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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.
Insurance digitalisation spawns increase in identity fraud
A new insurance industry research study reveals that insurance carriers saw an increase in consumer digital activity across both underwriting (77%) and claims (76%) during the coronavirus pandemic and indicated this recent increase in digital activity has in turn spurred more identity fraud activity, according to 67% of survey respondents
Lemonade’s telematics plan
In August, Lemonade co-founder and co-CEO Shai Wininger discussed the company’s upcoming car insurance product.
Global Reinsurers Grapple With Climate Change Risks
Over the past two decades, the global re/insurance sector has experienced an increasing number of major natural catastrophes.
Amazon to start offering insurance to UK businesses
Amazon is to start offering insurance to small and medium-sized UK business customers, the technology giant’s first foray into business insurance in the country, broker Superscript said on Monday.
Cyber insurance at the crossroads: Finding a path to profitable growth
Few lines have been talked up in recent years quite like cyber. Indeed, Accenture has predicted $25bn of growth in annual cyber premiums globally by 2025 – or a 500% increase on today’s ~$5bn GWP.
Metromile Enterprise Integrates Dwolla to Automate Insurance Claims Payments
Through the new partnership, Metromile Enterprise enables insurers to offer digital, real-time payments to resolve claims more quickly and accurately.
Progressive Insurance taps new marketing chief
Progressive Insurance has announced the appointment of Remi Kent as chief marketing officer, effective November 01. Kent will succeed Jeff Charney, who in March announced his intention to retire.
How insurance actuaries can make the digital leap
Is there a digital insurance gap? Recent work from Accenture Research suggests that there is.
MetLife launches new financial wellness app
US insurer MetLife has introduced its mobile app Upwise, dedicated to building positive financial habits. Upwise is designed to connect consumers’ behaviors around common financial concerns or stressors–such as monthly budgeting, paying off debt or long-term savings—to their emotions.
Why micro-insurance is an untapped market for insurers
It’s not every day the insurance sector is presented with an opportunity that is both an untapped source of income and the chance to offer ethically-centred solutions to communities in need.
Zurich forms global collaboration with BOXX Insurance
Zurich Insurance Group has established a “global collaboration” with Toronto-based managing general agent BOXX Insurance.
Socotra and ValueMomentum’s BizDynamics cloud business unit announce strategic partnership
BizDynamics, a cloud business unit of ValueMomentum, announced today it has become a strategic partner for Socotra, the first cloud-native core platform for insurers.
MS Amlin AG Appoints Swiss Re’s Wiest as CEO, Stepping Into Role Vacated by Beazley
Global reinsurer MS Amlin AG announced the appointment of Robert Wiest as chief executive officer. Wiest will take up the role on Jan. 3, 2022 and will be based in Zurich, Switzerland.
Gen Z more willing to share data with insurers for personalisation
A growing number of Gen Z professionals are open to sharing the data from their smart home devices with insurers, in return for a better customer experience or discounts, according to a new survey by Capco.
Insurers see long-awaited innovations taking hold in pandemic
Younger drivers are spurring interest in telematics.
Elon Musk Hopes To Roll Out Tesla Insurance Worldwide, Beginning With Texas Next Month
Tesla owners in Texas may be able to buy auto insurance from Elon Musk’s electric car company as soon as next month.
Claim Genius and Swiss Re Announce strategic Partnership for Global AI Claim Solution
Swiss Re and Claim Genius, a global Insurtech providing computer vision AI solutions to insurance carriers, announced their strategic partnership to bring real-time AI damage assessment and estimation platform to bring more efficiency to motor claims.
AXA UK names Willis Towers Watson leader as new CUO for commercial business
AXA UK has named Willis Towers Watson (WTW) manager David Ovenden (pictured) as the new chief underwriting officer for its commercial business, succeeding long-time executive David Williams, who will be leaving at the end of the year.
Cyber insurtech BOXX Insurance announces USD $10M Series A
BOXX, a cyber insurance provider for small businesses, individuals and families, announced today that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.
Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response
Ltd (“Brit”) announces the creation and successful proof of concept launch of a proprietary machine learning algorithm designed to accelerate the identification of post catastrophe property damage, based on the use of ultra-high-resolution imagery.
