corebridge Financial, a prominent player in retirement solutions and insurance products within the United States.
Cowbell Secures US$25 Million in Funding as Profitable Growth Trends Positively
Cowbell, the cyber insurance provider, has secured US$25 million in fresh funding in a round led by Prosperity7 Ventures, alongside contributions from both new and existing investors.
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