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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.
Allianz partners with Coalition to provide multi-year capacity for US and UK cyber insurance programs
Coalition, the world’s first Active Insurance company and a leading cyber insurance provider, today announced a new multi-year partnership with Allianz to back its U.S. and U.K. cyber programs.
What is driving customers towards Insurtech platforms?
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
Lloyd’s CEO John Neal on the role of insurance today
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Aon reveals new forms of volatility
Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Don’t Count Insurtech Disruptors, Carrier CEOs Say
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
How Technology is becoming a viable tool in processing the insurance claims
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
BMS appoints Ian Gormley as new UK CEO
Insurance and reinsurance broker firm BMS has appointed Ian Gormley as its new UK CEO.
Marsh launches Cyber Incident Management service for UK & EU
Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience.
How data is shaping tomorrow’s insurance at the heart of the customer experience
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
How personal lines insurers are addressing digital gaps
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Munich Re implements new surety solution
Munich Re Specialty Insurance has implemented into production Bond-Pro’s Next Gen surety solution, according to the firm.
French insurtech Stoïk wins Andreessen Horowitz’s backing in €11m Series A
Paris-based cybersecurity insurtech Stoïk has raised €11m in a Series A round led by US investment giant Andreessen Horowitz (a16z) to roll out its hybrid insurance and cybersecurity product in European SME markets.
Insurtech Insights Interview: Inhub & key trends in insurtech
Joanne Butler, (Jo), Head of Product Marketing at Charles Taylor Insuretech, interviewed, with Polly Jean Harrison from The Fintech Times at the Insurtech Insights Conference 2022. Jo spoke about the launch of InHub and key trends in insuretech.
CMT says automatic telematics communication ‘critical’ to driving safety
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
Gigaforce Launches Game-Changing Claims Intake Bot with Hyper-Automation Capabilities
Gigaforce, an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform, is pleased to announce the launch of a new claims intake bot, Gigabot, which moves the company’s clients significantly closer to a touchless claims experience.
How AIG builds a workplace culture of belonging
Ellen Robles shares how Employee Resources Groups foster an inclusive environment and help build careers at AIG.
Home insurer Openly secures $75m funding round
Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company.
Gallagher Acquires INNOVU Insurance
Gallagher announced recently that it has acquired INNOVU Group Holding Company Limited (“INNOVU Insurance”). Terms of the transaction were not disclosed.
Effectively optimizing data in insurance
Insurance has always been a data-driven business, from ancient waybills recorded on papyrus under the Code of Hammurabi, to the charters of the first property insurers after the Great Fire of London.
Nationwide teams up with CMT on driving notifications
Nationwide has partnered with Cambridge Mobile Telematics (CMT), a telematics service provider, to implement the new DriveWell Messaging platform into Nationwide’s telematics products.
What do insurance leaders need to be?
The insurance industry has reached a point where many executives are also technologists, even if their title has a different designation. What’s driving this, in part, is multiple disciplines working together to further technological progress.
WTW launches price inflation prediction tool for motor insurers
WTW has announced the launch of new price inflation forecasting technology for insurers. The ground-breaking tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW.
Hyper-personalisation is the future of Insurtech – Capco
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
Laka Gets Series A extension led by Porsche Ventures
Laka, winner of the ‘Best Cycle Insurance Provider’ Award four years in a row has secured additional funding from Porsche Ventures, the venture capital unit of Porsche AG.
CEO on how Allstate is building a global protection business
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Future is “here and now” – Chubb CEO Evan Greenberg
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
Can Tesla Insurance Help Increase Driver Safety?
Tesla has begun rolling out its insurance plans in a handful of U.S. states over the past few years, as one more piece of the company’s growing ecosystem. While it’s still in its infancy, Tesla Insurance could be crucial to keeping rates low and driver safety high, as detailed by a few of the automaker’s executives in recent months.
Insurance digitalization is a requirement, study
The macroeconomic challenges of recent years have shined a spotlight on the need for insurance companies to adapt to an increasingly digitized marketplace.
Pie Insurance expands into two new states
Pie Insurance, an insurtech that specializes in workers’ compensation insurance for small businesses, has announced that it has expanded into Alabama and Oregon.
Innovating for Progress: Swiss Re Delivers What’s Next in Life and Health Insurance
Established in 1863, innovation has always been part of Swiss Re’s DNA. With its 160th anniversary drawing near, Swiss Re is more relevant than ever. We interviewed Carl Christensen, Global Head of Life & Health Solutions, to learn the secret of Swiss Re’s longevity, and to explore the top trends Life & Health insurers are exploring to remain competitive in the
near to medium term.
Insurtech Startup Wefox Seeks Funding at Over $5 Billion Value
Wefox, the German digital insurer, is in advanced discussions to raise fresh funding at a valuation of $5 billion to $6 billion, people with knowledge of the matter said.
UK InsurTech Startup Instanda Raises $45M
Instanda, provider of a “no-code core insurance platform,” Monday (June 20) announced it raised $45 million in a Series B funding round that was led by Toscafund and included existing investor Dale Ventures.
Munich Re backs Amber Group digital asset cover by Arch & OneDegree
Global digital asset platform Amber Group has secured insurance coverage for its wallet infrastructure from Arch Syndicate 2012 at Lloyd’s and insurtech firm OneDegree, which is supported by a multi-year reinsurance partnership with Munich Re.
