All News
We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Sacramento-Based Retail Broker Inszone Acquires Contractors Insurance Group
Inszone Insurance Services has announced that it has acquired The Contractors Insurance Group, an Arizona-based agency that focuses on contractors.
Accenture Announces 19,000 Job Cuts Across its Worldwide Operations
In an effort to reduce costs amidst a bleak economic outlook, Accenture, the Irish-American professional services company, plans to cut 2.5% of its workforce, which amounts to approximately 19,000 jobs worldwide, over the next 18 months.
Munich Re and PSG Partner Up and Announce New Risk Assessment Solution
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.
Lloyd’s of London Swings to Loss After £21bn Ukraine and Hurricane Ian Claims
The world’s biggest insurance market reports pre-tax deficit of £769m for 2022 after profit of £2.3bn in 2021
ESG: Chubb Introduces new Underwriting Standards for Oil and Gas Extraction
Chubb has introduced new underwriting standards for oil and gas extraction projects, emphasising the reduction of methane emissions, which are some of the most significant greenhouse gases generated by the industry.
Digital Evolution in the Life Insurance Industry is Critical, says Capgemini Report
A new report on digital transformation in the Life insurance industry has stated that ‘digital evolution’ is essential if the industry is to keep up with global innovations.
Insurtech Kin Upsizes its Series D Funding Round to $109 Million
Kin, the direct-to-consumer home insurance company built for every new normal®, today announced that it conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022.
2022 Saw Insured Catastrophe Losses Rise to $132 Billion, says Swiss Re
Global reinsurer Swiss Re has reported that insured losses resulting from natural and man-made catastrophes in 2022 totalled $132 billion with economic losses surpassing double this amount at $284 billion.
12 US-Based Insurtech Unicorns Scaling Fast in 2023
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.
Employer Health Benefits Provider Gravie Raises $179 Million in Latest Funding Round
Gravie, a provider of employer health benefits, has secured a $179 million equity investment led by General Atlantic, a growth equity investor. FirstMark Capital and AXA Venture Partners, Gravie’s existing investors, are also participating in the funding round.
DeFi Insurance Payouts Rose to $34.4M in 2022, Says New Report
Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022, according to OpenCover.
Insurtech Fuse Hits More Than $200M Gross Written Premium in 2022
Indonesian insurtech company Fuse announced Tuesday that it achieved more than 150 million policies in 2022, with gross written premium (GWP) exceeding $200 million.
Generali UK makes Supercede its Reinsurance Technology Provider Following Successful UK Trial
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 Proves Cyber is Insurable via New Method for Modelling Risk
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
Swiss Re Warns Inflation is Placing P&C Insurers Under Increasing Pressure
Swiss Re’s experts have warned that pressure as a result of inflation is being placed on P&C reinsurers and insurers over the next 12 months and this will impact claims growth.
Netradyne Partners with Cover Whale to Provide High-Tech Dash Cams for Customers
Netradyne, an SaaS provider of artificial intelligence (AI) and edge computing solutions focused on safety and driver coaching for commercial fleets, announced its partnership with Cover Whale Insurance Solutions, Inc., a commercial trucking insurance provider and fast-growing insurtech.
Forbes Ranks Guidewire Top for IT Services Among US Mid-Size Employers
Insurtech company Guidewire has been named one of the country’s best midsize employers by Forbes.
Hiscox UK launches underwriting academy to develop industry talent
Specialist insurer Hiscox UK has launched an underwriting academy after a successful pilot in the final quarter of 2022.
Walmart Inc. backs PhonePe with US$200 million to launch insurance offering
The Indian payments firm PhonePe has secured US$200 million in funding to launch insurance and wealth offerings
Insurtech Sure launches embedded one-click technology insurance protection for merchants
Digital insurtech API provider, Sure, has launched a new technology that enables online merchants to offer customers embedded one-click insurance.
State Farm reports $1 BILLION increase in hail claim costs
State Farm has reported that the company’s annual claims paid to help customers recover from hail damages increased more than $1 billion from 2021 to 2022.
