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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.
3 Trends Transforming Auto Insurance
The auto insurance industry is at a turning point. After navigating the unwelcome effects of a global pandemic, carriers and collision repairers are eagerly awaiting a return to “normal.”
Safekeep, Inc Announces Partnership with Duck Creek Technologies
Safekeep, the award-winning insurtech company focused on leveraging AI in claims recovery, will integrate with Duck Creek to give insurers the ability to maximize recovery dollars.
Willis Towers Watson partners with insurtech Indeez for independent worker solution
Willis Towers Watson (WTW) has partnered with European insurtech Indeez to distribute its insurance products for independent workers working with digital platforms in Asia-Pacific.
BizCover expands SME platform into South Africa
BizCover has launched its online business insurance platform in South Africa as it targets opportunities from a potential digital transformation in SME purchasing in the country.
On Lemonade’s Planned Acquisition of Metromile
The $500M agreement gives Lemonade the ability to market in 49 states and to complement its recent auto insurance business launch, but the deal may foreshadow an even more promising combination.
Insurtech funding tops $15B in 2021
Insurtech funding reached $5.3 billion in the third quarter of 2021 and has surpassed $15 billion for the year, according to a report from Forrester Research Inc.
Why have insurers been slow to adopt digital twins?
Insurers have been slower to adopt digital twins than their counterparts in other industries.
The importance of decentralised insurance in a destabilising climate
What does it mean for economies, governments and communities when “once in a lifetime” weather events begin to occur on an annual basis?
Puls raises $15 million to transform the home insurance industry
When you live in a home, something always breaks. And it can be difficult to know who to call and if you can afford the repairs. That’s where Puls Technologies come in.
Coalition Enters Executive Risk Insurance Market for Small Business
Coalition has launched new executive risks insurance products for small and midsize businesses. The directors and officers (D&O) and employment practices liability (EPL) coverages are underwritten by Zurich North America.
With InsurTech Advancements, Carriers Now Have a D2C Market
Carriers don’t have to be the only beneficiaries of InsurTech advancements. A similar relationship can also be applied to the smaller independent agents and brokers.
South Africa’s Root gets $3M, plans to expand low-code insurance platform to Europe
Insurance lags behind other financial services in the adoption of digital technologies. Granted, a few unicorns have popped up from the modern digital insurance space such as Tractable and Lemonade; however, this sector hasn’t raced to the stage as quickly as say, payments or lending.
The (in)human touch: AI and fairness in insurance
People don’t trust insurers. We’ve probably all had to contact an insurer about a problem only to find it’s not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.
Insurance must innovate or die
For many of those outside – and even inside – the industry, insurance and innovation may not seem to go together. Yet, rather quietly, most large insurers have been ramping up their innovation spending over the past decade.
Chaucer & Yokahu partner on parametric hurricane insurance
Global specialty reinsurer Chaucer has partnered with parametric insurtech start-up, Yokahu to launch a new microinsurance product, which will provide cover following hurricane events in the Caribbean.
Stride partners with Gopuff to help Delivery Partners get affordable, quality health insurance
Stride, a leader in portable benefits for independent workers, and delivery platform Gopuff, announced a new partnership that will provide Gopuff delivery partners all across the U.S. with access to quality, affordable health, dental, vision and life insurance.
Enhance Health launches with $150 million of capital
Enhance Health, a new technology-enabled, digital health insurance brokerage and care navigation platform focused on serving the Medicare Advantage market, today announced its launch with $150 million of total capital.
Independent workers insurtech Jove to launch in January
Improving the lives of workers in the gig economy isn’t just a political issue — it’s also becoming a hot topic for startups. The latest example is London-based newcomer Jove, an insurtech which has just closed a £600k pre-seed from Fuel Ventures and the heads of Octopus Group Ventures.
The relevance of sustainable insurance in Europe
As the impacts of climate change rise and interest in renewable energies peaks, sustainability is becoming a central priority for businesses across all sectors – but insurers have the edge in terms of providing long term solutions.
GetCovered.io Raises $7 Million in Series A Funding
Founded in 2018 by Brandon Tobman, Dylan Gaines and Ryan Solomon, GetCovered was built to bridge the gap between the insurance and real estate sectors.
