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DealerPolicy Raises $110M for Embedded Insurance for Retail Auto Sales Industry
Goldman Sachs Group Inc.’s asset manager is backing startup DealerPolicy in a funding round that raised $110 million for the company, which provides auto dealers with insurance quotes for their customers.
Lloyd’s partners with McKenzie for GEO tech platform
The specialist Lloyd’s insurance and reinsurance marketplace has entered into a two-year partnership with McKenzie Intelligence Services (MIS) to deliver a faster claims service through its geospatial (GEO) technology platform.
What insurance companies promised at the White House cybersecurity summit
Three insurance companies – Travelers, Coalition and Resilience – were among the attendees at the White House cybersecurity summit, along with giant tech companies and officials in the Biden administration.
Digit Insurance raises fresh funds at $3.47 Bn valuation
General insurance provider Digit Insurance had announced in July that it raised $200 million at a valuation of $3.5 billion.
Pie Insurance to Acquire Regional Insurer as it Evolves Into Full-Stack Carrier
Pie Insurance will acquire a regional insurer as it moves forward with a bid of becoming a full-stack insurance carrier.
Tomorrow’s Insurance is Connected
Technologies are emerging that enable omnipresent, real-time connectivity between the people and businesses being insured and their insurers, and that is fundamentally changing the business of insurance.
Zurich welcomes new group chief data officer
Zurich Insurance Group (Zurich) has appointed Peter Kasahara as its new group chief data officer following the recent appointment of Frank Verkerk as the new group chief platform officer.
Joyn Insurance recruits Chief Distribution Officer from Lloyd’s
Insurance technology company Joyn Insurance today announced the addition of Uwe Schoberth as Chief Distribution Officer, effective September 1, 2021.
InShare Raises $7.5M in Seed Round, Announces Leadership Appointments
In addition to the funding from from ManchesterStory, The Hive and Avanta Ventures, InShare names chief underwriting officer and CTO.
Sayata Raises $17M; Broker Platform to Expand Beyond Cyber
Sayata has raised $17 million in new venture capital and has a broad growth strategy in mind. The Massachusetts-based Insurtech startup has a platform designed to help brokers and carriers quickly and easily grow their business insurance portfolios, and the cash infusion will help it expand into new insurance lines.
ELEMENT and Parametrix launch cloud outage insurance in Europe
Berlin-based digital risk carrier ELEMENT has partnered with US-based MGA Parametrix to launch a parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers.
Chubb Announces Two Leadership Appointments Within its North America Property and Wholesale Excess & Surplus Business Units
Matt Booker appointed head of Westchester Property and Inland Marine; Bob Meyer to take on newly created role as Executive Vice President, North America Property.
Cowbell Cyber Delivers Industry’s First Distribution APIs For Instant Cyber Insurance Quoting and Policy Issuance
Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), today announced the release of application programming interfaces (APIs) for streamlined digital distribution of cyber insurance.
Unum and Colonial Life Partner with Nayya to Transform the Benefits Enrollment Experience for Employees
Powered by application programming interface technology, Nayya’s decision-support engine and personalized benefits analysis help employees protect their health and financial wellness.
Four Ways Accurate Values Improve the Dialogue Between Policyholders and Insurers
Every risk manager strives to protect their company, property, business and reputation from events that are foreseeable, whether from fire, extreme weather or any of the other risks facing the company.
VOOM and Markel Launch Their First Per-mile Motorcycle Insurance
This usage-based Insurtech offering will assist in empowering riders to customize flexible coverage plans and lower insurance costs.
Mosaic Insurance, DXC Technology Launch Technology Platform for Specialty
The platform’s AI underwriting support, blockchain-enabled access to real-time data, and advanced automation aim to significantly increase the speed at which specialty insurance can be sold, underwritten and serviced.
DigiSure, the mobility insurance platform with high-tech screening, comes out of stealth with $13.1M raise
DigiSure, a digital insurance company that caters to modern mobility form factors like peer-to-peer marketplaces, is officially coming out of stealth to announce a $13.1 million pre-Series A funding round.
Nearly half of insurers will turn to tech vendors for risk management, FIS report
The last eighteen months have tested traditional business practices and shifted them forward in a way that many industries haven’t seen in generations, insurance included.
Tech Giants Are ‘Too Big to Fail’ Because They Host Insurers, Banks on Cloud Platforms
More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they’re not banks.
