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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.
Praedicat and Experian create new tools for D&O insurance coverage
Praedicat, an emerging liability risk analytics firm, announces partnership with information services firm Experian to provide new company and portfolio analytics tools to underwriters of directors and officers (D&O) insurance coverage of U.S. public companies.
Generali acquires AXA Malaysia joint ventures
Italy-headquartered insurer Generali has acquired Axa’s Malaysian operations, in line with Generali strategy to strengthen its leadership position in high potential markets.
Insurtech startup Fairmatic raises $42 million to innovate commercial auto insurance
The company, co-founded and headed by Israeli Jonathan Matus, has developed AI-powered risk and pricing models that have been trained with nearly 200 billion miles of driving data and tested over five years of operations.
iCover Raises $5 Million in Pre-Series A Funding
The company will use the funds to expand technical staff, sales and marketing, and R&D for its AI underwriting framework and private Blockchain network.
Buckle enters into MGA agreement with auto insurance specialists InsureScan
Buckle, the financial services company providing auto insurance solutions for the gig economy, and InsureScan, an upcoming auto insurance specialist, have entered into a managing general agency (MGA) agreement supporting drivers in Alabama. Under the agreement, InsureScan is underwriting non-standard auto insurance policies using Gateway Insurance, one of Buckle’s insurance carriers, as the admitted carrier.
How tech can help life insurers enhance customer experience
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
Zego Partners With QBE To Expand Its Insurance Offering
Commercial motor insurer, Zego, has partnered with A-rated insurance carrier QBE. The partnership further strengthens Zego’s capability to innovate and deliver tech-enabled, behaviour-led fleet insurance products.
Cautionary optimism about UK insurer business prospects: CBI/PwC
Financial services, such as insurance, are feeling the effects of rising inflation, labor shortages, supply chain disruptions and the sharp decline in consumer and business confidence that the UK economy is currently facing.
AXA XL names Bertrand Romagne as CEO for XLRE Europe
AXA XL has appointed Bertrand Romagne to the role of CEO for XLRE Europe.
Shopify launches shipping insurance
Ecommerce platform Shopify has introduced a bundled shipping insurance offering for merchants.
How reinsurance underwriters should use data, analytics and AI
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
Erie Insurance launches venture capital fund to accelerate innovation
Erie Strategic Ventures will invest in and offer commercial support to startups focused on the insurance industry and related spaces.
Airbnb launches travel insurance
In January, Airbnb announced the upcoming launch of a “custom-built” guest travel insurance product offering exclusive to Airbnb guests. The product was set to be launched in the spring with a “reputable insurance carrier” as the underwriter.
Lemonade, Metromile, EIS – “one of the best insurance deals in 2022”
On July 29, the day after the Metromile acquisition closed, Lemonade laid off 20% of the Metromile team, with the explanation: “This acquisition is synergistic, in that the combined entity is better than the sum of its parts, and can operate with fewer people than were needed to staff the two standalones.”
Insurtech startup Relay Platform acquired by US-based insurance broker At-Bay
Toronto InsurTech startup Relay Platform has been acquired by At-Bay, a digital insurance provider based in San Francisco.
Insurtech Accelerant launches $175mn reinsurance sidecar vehicle
Insurtech platform Accelerant has launched a new $175 million sidecar investment vehicle, called Flywheel Re.
FairPlay Launches AI Bias Detection Product for the Insurance Industry
FairPlay, the world’s first “Fairness-as-a-Service” solution for algorithmic decision-making, today announced the launch of Input Intelligence, al bias detection product for insurance carriers.
Why insurtech investments are down
Insurtech investments fell by 79.6% in 2021, leading to job losses and tough economic conditions for the sector in the first half of 2022 thanks to a “combination of factors,” said GlobalData’s Deals Database.
Marsh launches insurance facility for hydrogen energy projects
Marsh has announced the launch of a first-of-its-kind insurance and reinsurance facility that provides dedicated capacity for new and existing green and blue hydrogen energy projects.
