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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.
Top 5 Insurtech Trends for Now and the Future
COVID-19 has given direction to insurtech trends to lean towards digital solutions. If the pandemic has taught us anything, it is that we cannot really make accurate predictions about the future. However, it has also been a major catalyst of change as several industries underwent rapid and rampant transformations. These changes have now translated into the ‘new normal.’
The latest British unicorn? Insurtech Marshmallow is waiting in the wings
Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego.
How Millennials Are Changing the Life Insurance Game
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
Insurtech startup Afilio secures USD13m in Series A funding round
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
Digital Claims: The ‘moment of truth’ for insurers
When a human being or even an animal faces risk, there can be one of two reactions – fight or flight. Risk is inarguably ubiquitous and something that most of us deal with on a daily basis. However, rather than fight or flight, sometimes the best way to deal with risk is to buy protection. And, this is where the insurance industry plays an integral role.
Jerry raises $75M at a $450M valuation to build a car ownership ‘super app’
Just months after raising $28 million, Jerry announced today that it has raised $75 million in a Series C round that values the company at $450 million.
5 insurtech trends that are impacting employee health benefits
India is the second-largest insurtech market in Asia-Pacific, accounting for 35 percent of the US$ 3.66 billion insurtech-focused venture investments made in the country, according to S&P Global Market Intelligence data.
Amazon reveals massive insurance partnership
Marsh has entered into a new partnership with Amazon to help small business sellers get affordable product liability coverage.
CFC’s new CEO on what the future holds
When Graeme Newman (pictured) first joined CFC Underwriting he became part of a team of 15 people – now, 13 years later, CFC boasts a workforce of some 500 people, spread across a variety of locations.
Swiss Re CorSo adds AIG’s Blattner-Hoyle to Global Credit & Surety unit
Swiss Re Corporate Solutions has appointed Marilyn Blattner-Hoyle to its global credit & surety unit as Global Head of Trade Finance.
NEXT Insurance Participates in Amazon Insurance Accelerator
NEXT Insurance, the leading digital insurtech company transforming small business insurance, today announced it is participating in Amazon Insurance Accelerator, providing Amazon sellers looking to buy insurance with instant quotes at competitive rates, directly within Amazon Seller Central.
Brookfield reinsurance unit to buy American National for $5.1 bln
Brookfield Asset Management Inc’s reinsurance unit has agreed to buy insurer American National Group Inc. for about $5.1 billion in an all-cash deal, the companies said on Monday.
How technology plays a prominent role in improving insurance journey
Given these evolving customer demands, both commercial and personal-line firms are seeing an increased need for multi-channel customer engagement.
Why insurers should prioritize multi-channel engagement
Given these evolving customer demands, both commercial and personal-line firms are seeing an increased need for multi-channel customer engagement.
CNA names Global Head of Marketing, Strategy & Innovation
Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US.
Corvus Insurance acquires Wingman tech platform
Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US.
Insurtech startup Vesttoo raises $6 million
The Israeli company’s latest round comes just four months after it raised $2 million from the Sure-Tech R&D partnership.
Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort
Lloyd’s has today announced the next eleven InsurTech start-ups joining the seventh cohort of the Lloyd’s Lab innovation accelerator programme. The new cohort will focus on creating simpler products for customers, including building solutions related to cryptocurrencies.
AIG CEO Zaffino Acknowledges Reduction of Cyber Insurance Limits as Coverage Costs Climb
American International Group Inc is tightening terms of its cyber insurance, noting that its own premium prices are up nearly 40% globally, with the largest increase in North America, the U.S. insurer’s chief executive said on Friday.
TypTap, a Home and Flood Insurance InsurTech, Files Proposed IPO Plans
HCI Group, Inc. announced that its InsurTech subsidiary, TypTap Insurance Group, Inc., a Florida-based writer of private market homeowners and flood insurance, has confidentially submitted a draft registration statement for a proposed initial public offering with the Securities and Exchange Commission.
InsureLife announces seed round
InsureLife, a startup technology company in Raleigh, NC, has developed an AI-powered platform for Insurers that digitally connects their financial services products with consumers and agents, growing sales in a contactless world.
Motion Intelligence partners with CMT to launch driver rewards program
Motion Intelligence has partnered with Cambridge Mobile Telematics to launch its Evvy Scoring & Rewards Program.