4 ideas to inspire your next pay-as-you-go insurance product
Insurance customers are increasingly seeking flexible, pay-as-you-go insurance options. Also known as usage-based insurance (UBI), this type of coverage is commonly used for personal auto insurance, which is powered by telematics data and charges premiums based on the distance a vehicle is driven, the quality of driving (heavy braking or quick acceleration), and surrounding factors (e.g., location, weather, construction).
4 promising Insurtech companies in the Asian market
The Asian Insurtech environment is still relatively smaller as compared to the western world of Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in the last two years.
Zurich Insurance Orchestrates the Workforce of the Future with Blue Prism
Zurich Insurance, one of the world’s leading insurance providers, with the help of Blue Prism has implemented a fresh robotic operating model (ROM) to great effect, scaling intelligent automation (robotic process automation fueled with AI) and providing its people the right skills for an ever-changing workplace.
The digital transformation of Manulife, a 134-year-old insurance company
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
How the Insurance Industry can Partner with IT to Create Digital Transformation
A recent report produced by McKinsey & Company, explored the plethora of ways in which the insurance industry is partnering up with IT- particularly in relation to Artificial Intelligence (AI), and to what extent this is likely to affect the industry in the next decade or so.
Guidewire Acquires HazardHub
HazardHub’s risk API service, derived from comprehensive U.S. property and hazard data, enhances the power of the Guidewire Platform.
Branch raises $ 48 million in Series B financing
“We’re really accelerating on a lot of different fronts with our products and into new markets. This came at the right time where we’re looking to expand pretty quickly here,” said Atif Siddiqi, Branch’s founder and CEO.
Insurers leverage AI, tech for wildfire risk analysis
According to the California Air Resources Board, wildfires have been increasing in severity and frequency since the 1950s due to climate change, which has led to greater hesitance by insurers to insure some properties in California.
Loop Closes $30M Multi-year Reinsurance Deal on AI-Based Auto Product
The deal with a top-3 reinsurer, with fronting support from an A-rated carrier, spans across multiple years and multiple states to support Loop’s expansion plans.
Rebuilding The Trucking Insurance Market: HDVI Raises $32.5M
High Definition Vehicle Insurance Group, ranked on Insurtech Insights Future50 Americas is planning new products and a national expansion, following $32.5 million in new venture funding.
TrustLayer Raises $15M to Build the Future of Insurance Verification
With 75% of U.S. businesses underinsured, TrustLayer continues its momentum as the preferred solution for reducing risk and cost amid 200k daily insurance verification requests.
Willis Re CTO joins Supercede to spearhead development of global digital ecosystem
Supercede, the global reinsurance placement platform built for
dealmakers, today announced the appointment of Aydin Betez, formerly CTO of Willis Re, to lead
the development of its cloud-based digital ecosystem, built for the global reinsurance market.
Rising to the challenge of core insurance transformation
There is no doubt that we are living in an era in which insurers have been called to transform their business offerings, infrastructure and operations. Successful transformation translates into new revenue opportunities, stronger customer relationships and sustained brand relevance.
Beazley appoints new head of US Cyber & Tech
Specialist insurer Beazley has appointed Patricia Kocsondy as Head of US Cyber & Tech.
Branch Insurance Partners with Snapsheet Claims Platform to Accelerate the Claims Experience
Snapsheet’s cloud-native, API-based software enables a differentiated member experience for Branch’s home and auto claims.
Andrew Johnston: Lots more investment looking for a home labelled ‘insurtech’
Willis Re’s global head of insurtech tells Insurance Times why he expects funding in this sector to increase and why the term ‘insurtech’ could lose its value in the long term
AXA XL adds pollution insurance underwriters in the US; promotes environmental claims leader
AXA XL, the property & casualty and specialty risk division of AXA, expands regional underwriting capabilities with the addition of senior environmental underwriters –Lindsay Judd, Jay Kao, Angela Case and Igor Pavlo. AXA XL also announced the promotion of Jeffrey Anastasio to lead its Environmental Claims team in North America.
Insurtech Quotall Announces Strategic Partnership with Broker, Fintech Supplier Acrisure
Insurtech ecosystem specialist Quotall has announced that it has entered into a strategic partnership with global insurance broker and fintech service provider, Acrisure.
Swiss Re announces several moves at the top
The reinsurance division of Swiss Re will see a couple of changes at the top.
Ping An Group launches AI tool to support COVID-19 control efforts in the Philippines
Ping An Group has announced the roll out of its artificial intelligence-driven “AskBob” clinical decision support system (AskBob CDSS) in the Philippines to support the country’s COVID-19 response efforts.