Lemonade acquires Metromile to boost automotive offering
Metromile’s auto insurance offerings are informed by a decade’s worth of data, which should improve the quality of the newly-introduced product, Lemonade Car.
‘Beware of the hype’ says German regulator BaFin on ‘astonishing’ insurtech investment
The huge sums being invested in insurtech have yet to disrupt the insurance sector in the same way that fintechs have changed banking, says Germany’s BaFin markets watchdog.
Digital insurance platforms could be worth $169 billion by 2026
The insurance industry is said to lag in the era of digitalisation. Insurers were told to ramp up digital efforts in order to meet rising demand during the pandemic – and it turns out this was the push they needed to break free from traditional broker-based insurance.
Unnatural Cat: Why cyber insurance has a sell-side problem
They say insurance is a product that is sold not bought – and as a result, we often spend a lot of time focused on the buy-side: the risk landscape of potential customers, their coverage gaps, their servicing preferences… their apathy even.
Verisk Acquires Driver Data Company
Verisk Analytics, the global data analytics firm, has acquired North Carolina-based Data Driven Safety to expand its automobile insurance underwriting data business, Verisk announced.
Analysis: Hippo, Lemonade homeowners premiums continue to grow at exceptional pace
The underwriting arm of two publicly traded homeowners insurtech companies reported significant year-over-year homeowners premium growth in the second quarter.
Haven Life and Lantern Launch Partnership to Help Destigmatise End-of-Life Planning for Customers
Haven Life and Lantern, a public benefit corporation committed to helping people navigate life before and after a death, are launching a new partnership to make end-of-life planning easier for eligible Haven Term policyholders.
Health Insurance: What’s Next?
Looking toward 2022, health insurers are going to be wrestling with all the ways COVID has transformed the health insurance industry and what it means for coverage, pricing and patient care for the years to come.
British insurtech attracts £5.1m investment as embedded insurance takes off
Fintech business insurance startup Nimbla has today announced a £5.1m funding round led by Silicon Valley venture fund Fin VC with participation from Barclays Bank.
The future of insurance industry growth lies in collaboration
Insurance is evolving at an extraordinary rate. Gone are the days of maintaining the status quo while speculating what the future of the industry may or may not look like.
What Insurers Need to Know about the State of Autonomous Vehicles
To understand the current and future coverage opportunities, along with the challenges yet to be addressed, this article delves into the present status of AVs and where the industry is likely headed over the next decade.
owl.co raises $30 million to address insurance industry’s $80 billion fraud problem
owl.co, an insurance claims monitoring platform, today announced that it secured $30 million in Series-B funding to accelerate the company’s growth.
Lemonade car insurance launches in Illinois
Lemonade has formally entered the auto insurance markets, seven months after the New York-based digital insurer disclosed initial plans to do so.
Gig Worker Insurance Platform Collective Benefits Raises $10 Million
Collective Benefits (part of our Future50 Europe), an insurance platform for gig and independent workers, has raised $10 million in a fresh capital injection from investment giant Prosus.
Shift Technology Secures Investment from Guidewire
Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced that Guidewire, has made an investment extending the company’s recent Series D funding event.
Chubb launches holistic risk management solution for manufacturing industry
Chubb announced today the launch of a packaged insurance product that addresses the evolving risks faced by manufacturers, in Hong Kong SAR, Malaysia and Singapore.
Zurich North America gears up for Innovation Championship
Zurich North America, with its parent organization Zurich Insurance Group, is inviting startups from around the world to enter the third edition of the Zurich Innovation Championship for a chance to grow and collaborate on solutions to some of the insurance industry’s biggest challenges.
Co-operators partners with PrevTech Innovations to offer new farm fire prevention program
Canadian farmers can now access a new on-farm fire risk reduction program when they insure their farm businesses with Co-operators.
How to enhance efficiency in auto insurance underwriting
These are challenging times for personal and commercial auto insurance leaders: Trends that were already in play have been accelerated by the COVID-19 pandemic, and the level of competition is forcing insurers to do more with less.
FRISS Secures Investment from Guidewire
The investment comes in addition to a recent Series B funding round.
Russia Tech Giant Yandex Uses AI to Reward Safe Drivers With Insurance Discounts
Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla.
Three Ways Agents Can Increase Small Business Customers’ Satisfaction
Small business customers are demanding more service from their agents, but with the right technologies and carrier partnerships, agencies can elevate their customer service game without adding to their workloads.