Cover Genius makes “strategic” hires for business services and property partnerships
Cover Genius, an insurtech for embedded insurance, has announced three key additions to its leadership team as demand for embedded protection continues to increase.
Allianz in Talks With Chinese Banks to Launch Asset Management Venture: Sources
Allianz SE is in talks with Chinese banks to set up a majority-owned asset management venture in the world’s second-largest economy, two people with direct knowledge of the matter said, aiming to tap a $4.3 trillion market for wealth products.
Vesttoo and Clear Blue Announce a $1 Billion Partnership USA
Vesttoo has entered a partnership with Clear Blue Insurance Group to deploy $1 billion in reinsurance capacity to Clear Blue’s P&C lines over the next year. The capacity will be sourced from the capital markets through a variety of insurance-linked assets.
The Modern Insurtech “Tech Stack”
While some may look at the recent negative press and abysmal stock performance surrounding public insurtechs and assume that the insurtech threat is receding, the insurance industry’s digital transformation is inevitable.
SCOR to combine P&C and L&H mandates under Ventures 2.5
French reinsurance major SCOR is moving its venture activities into the next phase by combining its P&C Ventures and L&H Ventures mandates into a single practice.
Urban Jungle expands into motor insurance
Insurance challenger brand, Urban Jungle, has added to its range of home insurance products with the launch of its new car insurance.
Insurance M&A sees highest growth rate in 10 years
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
Viewpoint: Can intelligent automation ensure the survival of the insurance industry?
The economic viability of the insurance industry’s current business model has been under discussion for several years.
Insurtech and traditional insurers: the changing dynamics of the insurance industry – Tearsheet
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
Autonomy partners on digital auto insurance
Autonomy, an electric vehicle subscription company, announced a partnership with Liberty Mutual Insurance to offer its subscribers month-to-month insurance products.
FWD Group partners with dacadoo on App Featuring Personalized Journeys
FWD Group Holdings Limited (Hong Kong), a pan-Asian life insurer, has announced the launch of omne, a new mobile app the firm describes as empowering individuals with a unique set of value propositions centered on personalized goal-based journeys.
USAA Life Insurance to partner with Human API
USAA Life announced a partnership with Human API, a health data platform, to further digitize the life insurance buying process.
Insurtech Ledgebrook raises $4.2M to provide a best-in-class quoting experience to wholesale brokers
Ledgebrook, an insurtech MGA startup focusing on middle market E&S, has closed a $4.2M seed round led by Brand Foundry Ventures alongside American Family Ventures.
Sequoia India-backed Digit Insurance files for $440 million IPO
Indian insurer Digit has filed for an initial public offering, looking to raise about $440 million even as many of its local peers have deferred plans to list publicly in the South Asia nation.
Answered – top seven questions investors have about cryptocurrency insurance
Taking advantage of the rising popularity of digital assets, crypto hackers raked in record-high profits last year, a recent study from blockchain analytics company Chainalysis has found.
Why the insurance industry is counting on human-guided AI
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
The Hartford launches new product offerings
The Hartford is launching enhanced versions of its proprietary Property Choice and General Liability Choice products to further serve the needs of its business customers across a broad range of industries and account sizes.
Cowbell, Swiss Re partner on cyber coverage for cloud businesses
Cowbell Cyber has announced a partnership with Swiss Re to bring cyber insurance coverage to enterprises with up to $750 million in revenue that are building their digital footprint on Amazon Web Services (AWS).
Coalition acquires Munich Re’s Digital Affect
Coalition, a cyber insurtech, received regulatory approval to acquire Munich Re Digital Partners U.S. Holding Corporation’s Digital Affect Insurance Company, a P&C insurer licensed in 50 states.
Electric vehicles: How to address this growing market from an insurance perspective
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
Lemonade partners with tech provider for auto insurance
Mitchell, a technology and information provider for the property-casualty claims and collision repair industries, has announced that insurance company Lemonade has selected its claims workflow, automation and total loss products to support Lemonade Car, the insurer’s latest product offering.
