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Insurtech Bluezone gets reinsurance backing for life insurance solution
Insurtech Bluezone has secured its first-choice global reinsurer to partner with as it remains on track to launch its first product in the first quarter of 2023.
Betterview and Guidewire Collaborate on Comprehensive Hail Risk Insights
Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurers, and core insurance system/platform provider Guidewire (San Mateo, Calif.), have announced the launch of Betterview’s new Hail Risk Insights, created in collaboration with Guidewire.
Napo raises £15 million
UK-based pet insurance startup Napo has closed a £15 million Series A round led by DN Capital, with participation from Companion Fund, dmg ventures, FJ Labs, Helvetia Venture Fund, MTech Capital, Picus Capital, Sarona Partners, and T0 Ventures.
Airbnb ups insurance coverage, adds one-on-one set up guidance
Airbnb is trying to remove barriers that might keep people from listing their homes in part by tripling its insurance coverage and offering free one-to-one guidance for new hosts.
Beazley raises £350m as it eyes cyber push
Beazley has raised £350m as it flagged plans to accelerate growth in cyber and specialty business.
InsurTech Send Raises £9m Series A to expand in U.K. and U.S.
Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work.
Nationwide partners with Human API
Nationwide announced a partnership with Human API to improve the life insurance buying experience by maximizing the use of digital health data to accelerate the underwriting process.
Insurtech Glow Raises $22.5 Million Series A
“Digital insurance agency” Glow has raised $22.5 million in Series A funding. The round was led by Cota Capital, with AV8 Ventures, Markd, Startup Venture Capital, Maiden Re, and more participating in the round.
Bold Penguin Enhances Terminal Product With Neptune Flood Insurance
Bold Penguin has partnered with Neptune, the largest private flood insurance company for U.S. small businesses, enhancing coverage options on The Bold Penguin Terminal through this carrier panel expansion.
What Can Insurers Expect From a New Phase of InsurTech?
If you’re counting the years since the inception of the term InsurTech, you may be surprised to know that it is officially 12 years old. InsurTech is still in the “tween” years, though it is getting ready to move into a new phase—being a teenager.
InsurTech Otonomi Raises $3.4M to Build Parametric Cargo Platform
InsurTech Otonomi has raised $3.4 million in order to build a blockchain-powered parametric cargo platform, according to a company press release.
Insurtechs still collecting shells, amid choppier waters
Though U.S. insurtech companies are focused on trimming expenses these days, startups in the property and casualty space are still spending on one type of acquisition: Buying licensed carriers that are no longer writing business.
Cyber MGA Elpha Secure Partners With CyberCube
Elpha Secure, the cyber managing general agent (MGA) bringing a radical new approach to cyber insurance, is to use two of CyberCube’s new generation of cyber risk analytics tools.
Andreessen Horowitz Backs $10 Million Round in Insurance Startup Anzen
Anzen, a US insurance startup focused on executive liability, has raised $10 million in fresh funding.
Why using a ‘digital twin’ could impact insurance claims, prevent fraud
Imagine a ship. Once it is built and placed into service, the vessel will require maintenance and repair. Inclement weather and natural disasters may impact travel and the delivery of its merchandise.
US insurtech Vouch invests in broking start-up Capsule
San Francisco-based Vouch has invested in the UK insurance broker Capsule.
The rise of AI in insurance – A double-edged sword
Insurance companies have relied on data for as long as insurance has existed. Today’s insurers use big data from myriad sources to underwrite more accurately, price risk and create incentives for risk reduction.
Cover Genius Raises $70M in Series D Funding
Cover Genius (New York), a global InsurTech dedicated to embedded insurance, announced that it has raised $70 million in Series D funding.
Allianz launches inspection service for EV chargers in the UK
Allianz’s engineer surveyors can now inspect charging points for electric vehicles, which new developments need to be equipped with since a Building Regulations update came into force in June.
Binance Tops up Its Insurance Fund to $1 Billion Following FTX Crash
Binance’s CEO said the world’s largest cryptocurrency exchange increased its Secure Asset Fund for Users (SAFU) to $1 billion again.
