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QBE Europe expands financial lines offering with launch of W&I product
QBE has announced the introduction of Warranty and Indemnity (W&I) insurance in Europe for the first time to further support customers.
Descartes launches full-stack parametric insurer, Descartes Insurance
Descartes Underwriting, an insurance technology focused Managing General Agency specializing in parametric and data-driven risk transfer products, announced the launch of a full-stack underwriter called Descartes Insurance.
Zurich Insurance leads SERIES B fundraise for global cyber insurtech BOXX Insurance
BOXX Insurance, the Toronto headquartered insurtech that combines cyber insurance and security, announced a US$14.4 million Series B funding round, bringing the total amount raised from investors to US$24.5 million in the last 16 months. The latest investment was led by global giant, Zurich Insurance Company Ltd (Zurich).
Marsh appoints CEO for Malaysia
Marsh has appointed Chou Sean Chong as CEO of Marsh Insurance Brokers (Malaysia), effective Jan. 1. He is based in Kuala Lumpur and will report to James Addington-Smith, CEO, South Asia, Marsh.
Chubb to Launch New Technology Hub in Thessaloniki, Greece
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.
Evertas raises $14 million
Evertas, “the first cryptoasset and blockchain insurance company,” has closed a $14 million funding round led by Polychain Capital, with participation from SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, network0, Matrixport, HashKey, and several individual investors.
USAA Leverages CCC to Streamline First-Party Casualty Claims Experience
The CCC First Party Claim Portal, developed in collaboration with USAA, extends CCC’s casualty offering, helps insurers digitally engage with policyholders.
Otonomo Partners With Renault Group for Fleet Modernization
Otonomo Technologies Ltd. (Nasdaq: OTMO), the platform powering the mobility economy, today announced a multi-year partnership with global automobile manufacturer Renault Group.
Munich Re to launch behavioural rating services platform
Global reinsurer Munich Re and JiuGe Technology, subsidiary of mobile data and services company FingerMotion, are ready to launch their new behavioural rating services platform for commercial use.
Butter Insurance raises $1.3 million
Australian insurance startup Butter Insurance has closed a $1.3 million pre-seed funding round backed by Flying Fox VC, Quokka Ventures, FB10X and Startmate.
Tenpo partners with Chubb
Chilean fintech company Tenpo, a subsidiary of financial services holding company Credicorp, has partnered with Chubb to introduce a new coverage.
Zurich Insurance Emerges as Front-Runner to Buy MetLife’s Malaysia Business
Zurich Insurance Group AG has emerged as the front-runner to buy a majority stake in the Malaysian insurance business of US insurer MetLife Inc. and Kuala Lumpur-listed AMMB Holdings Bhd., according to people with knowledge of the matter.
Munich Re and HSB Partner with Schneider Electric on Risk Innovation
HSB (Hartford), a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, has announced that it will expand its suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric.
Generali plans sale of $21 billion of its Italian life insurance portfolio
Italian insurer Generali SpA is planning to sell roughly 20 billion euros ($21 billion) of its Italian life insurance portfolio, Bloomberg News reported on Wednesday, citing people familiar with the matter.
bolttech Chooses Sapiens for P&C Core Transformation
Sapiens IDITSuite and Sapiens Intelligence will give the InsurTech’s Hong Kong general insurance operations greater automation and standardization.
Mosaic Partners With Safe Security on Real-Time Cyber Risk Evaluation
Mosaic Insurance has launched a pioneering platform powered by California-based Safe Security to help underwriters evaluate cyber risk for brokers and insureds.
Many InsurTechs Exit the Marketplace, and Other 2023 Predictions From Forrester
More than a quarter of InsurTechs will leave the insurance marketplace in 2023 — just a couple years after investments in the space were at an all-time high, according to predictions from research and consulting firm Forrester.
Developing ESG strategy is now a key focus for risk managers
More than half of risk managers are significantly involved in their organization’s ESG efforts, but 77 percent believe they should take an active or more active role in ESG strategy and initiatives, according to the 2022 ESG Global Risk Managers Survey from WTW.
