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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.
Insurers – here’s an alternative to partnering with an insurtech
The now familiar industry story is that big insurance companies with their juggernaut size and legacy technology find it very difficult to undergo a digital transformation to unlock all their data and improve customer service.
Lumera acquires Ai-London
Strategic acquisition will be instrumental for expansion to the UK and Ireland markets, while investing in Ai-London’s vision to create the world’s first AI-powered PAS and adding award-winning digital engagement to Lumera’s policy administration environment.
Acrisure secures $725m in new funding
Acrisure, a Fintech specialist that operates a top-10 global insurance broker, has closed a $725 million in Series B-2 Preferred Equity funding at a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.
Air Doctor raises $20 million
Medical care and travel startup Air Doctor has secured $20M in funding for scaling the company globally. This second round of investment capitalizes on the worldwide influx in travelers after the Covid-19 pandemic and will enable the company to enter its next phase of growth.
CyberCube Partners With Kroll to Launch Response Service for Cyber Insurance Industry
Cyber risk analytics provider CyberCube has today launched CAERS, a new cyber incident response service for clients of the company’s SaaS products.
Four Ways Embedded Insurance Will Transform the Industry in 2022
The demand for embedded financial services has been seen across the industry, with the insurance sector being no exception. Embedded insurance has the potential to remove the hassle from a purchase, create tailored products, allow the insurer total control of what they want to sell, and help close the ‘protection gap’.
Why insurance leaders should care about digital trust
Since I started my career three decades ago, there’s always been this paradoxical rhetoric about the insurance industry’s risk averseness, mainly stemming from the absence of a flurry of innovative products, services and processes.
How data, AI is propelling the insurance digital journey
Insurance firms are now aggressively adopting digital solutions to overcome decades of inertia in modernizing their businesses.
Hippo’s First Connect Insurance Marketplace to Offer Cyber Protection from BLINK by Chubb
First Connect and Blink announced today a collaboration to make personal cyber insurance protection available to independent agents that participate in First Connect’s insurtech marketplace platform.
Lassie pockets €11M for pet insurance app
Any pet owner will be able to confirm it – our pets become part of our family and their health is just as important as the owners. Increasingly, people are becoming pet parents and are prepared to invest in all aspects of their pet’s care – from how they are fed, to insurance, to toys and beyond. It’s meant that a new area of innovation has sprung up – PetTech.
Re/insurers can play key role in development of hydrogen economy: Swiss Re
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer.
Rising insurance rates spoil digital transformation efforts, J.D. Power
Customer satisfaction in digital offerings from insurers declined this year, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study.
Life insurance underwriting reimagined: Investing in a new breed of talent
Differentiated products and services are key to growth among life and annuity carriers.
Prudential and Nervotec enter exclusive partnership to bring better health to communities in Asia and Africa
Prudential has partnered with Singapore-based Nervotec, a digital health company to help people better manage and monitor their health and stress levels on a daily basis.
Charles Taylor InsureTech launches InHub
Charles Taylor, the leading provider of claims solutions and technology to the global insurance market, today launches ‘InHub’ to help the insurance value chain deliver better results.
WTW Launches Cyber Coverage for Ports and Terminals
Insurance broker WTW has launched specialist cyber coverage for ports and terminals, called CyNav.
McKinsey: What insurtechs need to scale successfully
Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.
Tesla Bets It Can Bring Down Insurance Costs, Make Driving Safer
Elon Musk took a moment this week to talk about something other than Twitter: his carmaker’s effort to cut out the middlemen and lower premiums.
To win InsurTech 2.0, focus on underwriting before growth
Jamie Hale is the CEO and co-founder of Ladder. He has also served as a partner at Aldenwood Capital and Jasper Ridge/Oak Hill Investment Management.
Socotra Acquires Avolanta to Add Unified Agent and Customer Portal
The combination of Socotra’s core insurance technology with Avolanta’s offers the insurance industry an open and agile platform for accelerating innovation and speed-to-market.