Why automation is improving the claims experience
When computers first came out almost 70 years ago, the insurance industry was one of the first to embrace the new technology. However, it stopped there. Today, companies still mostly work with legacy systems and the industry is known to reluctantly embrace ideas of tech innovation.
Lloyd’s advances framework to measure transition to net-zero in underwriting
Lloyd’s is looking to implement next year a market-wide measurement framework to help syndicates transition their underwriting portfolios to a net-zero position by 2050, The Corporation’s CEO John Neal has said.
Revealed – what’s driving global M&A insurance claims trends?
A new report from Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, shines a light on current global M&A insurance claims trends.
Tesla changes insurance incentive scheme in China to urge purchases
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.
Coalition Introduces New APIs to Power Executive Risks Insurance
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced newly available application programming interfaces (APIs) for management liability through Executive Risks Insurance.
Zurich launches global API marketplace
Zurich Insurance Group has launched Zurich eXchange, a next generation global Application Programming Interface (API) marketplace.
Marsh McLennan Agency Acquires Focus Insurance
Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of Focus Insurance, a leading personal insurance brokerage firm based in Houston, Texas. Terms of the acquisition were not disclosed.
Chubb Studio expands tech features
Chubb has announced that its global integration platform, Chubb Studio, has introduced new features that can embed insurance into the digital environments of its distribution partners more easily.
Nationwide partners with hay protection agtech company
Nationwide has partnered with Quanturi to give its agribusiness policyholders access to HAYTECH, an IoT-based monitoring system designed to prevent hay fires and manage hay quality.
‘Crypto CAT Bonds’ – A Killer App for Digital Assets?
Bermuda has long been an innovator in insurance and, under the leadership of its crypto believer Premier David Burt, it is now looking to be an innovator in digital assets.
The Keys to Launching an InsurTech Startup in a Challenging Environment
The insurance industry has faced an onslaught of challenges over the past couple of years, from the global COVID-19 pandemic to economic and social inflation, a talent shortage, a changing climate, growing ransomware attacks, and the Russia-Ukraine war.
Insurers focus on ransomware, user authentication as biggest risks
The market for cybersecurity insurance coverage increased 61% in 2021 over the prior year, reaching $6.5 billion in premiums, according to the annual cyber insurance report issued by the National Association of Insurance Commissioners. Although cyber insurance carriers are struggling to keep up with demand, some digital insurance platforms and cybersecurity advisors are identifying the biggest risks that should be addressed.
Will Insurers Be Connected to the Connected Car?
Today more cars than ever are connected, and those connected cars are creating and transmitting a lot of data. This in turn has created a gold rush among automobile manufacturers (aka OEMs), insurers, and others to find ways to monetize that data. For personal auto insurers the stakes and opportunities are greater than ever.
SCOR partners with Bowtie and Take2 on cancer screening solution
Global reinsurer SCOR has partnered with Hong Kong’s first virtual insurer Bowtie and Take2, a healthcare and biotech company, to develop an innovative cancer screening solution.
Generali and Crawford & Company announce cyber partnership
Global insurer Generali has partnered with Crawford & Company to provide specialist cyber incident response and loss adjusting services globally.
CyberCube partners with MGA, Converge to strengthen underwriting ecosystem
After an auto accident, appraisers and repair shops may not immediately know exactly how much damage there’s been to a vehicle, or if it’s definitely totaled. Or an appraiser might provide an estimate, and then a week later, a body shop realizes the car is totaled.
Tractable, Entegral partner to streamline auto accident repairs, rentals
After an auto accident, appraisers and repair shops may not immediately know exactly how much damage there’s been to a vehicle, or if it’s definitely totaled. Or an appraiser might provide an estimate, and then a week later, a body shop realizes the car is totaled.
Zurich launches Zurich eXchange
Zurich has launched Zurich eXchange, a newly created API marketplace that brings together services from across the Zurich Group.
Corvus Insurance announces cyber partnership with Travelers
Specialty insurance MGA, Corvus Insurance has announced it has entered into a multi-year partnership with The Travelers Companies, Inc., a provider of personal, business, and specialty insurance, to back its Smart Cyber Insurance offering.
