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AXA unveils financial results for first-half of the year
The H1 2022 financial results are in for AXA and CEO Thomas Buberl has credited the insurance giant with delivering “a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment.”
Chubb: Transforming the world’s insurance industry
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally.
Lloyd’s announces new and improved London Bridge PCC vehicle
The specialist Lloyd’s insurance and reinsurance marketplace has received approval to establish a second protected cell company (PCC), building on the success of its London Bridge Risk PCC vehicle.
Cowbell Cyber joins Amwins Professional Lines portal
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
Aviva confirms acquisition of Azur’s high-net-worth business
Aviva has signed a binding agreement with the specialist managing general agent Azur Underwriting Ltd to acquire its high-net-worth personal lines business in the UK and Ireland.
How insurers can harness the power of data
In today’s environment, marked by sky-high inflation, market volatility and overall business complexity, insurers are working tirelessly to assess and manage new levels of risk.
Insurance quote rates jump 11.8% across US, JD Power
An increase in inflationary pressures such as the rise in gas prices, the acceleration of extreme climate events and the soaring cost of manufactured goods have caused insurance rates to rise to record levels this year.
Kenyan insurtech Lami raises $3.7M seed extension led by Harlem Capital
Right from the launch of its first product in 2020, Kenyan insurtech Lami Technologies set out to increase insurance penetration in Kenya and the rest of Africa.
Top insurtech funding rounds, July 2022
There were about 33 funding rounds in the insurtech sector between July 1 and July 31, 2022, according to a review by Digital Insurance.
Swiss Blockchain-Insurtech Jarowa Raises CHF 12.4 Million Series A for Europe Expansion
JAROWA has successfully closed its Series A funding round, led by Eos Venture Partners, a strategic venture capital fund focused on InsurTech. The proceeds will be used to further expand JAROWA’s offering throughout Europe.
Generali Beats Forecasts With H1 Net Profit of $1.4 Billion
Italy’s top insurer Assicurazioni Generali said on Tuesday it would increase prices to keep up with rising costs, and maintained its financial targets after a strong life business helped it beat first-half earnings expectations.
Raincoat raises $4.5m in seed funding
The firm claims that Anthemis led the round, which was also supported by SoftBank Group’s SB Opportunity Fund, Banco Popular, the largest bank in Puerto Rico, Consorcio, 305 Ventures, a Miami-based venture capital firm, and first-check investor Divergent Capital.
Connected, innovative customer experiences
The recent Qorus Accenture Innovation in Insurance Awards highlighted the world’s leading insurance changemakers. The winners of each category stood up against tough competition with initiatives that were not only innovative, but effective and with measurable impact.
LiveWell by Zurich and Polar Electro announce partnership
LiveWell by Zurich, Zurich’s health and wellbeing business, announced a collaboration with sports wearable company Polar Electro. The collaboration will initially start with six countries – Brazil, Italy, Portugal, Spain, the UK & Ireland – and will expand to other countries in due course where Polar and LiveWell are present.
“Insurers should continue embracing technological change” – SCOR CEO
Insurers should continue to embrace technological change, writes Laurent Rousseau, CEO of SCOR in French newspaper Les Echos.
Lemonade Sells Metromile’s Enterprise Business Solutions Platform to EIS
Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS.
New and emerging risks: a bumpy road ahead for insurance
Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.
Chubb raises loss cost trends ‘instead of being left behind and getting caught’: Greenberg
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.”
Insurtech Mulberri raises $4mn Series Seed
Mulberri, a pioneering insurtech and business insurance platform for modern PEOs and brokers, 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 (via insurance enterprises in its portfolio).
Cover Genius acquires Booking Protect
Cover Genius, the insurtech for embedded insurance, announced today its acquisition of Booking Protect, the leading specialist in embedded ticket protection for ticket sellers, platforms and live event companies such as SeatGeek, Spectrix, AudienceView, and Night Out in the US, Zaiko in Japan, See Tickets, Festicket and TicketSource in the UK and OzTix in Australia.
Liberty Mutual Insurance Acquires Malaysian Insurer AmGeneral
Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad, which is expected to make Liberty Mutual the country’s largest auto insurer.
How to launch a new insurance product? Do these 3 things first
Climate change has led to more intense wildfires, flooding and hurricanes – and they’re only projected to get worse. But major insurance carriers are often hesitant to insure customers in disaster-prone areas.
