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Insuring the programmable world
As we move into a new phase of innovation after the disruption caused by the COVID-19 pandemic, insurers need to look ahead to determine what their technology priorities should be today.
UBI in 2022: Rate hikes drive an upswing in adoption
Over the past decade, auto insurers have introduced and continuously refined usage-based insurance programs. Powered by telematics technology, which transmits data in real-time (or close to it), UBI promises policyholders some more control over their insurance price in exchange for that data.
Evident Raises $14 Million to Reduce Third Party Insurance-Related Risk for Enterprises
Our investors have been instrumental to our growth and continued innovations,” Thomas continued. “We are excited and humbled to work with such great partners and look forward to continued growth.”
Swiss Re collaborates with Waymo to study autonomous vehicles
The safe deployment of autonomous vehicle (AV) technology could revolutionise the mobility space, though the insurance industry might not be equipped with the right knowledge and data to assess this novel risk, says Swiss Re.
Health insurtech startup Peachy raises £1.5m
Insurtech startup Peachy has raised £1.5m in a funding round in support of its app-based platform that provides quick access to private health services.
AgentSync Launches Connected Producer Identity Platform
AgentSync (Denver) announced the launch of AgentSync ID, which the vendor calls a secure and dynamic online insurance producer profile that was created to transform the onboarding and compliance experience that carriers, MGAs, and agencies deliver to their agents.
Zego doubling down on growth with 40 brokers
Zego is pursuing a route of working with brokers who “see how the future is evolving” rather than a working “with any broker” approach, CEO Sten Saar told Insurance Age.
Vitesse partners with insurance goliath and LIMOSS for Faster Claims Payment solution
Vitesse and LIMOSS, supported by Lloyd’s and the Lloyd’s Market Association (LMA), are pleased to announce the signing of contracts for a new central market service, Faster Claims Payment (FCP).
6 Ways Insurers Must Evolve to Help Small Businesses Navigate Emerging Risks
Meeting the risk management needs of today’s small businesses requires just as much finesse and sophistication as carriers tend to offer to large enterprises.
Cyber to become a prominent line for Swiss Re in future
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available.
4 Key Trends Impacting Property and Casualty Programs
Today’s property and casualty insurance programs are combatting a number of challenges.
FRISS Launches Industry’s First Trust Automation Platform
Good processes are at the heart of maintaining customer trust. There is however a key factor holding back the speed of insurance: trust. Therefore, FRISS today announced the launch of their Trust Automation Platform.
AIG unit Corebridge raises $1.68 billion in year’s largest IPO
AIG Inc’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Google Cloud and Travelers to create connected data ecosystem
Google Cloud and Travelers announced they are working together to create a cloud-based data ecosystem that will quickly synthesize vast amounts of information, helping Travelers’ underwriters more efficiently evaluate risks for large and middle market businesses.
WTW and CodeEast partner on workers’ comp
WTW and software company CodeEast are to collaborate on enabling MGAs and carriers to rapidly implement a digital platform for workers’ compensation insurance.
5 innovative InsurTech companies in Germany
InsurTech combines ‘insurance’ and ‘technology’; it includes technology innovations to bring savings and efficiency to the insurance industry model.
Liberty Mutual teams up to produce insurance product for Sony
Liberty Specialty Markets, part of Liberty Mutual, and REIN chose to launch its new bundled insurance product in anticipation of the need for drone insurance in a fast-growing market, and to add value to Sony’s drone offering, a release said.
Akur8 and Milliman Announce Global Expansion of Strategic Alliance
Akur8, the next-generation insurance pricing solution, and Milliman, a premier global consulting and actuarial firm, are excited to announce the global expansion of their strategic alliance.
Aviva launches standalone cover for electric vehicle charging points
Aviva has launched standalone insurance products covering electric vehicle charging points aimed at installers and operators.
Insurtech CoverTree Acquires $10M In Funding, Introduces Digital Manufactured Home Insurance – Crowdfund
Detroit-based InsurTech CoverTree has raised $10m in a seed funding round and launched a home insurance offering.
PolicyMe Raises $18M to Scale Its Product Suite and B2B2C Distribution
Insurance industry leaders RGAX, Securian Financial and Siriuspoint join existing investors HCS Capital and Westdale Properties and a Tier 1 Canadian bank to round out the $18M Series A funding for PolicyMe.