Getsafe hits 50k customer milestone and launches buildings insurance in UK
Digital insurer Getsafe is launching its new buildings insurance to complete its home insurance proposition in the United Kingdom. This underlines Getsafe’s commitment to the British market. The company just hit the 50,000 customer mark in the UK and continues to grow its position as Europe’s leading neo-insurer.
Neptune Mutual raises $5.3 million
Founded in 2021, Neptune Mutual is a marketplace for parametric coverage protection of digital assets against hacks and exploits.
At-Bay launches new cyber insurance program, backed by Trisura & HSB
Cyber insurance provider At-Bay has launched a new cyber insurance programme backed by two specialty insurance providers: Trisura Specialty Insurance Company and The Hartford Steam Boiler Inspection and Insurance Company (HSB).
CoverGo Raises $15M in Series A Funding
CoverGo, a global enterprise no-code SAAS insurance platform, secured $15 million in Series A funding led by California-based SemperVirens VC with participation from U.S. venture capital firms SixThirty, Tribeca Early Stage Partners, and Fresco Capital.
Chubb names Paul Johnstone as country president, Chubb Canada
Chubb has named Paul Johnstone as its new country president in Canada, moving up from his role as COO.
Allianz says automobile losses at sea impacting insurance
Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.
Faye Raises $8M In Seed Funding
Faye, a Los Angeles, CA-based travel insurance startup, raised $8M in Seed funding.
Powering Innovation Through Data Discovery: An Insurance Industry ‘Must’
While most insurers are pursuing a combination of strategies to meet demand for a more seamless user experience, some are putting a particular emphasis on improving data utilization, particularly in the context of external data.
Sequoia backs $65m round of Indonesian insurtech firm
Indonesian insurtech startup Qoala has raised US$65 million in a series B round led by France-based investor Eurazeo and joined by MassMutual Ventures and Sequoia Capital India.
Riding the Wave of InsurTech 3.0: What It Takes to Not Just Survive, But Thrive
As the InsurTech industry approaches the next wave of innovation, experts say this could mean navigating rough waters.
Allianz gears up for €500mn hit to exit Russia
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
What machine learning techniques can help actuaries?
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Hippo Insurance’s Grace Hanson sees the future of insurtech
Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”
AXA becomes the first insurer in Hong Kong to offer green premium rebate
AXA Hong Kong (“AXA”) announces the launch of its first-in-market “Green Premium Rebate” programme – selected AXA Employee Benefits business clients can now enjoy 1% of premium rebate by fully utilising the eClaim services.
UK-based parametric insurance company readies for US market launch
FloodFlash Ltd. was founded in 2017 by Risk Management Solutions Ltd. alums Ian Bartholomew and Adam Rimmer and has been providing parametric insurance for flooding to business customers in the U.K. since 2019.
Biba launches drone scheme
BIBA has launched a new member scheme to insure operators of drones, both commercial and recreational.
How Travelers sees digital helping middle-market
Digital Insurance spoke with Scott Higgins, executive vice president and president of middle-market and national property, business insurance field for Travelers, about trends impacting the middle market and the role of insurtechs. Travelers defines this segment as businesses with 50 to 1,000 employees.
Majesco and CyberCube Partner
The partnership integrates CyberCube’s solutions and Majesco’s Policy for P&C to automate cyber risk assessments using expanded sources of data, signals and models for risk modeling, rating, and underwriting to support the growing demand for cyber (re)insurance in the market.
Nationwide, Razor Tracking partner telematics agribusiness
The partnership offers fleet management solutions and telematics to Nationwide’s agribusiness customers across the U.S.
Getlife wants to democratize life insurance in Europe
Meet Getlife, a Madrid-based startup that just raised $6.3 million (€6 million) in seed funding. The company wants to make it easier to access life insurance products in Europe. For instance, there’s no medical exams needed to subscribe to Getlife.
Insurer Hiscox sets aside $40 mln for possible losses from Ukraine crisis
British insurer Hiscox (HSX.L) said on Thursday it had set aside $40 million for expected losses due to claims arising from the Russia-Ukraine conflict, mainly through its political violence, war and terror portfolio.
