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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.
What trends will evolve from consumer expectations in 2022
As consumers, we want a personalized experience whenever we shop online, stream videos, or even get a cup of coffee. And we want the companies we do business with to anticipate our needs, and, increasingly, to reflect the values we hold dear.
Insurtech bolttech Buys Singapore-Based Specialist Broker AVA Insurance
Bolttech, a Singapore-based insurtech unicorn, has acquired local insurance firm Ava Insurance for an undisclosed sum.
Swiss Re Corporate Solutions, The Hartford partner up
Swiss Re Corporate Solutions and The Hartford have announced a strategic partnership to expand The Hartford’s network of global partners. The partnership will give The Hartford’s multinational customers broader access to insurance coverage around the world.
Zurich Canada teams with Blink Parametric to strengthen its post-pandemic solutions in the travel insurance market
CPP Group’s parametric platform, Blink Parametric, announces its collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group – a top-three provider of travel insurance in the world. This deal marks another significant milestone for Blink as it tracks the ongoing recovery of the global travel industry.
How insurtech digitization, adaptability could drive change
2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.
How is the insurance sector evolving? – Fitch
Last month Fitch Ratings held its 2022 Insurance Insight Series, and the first event on deck was a webinar about how the insurance sector will evolve over the next year.
SCOR completes its largest (£5.5bn) ever longevity reinsurance deal
Lloyds Banking Group has completed a £5.5bn (€6.5bn) longevity swap deal with SCOR and Scottish Widows for its Lloyds Bank No. 1 Pension Scheme.
Singapore insurtech provider Cyber Sierra raises $4.3M
Cyber Sierra, a Singapore-based technology-enabled cyber insurtech provide, announced Tuesday the completion of a $4.3 million seed round of financing led by Leo Capital, with participation from AppWorks, Credit Saison, as well as angel investors including prominent founders and leaders in the cloud and insurance sectors.
Boost Insurance partners with Breach Insurance
Boost Insurance (“Boost”) alongside go-to-market partner, Breach Insurance (“Breach”), an insurtech that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, the first insurance product for cryptocurrency available to retail wallet holders.
Spixii and Socotra partner to enable insurers to deliver superior customer experiences and powerful core functionality
Spixii and Socotra today announced a strategic partnership to enable insurers to easily integrate best-in-class Spixii Conversational Process Automation with Socotra’s modern core platform. Combining the unique capabilities of both Socotra and Spixii into a complete and robust solution, insurers can efficiently serve their customers online through conversational experiences that seamlessly connect policyholder data to advanced core functionality.
Five trends shaping the insurance industry in 2022
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
McKinsey: Creating value, finding focus – Global Insurance Report 2022
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
Sequoia Capital backs health-focused insurtech startup Kenko Health
Redkenko Health Tech Pvt Ltd, which operates insurtech startup Kenko Health, has raised $12 million (around Rs 90 crore) as part of its Series A round led by Sequoia Capital India, the company said in a statement on Monday.
Ontellus Partners with Duck Creek Technologies to Help Insurers Manage Injury Claims
Ontellus, the nation’s largest records retrieval and claims intelligence company, announced today its partnership with Duck Creek Technologies (Nasdaq: DCT), a leading provider of software-as-a-service (SaaS) insurance core systems, to offer records retrieval across the United States for P&C insurers.
How insurers can innovate with technology, talent
The groundwork has been in place for years, guiding discussions of how, when, where, and why to use innovative technology solutions in the insurance industry. The goal: improving traditional insurance processes.
HSBC completes acquisition of AXA Singapore
HSBC Insurance (Asia Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings (HSBC), has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of $529m, subject to closing adjustments.
Gaia, a platform to finance IVF treatments, closes $20M Series A led by Atomico
Gaia is a startup that is effectively out to ‘de-risk’ the whole process of IVF fertility treatment, using products like personalized insurance and payment plans. It’s almost BNPL for babies — but not quite.
Why 2022 insurtech investment could surprise you
A diverging insurtech market could injure many companies while others remain unscathed.
Swiss Re makes investment in LatAm insurtech Klimber and eyes L&H drive
Swiss Re has made a minority investment in insurtech digital platform Klimber Latam Corp as the reinsurer looks to grow in Latin America’s life and health insurance markets and replicate its strategy of supporting digital businesses in other regions around the world.