Why don’t customers trust digital claims?
Insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment.
Just raises $8M in its effort to beat Root at the car insurance game
Just Insure, a pay-per-mile insurance technology company, has raised $8 million in a funding round.
Aviva appoints chief risk officer and chief information officer
Aviva, the UK’s leading insurer, today announces the appointment of Andrea Montague as Chief Risk Officer and John Cummings as Chief Information Officer.
Alan acquires Jour and launches mental health service Alan Mind
French startup Alan is better known for its health insurance products — they now insure 200,000 people. But it has been slowly building a superapp for your health and expanding with new services.
Knowing when to scale your insurtech startup – Interview with Andrew Toy, CTO at Clover Health
In August of 2021, we interviewed Andrew Toy (President, CTO and Board Member at Clover Health) and here’s what he had to say to our Future50.
bolttech extends Series A funding round to US$210 million
bolttech, one of the fastest growing international insurtech unicorns, today announced the extension of its recently-announced US$180 million series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The largest ever Series A round for an insurtech now adds two new strategic investors in bolttech, Singapore-based global investor EDBI (“EDBI”) and Alma Mundi Insurtech Fund, Spain (“Mundi Ventures”).
Embroker launches two standalone digital insurance products for privately held SMBs
Embroker released two new standalone digital insurance products: Cyber Insurance and Commercial Crime Insurance. Embroker insurance products, built digitally from the ground up, are designed for privately held small to medium sized businesses that are being underserved by legacy commercial insurance carriers.
Cover Whale Partners with Everspan on Commercial Trucking Program
Cover Whale Insurance Solutions Inc., a Rancho Santa Margarita, Calif.-based insurtech, is partnering with excess and surplus lines insurer Everspan Indemnity Insurance Co., to offer a commercial trucking insurance program.
How tech twins behind Marshmallow built insurance ‘unicorn’
“Our first 10 months we worked from a Virgin Active, so we were in a gym working from the lobby,” says 29-year-old Oliver Kent-Braham, speaking from his sleek new London office just a few miles but a world away from where he started.
Farmers to use mobile robot for catastrophe claims and property inspections
Farmers Insurance today announced plans to use a digitally controlled mobile robot to assist with in-field catastrophe claims handling and non-catastrophe property inspections, helping to improve the safety and efficiency of both while becoming one of the first national P&C insurers to deploy a robotic quadruped.
Tractable Introduces AI Solution for Quick Vehicle Condition Assessment
British visual assessment and disaster recovery startup Tractable has unveiled AI Inspection, a solution that precisely assesses the external condition of a vehicle’s body within minutes.
Moody’s Closes $2B Acquisition of Cat Modeler RMS
Moody’s Corporation and RMS announced today that they have entered into a definitive agreement for Moody’s to acquire RMS, a leading global provider of climate and natural disaster risk modeling and analytics, for approximately $2.0 billion from Daily Mail and General Trust plc.
How insurers can approach cybersecurity risk
The FBI reported a 400% increase in cybercrimes in 2020, in part because of the increase in remote work. Among the cybercrimes were two major data breaches: SolarWinds and FireEye, both third-party technology partners hired to protect their clients from data breaches and then becoming victims themselves.
Insurance M&A Activity Rebounds
In the immediate aftermath of the COVID-19 lockdowns in early 2020, M&A activity in the insurance industry dropped off as deals were put on “pause” while potential buyers waited to see how the pandemic would affect the availability of capital, target company values, and the ability of the parties and service providers to carry on with the acquisition process.
Concirrus unveils new IoT platform for commercial insurance market
The platform will allow insurers to accelerate their transition to new digital operating models, facilitate the creation of new products and drive cost savings – irrespective of business line.
Previsico gains £1.75mil funding to support growth and next generation global flood warning solution
Insurtech Previsico today announced that it has gained £1.75mil Seed Plus funding, led by Foresight Group,
a listed private equity and infrastructure investment manager, to support the next stage of their product development, including IoT sensors, team expansion and sales growth, in the UK and beyond.
Will there be a role for brokers in the future?
Those insurance industry disruptors known as insurtechs are more than happy to coexist with brokers.