Parametrix Introduces Downtime Insurance for Content Delivery Networks
The coverage insurance coverage protects businesses from the financial fallout of third-party content delivery network outages.
Betterview Partners with NFPA to Provide Property Wildfire Insights
Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurers, has announced a new relationship with the National Fire Protection Association (NFPA), a Quincy, Mass.-based non-profit organization dedicated to eliminating death, injury, property, and economic loss due to fire, electrical, and related hazards.
Modern Life Launches to Public with $15M Funding Led by Thrive Capital
Modern Life (New York), a tech-enabled life insurance brokerage for advisors, announced that it has exited stealth with $15M in seed funding. Thrive Capital (New York) led the funding with participation by founders of Hippo, Plaid, Reddit, Flatiron Health, Newfront, At Bay, Vouch, Cedar, and Lattice.
Nationwide, Kinetic deploy wearables for workers comp
Kinetic Insurance, a partnership between Kinetic, a wearable device company, and Nationwide is protecting workers from potentially high-risk activities. Kinetic’s Reflex can reduce injuries by as much as 50%, according to the company.
Buying Cyber Insurance Gets Trickier as Attacks Proliferate, Costs Rise
For many businesses, obtaining or renewing cyber insurance has become expensive and arduous.
Coalition appoints first-ever CFO, names two more new hires
Cyber insurance and security provider, Coalition, has appointed Jim Young as its first Chief Financial Officer (CFO) after raising $250m in a Series F funding round.
Pie Insurance partners with Talage, Bold Penguin, Tarmika
Pie Insurance has parnered with Talage, Bold Penguin and Tarmika as part of the insurtech’s growth strategy.
Function of Risk Management in Insurance
As nations recover from the pandemic and prepare for the next decade of prosperity, insurance companies must reconsider the strategic role of risk.
Insurtech start-up raises $4 million seed
Business insurance platform Mulberri has announced that it has raised a $4 million series seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners.
FWD partners with Klook
Hong Kong-based insurer FWD Group has announced a partnership with travel booking platform Klook, which will see it offer fully integrated accident cover via the Klook app and website.
AXA selects Cognizant for digital transformation
French insurance company AXA has entered into a multi-year partnership with NASDAQ-listed IT consultancy Cognizant to support and modernise the IT operations of the insurer’s UK and Irish businesses.
P/C insurers in emerging markets at risk as economic recovery slows – S&P
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets.
Vitality: Using technology to transform health insurance
As one of the global leaders in digital health management, Vitality is revolutionising preventative medicine.
At-Bay Expands Insurance Offerings With Launch of Miscellaneous Professional Liability
At-Bay, the specialty insurance provider for the digital age, today announced the launch of its Miscellaneous Professional Liability (MPL) product, becoming the first to offer an automatically underwritten policy that customizes coverage and pricing across more than 50 diverse classes of business.
Axio lands $23M to help companies quantify cyber risk
Axio, a platform for cybersecurity risk evaluation, today announced the closure of a $23 million Series B round led by Temasek’s ISTARI, with participation from investors NFP Ventures, IA Capital Group and former BP CEO Bob Dudley.
Data is a key pillar in Digital Transformation
Although the accelerated pace of Covid-19-induced digital disruptions has led to seismic changes in business operations across industries, their impact is expected to be the most pronounced in the financial services and insurance domains.
Zesty.ai and Berkshire Hathaway expand partnership for wildfire risk
Zesty.ai, a provider of property analytics powered by Artificial Intelligence (AI), and The Berkshire Hathaway Homestate Companies (BHHC) have expanded their partnership.
Swiss Re launches catastrophe bonds investment advisory firm
Swiss Re Insurance-Linked Investment Advisors Corporation is SEC-registered and offers investment management services to qualified investors.
New product recall insurance MGA launches
NuVenture International has launched BluNiche, which is the incubator’s third managing general agent in the UK.
$170 billion at risk from poor claims experiences – report
Poor claims experiences could put up to $170 billion of insurance premiums at risk in the next five years, with process inefficiencies in underwriting potentially risking another $160 billion over the same period, according to a new report from Accenture.
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