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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.
Nationwide partners with Hartford Steam Boiler
Last month, Nationwide announced a partnership with HSB to alert homeowners of potential electrical fire hazards.
6 developments in mobile applications impacting the insurance industry
Mobile technology and innovative apps are key elements in the ongoing digital transformation of the insurance industry.
The Changing Shape of Insurance Innovation
Business has always had innovation, but innovations seem to come in waves.
Swiss Re is trying to ensure that inflation risk is shared between its customers and itself: Frank Reichelt
With inflation currently remaining above historical peak, Swiss Re’s Head of Northern, Central & Eastern Europe, Frank Reichelt, discussed with Reinsurance News about what coping mechanisms the company have had to adapt to keep ahead.
LV= launches Electrix
UK insurer LV= has launched ElectriX, “a one-stop shop offering drivers everything they need to get on the road with an electric car.”
At-Bay Collaborates with Guidewire Cyence to Set New Standard in Cyber Risk Underwriting
At-Bay is collaborating with Guidewire Cyence on the creation of the capability to quantify active CAT management.
Well-prepared leaders embrace risk – Aon report
Well-prepared leaders embrace risk and make better decisions during times of economic uncertainty, according to a new study by Aon.
LuckyTruck raises $2.4M for insurtech, taps industry veteran as CEO
Insurtech company LuckyTruck announced Thursday it has raised a $2.4 million seed extension led by Candid Insurance Investors with participation from Markd, Draper University Ventures and SiriusPoint as the company scales its retail insurance platform that reduces time spent shopping insurance. Since its founding in 2019, LuckyTruck has raised a total of $6.5 million.
Howden partners with Allianz Trade
Howden Insurance Brokers and Allianz Trade have announced their API partnership for structured credit insurance, Howden’s second API partnership in the sector this quarter.
What does the metaverse mean for insurers?
The metaverse is a concept making headlines across the globe, with its application being imagined across all industries. However, until recently, the practical manifestation and future impact of the metaverse was unknown.
Why insurance carriers are using smart home tech in hurricane-prone areas
Hurricane season is well underway, and with several weeks of activity potentially on the horizon, homeowners in high-risk areas are in a pinch. Forecasters are still predicting an above-average season with plenty of time left for powerful storms to form.
Specialty MGA UK launches in London
A new MGA has been launched in London a short distance from Lloyd’s market. Specialty MGA UK has been created with a focus on providing additional capacity for specialty lines of businesses and hard to place risks.
Gradient AI acquires Prognos Healthcare
Gradient AI, a Boston-based enterprise software provider of AI solutions in the insurance industry, announced that it has acquired Prognos Health’s (New York) analytics business underwriting unit to leverage data from the company’s large collection of integrated medical records and lab data via its real-world data marketplace.
What’s the most promising insurance technology in the market?
Brad Middleton, director, pricing & rating, Deloitte Canada I’ve found Earnix to be quite good for the marketplace. One of the challenges that insurers consistently
WTW launches new analytics platform
Global advisory, broking and solutions company, WTW, has announced the launch of Risk Intelligence Quantified (Risk IQ), a platform aimed to help risk specialists to understand and navigate their business’s risk portfolio.
Cytora and Moody’s Analytics Partner to Digitise and Streamline Core Risk Workflows
Cytora, a digital risk processing platform, and Moody’s Analytics, a leading provider of financial intelligence and analytical tools, have partnered to provide the commercial insurance industry a more streamlined and informed understanding of risk. The data provided by Moody’s comes pre-integrated into the Cytora platform providing insurers with a superior risk selection driving uplift to GWP.
Allianz addresses sustainability of auto insurance
At its 10th Allianz Motor Day, Allianz addressed the question of how sustainable car insurance can be, calling for an increase in so-called “green repairs” to vehicles.
Chewy partners with Lemonade
Chewy is expanding CarePlus, its exclusive suite of insurance and wellness offerings, with new plans provided by Lemonade Pet, Lemonade’s pet health insurance product.
Amazon launches new home insurance product in the UK
Amazon has announced the launch of its Amazon Insurance Store, a new way for UK customers to shop for home insurance.