FTX collapse a “sobering warning” for insurers: AM Best
The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best.
RSA to launch new low-carbon underwriting policy
RSA today announced the launch of its new low-carbon underwriting policy, effective 1 January 2023, and a commitment to achieving an underwriting portfolio for energy production that is over 75% low carbon by 2030.
3 things insurers, agents wish the other knew about tech needs
Insurance carriers and independent agents work together but often don’t understand each other’s viewpoint. However, without their partnership neither would be able to be successful. This is especially true in the complex world of cybersecurity and identity management where both have a mutual goal of keeping their systems secure and their customers’ information private.
AXA to use telematics to assess taxi fleet
AXA Hong Kong and Macau is working with Chung Shing Taxi and TaxiSafely to launch what it considers Hong Kong’s first Internet of Vehicles (IoV) project.
How insurers can win the race to AI maturity
Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies—including insurance carriers—are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics.
How bias persists in life insurance
Many Americans look to life insurance to protect their families from financial burden after death, but those protections can be vastly different depending on factors that include the color of the policy holder’s skin.
Insurtech FloodFlash expands into US, led by Mark Hara
Parametric flood insurance company FloodFlash, the first insurance provider to pay catastrophic flood claims as fast as 4 hours after a flood, announced today the hiring of Mark Hara as CEO of North of America. After an extensive search, Hara joins to lead the company’s expansion into the U.S. insurance market, the biggest flood insurance market in the world.
Allianz Commercial launches new programme in bid to support independent brokers
Allianz Commercial has announced the launch of a new model to provide a consistent and tailored approach to broker relationships.
Role of AI in the insurance sector
It is not a secret that Artificial Intelligence (AI) is revolutionising every facet of our lives. Its ability to learn, make decisions, and self-correct is making it the fastest growing technology of our era.
Leveraging Data Analytics in Insurance
Insurance firms use data analytics to generate real-time consumer and market information.
Swiss Re & Carbonfuture partner to boost carbon removal market standards
The signing of a multi-year purchase agreement between Carbonfuture and Swiss Re exemplifies how buyers can support carbon removal solutions that guarantee high quality standards.
AXA Commercial introduces new operating model
AXA Commercial, part of AXA UK , announced that it has created a team of “120 experts” who will focus on the SME market.
The Looming AI Risks Insurtechs Must Prepare For
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
WTW launches new geopolitical risk research programme
WTW, the global advisory, broking, and solutions company, has announced the launch of a new geopolitical risk research programme to bring together world experts and build resilience against escalating threats.
Cyber a burgeoning risk pool with big challenges & big opportunities: Swiss Re
Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute.
3 ways for insurers to prepare for the metaverse
The metaverse is a broad term that refers to a multitude of technologies—some of them including augmented (AR) and virtual reality (VR). The idea is that we can perform regular activities like shopping, meeting people, and more in a digital space that doesn’t exist physically.
Trailblazer Technology Funded by ManchesterStory, a Leading Insurtech Venture Fund
Trailblazer Technology, the insurance industry’s first true multi-tenant cloud solution dedicated to smaller insurers, is
pleased to announce the company recently closed a seed funding round led by ManchesterStory, a venture capital (VC) fund focused primarily on the Insurtech sector.
Cyber Insurers Turn Attention to Catastrophic Hacks
While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack.
Liberty Mutual considers $1bn sale of Europe business
US insurer, Liberty Mutual Holding Company (LMHC), is exploring a sale of its businesses in Spain, Portugal and Ireland, according to Bloomberg News sources.
4 Ways to Balance Digital Trends with Customer Expectations
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.
KKR Nears €2.3 Billion Deal for CVC’s Insurance Broker April
French insurance broker April Group said private equity firm KKR & Co. has become its new majority shareholder, according to a statement posted on its website.
Helios Underwriting raises £12.5m in funding
Helios Underwriting has raised £12.5m in funding through a new share placement.