‘Not Everything Was Perfect’ in Fund Manager, Says Allianz CEO Baete After ‘Horrible Week’
Oliver Baete, chief executive officer of Germany’s Allianz, on Friday spoke of a “horrible week” for him and the insurer, his first response to a disclosure that the U.S. Department of Justice was investigating losses at its fund division.
MGA InsurTech Corvus Acquires Wingman Insurance, Targeting Admitted Coverage Marketplace
MGA Corvus Insurance, fresh off of raising $115 million in new venture financing, has made an acquisition with an eye on the admitted coverage marketplace and more digital platform partnerships. More acquisitions appear likely.
Why Data-Driven Payments Infrastructure Is Key To Keeping Insurance Payouts Smooth
The events of the past year have changed how consumers and businesses view payment delays, regardless of industry and transaction type. Policyholders are no longer willing to wait days for claim payments to finalize so they can receive their funds.
CCC and Dragoneer Complete Business Combination in $605M Deal
As a result of the business combination of CCC and SPAC Dragoneer Growth Opportuniteis, CCC Intelligent solutions Holdings Inc. will be listed on the NYSE as CCCS.
The Hartford Names Claire Burns Chief Marketing And Communications Officer
The Hartford has appointed Claire Burns chief marketing and communications officer effective Sept. 1. Burns will report directly to Chairman and CEO Christopher Swift
Willis Re Sale May Still Happen, Willis Towers Watson CEO Confirms
Insurance broker Willis Towers Watson PLC said on Tuesday it is weighing strategic alternatives for its reinsurance unit, Willis Re, days after a planned sale to rival Arthur J. Gallagher fell through.
Moody’s to acquire RMS for $2bn
Moody’s has entered into an agreement to acquire catastrophe risk modelling firm RMS for approximately $2.0 billion from Daily Mail and General Trust.
Insurtech Start-Up Ottonova Raises 60m Euros in Extra Funding
Digital health insurer Ottonova has received fresh capital of around 60 million euros. Existing investors Debeka, HV Holtzbrinck Ventures, Vorwerk Ventures and btov Partners are increasing their commitment, according to an Ottonova press release.
How An Insurtech Cofounder Perfected Her Pitch To Raise $17.5 Million In Venture Capital
Some people may think insurance is boring, but not Maria Goy. She is passionate about it. As an executive at New York Life, she came to view insurance as a product that differentiates the haves and have nots.
Cover Genius CEO on the future of bank-embedded insurance
Imagine your banking app, based on your purchase history within it, offering pertinent insurance products. This could very well be the norm moving forward, if the results of a Cover Genius poll are anything to go by.
AXA launches new digital claims solution to transform the customer journey
AXA has launched STeP, a digital claims solution that is set to transform the insurer’s online offering and provide more choice for its motor insurance customers.
Zurich Insurance Reportedly Close to Buying Deutsche Bank’s Italian Advisers Unit
Zurich Insurance Group AG is nearing a deal to buy Deutsche Bank AG’s Italian financial promoters network, according to people familiar with the matter.
Chubb Acquires StreamLabs
Chubb Limited (NYSE: CB) today announced that it has acquired the business of StreamLabs from Australia-based Reliance Worldwide Corporation Limited (RWC). StreamLabs offers leading Internet of Things (IoT) enabled water monitoring, leak detection and water shut-off products.
Insurtech Unicorn Hippo Insurance Goes Public Through $5B SPAC Merger
A hippo is on Times Square — Hippo Insurance, that is.
Lloyd’s launches faster claims payment pilot
Lloyd’s will be testing whether delegated authority business can facilitate claims in minutes.
Aon reports strongest organic growth in over a decade
Aon’s revenues are up 12% and the half year stage with net income up 10%, helped by strong organic growth of 11% in Q2, but the numbers don’t include the $1bn termination fee the broker will pay Willis Towers Watson (WTW) for their collapsed deal.
Bold Penguin and NOW Insurance Partner to Make Professional Liability Insurance Easier to Quote and Bind
Bold Penguin, the world’s largest commercial insurance exchange, announced today a new partnership with NOW Insurance (NOW), an AI-enabled insurance platform designed to match small business owners and professionals with affordable insurance coverage.
Raleigh Insurtech company Synchrono Group raises $3.18M, is hiring
A few weeks after closing a Series A-2 round of nearly $3.8 million from 10 investors, insurance technology company Synchrono Group Inc., which operates under a trademarked brand name of SynchronoSure, is launching its third product, according to founder, CEO, and chairman Steve Hartman.
