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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.
How to perfect the science behind driving rates
Insurance companies are on a constant quest to price risk better using data scientists, actuaries and decades of loss history. Over the years, they have sought (and found) better proxies for driving risk, having started with age before moving on to zip codes, occupation and credit scores.
Parsyl raises $25m Series B funding
Denver-based Parsyl has raised $25m in Series B funding to expand its cargo insurance and risk management solutions.
Binance Builds Up $1 Billion Insurance Fund Amid Crypto Hacks
Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo.
4 insurance industry challenges, and four digital solutions
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
Li-Backed Unicorn Bolttech Said to Seek $300 Million in Funding
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
Insurtech Descartes Underwriting Raises $120M to Expand Parametric Product Offering
Descartes Underwriting, the insurtech company that specializes in parametric natural catastrophe products, has announced a $120 million Series B funding round.
Otonomo partners with Audi to test usage-based insurance
Audi has partnered with connected car data company Otonomo to pilot consumer offerings, ranging from pay-as-you-drive insurance, to general vehicle status, to first notification of loss.
The bright future for digital claims
Insurance organizations have transformed the claims process rapidly in the past few years. The first-notice phone calls, adjuster visits and carbon-paper trail is now just one of many paths customers can take through their claims.
Plum Life and London Underwriters Jointly Announce New Distribution Agreement
New Agreement will give over 8,000 wholesale Property and Casualty agents access to the Plum Life Insurance Selling Platform.
World’s First Crypto Mortgage? Homeowners’ Insurers Don’t Hate It
If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages.
Ascend Raises $30M Series A and Secures $250M Lending Commitment To Boost Modern Insurance Payment Offerings
Ascend, the first modern insurance payments platform, today announced that they have raised a $30M Series A in equity funding, bringing the total funding raised to $39M along with a $250M lending commitment to finance insurance premium loans through its platform facilitated by Hudson Structured Capital Management Ltd. – doing its re/insurance business as HSCM Bermuda – an investment adviser that specializes in re/insurance, insurtech, and transportation investments.
Helvengo raises $4.5 million
TX Group invests as lead investor in a seed financing round in the Zurich-based insurtech company Helvengo, an insurance solution for SME. TX Ventures, the VC of TX Group, is thus further expanding its fintech portfolio. Postfinance Ventures, Seed X, Hypoport, Anamcara Capital, Plug and Play, Conny&Co and various business angels are also participating in the over CHF 4.2 million financing round.
How Insurers Can Build Operational Resilience with Low-Code Application Programs
The global pandemic has shown how vital it is for businesses to understand the services they provide and invest in their operational resilience. As COVID has accelerated the digitalization of the insurance industry, businesses must strive to be resilient by looking to the future and making decisions now to protect against risk.
What emerging technologies are shaping the future of personal lines?
Change, it’s said, is the only constant. For many insurers, change can be a harbinger of new opportunities and new risks.
Chubb names Connole as CFO, Overseas General Insurance
Chubb today announced that Miriam Connole has been appointed Chief Financial Officer for Overseas General Insurance, the company’s international general insurance operations.
DigitalOwl raises $20M to analyze medical records for insurers
In health care, the process of underwriting and claims analysis can be both labor-intensive and error-prone. Claim adjusters and underwriters are often required to read and carefully parse hundreds of documents per case. Each year, the insurance market invests an estimated more than $3 billion in work hours devoted solely to collating and summarizing medical records.
Charles Taylor: Data quality is essential to sustainable underwriting
Joanne Butler, Head of Product Marketing and Pre Sales, Charles Taylor InsureTech featured in Insurance Day, discussing how important data quality is when producing sustainable underwriting.
UK-based Laka secures €10.6 million to build European e-mobility insurtech solution
On a mission to build the leading e-mobility insurtech offering in Europe, London-based Laka has secured over €10.6 million for its unique insurance model.
MotorDNA, Insurtech, Launches Leveraging Data and AI to Save Lives
MotorDNA, a new data and analytics company, was formed with the mission to leverage data and technology to improve the safety of vehicles on the road today and in the future.