Fubon Life Hong Kong launches e-Channel Powered by InsurTech CoverGo
Fubon Life Insurance and the insurance technology company, CoverGo, today jointly announced the launch of Fubon Life Hong Kong’s e-Channel, offering customers in Hong Kong an additional choice to purchase personal life insurance through a self-directed and digital means.
Parametric insurance: just the ticket for a struggling travel insurance sector
Carl Carter, UK Country CEO of CPP Group, discusses the growing popularity of parametric insurance solutions, how they help customers, and why they could prove instrumental for travel insurance companies forced to differentiate in an increasingly competitive market.
Insurtech platform Ripe secures majority investment from Aquiline Capital Partners
Ripe Thinking Ltd., a UK-based digital underwriting and insurance distribution platform, is pleased to announce that it has entered into a definitive agreement for Aquiline Capital Partners LLC to acquire a majority stake in the company.
4 areas of innovation in insurance with billions in revenue opportunities
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world. While there is still considerable uncertainty around how the pandemic will continue to evolve, insurers need to continue to look forward and plan for the future.
Amazon insurance – what it means for the UK insurance industry
Rumours of Amazon’s intention to disrupt the insurance industry have, it turns out, not been greatly exaggerated at all, and the technology giant’s plan to enter the small and medium-sized UK business customer segment have put players on edge across the insurance industry.
Munich Re widens partnership with FloodFlash
FloodFlash – the parametric insurance provider that is setting records by allowing same-day property flood compensation – has secured what the start-up called a “landmark” agreement with the major reinsurer Munich Re.
Why Startup Investors Are Putting More Money Into Insurtech
Insurance—an industry known for veteran brands and a cautious approach to risk—might seem a strange fit for the move-fast-and-break-things ethos of the startup world, but that hasn’t dissuaded venture capitalists from scaling up.
UNest and Avibra Announce Strategic Partnership to Offer Insurance Benefits to Parents
UNest, an app that empowers parents to invest and save for their kids’ future, and Avibra, a leading provider of personal well-being, risk, and protection solutions, today announced a partnership that offers families access to valuable services including no-cost life insurance policy and a 15% discount on Avibra’s Dollar Benefits Store.
Zurich’s group chief customer officer on driving a brand evolution
To be a truly customer-centric business means having the measure of what it is that your customers need and want, and then delivering on that agenda.
Insurtech firm Igloo’s chief commercial officer on making insurance affordable through digitalization
Like many industries, the insurance sector was streamlined by changes brought on by the digital age, taking its products and services to a wider audience.
From insurtech to incumbent: How Aviva Singlife came to life
Many start-ups aim for disruption, but what does it take to break through in the insurtech industry? The founder of Singlife shares his journey and insights.
Socotra and Unqork Partner to Accelerate Digital Transformation for Insurers
Today, Socotra and Unqork have announced a partnership to help insurers accelerate digital transformation efforts and create digital-first experiences for their users.
Digitisation of insurance underwriting continues with MetLife/Munich Re partnership
Munich Re Automation Solutions Ltd has partnered with MetLife France, which has adopted the ALLFINANZ product suite to digitise its life insurance underwriting process
MSIG Hong Kong partners with CoverGo to build MediGo
MSIG Hong Kong, a member of the MS&AD Insurance Group, Asia’s leading general insurance brand and CoverGo, a leader in the field of insurance technology, are joining forces to streamline MSIG Hong Kong’s customer ecosystem.
Amazon-backed insurtech Acko joins unicorn club with $255 million funding
Insurance policy provider Acko is the latest Indian startup to become a unicorn, joining nearly three dozen other firms in the world’s second-largest internet market that have attainted the coveted status this year.
6 key takeaways from Europe’s biggest insurtechs
InsurTech is an enormous industry whose global market size is projected to reach US$ 11940 million by 2027. Ever since the first insurtech startups tested the waters in 2010, it has been hotting up and on a constant path of massive development.
Swiss Re to invest $123M in Paytm Insurtech
Partnership key to realising Paytm’s mission to take general insurance products to the masses.
Stride Health closes a $47 million Series C round
Stride Health has closed a $47 million Series C round, bringing its total funding to $96 million.
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