AXA XL teams up with Intangic MGA to enhance cyber insurance offerings
AXA XL, the P&C and specialty risk division of AXA, has partnered with Intangic MGA to offer parametric cyber insurance solutions
Swiss Re reports robust business outlook and strong capitalisation for 2023
Swiss Re, the global reinsurance leader, has reported a strong capital position and a positive outlook for its business in its recently published 2022 Annual Report.
Echo Re Leverages ADEPT to Drive Efficient Data Exchange with Aon in Asia
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.
Fairmatic raises $46M to bring AI to commercial auto insurance
With inflation sparking an increase in the cost of repairs, labour and claims, fees for insurance are similarly spiking across the board.
Allianz Re and OKO Take Home the Insurtech Insights Europe Ambitious Insurer Award
Data-driven weather-index product protects vulnerable farming communities in Côte d’Ivoire
Insurtech bolt and Pathpoint Launch E&S Integration
Singapore-based insurtech bolt has partnered with Pathpoint, a digital wholesaler for small commercial excess & surplus (E&S).
Cover Genius Acquires Clyde, Expanding its Presence in $121B Global Warranty Industry
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.
SLVA and Black Kite Join Forces to Protect Businesses From Third-Party Cyber Risks
SVLA and Black Kite have forged a strategic partnership to help protect businesses from third party cyber risks.
Freight and logistics insurer TT Club names new deputy CEO
International freight and logistics insurer TT Club has announced two senior appointments as part of its planned succession program.
Medwing, Europe’s recruitment marketplace for healthcare workforce, raises $47M
Founded out of Berlin in 2017, Medwing targets the healthcare industry in Germany and the U.K. with a platform designed to match hospitals and clinics with nurses and elderly caregivers, though it also caters to pharmacists, midwives, doctors, and similar professionals.
Report: Unlocking the Potential of Embedded Insurance
Embedded Insurance places the offer of insurance protection seamlessly into your customers’ purchasing journey – providing personalised, simple and transparent cover that is presented at the moment it is front of your customers’ mind.
SRG Buys Consort Insurance
Specialist Risk Group (SRG) has today announced its acquisition of the mid-market commercial broker Consort Insurance.
Coalition enters UK excess cyber market
Coalition, a provider of active cyber insurance, has announced its entry into the excess cyber insurance market in the United Kingdom.
Assured Allies Raises $42.5M in Series B Funding
Assured Allies, a Boston, MA-based insurtech company for evidence-based successful aging, raised $42.5M in Series B funding.
Chubb partners with Vietnam bank for new insurance products
Global insurer Chubb has partnered with Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest retail banks in the country, for a five-year partnership to co-create innovative insurance products.
Swiss Re closes US$700m stop-loss transaction
Swiss Re has announced that it has successfully closed a multi-year stop-loss transaction with funding led by JP Morgan.
RT Specialty names new EVP
International specialty insurance firm Ryan Specialty Group has announced the promotion of Michael van Acker to executive vice president of RT Specialty, Ryan Specialty’s wholesale brokerage and binding authority specialty.
Insurance ecosystems: “Co-opetition” is the key to success
Pravina Ladva, Group Chief Digital & Technology Officer of Swiss Re writes about the importance of ‘co-opetition’ within the growing digital ecosystem
Lexasure Financial Group Signed Business Combination Agreement to Go Public
Lexasure Financial Group, a leading provider of reinsurance and digital insurance solutions in Southeast and South Asia, and Capitalworks Emerging Markets Acquisition Corp., a publicly traded special purpose acquisition company organized in the Cayman Islands to effect a merger, stock exchange, asset acquisition, stock purchase, recapitalization or other similar business combination, today announced a definitive business combination agreement to provide Lexasure with a path to becoming a publicly listed company through a new Cayman Islands holding company, Lexasure Financial Holdings Corp., that will acquire both Lexasure and CEMAC.
Sure launches ecommerce insurance solution
Insurance technology provider Sure has launched Retrace, a solution for online merchants to provide customers with embedded one-click insurance and protection at the point of sale.