Aon chief defends logic of failed $30bn Willis tie-up
Aon chief executive Greg Case has launched a robust defence of the insurance broker’s failed $30 billion (€25.5 billion) takeover of rival Willis Towers Watson, describing the logic of a deal shot down by US regulators “as strong today as it has ever been”.
Haven Life Digital Life Insurance Application Experience Launches on Even Financial
Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.
Reinsurers “need to drive and enable innovation”
In the past, it was not uncommon for an insurer or an insured to pull the plug on an innovation project over fears that a reinsurer would not underwrite the risk.
Willis Towers Watson Promotes Hess to President and Future CEO
Insurance broker Willis Towers Watson announced that its board of directors has unanimously selected Carl Hess as the company’s new president and next chief executive officer.
AXA Singapore to be acquired by HSBC for $575 million
Global insurer AXA has entered into an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of USD 575 million (€487mn).
EY Announces Assaf Wand of Hippo as an Entrepreneur Of The Year 2021
Ernst & Young LLP (EY US) today announced that Assaf Wand, co-founder & CEO of Hippo, the home insurance group that created a new standard of care and protection for homeowners, was named an Entrepreneur Of The Year 2021 Northern California Award winner.
AXA XL appoints Dane Mahoney as Global Head of Political Risk, Credit & Bond Risk Management
AXA XL has appointed Dane Mahoney as Global Head of Political Risk, Credit & Bond (PRCB) Risk Management. Based in New York, Mr. Mahoney will report to Rafael Docavo-Malvezzi, Global Chief Underwriting Officer for PRCB and lead a team of global risk analysts across the Americas, Asia, and the UK.
Swiss Re and Appian Partner on AI Underwriting Solution
The integration partnership combines Swiss Re’s best-of-breed Life Guide and Underwriting Automation Software, Magnum Pure, with the workflow capabilities of the Appian Low-Code Automation Platform.
Willis Towers Watson strengthens leadership team with new appointments
Willis Towers Watson (WTW) has named Jon Drummond as its new head of broking, North America and Matt Romano as head of its mid-market broking solutions (MMBS) business.
Zurich CEO Greco Advocates Carbon Tax to Punish Polluters
Zurich Insurance Chief Executive Mario Greco wants governments to levy a carbon tax and remove the incentive for socially irresponsible companies to maximize profits by polluting the environment, he told Reuters.
Insurance Expert Q&A With Angel Conlin, CIO of Kin
Kin Insurance has its sights set on simplifying the insurance purchasing process for its customers through the innovative use of technology. By providing personalized coverage in catastrophe-prone areas, Kin plans to be the future of the insurance industry.
How can the insurance industry be more sustainable?
The insurance industry needs to think about sustainability through both an underwriting and an investment lens, says ESG analyst Xuan Sheng Ou Yong.
6 Highly-Anticipated Digital Insurance Trends for 2021
The COVID-19 pandemic has forced a wave of “remote” services in areas that allegedly required physical presence. It made us reimagine age-old practices and bring innovation to how businesses are operated, including insurance.
Zurich financials – Insurer claims ‘historic’ performance but Farmers slips
Rebounds don’t come much better than this.
Carvana to invest $126 million in Root
E-commerce platform for buying and selling used cars Carvana and insurer Root are teaming up to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest ~$126 million in Root, subject to customary regulatory approvals.
InsurTech Breeze Raises $10 Million Series A Round
The funding will be used advance Breeze’s mission to protect families in their most financially vulnerable moments.
Aon hires Joe Peiser to lead North American Commercial Risk
Insurance and reinsurance broker Aon has appointed Joe Peiser as Commercial Risk Leader for its North American division.
Hippo Establishes Relationship With Ally Financial Subsidiary, Doubles Underwriting Capacity
The issuing carrier relationship, which will scale Hippo’s innovative insurance products to more homeowners across the U.S., will be Hippo’s largest to-date and will be Ally’s first home insurance issuing carrier relationship.
Why is blockchain the key to boosting consumers’ trust in insurers?
A recent report by the International Federation of Red Cross (IFRC) found that since the 1990s, there has been a 35% increase in climate and weather-related disasters. Since March 2020, when the World Health Organisation declared a global pandemic, there have been 100 such disasters affecting 50 million people worldwide.
One Inc. names new CEO
Insurance industry payments processing company One Inc. has hired a new chief executive officer with more than 25 years of industry experience and a goal of expediting “the death of the physical check.”
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