Parametrix Insurance and Leavitt Group to mitigate cloud downtime risk
Provider of parametric cloud downtime insurance, Parametrix Insurance and brokerage Leavitt Group have both announced that ComTech-Leavitt Insurance Services, a member of the two, has partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime.
Obie Launches Partnership with Digital Partners, a Munich Re Company
Obie is partnering with Digital Partners, a Munich Re company, to provide a new, instant insurance offering. This partnership will provide landlords with the ability to obtain bindable insurance quotes for their investment properties within minutes.
3 Key Areas for Insurers to Drive Digital Success in 2022
Insurers must be smarter about how they use data, make bold digital moves to meet consumer expectations, and take a strategic approach to process automation.
Marsh collaborates with Risilience to support clients’ climate reporting to reach net zero
Marsh, the world’s leading insurance broker and risk advisor, today announced a new collaboration with Risilience to support clients globally in understanding their climate change risks and meet their obligations in accordance with the Taskforce on Climate-related Financial Disclosures (TCFD).
Baobab Raises $4.2M in Pre-Seed Funding
Baobab, a Berlin, Germany-based cyber insurance company protecting organizations from existing and emerging cyber threats, raised $4.2m in pre-seed financing.
Sayata Brings Total to $52M With Latest Raise in Funding Round
Sayata, a marketplace for insurance brokers and carriers, added $35 million to its latest funding round. The Insurtech previously raised $17 million five months ago, resulting in a total A round of $52 million.
Pie Insurance Launches Pay-as-you-go Billing Solution
Pie Insurance, a leading tech-enabled provider of workers’ compensation insurance to small businesses, today announced the launch of its new Pay-as-you-go billing solution.
How insurtechs, legacy companies could work together for industry growth
A topical theme in the insurance industry is the rising competition between young, online-driven insurtechs and traditional insurance businesses.
John Hancock partners with Allstate
John Hancock announced that life insurance customers participating in the John Hancock Vitality Program are eligible to receive Vitality Points for safe driving.
Acrisure launches cyber services division
Fast-growing insurance and fintech firm Acrisure announced a new cyber services division this week, a move that will allow the company to provide customers with a portfolio of solutions to help address some of the most pressing cyber risks.
Louise Smith to lead WTW’s Consulting and Technology business
WTW has has appointed Lou Smith to the company’s Insurance Consulting and Technology business, where she will lead the unit’s Commercial Lines data strategy and expand its digital trading capability.
Howden acquires Italian company Tower
Howden, the London-based insurance broker, has announced the acquisition of Tower SpA, a specialist insurance broker and risk advisory firm based in Vicenza, Italy.
Airbnb to launch travel insurance product
Airbnb is to offer guests a travel insurance product as part of a COVID-19 support program.
Insurtech Startup Honeycomb Raises $15.4MM in Series A Round
Honeycomb today announced that it has raised $15.4 million in a Series A funding round led by Ibex Investors.
Tesla Insurance expands to Arizona and Ohio, now available in five states
Tesla announced the expansion of its new insurance business to Arizona and Ohio – making it now available in five states.
Lloyd’s appoints Dawn Miller as commercial director
Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022.
What challenges, opportunities may be ahead for insurers?
The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed – at scale.
Why UBI will survive the pandemic
It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years.
InShare Partners With Snapsheet
InShare, a leading provider of insurance solutions for the sharing economy, final mile delivery and logistics, today announced its partnership with Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management.
Geotab partners with Camera Telematics to tackle insurance fraud
Geotab has formed a partnership with Camera Telematics to help tackle vehicle insurance fraud with the Street Angel Solution on the Geotab Marketplace.
CyberCube designs scenarios for Lloyd’s RDS exercise
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise.