Marsh McLennan Agency acquires Bradley Insurance
Commercial insurance broker based in Tennessee, Bradley Insurance Agency, has been acquired by Marsh McLennan Agency (MMA), a subsidiary of Marsh. The terms of the acquisition have not been disclosed.
3 ways data can help detect, prevent insurance fraud
According to the Coalition Against Insurance Fraud and its most recent report estimating the economic impact of insurance fraud in the U.S., the estimated yearly cost related to insurance fraud has increased from $80 billion in 1995 to $308 billion in 2022. That is a staggering number –that the consumer absorbs in the form of increased premiums – to the tune of around $3,700 per year for the average U.S. family.
Swiss Re partners with insurtech Jooycar to boost auto insurance telematics
Global reinsurance giant Swiss Re has entered an alliance with Latin American auto insurtech Jooycar to boost auto insurance telematics benefiting small and medium-sized commercial fleets in Mexico.
Kin secures $145 million in debt financing
Kin Insurance announced the closing of a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P., provides Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
4 Key Principles for Becoming a Customer-Centric Digital Insurer
The insurance industry is traditionally slow to embrace shifts towards digital technology. But this is all changing now. Demanding customers have had their expectations are set higher by engaging with companies in other industries at the forefront of digital adoption. They experience personalised offerings and services and the ability to do online research and price comparisons before buying.
Nationwide partners with Petco, programs to be available in 2023
Nationwide and Petco Health and Wellness are partnering to co-develop affordable pet health, wellness and protection solutions. The programs will be available in 2023.
Health InsurTech Qantev bags €10m
Qantev, an Artificial Intelligence (AI) InsurTech for health insurers based in Paris, has raised €10m in its Series A funding round.
KOBA Insurance Chooses Socotra Policy Core Platform to Expand UBI Product Portfolio
Socotra’s platform will assist KOBA in offering its usage-based insurance internationally and expand its portfolio to other products such as insurance for boats and motorcycles.
Israeli insurtech Vesttoo raises $80m at $1b valuation
The company’s emergence as a unicorn is surprising when taking into account the slowdown in fund raising and that it had a valuation of just $22 million last year.
AXA partners with taxi firms on Internet of Vehicles project
AXA Hong Kong and Macau have announced a partnership with Chung Shing Taxi and TaxiSafely to launch Hong Kong’s very first Internet of Vehicles (IoV) project collaborated by insurer and taxi company.
Aegon, ASR will merge Dutch insurance operations, Aegon to receive 2.5 billion euros
Aegon NV said on Thursday smaller rival ASR would acquire its insurance operations in the Netherlands in a deal that would see ASR replace it as the second-largest Dutch insurer.
Meet the insurtech: BikeInsure
Buzzy Cohn always knew that bike accidents happen – he just never thought it would happen to him.
Marsh reveals how much global commercial insurance rates are increasing
The global insurance broking giant and risk advisor Marsh has today revealed that global commercial insurance prices increased 6% in Q3 2022, representing 20 consecutive quarters of increases.
CyberCube launches Exposure Databases to improve cyber modeling
CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking, sensitivity, and real-time analyses for cyber risks.
EIS Launches Managed SaaS Service for Carriers Transitioning to AWS or Azure
CloudCore customer production support de-risks and accelerates a carrier’s journey to the cloud.
Moody’s affirms ratings of Aviva, AXA UK, L&G, and M&G
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’.
Apple Will Launch Health Insurance In 2024, Says Analyst
Apple will start to offer health insurance in 2024 as it looks to build on the health data it has acquired from the Apple Watch, an analyst has predicted.
YuLife announces US launch
Life insurtech YuLife has officially launched in the United States (US) after completing several funding rounds, which brought its total investment to $206m (£181m).
ManyPets acquires Digital Edge Insurance Company
Pet insurance company ManyPets announced the acquisition of Digital Edge Insurance Company, a US-based carrier, from Munich Re Digital Partners US Holding Corporation, following regulatory approval.
Moody’s partners with Cytora to digitise core risk workflows
Moody’s Analytics and insurtech, Cytora, have entered into a partnership to provide the commercial insurance industry a more streamlined and informed understanding of risk.
We’re not shy to lean into property cat reinsurance: W. R. Berkley CEO
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company’s President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of what the firm does in the short run.
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