3 Asian InsurTech companies to watch out for in 2022
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
Charles Taylor joins the AI battle against fraud
Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial
Vitesse PSP, secures $26 million in Series B funding to drive further digitisation of the insurance
Vitesse, the global payment, liquidity and treasury management platform, today announced that it has raised $26 million in Series B funding led by Prime Ventures.
Insify is modernizing insurance, but this time for SMEs
Meet Insify, an insurtech startup that raised a $17 million (€15 million) Series A round led by Accel. The company wants to modernize the insurance market. Instead of focusing on the consumer market like many insurtech startups, Insify has picked a different path. It’s a pure B2B play as Insify focuses on Europe’s small and medium companies.
Redkik Closes an Investment Round of $3.3 Million
Redkik, a global software company
with the mission to simplify and improve the marine cargo insurance industry with technology today announced the closing of a $3.3 million Seed funding round.
CCC Acquires InsurTech Safekeep
The acquisition of the provider of AI-driven solutions advances CCC’s vision for straight-through processing across the claims lifecycle.
Munich Re backs $15m funding round for FloodFlash
Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor.
Clara, Nationwide team up to provide AI in comp
Clara Analytics Inc. on Wednesday announced it will partner with Nationwide Mutual Insurance Co. to provide artificial intelligence technology in the commercial insurance industry for a new program aimed at improving workers compensation claims operations.
The attention economy: How insurers can stay visible in a crowded field
A customer’s attention has been a rare commodity since long before the term “attention economy” entered the business lexicon. Wherever consumers are online, providers from all sectors are competing to get noticed. Staying visible is the name of the game, but it is becoming increasingly difficult as digitalization advances and delivers an ongoing clamor from companies in every conceivable industry vying for customers’ limited attention.
Seyna raises a record €33 Million Series A to modernize the insurance industry’s infrastructure
Seyna, the fast-growing insurance platform, announces a €33 million investment round to scale its service to all brokers and merchants in Europe.
Tokio Marine invests in satellite imagery specialist ICEYE and enters collaboration with NatCat
ICEYE, the Helsinki-based synthetic aperture radar (SAR) data provider and natural disaster solutions specialist, announced that Tokio Marine Holdings has made a strategic investment in the company as it seeks to develop new insurance products and services that use satellite data.
How one firm takes insurer’s AI to the next level
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
Insurers Hope to Head Off Claims With IoT Devices
Wouldn’t it be nice, if, instead of relying on adjusters and restoration companies to surmise how much damage was actually caused by a water leak, an insurer could stop the leak almost before it starts.
Innoveo names Vinod Kachroo CEO; Amir Ghaffar to continue as Executive Vice Chairman
Innoveo, a global technology firm and pioneer in enterprise no-code solutions, today elevated its President, Vinod Kachroo, to Chief Executive Officer (CEO). Current CEO, Amir Ghaffar, will continue on the Board of Directors as Executive Vice-Chairman.
Sapiens Partners with WCL to Provide Connectivity for Lloyd’s of London Bureau Services
Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that it will partner with WCL, a Zywave company, to provide messaging to Lloyd’s of London Bureau Services.
QBE appoints Head of Marine
QBE has appointed Kevin Shallow as Director of Underwriting and Product Head for Marine, subject to regulatory approval.
Lemonade Pet expands into Massachusetts
Lemonade has announced the expansion of its pet insurance to Massachusetts. The coverage is available for dogs and cats and includes diagnostic, procedural and other medical needs.
Why underwriters don’t underwrite much
What makes an insurance carrier an insurance carrier and not a generic financial services organization? This is more than a philosophical thought experiment.
Only 18% of insurance organizations considered data masters, Capgemini
Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute. These organizations are considered data masters.
CEO on the microeconomics of insurance
These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.
Insurtech Percayso raises £3.4m funding to move into new markets
UK-based insurtech startup Percayso Inform has raised £3.4m in a funding round led by Manchester-based venture capital investor Praetura Ventures.