Getsafe: How Insurtechs are Fueling the Insurance World’s Tech Monopoly
Insurtechs have stepped up to turn the $5 trillion insurance industry on its head. This radical upheaval hasn’t happened yet. But the insurance industry’s tech monopoly has already begun.
In conversation with Ron Rock – Is Ohio the future insurtech capital?
This week we spoke with Ron Rock, senior director for insurance and insurtech at Jobs Ohio. Following the departure of Tesla and Oracle from the once dominant Silicon Valley, we discuss whether insurtech could be the next big part of the tech world to pursue high-growth regions.
Insurtech Attracts $15.5M to Its Commercial, High Net Worth Flood Insurance Platform
Colorado-based reThought Insurance, a managing general agency focused on the flood insurance market, has secured $15.5 million in investment to accelerate its growth.
Hippo merges with Reinvent in $550mn deal
Home insurance group Hippo has completed its previously announced merger with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company.
Chubb CEO makes case for pandemic insurance program
Chubb chairman and CEO Evan Greenberg has been a voice for the (re)insurance industry throughout the COVID-19 pandemic. As leader of the world’s largest publicly traded property and casualty (P&C) insurer, Greenberg has used his platform to speak out about the “impossible” task laid at the feet of the insurance industry – to cover the cost of the global pandemic alone. c
CI partners with Swiss Re to launch its first embedded cyber protection
We live in an increasingly digital world, and new digital platforms such as financial apps, social networks, e-commerce, smart homes, and the new environment of remote working are associated with growing cyber risks. Recent researches clearly show that most consumers are concerned about cyber threats, but only a few know that personal cyber insurance products are available.
AI risks increase as cover struggles to keep up
The insurance industry is in the early stages of understanding artificial intelligence (AI) algorithmic risks but there are widespread repercussions from technology failures, a white paper produced by Zurich and Microsoft says.
Three Emerging Trends in Insurance Underwriting
Insurers recognize the value of machine learning and are implementing it to deliver more consistent results and free up insurance underwriters to focus on other essential activities.
PolicyBazaar files for IPO, seeks to raise over $800 million
Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.
Democrance, MetLife tie up to pioneer digital insurance
Democrance, the UAE-born InsurTech startup, has entered a partnership with MetLife as part of the global insurer’s commitment to simplifying interactions with customers through innovation and digitisation.
Crypto scams, DeFi hacks, and rug pulls: Why the crypto industry needs insurtech
When you have even just $100 in a liquidity pool, you dread the day you awake to it being gone.
Gallagher-WTW deal scrapped after Aon merger falls through
Arthur J. Gallagher & Co. (AJG) is no longer buying certain Willis Towers Watson (WTW) brokerage operations following the collapse of the latter’s highly anticipated merger with Aon Plc.
Study: Pandemic pushes life insurers digitally forward
The COVID-19 pandemic has led life insurers to speed up their digital enhancements like mobile insurance shopping and accelerated or automated underwriting. Most insurance carriers are looking for ways to provide more services such as e-signatures, digital applications and online digital quoting.
Guros Receives $5.8M USD in Seed Funding to Accelerate the Digitization of the Insurance Industry in Latin America
The $5.8M USD raised will be used to strengthen their platform capabilities, build Guros’ team, expand into health insurance, and enhance its APIs for commercial partners, such as Kavak, Creditas and albo.
Why the Embedded Insurance Recipe Will Work
Opportunities for embedded insurance will give innovative insurers and their partners tremendous opportunities for growth, with new markets, new offerings, satisfied and loyal customers—and growing books of business.
Policygenius Partners with Openly to Distribute Tailored Homeowners Insurance
Through Policygenius’ online insurance marketplace, homeowners can compare Openly insurance policies with those from other insurance carriers.
Amplify Raises $2.5M Investment in Life Insurance for Building Wealth
Amplify Life Insurance, a digital permanent life insurance platform, announced today it has raised $2.5M in Seed funding led by Anthemis with participation from Transverse Ventures Fund.
Dutch and US-based FRISS secures €54.8M to develop fraud detection software for insurers
Dutch and US-based FRISS is a cybersecurity company that focuses completely on automated fraud and risk detection for P&C insurance companies across the world.
German insurance watchdog forecasts €5.5bn worth of flood damage claims
German insurance industry association GDV has forecast around €5.5bn worth of claims due to extreme flooding earlier this month.
China urges insurers to increase offerings for natural disaster coverage
China’s banking and insurance regulator said on Thursday that it will guide insurers to increase investment in natural disaster insurance and enrich product offerings.
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