Insurtech startup Luko acquires Coya and gains insurance license
French startup Luko is acquiring German startup Coya in order to grow its European presence and get an insurance license from German regulator. While Luko isn’t disclosing terms of the deal, the company says it’s a 100% share deal, which means that Coya investors are now Luko investors. Those investors include Valar Ventures, Headline and Roland Berger’s family office.
battleface Partners with Mondee to Offer Travel Insurance Cover
battleface, a full stack global travel insurance company, today announced its partnership with Mondee, a rapid growth, technology-first travel marketplace with a portfolio of globally recognized brands in the leisure, retail, and corporate travel sectors.
Foresight Workers’ Comp Insurtech Closes $39M Series B Round
Led by OMERS Ventures and with participation from Digital Garage Ventures, the George Kaiser Family Foundation, the round brings the total raised to $59 million.
Reask gains funding from leading early-stage investors to deliver next-generation global Nat Cat modelling
The funding, led by Tencent, plus SV Angel and Hawktail, will support Reask’s growth and development of its next generation AI-based models, as re-insurers seek to deal with the increased frequency and scale of losses from climate risk and natural catastrophes, worldwide.
Insurtech Partnerships Could Strengthen Insurers’ Future
Fitch Ratings expects a rise in the number of partnerships between traditional insurance companies and InsurTechs.
Insurtech startup Five Sigma extends Series A funding round
Five Sigma, a cloud-native Claims Management solution provider, announced on Wednesday extension of its Series A round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20 million. The company’s Series A funding was initially announced in September of 2021.
Insurtech startup Honeycomb raises $15.4 million
The Israeli digital insurance provider has developed a technology stack for multi-family properties with the aim of assisting landlords and condo owners associations seeking insurance.
MiX Telematics : Telematics trends for 2022 and beyond
The telematics industry has grown significantly in the past years. And this is due to the increased demand for advanced telemetry solutions that provide improved safety, increased efficiency and reduced expenses.
British insurtech startup Zego accelerates into the Netherlands
London-based commercial motor insurance startup Zego said it plans to launch in the Netherlands and ramp up its presence in France this year.
Cyber MGA Resilience Appointed as Coverholder at Lloyd’s
Appointment empowers Resilience to bring its cyber insurance solutions to a global marketplace.
Novidea Predicts 2022 Key Trends Driving Digital Transformation in the Insurance Market
Key trends that will drive digital transformation in the insurance market in 2022 include, trackable hybrid working, increased customer demand for digital services and more M&A activity.
Blockchain-based insurance expected to transform claims administration
Blockchain-based insurance is expected to transform claims administration, according to a new report by Juniper Research. Specifically, researchers expect blockchain-based insurance claims to exceed $10 billion in cost savings globally by 2024, up from $1.1 billion in 2021.
Insurtech 2022: Hype vs. Impact
Insurtech is no stranger to hype but with 2020 and 2021 bringing far more change than anyone bargained for, the industry has seen a fresh round of predictions and speculation.
Amplify Raises $12M Funding Round for Life Insurance Investment Platform
Greycroft and Crosslink co-lead funding round on the next generation permanent life insurance platform.
8 technology trends for the insurance industry to watch in 2022: David Lynch – Group CTO, bolttech
2021 has been another groundbreaking year in the advancement of technology across many industries. According to the Willis Re Q3 Quarterly Insurtech report, more than US$10.5 billion was poured into insurtechs globally in the first 9 months of 2021 alone, with expectations that this investment trend will continue to increase in the coming years.
Deloitte: 2022 insurance industry outlook
Digital and talent transformation accelerating as insurers adapt for postpandemic growth.
Tempcover partners with WTW in continued drive to reinvent usage-based insurance for the digital generation
WTW, a leading global advisory, broking and solutions company, announced today a new deal with Tempcover that sees one of the UK’s largest short-term insurance brokers license Radar Live as its price delivery and decision engine platform.
Lloyd’s CFO to take on COO duties
Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month.
Game-Changing Trends in 2022 for the Future of Insurance
Change and disruption are constants in today’s world, but they continue to gain intensity and breadth across the industry.
Israeli startup Spott launches e-commerce liability insurance platform
Founded in 2021 by veterans of the IDF’s 8200 military intelligence unit, Spott aims to be at the forefront of the $5 billion e-commerce liability insurance market.
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