Launch of Beazley’s digital division, aiming to transform broker access
Beazley announced that its global digital commerce division, Beazley Digital, is up and running. New hub brings together underwriting, claims, technology and operations experts into a cross-functional team, to provide seamless digital access and services to a range of high-volume, low-premium products for its partners global brokerage.
wefox Appoints Former Zurich International CEO Peter Huber as Chief Insurance Officer
wefox, the Berlin-based digital insurance company, is continuing to build its world class team with the appointment of Peter Huber as Chief Insurance Officer. Mr Huber was formerly CEO at Zurich International. He starts at wefox on Monday 20th September.
AI opens the door to faster claims for home insurance
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
ICEYE Raises USD 136M in Series D Funding Round
The financing will further accelerate the continued expansion of the world’s largest synthetic aperture radar (SAR) satellite constellation, and the growth of ICEYE’s Natural Catastrophe (NatCat) Insights and Solutions offering.
Insurtech Stubben Edge raises £10m
UK-based InsurTech firm Stubben Edge has raised £10m from an investment round that including firms such as Lloyd’s Names and a range of institutional investors.
Crypto Insurance Firm Evertas Wins Lloyd’s of London Approval
Evertas, the first such “coverholder” to specialize in crypto wallets, was sponsored by Lloyd’s syndicate member Arch Insurance.
Aegon Names Deborah Waters as Chief Technology Officer
Aegon NV said Wednesday that Deborah Waters will be appointed as chief technology officer, effective from Monday.
TrueNorth Partners With CyberCube
U.S. based professional services and insurance brokerage firm TrueNorth Companies is set to roll out CyberCube’s Broking Manager, the cyber risks analytics platform for insurance intermediaries.
Insurance M&As and partnerships: January 2022
Here’s a round-up of January 2022’s insurance industry-related M&As and partnerships
Rewire partners with Qover and AIG
Rewire, the fintech startup offering international money transfer services to migrants working abroad, has partnered with Qover and AIG to introduce a new insurance coverage for users.
Three lessons learned from mentoring insurtech founders
In 2020, American Family Insurance launched an innovative partnership with the Creative Destruction Lab (CDL) and the University of Wisconsin-Madison that provides support and mentorship to start-up founders in their companies’ early stages.
Revolut enters insurtech – launches Pet Insurance
Revolut, the financial superapp with almost 4 million UK customers, today announced the launch of Pet Insurance. The stand-alone product reinforces Revolut’s existing insurance offering including travel insurance, purchase protection and ticket- and missed event cover. Pet insurance is Revolut’s entrance into insurtech, and is the company’s first of many future standalone insurtech products.
Casava gets $4M pre-seed to make insurance affordable and accessible to Nigerians
African countries are yet to catch up with social security and safety programs commonly used in the West, where the government provides health insurance and unemployment benefits to citizens.
Coalition launches tech-powered executive risks products
Coalition now offering Directors & Officers (D&O) and Employment Practices Liability (EPL) with new tools and features to all broker partners, furthering its breadth of offerings to protect businesses against modern risks.
Chile Startup Betterfly Hits Unicorn Status With $125 Million Round
Chilean insurance-tech startup Betterfly plans to expand overseas after its latest funding round swelled its valuation to $1 billion.
Tint Raises a $25M Series A Round
Tint, the platform that empowers companies to protect their end-users through unique embedded insurance products, today announced that it raised $25M in Series A funding.
Luko Strengthens Its Pricing Process with Akur8
Luko and Akur8 have announced a collaboration to strengthen Luko’s pricing process. By forging this alliance with the first French neo-insurance company, Akur8 affirms its solid position in its domestic market and consolidates its position within the insurtech ecosystem in France and internationally.
Top insurtech funding rounds, January 2022
There were 41 funding rounds in the insurtech sector between Jan. 1 and Jan. 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. For our previous edition, which covered the month of December, click here. These updates will continue monthly.
Resilience launches captive reinsurer
Cyber insurance and security solutions provider Resilience has launched a captive reinsurance company. The captive will allow the agent to retain a share in the risks it underwrites, fuelling additional growth and “demonstrating its long-term commitment to underwriting a profitable and sustainable book on a global scale”, it said.
Greenlight Re to establish an insurtech-focused syndicate
Greenlight Re Innovations, part of Greenlight Re, has received approval from Lloyd’s to establish an insurtech-focused syndicate.
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