SCOR announces new Reinsurance chief executive
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.
Allianz and Swiss Re back new parametric risk transfer scheme for Ghana floods
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.
Nationwide extends partnership with Betterview
Nationwide and property risk insight technology company Betterview will extend their partnership, begun in 2018, for three more years. The companies will continue their collaboration on efforts to predict and prevent losses, their officials say.
Crypto & quantum computing among top risks flagged by Swiss Re
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
Insurers want agents to benefit from digital, too
As more insurance back-end processes become digitized, and thus more streamlined, agents can focus more heavily on providing excellent customer service and support agent-customer relationships.
Corvus Insurance Appoints Paul Gaspar as New Chief Data Officer
Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance products powered by AI-driven risk data, today announced the appointment of Paul Gaspar as Chief Data Officer, effective immediately.
Bangalore-based Pazcare, an employee benefits and insurtech platform, raises $8.2M
Pazcare, a Bangalore-based employee benefits and insurtech platform, announced today it has raised $8.2 million led by Jafco Asia, bringing its valuation to $48 million. The funding also included participation from returning investors 3One4 Capital and BEENEXT.
Lloyd’s of London re-appoints Carnegie-Brown as chairman
Lloyd’s of London has re-appointed Bruce Carnegie-Brown for his third term as chairman, running from June 2022 until June 2025.
AXA launches strategic program to build Digital Commercial Platform
AXA today announces the launch of a strategic program to build a Digital Commercial Platform. This platform will aggregate different services to transform AXA’s value proposition to better serve its commercial customers, in line with AXA’s Driving Progress 2023 strategic plan.
Driving Innovation in Property and Casualty Insurance: How Swiss Re stays at the leading edge
Established in 1863, Swiss Re is a well-established company, with a reputation for leveraging data and technology to drive innovation in the insurance industry. With its 160th anniversary drawing near, Swiss Re is more relevant than ever.
What is the secret of Swiss Re’s longevity? We interviewed Pranav Pasricha, Global Head P&C Solutions to get a flavour of an organisation that never rests on its laurels, and to explore the outlook for P&C in the near to medium term.
Zurich’s International Programs business goes digital
Zurich Insurance Group (Zurich) has announced the digitalisation of its International Programs business.
Chubb Not Declaring Itself Net Zero, CEO Greenberg Says
Climate change commitments expose insurers to potential lawsuits if companies fail to live up to their net-zero promises, according to Chubb Ltd. CEO Evan Greenberg.
Lemonade launches auto in Ohio, Hippo expands to NC with Ring: Insurtech roundup
Lemonade has launched its car insurance product in Ohio. It’s the third state for the product following Illinois and Tennessee. The usage-based insurance product can be bundled with the insurtech’s renters, homeowners, pet and life products.
Liberty Mutual names next CIO following McGlennon’s retirement
Liberty Mutual Insurance has named Monica Caldas its next EVP and CIO. Caldas will enter her new role effective January 2023, after James McGlennon retires. The company announced the succession plan in a release today.
Middesk raises $57M to automate business verification and underwriting
Middesk, a platform designed to automate business verification and underwriting decisions, today announced that it raised $57 million in a Series B round.
The FinTLV Israeli Insurance/Insurtech ecosystem
Israel’s insurtech ecosystem continues to grow and develop. Because insurance affects all facets of our lives, it is a multi-faceted industry that includes many nuts and bolts. Here is a complete map of the Israeli insurance / insurtech ecosystem:
Chubb and JA Assure launch online cyber insurance platform
Chubb and Singaporean insurtech firm JA Assure have launched Haxsafe, a cyber insurance portal for small and medium enterprises (SMEs) in Asia.
Branch snags $147M at a $1.05B valuation, showing that thorny insurtech market not impervious to growth
Branch, a startup offering bundled home and auto insurance, has raised $147 million in Series C funding at a postmoney valuation of $1.05 billion.
Overalls raises $4.6 million
Overalls closed a $4.6 million funding round led by RPM Ventures , bringing its total funding to $8.6 million.
Dalma claws on €15 million to unveil superapp for pet parents in France and beyond
The French startup wants to disrupt the traditional pet insurance experience with personalised coverage, fast reimbursement, unlimited live vet chats and support, and charity-driven benefits.
Chubb appoints new SVP, Chief Communications Officer
Global insurer, Chubb has announced that Cheryl Krauss has been appointed Senior Vice President, Chubb Group and Chief Communications Officer.
Three technology trends disrupting the insurtech industry
Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors.
How Tokio Marine HCC stays on the cutting edge of cyber insurance
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Marsh McLennan Agency Acquires Clark Insurance
Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of Clark Insurance, a leading independent agency in Maine. Terms of the acquisition were not disclosed.
Munich Re, partners to assess insurance risks of new auto tech
The Munich-based Mobility Technology Center (MTC), founded to develop auto insurance products and risk management solutions, announced its plan to launch its services in June. The center is a joint venture between ERGO Digital Ventures, Munich Re, automotive smart mobility developer, In-tech, and MaLiBu, a consultancy.
Haven Life and Kinly Partner to Make Term Life Insurance More Accessible to Black Americans
Haven Life, the customer centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), and Kinly are announcing a new partnership to make term life insurance more accessible to Black Americans.
Phil Edmundson Creates AI-Driven Corvus To Transform Commercial Insurance
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
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