Automation is changing the rules for insurance underwriting
The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.
Insurtech Adiona launches showcasing new UBI model
A new UK Motor Insurer Adiona has launched today in London. Adiona is a new technology-driven brand led by a group of global industry figures who are aiming to make changes to fix the ‘broken’ motor insurance market.
wefox hires former Zurich Intl. head Peter Huber as Chief Insurance Officer
wefox, a full-stack digital insurance company based in Berlin, has announced the appointment of Peter Huber, formerly Chief Executive Officer (CEO) at Zurich International, as its Chief Insurance Officer.
Hippo launches Builders Program to simplify the home buying process
Hippo, the home insurance group that created a new standard of care and protection for homeowners, today announced the launch of its Builders Program to further simplify the home purchase process and deliver home insurance directly to buyers of newly built homes.
Deepfakes: An insurance industry threat
From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.
Ascend raises $5.5M to provide a BNPL option for commercial insurance
Ascend on Wednesday announced a $5.5 million seed round to further its insurance payments platform that combines financing, collections and payables.
As open insurance accelerates, incumbents risk missing the boat
Large insurance companies are lagging in embracing open insurance, despite the fact that the number of challengers in the landscape continues to grow. This is according to new research from management consultancy Innopay.
Gallagher Re launches next-gen reinsurance analytics platform
Global reinsurance broker Gallagher Re has announced the launch of Gallagher Automated Insurance Analytics (GAIA), a proprietary automated analytics platform.
Envelop Risk secures $130mn in SoftBank-led investment
Envelop Risk, a leading data-driven underwriting and risk analytics business, today announced a Series B investment of $130 million led by SoftBank Vision Fund 2.
Sun Life introduces its first chief sustainability officer
Sun Life Financial has appointed Alanna Boyd to the newly-created role of senior vice president and chief sustainability officer.
Cyber insurance startups set to scale up as investors cash in on digital protection
Insurtechs that specialize in cyber risk can take numerous paths — with their future dependent at least in part on their investors’ patience — but not all will survive, experts say.
BriteCore raises $20 Million Series C and appoints Ray Villeneuve as CEO
BriteCore, a leading provider of next-generation core platforms for P&C insurers, today announced the appointment of Ray Villeneuve as CEO and the completion of a $20 million Series C financing.
Swiss Re partners on digital motor product in France
Swiss Re has entered into a partnership with BlaBlaCar, the world’s leading community-based travel platform, and motor insurance specialist L’olivier Assurance, the French branch of Admiral Group.
Sproutt raises $26M for life insurance that incentivizes healthy behavior
The company now offers instant-issue life-insurance policies both direct-to-consumers and through the 1.2 million licensed insurance sellers in the US via its new Agent Platform.
New era and future opportunities – Insurers partner with the digital world
Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy
Accenture outlines five tech trends for insurers
Accenture has identified five critical insurance industry technology trends for 2021 after COVID quickly elevated customer expectations beyond the traditional offer to products and services enabled by the cloud.
Vouch raises $90m in Series C funding
Vouch, a provider of business insurance to startups and high-growth companies, announced today it has raised $90 million in new funding.
Lemonade launches new pet health insurance offering
Lemonade Pet launched a new preventative care package designed for puppies and kittens under two years old. The new package offers coverage for procedures like spay and neuter, microchipping, flea medication, and up to six vaccines or boosters.
Insurtech startup Five Sigma raises $12 million Series A
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
Risk managers tap into new technology
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
May AI underwrite you?
According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.
Willis Towers Watson has around $5 billion for possible M&A -incoming CEO
Willis Towers Watson has around $5 billion of capital which could used for acquisitions, its president and incoming chief executive said on Thursday, as the insurance broker prepares for a future as a standalone company.
P/C Reinsurers Keep Underwriting Discipline Even as Capacity Rises: Guy Carpenter
Property and casualty reinsurers have displayed underwriting discipline during this year’s renewals, continuing with rate corrections that began several years ago, despite the pressures of abundant capacity. Prices continued to harden during the first half of 2021 – albeit with slightly less momentum than last year – in a trend that will likely continue into the January 2022 renewal season.
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