Allianz Partners selects new CEO
Allianz Partners has today announced the appointment of a new chief executive with Tomas Kunzmann primed to step into the role, effective from July 1, 2022. Kunzmann will take over from Sirma Boshnakova, who was appointed board member of Allianz SE earlier this year.
SMB-focused Pie Insurance raises $315M Series D
Pie Insurance in Denver, Colorado, raised a $315 million Series D round of funding.
Re/insurance industry has a “generational opportunity” to make a difference: Aon’s Case
Greg Case, the Chief Executive Officer (CEO) of brokerage Aon, believes that the insurance and reinsurance industry is faced with a “generational opportunity” to make a difference.
4 Key Trends Affecting Specialty Lines to Note Ahead of WSIA
Businesses are juggling a lot right now. First there was the COVID-19 pandemic, then global supply issues. An economic recession, labor market issues, rising inflation and other geopolitical headwinds soon followed.
MetLife announces new dental wellness incentive to reward healthy behaviors
MetLife announced the launch of a new dental wellness incentive. The provision rewards employees for positive oral health behavior – such as routine cleanings and exams – by increasing a member’s annual maximum and/or coinsurance percentages, and/or by reducing plan deductibles.
Adapting to change: The next era of underwriting in mid/large commercial lines
What word would you pick to describe the future of underwriting? If ‘adaptable’ came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent SMA survey.
Lloyd’s Gives Green Light to New Flux, Trium Cyber Syndicates
Asta, the third-party managing agent at Lloyd’s, and Acrisure announced that Lloyd’s has granted “in principle” approval for the launch of Flux Syndicate 1985, which will commence underwriting on Jan. 1, 2023.
Chubb Releases Industry’s First Study Exploring Consumer Attitudes on Insurance Across Five Generations
Results of New Research Reveal Differences – from Gen Z to the Silent Generation – to Help Agents and Brokers Build Trust, Connection and Credibility.
How risk mitigation can help nonprofits maintain P&C coverage
Nonprofit organizations play an important role in our communities, enriching lives, protecting vulnerable populations and environments, and providing volunteer and financial support to countless other worthy causes. Many nonprofit organizations, however, are struggling amid the ongoing effects of the COVID-19 pandemic, facing greater demand for services while also experiencing staffing challenges, increased expenses and declines in revenue.
AON Forms STG to Better Serve Insurance, Reinsurance Clients
Aon plc AON recently set up a Strategy and Technology Group (STG), which will function under the leadership of Colin Forrest. It aims to benefit property & casualty, life insurance and reinsurance clients by offering various insight and software solutions.
How to go beyond threat detection to prevent cybersecurity breaches
Many insurance companies are not well prepared for the risks ahead, according to a 2022 cybersecurity benchmarking study. In fact, 31% of insurance organizations feel they are not well prepared for the threat landscape they face today.
Howden acquires Swiss broker, Born Consulting AG
International insurance broker Howden, has acquired Swiss Broker, Born Consulting AG.
AIG’s Corebridge Is Year’s Largest IPO at $1.7B
AIG Inc.’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Hyperautomation of insurance data grows
Kanverse.ai, a hyperautomation platform, has joined Guidewire’s Insurtech Vanguards Program.
Insly Raises €1.1m in Bridge Funding
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
Embedded insurance: building customer-centric insurance distribution using apis
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform
Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform.
McKinsey: Autonomous mobility – The future of auto insurance
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
Insurtech Patra gets $146M from FTV
Patra, an insuretech startup, has raised $146 million from fintech-focused growth equity firm FTV Capital.
Ageas partners with eBaoTech to enable its digital platforms’ strategy
Ageas Group has selected eBaoTech’s InsureMO platform for its digital transformation as part of its strategy to explore and invest in new growth engines.
Global reinsurance view still negative, but trending upwards: S&P
Analysts at S&P Global Ratings have opted to maintain their negative view on the global reinsurance sector, but have said there are encouraging signs that the market could finally be facing a turnaround.