Zurich names new group CUO
Zurich Insurance Group has announced that Penny Seach, currently chief underwriting officer for Europe, the Middle East and Africa, will be promoted to the role of group chief underwriting officer effective Jan. 1. Seach will report to Sierra Signorelli, CEO of commercial insurance.
Insurer AXA to buy Spanish peer GACM Espana for 310 million euros
Allianz is expanding its automatic accident detection service. Dubbed the Allianz accident reporter, the digital claims service used by Allianz at the scene of an accident, can automatically detect accidents and notify the insurer. Insureds are later informed about the next steps of claims settlement.
Allianz expands automatic accident detection service
Allianz is expanding its automatic accident detection service. Dubbed the Allianz accident reporter, the digital claims service used by Allianz at the scene of an accident, can automatically detect accidents and notify the insurer. Insureds are later informed about the next steps of claims settlement.
Insurtech Otonomi raises $3.4m to build blockchain-powered parametric cargo platform
Insurtech and parametric cargo insurance platform, Otonomi has announced that it has closed a $3.4 million funding round to build a first-to-market blockchain-powered parametric cargo platform.
Blink Parametric Partners with Saskatchewan Blue Cross to Provide Flight Disruption Service
Blink Parametric has announced an expansion of its real-time flight disruption service through an agreement with Saskatchewan Blue Cross (Saskatoon) as part of a broader initiative set to enhance travel insurance coverage for traveling Canadians.
Singapore-based insurtech bolttech secures Series B investment
bolttech, one of the world’s fastest growing international insurtech companies, today announced Tokio Marine, alongside other shareholders, will lead bolttech’s Series B funding round.
Blackstone Forms Insurance Partnership With Resolution Life
Blackstone is joining with the insurance company Resolution Life in a move that is ultimately expected to give the investment firm more than $60 billion in new assets to manage, executives at both companies said.
Coalition and BDT Capital Partners Announce the Launch of Ferian Re
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the formation of Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs.
4 steps for insurance professionals to think more innovatively
Insurers need to rethink their approach to innovation. The speed of change in technology, an evolving competitive landscape, increased customer expectations, and the new reality of a permanent hybrid workforce have challenged insurers across all functions.
Yes, IBM is in the insurance technology business
To outsiders, IBM may be best known for its once-ubiquitous electronic typewriters. In the 21st century, however, the company has evolved into a multinational computer technology and IT consulting business, and it is a major player in the insurance industry.
New Coretech Insight Report Shows a $25M Speed-to-Market Advantage for Insurance Carriers
The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.
Vouch launches business coverage for life science startups
Vouch Insurance , a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions.
Munich Re & HSB partner with Schneider Electric on electrical risk
Global reinsurer Munich Re and its subsidiary, HSB, have partnered with Schneider Electric, a specialist in energy management and automation, on electrical and equipment risk.
SCOR launches Vitae Mental Health
Over the past few years, the impact of mental health conditions has been of increasing concern for society. The COVID-19 pandemic has further exacerbated this concern with some studies suggesting an increase in the prevalence of depressive and anxiety conditions by as much as 25%.
Prudential plc and Google Cloud Announce Strategic Partnership
Leading insurance group, Prudential plc (Prudential) and Google Cloud today announced a strategic partnership to enhance health and financial inclusion for communities across Asia and Africa.
Beazley & Certua partner on small programme & scheme business
Specialist insurer Beazley has entered into a partnership with Certua to provide embedded specialist insurance for small scheme and programme business.
AXA UK Retail launches Moja
AXA UK has announced the launch of Moja, its new digital-only insurance brand.
Munich Re acquires API-focused insurtech
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem.
Why the rise of insurtech should matter to actuaries
We define insurtech as the use of emerging hardware, software and user interfaces to address inefficiencies or opportunities in the insurance value chain. Further, we think of the intersection of two dimensions as the focus of our discussion: industry specificity solutions and more recently established market players or solutions.
Allianz X acquires insurtech pioneer simplesurance
Allianz X, the digital investments arm of Allianz Group, will acquire 100 percent of the shares in simplesurance.