Alan raises another $193 million for its medical one-stop shop startup
French startup Alan has raised a new €183 million funding round ($193 million at today’s exchange rate). The company sells its own health insurance products and has expanded to other medical products and services. In other words, Alan wants to build a healthcare super app and a one-stop shop for all your questions and needs when it comes to your health.
Five steps to improve innovation in the insurance industry
Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.
Africa’s top insurer partners with Allianz on $2.1B deal
Sanlam Ltd., Africa’s largest insurer, agreed to form a joint venture with Germany’s Allianz SE that will combine their assets on the continent valued at 2 billion euros ($2.1 billion) and help the partnership expand.
4 Ways to Capture the Millennial Insurance Market
Millennials will constitute a significant chunk of the insurance market for the next few decades, and how they engage and make decisions differs from previous generations.
Cover Genius Unveils Partnership with Pepperfry, Bringing Tailored Product Protection to India’s Furniture Market
Cover Genius, the leading insurtech for embedded insurance, today announced a partnership with the e-commerce furniture and home goods company, Pepperfry.
State Farm always wins: Buffett talks auto insurance at annual event
There wasn’t much discussion about car insurance at Berkshire Hathaway’s annual meeting this year, but when the subject came up, Warren Buffett acknowledged the continued dominance of a competitor, a mutual assurance.
‘The Hybrid Broker’ – Tomaso Mansutti, wefox in ‘The Insurtech Magazine’
Europe’s digital wunderkind, wefox, believes a broker network powered by humans is still the future of insurance. Tomaso Mansutti, head of international partnerships at the company, tells us why.
Reimagining payments: Interview with Phil McGriskin, CEO of Vitesse
What problem did you set out to solve when founding Vitesse? I have worked in payments for quite a while (over 20 years). After leaving
Inside MassMutual Ventures’ new fund
MassMutual Ventures’ announcement on April 27 of a new $300 million fund targeting start-ups in digital health, cybersecurity, enterprise SaaS and financial technology looks to be a force for innovation in insurtech.
Marsh launches renewable energy facility for mid-scale solar and BESS risks
Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of a new renewable energy facility that provides streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada.
PayPal, Aon Partner to Offer Insurance Through Payments Platform
PayPal Holdings Inc. formed a partnership with Aon Plc to offer its small-business customers the ability to shop for and manage their insurance policies using the company’s digital-commerce platform.
Top insurtech funding rounds of April 2022
There were 25 funding rounds in the insurtech sector between April 1 and April 29, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.
Insurtech startup Turtlemint bags $120 million as valuation tops $900 million
The company intends to use the fresh funds to expand in new geographies, including international expansion into Southeast Asia scale its leadership team and strengthen its product line.
Broker Buddha raises $5 million
Broker Buddha announced a $5 million investment round led by SiriusPoint with participation from Vertex Ventures US, and insurance professional Bob Sargent.
Bold Penguin tech exec on his acquisition strategy
As Bold Penguin’s chief data officer, Benjamin Clarke (pictured) focuses in part on anticipating the insurance technology company’s future tech needs.
CyberCube partners with US-based Ultimate Risk Solutions
Cyber risk analytics company CyberCube has partnered with Ultimate Risk Solutions (URS), a US-based provider of actuarial capital modelling to the insurance and reinsurance sectors.
Insurtech Coalition adds excess cyber capacity
Insurtech Coalition Inc., a managing general agent specializing in cyber risk, said Wednesday it is getting additional capacity from a unit of Bermuda-based Vantage Group Holdings Ltd. to back its U.S. excess cyber program.
Beazley partners with AI insurtech Cytora to ‘unlock scalable growth’
Global specialist insurer Beazley has partnered with artificial intelligence (AI) insurtech Cytora to automate and streamline its risk processing function, enabling the company to reduce costs and accelerate expansion plans in North America and European markets.
The Rise of the Insurtech Ecosystem – and the Impact on Insurers
AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.
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