Allianz Group makes global changes to commercial business
Allianz Group has announced the creation of Allianz Commercial, a global commercial insurance segment encompassing its AGCS business serving large corporate clients and its businesses serving mid-sized, country-based accounts.
Monnai raises $6.5m to help fintechs use consumer data
Monnai, a provider of consumer insights infrastructure for financial institutions, has raised $6.5 million in a Series A funding round led by Tiger Global.
Flock raises $38 millon for insurance that enables quantifiably safer motor fleets
38M in series B funding, led by Octopus Ventures.
InsureTech Flock raises $38M Series B
It’s only human nature. If you tell a driver their insurance premium will go down if they drive more safely, then – it turns out – they will probably drive more safely. Scale that up to entire commercial fleets and the costs saving can become extremely significant. However, the trick is to do the tracking in the first place.
Altai Ventures launches $53mn fund to invest in insurtechs
US-based VC firm Altai Ventures has launched a new US$53mn fund to invest in early-stage insurtech startups, with the backing of Bain Capital Ventures.
Chubb Introduces Chubb Climate+
Chubb today announced the name for the new global climate business unit the company launched last month: Chubb Climate+. In addition, Chubb announced the appointment of three executives who have joined the business unit’s leadership team.
Oka Raises Over $7M in Seed Funding
Oka, a Park City, UT-based carbon Insurance company, raised over $7M in Seed funding. The round was led by Aquiline Technology Growth with participation from Firstminute.
WhenFresh launches cladding dataset
A new cladding dataset has been developed to enable insurers to better understand property risk across their policy portfolio and drive more accurately priced, instant quotes for new insurance applications.
Insurance within Europe through Freedom of Service
Historically, the insurance sector has not been known for its innovation power, being relatively slow to adapt and embrace new technologies. And to the eye, this has left it far less disrupted than many other sectors.
Branch Launches In Three New States and D.C.
Branch®, a full-stack insurance company that uses data, technology, and automation to make home and auto insurance simpler to buy and less expensive, announced it has launched in D.C., Georgia, Massachusetts, and Mississippi.
Data privacy violations are the new cyber threats for insurers
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.
PGA TOUR and Pacific Life Announce Five-year Partnership
Pacific Life, a leading global life insurance and retirement solutions company, today announced a new five-year partnership with the PGA TOUR as part of its Official Marketing Program.
Embedded Insurance 2.0 – a $2.5 Trillion growth opportunity
A new report from a peer group of some of the world’s biggest insurance groups articulates and clarifies the strategic opportunity of Embedded Insurance for the industry and its stakeholders.
Socotra to Expand in Europe
The vendor is targeting European expansion for its global growth strategy, meeting accelerated demand for its API-driven, cloud technology in U.K., DACH, France and other territories.
Allianz Care and Engage Health Group launch fairer global health insurance scheme
Award-winning employee benefits broker, Engage Health Group, has teamed up with Allianz Care to launch a new health insurance product for UK start-ups and tech companies with an international workforce.
Chubb enters partnership with Korean Air
Chubb Korea has announced a partnership with Korean Air in a bid to collaborate on domestic and overseas travel insurance offerings.
Evolutionising Car Insurance with Israeli Innovation and Swiss Precision
Car insurance is a necessity for any driver, but the premium amount can often be confusing and seemingly arbitrary. Have you ever wondered why your insurance premium is calculated the way it is? The answer lies in the use of actuarial models. Actuarial models have been utilized by insurance companies since the 1970s and haven’t changed much.
Echo Global Logistics Launches Integrated Shipper Insurance, EchoInsure+
This new offering,allows clients to receive an extra layer of protection on their shipments, while increasing efficiency and providing faster resolution.
Swiss Re names Monica Ningen CEO of US P&C Reinsurance
Swiss Re Ltd. said Friday it has named Monica Ningen as CEO of US P&C Reinsurance and Jolee Crosby to take over Ms. Ningen’s former role as president and CEO of Swiss Re Canada & English Caribbean business, effective July 1.
Do you have news you would like to share with the World's Largest Insurtech Community?
Please feel free to send us an email
news@insurtechinsights.com