Blink Parametric Expands Partnership with Alberta Blue Cross
Alberta Blue Cross was an early adopter of the InsurTech’s real-time parametric flight disruption solution in 2018.
Cover Genius Acquires Booking Protect to Expand Reach in Ticketing and Live Entertainment Market
Cover Genius, the insurtech for embedded insurance, announced today its acquisition of Booking Protect, the leading specialist in embedded ticket protection for ticket sellers, platforms and live event companies.
Wallife closes €12m series a round led by united ventures to increase protection from digital risks
Wallife, the Italian insurtech startup that protects individuals from new risks originating from technological and scientific progress in the areas of genetics, biometrics and biohacking, today announced the close of a €12 million investment round led by United Ventures, the Italian venture capital firm specialising in digital technology investments.
Program Data Insurtech Noldor Raises $10M
Funding round for AI-based data platform led by a venture studio headed by New York-based global investment and technology development firm DE Shaw
Sabre Insurance warns over impact of claims inflation, shares tumble
Sabre Insurance is forecasting a challenging period for the motor insurance industry for 2022 and 2023, mainly due to the impact of claims inflation.
Can Large Insurers Ever Innovate Like Their Insurtech Rivals?
Understanding and defining digital innovation is key to bring about change. In the insurance industry digital transformation has become a requirement to keep up with new Insurtechs in the space.
Thai Life Insurance raises $1 billion via IPO
Thai life Insurance is the first Thai insurance company and one of the largest companies in Thailand. Digital transformation and online distribution channel are currently at the top of the agenda for upcoming investments.
UK motor insurance claims inflation skyrockets
Surging global inflation, elevated used car prices, and ongoing supply chain constraints pushing up repair costs as well as the effects of the pandemic are all affecting motor insurance claims payouts.
Cinven Raises $1.5 Billion for Dedicated Insurance, Financial Services Fund
Cinven private equity firm has raised more than 37 billion euros since its inception in 1977. Headquartered in London, it now operates internationally across nine locations.
DXC UK pension scheme agrees $1.3 bln insurance deal with PIC
Britain is likely to see around 35 billion pounds ($41.62 billion) in pensions buy-in and buy-out deals in 2022, up more than 25% from 2021.
Gallagher announces latest acquisition
American global insurance brokerage and risk management services acquires Australia’s National Insurance Group, extending their geographic reach.
Wefox grabs $400M at $4.5B valuation to buck the insurtech downturn trend
European insurance tech startup Wefox has raised $400 million in a series D round of funding, giving the German company a post-money valuation of $4.5 billion. This represents a 50% increase on last year’s $3 billion valuation at its series C round.
Akur8 Research Paper “Credibility and Penalized Regression”
Developed by a senior team of actuaries and data scientists at Akur8, the objective of this new paper is to familiarize practitioners with Penalized regression as an extension of established actuarial techniques, instead of considering it one among several new modeling techniques from the Machine Learning and Data Science literature. Akur8 is excited to publish this information in an effort to help expand the literature available to the actuary and insurance community on this important topic.
Chubb announces new head of marine for global markets
Chubb has announced the appointment of David Kirk as head of marine for Chubb Global Markets (CGM), the company’s London market wholesale and specialty business including its Lloyd’s platform. Kirk is currently cargo product head and deputy head of marine at CGM.
Betterview Launches Catastrophe Response System
The new system, CAT-RS, solves many of insurers’ greatest challenges, by using property-level analytics to support a fast, accurate catastrophe response.
Coalition Closes $250 Million in Series F Funding, Valuing The Cyber Insurance Provider At $5 Billion
Coalition, the world’s first Active Insurance company designed to prevent digital risk before it strikes, today announced it has raised an additional $250 million to accelerate its rapid growth, power international expansion, and broaden the services Coalition offers to help organizations manage digital risk.
How embedded insurance may close coverage gaps
Embedded insurance is a growing focus area of digital distribution across the insurance industry. By making insurance available in conjunction with other products on existing online services, customers can easily add insurance protection that fits their needs and budget as part of a customer journey linked to an established need.