Blockchain-powered reinsurer Re raises $14 million seed round
Re, a blockchain-powered reinsurance company, has raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to “a massive and uncorrelated asset class” that is insurance premiums.
Raul Vargas to succeed Jeff Dailey as president & CEO of Farmers
Farmers announced that Raul Vargas has been appointed to the position of Farmers Group, Inc. president & CEO effective January 1, 2023, when current president & CEO Jeff Dailey will step down and continue as Chairman of the Farmers Group, Inc. Board of Directors.
Digital is crucial to identifying, pricing flood risk
Digital tools are key to mitigating and covering flood risks, according to a report by the Insurance Information Institute (Triple-I) and Capgemini
bolttech expands in Indonesia with Axle Asia acquisition
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia.
French insurtech startup Olino scores €2.2 million to bolster its embedded insurance product for European SMEs
Paris-based insurtech company Riskee is changing its name to Olino and announcing the close of a €2.2 million funding round to accelerate its growth.
Aon expands reputational risk data and analytics capabilities
Global professional services firm, Aon, has expanded its data and analytics capabilities for reputational risk with the acquisition of advanced analytics and advisory services provider, Pentland Analytics’ reputation crisis database.
AXA CEO Thomas Buberl: “The world is in a multi-crisis environment”
AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France.
The 5 most outdated cloud myths
Despite a meteoric increase in cloud adoption, executives at many insurance companies are still reluctant to make the move. Even as leaders within these organizations grapple with the imperative to modernize and innovate, many have a tendency to proceed with extreme caution.
Allstate and GEICO announce claims shake-up
Allstate and GEICO – two of America’s largest auto insurance companies – have announced they have changed the way auto repair shops deal with insurance claims through them.
Investors approach insurtech MGAs with newfound caution
MGAs – once a reliable venture capital insurtech investment draw – may have lost their luster.
What’s holding insurers back from embracing insurtech?
Legacy systems are often blamed for the reason the insurance industry struggles to fully modernize. Many incumbent insurers have outdated, neglected IT infrastructure, and instead of addressing this underlying problem in one major overhaul, they seem to pile new applications on top of their legacy systems.
Lemonade enters the UK market in partnership with Aviva
Lemonade is launching in the UK, in what it considers “a long-term, strategic partnership with leading UK insurer, Aviva ,” that will serve as its reinsurer.
Swiss Re and Indonesia Re partner up on data services
Swiss Re and Indonesia Re are to partner up to provide members with access to the analytics solutions and risk consulting services of the national Insurance Data Centre Management Agency (BPPDAN).
AXA Launches “MediEnhancer Supplement” – PR Newswire APAC
AXA Hong Kong and Macau (AXA) today announced the launch of “MediEnhancer Supplement” (“MediEnhancer”). “MediEnhancer” is offered exclusively to customers with qualified AXA medical insurance policies.
BLINK by Chubb Launches Blink Paycheck
BlinkSM by Chubb announced today the launch of Blink Paycheck, a new income protection insurance product that can help keep consumers’ lives on track when they are sick or injured and unable to work.
Aon announces partnership with Revalue Nature
Collaboration between re/insurance broker Aon and Revalue Nature, a next-generation developer of nature-based solutions, will scale the development of high-integrity, nature-based carbon credits to meet growing demand, the broker stated in a recent announcement.
JP Morgan confident that reinsurance pricing will increase in 2023
Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing.
wefox urges global insurance industry to improve customer experience
Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry.
Guy Carpenter goes into partnership with analytics firm TNEDICCA
Guy Carpenter has entered an agreement with analytics firm TNEDICCA that will enable the former to deliver enhanced auto analytics to its insurance carrier clients.
Cyber MGA Resilience Launches UK Operation
Resilience, the San Francisco-based cyber managing general agent, has launched an operation in London to serve the UK market.
Travel Insurance Market to be Worth $63.9 Billion by 2030: Grand View Research, Inc.
The global travel insurance market size is anticipated to reach USD 63.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030.
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