Markel International announces major restructure
Markel International – a subsidiary of Markel Corporation – has today announced that it will merge its professional and financial risks (PFR) division with its recently expanded cyber team.
Liberty Mutual Explores $1 Billion Sale of Europe Businesses
Liberty Mutual Holding Co. is exploring the sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region.
Insurance can help strengthen cyber resilience as risks evolve: Swiss Re
In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report.
Vaens and Astorya.vc back €1.1 million round for net zero insurance data startup Claims Carbon
Claims Carbon, a Stockholm-headquartered software business that helps insurance firms assess the carbon footprint of their value chains, has announced a €1.1 million seed raise led by Helsinki investment firm Vaens.
Zego and QBE further expand partnership
Insurtech unicorn Zego and insurer QBE have expanded their existing partnership to cover individuals who use their own vehicle for work purposes.
Will insurance digitalization introduce a new social platform?
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.
InsurTech Surround bags $2.5m to change the insurance experience
Surround Insurance, an InsurTech passionate about changing the insurance experience for consumers in their 20s and 30s, has raised $2.5m in seed funding.
Marsh blasts off with insurance for first space rocket launch from UK soil
Marsh has revealed that it has placed insurance for the first space rocket launch from UK soil, arranging it on behalf of Space Forge and placing it with Beazley to cover risk of loss to the Forgestar payload.
Automation accelerates in small commercial lines underwriting
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase of automation.
Is social engineering the next big cyber risk?
While ransomware attacks continue to dominate headlines, another type of cyber risk is on the rise: social engineering.
Adopt and adapt: the keys to tech-powered success for insurers
The pace of change has quickened over the last few years in the insurance industry. Driven by competition from Insurtechs and global tech giants such as Amazon; insurers, brokers and managing general agents (MGAs) have found themselves at the heart of a technology whirlwind – exploring how innovations like cloud core system architectures, Application Programming Interfaces (APIs), and deploying artificial intelligence and machine learning could help them get the most out of their data for the benefit of customers.
Highly-digital insurance agencies grew 70% faster than counterparts
Liberty Mutual and Safeco Insurance released The State of Digital in Independent Insurance Agencies, which highlights how digitization is necessary to stay relevant, but most agencies have slowed adoption of digital tools since 2020.
Tech and human intelligence in re/insurance should work as a “marriage”
The role that technology plays in the re/insurance industry is increasing and this is happening at a time when market participants are striving for greater efficiency, in an effort to both lower costs and remain relevant in an evolving sector.
Net zero plans help insurers manage carbon transition risks: Moody’s
According to a recent Moody’s investor’s service report, net zero objectives require considerable organisational focus and investment in measuring carbon transition risk, which in turn puts insurers in a better position to manage it.
How technology can reduce turnaround time for insurance claim settlements
Claim settlement and fulfilment, form the most crucial aspect for any kind of insurance product. Insurance has majorly been led by a traditional model, where claim settlement is a long and tedious process, both for consumers and insurance companies.
Insurtech pioneer Qover unveils embedded insurance orchestration technology
Tens of thousands of companies that would benefit from being able to offer their customers insurance will be able to do so from today.
EIS: Insurance is a Critical Industry in the Fight Against Climate Change
COP27 has once again highlighted the importance of companies playing their part in fighting climate change. Individual organisations doing so is a start, but industry wide change must take place. The insurance sector is no different.
Allianz Partners and Iberia extend their existing partnership
Allianz Partners is extending its partnership with Iberia, Spain’s largest airline, for three more years.
VC Roundtable: What’s happening with insurtech M&A activity?
2020 and 2021 saw a great deal of M&A activity in the insurtech space – activity that has since cooled and remained that way as we near the end of 2022. The overall investment in insurtech generally boomed during 2020 and 2021, as the use of special purpose acquisition companies (SPACs) peaked which continued to cool off in 2022.
WTW collaborates with LSM & Markel on digital commercial insurance platform
WTW has collaborated with Liberty Specialty Markets (LSM) and Markel to launch the pilot phase of a new digital commercial insurance platform.
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