Zurich Rolls Out New Enterprise-Wide Solutions Developed on Mendix Low-Code Platform
Mendix, a Siemens business and global leader in modern enterprise application development, today announced that Zurich, the international insurance giant, has rolled out two major new enterprise-wide solutions that streamline workflow for underwriters and transform user experience for 1.5 million customers. Both solutions were built using the Mendix low-code platform.
Ranger raises $5.25 million
Since departing his role as Casper CEO in 2021, Philip Krim has spent the majority of his time investing and incubating companies via Montauk Ventures. The latest is an insurance company called Ranger, which aims to elevate the agents in the insurance industry, rather than replace them.
The world’s first regulated smart contract provider enters the market
Chainproof has launched as the world’s first regulated smart contract insurance provider, fusing the unprotected gap between traditional insurance with decentralised finance (DeFi).
Growth of embedded insurance holds promise for consumers, carriers, Swiss Re exec says
Embedded insurance, a way for carriers to sell policies to customers at the point of sale of consumer goods, is quickly evolving, with “billions of dollars of potential” in areas like auto, home, and business insurance, according to an executive with Swiss Re, the world’s largest reinsurer.
5 ways insurers can keep up with evolving tech
Insurers and insurance providers in the U.S. continue to see a number of key trends that are reshaping the way industry professionals analyze risk.
YuLife Raises $120M Series C Round, Led By Dai-ichi Life, to Accelerate Global Expansion
Tech-driven insurance company YuLife will use its new capital to fundamentally change how people and businesses around the world derive value from financial products.
Probitas launches cyber underwriting business
Lloyd’s underwriting syndicate Probitas 1492 has announced that it has started to officially underwriter cyber.
French insurtech startup Orus locks in €5 million to reinvent professional insurances for SMEs
In just one year since its launch, Paris-based insurtech startup Orus has raised €5 million. The company is aiming to reinvent professional insurance for small businesses, providing a tailored service to underserved players.
‘Cautious Optimism’ for Cyber Buyers as More Focus on Risk Controls: Marsh
While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh.
Vertafore Acquires MGA Systems, Expanding and Enhancing Solutions for MGAs
InsurTech leader’s latest acquisition adds deep industry talent and two leading MGA solutions into the Vertafore ecosystem.
Cloud may be the answer to insurers’ IT talent shortage, study
According to a survey sponsored by Rackspace Technology, 51% of insurance IT executives say that a shortage of IT talent is a leading issue for businesses.
Next-generation of insurtech: tips to accelerate growth
Insurtech players have different ways to accelerate growth, depending on the type of insurtech they have decided to invest.
Munich Re will adjust to climate change to supply nat cat cover – Goldman
Munich Re has a “strong appetite for nat cat” and believes they have the skills and capabilities to write it, according to a statement by Goldman Sachs, following a management meeting on June 30th.
WTW adds Munich Re & AXA Climate as capacity providers for expanded reef project
WTW, along with the Mesoamerican Reef Fund (MAR Fund) and the InsuResilience Solutions Fund has appointed Munich Re and AXA Climate as the insurance capacity providers that will support the MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative.
Porsche Insurance launches in Canada
Porsche Financial Services Canada is proud to introduce Porsche Insurance, the customized insurance program developed for vehicles offered by the premium sports car brand. The first of its kind for the brand in Canada, this comprehensive offering will help Porsche drivers design personalized insurance solutions tailored to their unique needs.
Why digitization should center insurance customers
In the insurance industry, carriers are still learning to transform their business for a digital experience that benefits the customer. I worked in insurance sales, service, and underwriting for 15 years and just a few years ago moved to a position at Jerry, the car insurance comparison shopping app.
Insurance vendors upping their game as competition for talent heats up
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
Business insurance startup Upcover raises $2.7 million Seed round
Insurtech startup Upcover has raised $2.7 million in a Seed funding alongside $2 million in debt as it looks to transform the small business insurance sector.
Insurtech startup Konsileo raises £4.7m funding
Insurtech company Konsileo has raised £4.7m in a Series A funding round, with £3.2m provided by previous investors Committed Capital.
wefox hits two million customers
Berlin-based digital insurance firm wefox says that it has now reached two million customers.
AXA Partners and ROCK Insurance Group announce partnership
AXA Partners UK & Ireland has announced a new multimillion-pound extended partnership with ROCK Insurance Group, which launched in June.
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