AIG revives life unit Corebridge’s $1.9B US IPO
American International Group Inc. said it will move ahead with plans to raise as much as $1.9 billion selling shares in its life and retirement unit.
Aon Launches Strategy and Technology Group, Aiming to Build Re/Insurer Resilience
Aon plc, the global professional services firm, has launched a Strategy and Technology Group (STG) to bring together a wide range of expertise and technology solutions — designed to help property & casualty and life re/insurance clients build resilience.
Why improving FNOL can reduce insurance claim costs
An accident occurs every 10 seconds in the U.S., and the number of severe accidents has dramatically increased due to recent changes in driver behavior. The vast majority of these accidents lead to storage and secondary tows averaging $950 per claim, or $3 billion across the industry.
Digital Insurer Carrot Eyes Unicorn Club as It Raises US $250M; Boosts Its Valuation to Over $850M
South Korean digital insurance carrier Carrot General Insurance (“Carrot” or the “Company”) today announced it has secured a fresh funding of 300 billion Korean won.
Gallagher acquires specialist crisis and risk management consultancy
Gallagher has acquired AnotherDay, a specialist crisis and risk management consultancy that helps organisations to pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology.
Lloyd’s of London sets aside $1.3 bln for Ukraine claims, posts H1 loss
Lloyd’s of London (SOLYD.UL) has set aside 1.1 billion pounds ($1.26 billion) to pay claims related to the war in Ukraine, the commercial insurance market said on Thursday, as it recorded a first-half pre-tax loss of 1.8 billion pounds.
Insurtech startup MetaMorphoSys raises $3 million in funding led by Capital2B
Business-to-business (B2B) SaaS insurance startup MetaMorphoSys has raised $3 million in funding led by Info Edge-backed technology fund Capital2B. Angel investors such as Pavitar Singh and Dhruv Dhanraj Bahl participated in the funding.
Nick Gillet appointed as CEO of BMS International
Egan’s departure from RSA was announced in December last year with Ken Norgrove succeeding him.
Former RSA chief Scott Egan appointed CEO at SiriusPoint
Egan’s departure from RSA was announced in December last year with Ken Norgrove succeeding him.
CyberCube and AkinovA partner to give wider audience access to cyber risk analysis
Leading cyber risks analytics provider CyberCube is to partner with AkinovA Limited (AkinovA), an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modeling and analytics.
Cyber supply chain risk reveals re/insurance market challenges: SCOR
In a latest report, French reinsurance agency SCOR has addressed the potential challenges for the market amidst the rising concern of cyber-attacks on digital supply chains.
Howden RE and TigerRisk to launch $6bn global MGA business
Howden RE and TigerRisk have announced the creation of Howden Tiger SabRE (SabRE), a new group combining their MGA operations and programme capabilities.
Ottonova raises 34 million euros
Digital private health insurer Ottonova has closed its Series F financing with an equity raise of €34 million. The current round is led by private equity investor Cadence Growth Capital (CGC). In addition, existing investors and a Munich-based family office are participating.
State Farm invests $1.2 billion in ADT
Home-security firm ADT Inc (ADT.N) has secured an investment of $1.2 billion from State Farm as part of a partnership that it hopes will encourage the insurer’s many customers to buy its smoke detection and anti-intrusion products.
Cyber MGA Coalition Launches in UK Insurance Market
Coalition, the San Francisco-based cyber management general agent, began trading in the UK on September 1 and has opened an office in London.
Accelerant Launches $175M Sidecar Investment Vehicle Flywheel Re
Accelerant, the insurtech platform empowering underwriters with superior risk exchange, advanced data analytics, and long-term capacity commitments, today announced a new $175 million sidecar vehicle, Flywheel Re. Flywheel will provide multi-year risk capital to Accelerant and its cadre of underwriting-led specialist Members.
Gallagher & Novidea to launch digital platform for specialty clients
Gallagher has invested in Novidea’s insurance broking platform to develop it for its specialty client base.
Insight into insurtech trends with Meera Krishnamurthy, Cognizant
According to Krishnamurthy, insurers are acknowledging the staying power of insurtech and its valuable ability to disrupt the insurance industry. Insurtech companies are, however, typically founded to target a specific pain point for insurers – and Krishnamurthy believes that this may no longer be enough.
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