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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.
Should we be worried about insurtech valuations?
In the last year or so we’ve seen a number of insurtech startups go public, including Root (auto insurance), Metromile (car insurance), and Lemonade (rental insurance). But should we be worried?
Lloyd’s of London plans electric vehicle, hydrogen insurance in climate change fight
Lloyd’s will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation.
Insurtech Spot Raises $17.5M Funding for On-Demand Injury Insurance
The company seeks to make injury insurance coverage more affordable, working through a network of affinity group partners.
Flock raises $17M led by Social Capital to reinvent insurance for connected vehicles
Flock has raised $17M in Series A funding to supercharge its expansion into new geographies and product lines. This funding round marks a major milestone in building a global, fully digital insurance company for connected and autonomous vehicles.
InsurTech investment reached record high in H1 2021: WTW
Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW).
Chubb “Pulls All Cylinders” Says CEO Greenberg After Record Second Quarter Results
Chubb released positive second quarter results, driven by gains in its commercial property/casualty business and related rate hikes in the sector.
Former Iora Health execs raise $13M to guide seniors through Medicare enrollment
Employers typically offer three options for healthcare insurance. When it’s time to switch to Medicare, particularly Medicare Advantage, there are over 3,500 plans available nationwide, and an average of 30 plans someone can choose from in their particular area. Connie Health is leading seniors through the Medicare maze, helping whittle down those 3,000 plans into a handful of best choices based on care requirements.
Connected insurance and ecosystems: Crucial to modern business
Insurance does not exist in isolation. More and more, it is intrinsic to the business models of partner organisations, enabling new kinds of activities and new ways of working – a reality recognised by the Connected Insurance & Ecosystems category at Accenture’s Efma-Accenture Innovation in Insurance Awards
Munich Re-backed cyber insurtech attracts investors at $1bn+ valuation
Munich Re Ventures’ HSB fund has reinvested in cyber insurance start-up At-Bay at a valuation of $1.35 billion to support the expansion of the insurtech into new markets.
Insurtech Agentero Raises $13.5 Million in Series A Round
Agentero serves over 800 independent agencies by converting existing data into actionable insights that enable them to maximize their earned revenue.
Elevating the case for cloud in insurance
Before COVID-19, most insurance carriers had already started migrating their IT estates to the cloud. Now, accelerating the cloud transformation means elevating the cloud conversation.
Global funding rounds ‘rain money’ as insurance plays catch up
Insurtech Gateway Australia says global investment activity in the first half has seen records broken as funders see attractive insurance opportunities, and has called for more local activity.
Hippo Expands Into Industrial Insurance coverage
Home insurance group Hippo has announced that it is expanding into commercial insurance. The company has announced that the first product to launch from Hippo’s commercial lines unit is a tailored homeowners’ association (HOA) product.
Insurance brokers Aon, Willis scrap $30 billion merger
Aon Plc and Willis Towers Watson Plc called off their $30 billion merger plan on Monday, terminating an agreement that could have made the combined company the world’s largest insurance broker.
Lloyd’s reveals new senior independent director and deputy chair
Lloyd’s has swooped on a major name for its council. It has brought in Mark Sedwill, Baron Sedwill of Sherborne, in the role of senior independent director and deputy chair, taking the role previously held by Andy Haste.
6 Questions for Sedgwick CEO Mike Arbour
Listening to his customers and listening to his team. Mike Arbour closes in on the anniversary of him being named CEO of Sedgwick.
Insurtech in Europe: H1 2021 in review
What a first half of the year in the European insurtech scene: over €1.7B was invested across 52 deals. That’s basically more than 2019 and 2020 combined!
Insurtech bolttech Acquires i-surance to Help Accelerate Expansion Across Europe
Insurance startup bolttech has purchased i-surance a B2B2C digital insurance platform, to accelerate its expansion in Europe.
Insurtech Leader Ethos Raises $100 Million from SoftBank Vision Fund 2
Just two short months after announcing a $200 million Series D round that took its valuation to $2 billion, Ethos, the insurtech leader that’s transforming the life insurance space, has raised an additional $100 million in capital.
Hippo Launches Homeowners Association Insurance Offer
Hippo, the home insurance group that created a new standard of care and protection for homeowners, today announced its expansion into Commercial Insurance.
Faster, cheaper, greener: Why cloud is right for APAC insurers
There are several triggers – or what we call cloud archetypes – that typically push clients to move to the cloud. Most revolve around the need for greater speed and to create greater value, though the actual mix varies depending on each client’s circumstances.
Tractable launches AI Subro to help insurers recover loss and reduce loss ratios
Tractable, the company developing AI for accident and disaster recovery, today launches AI Subro, a new solution that will help US auto insurers resolve subrogation tasks with AI.
Trucking insurtech Koffie Labs partners with Sutton National and Boost to modernize fleet underwriting
Koffie Labs (Koffie), an insurtech focused on reinventing the trucking and transportation markets, today announced an insurance partnership with Sutton National Insurance Company and its reinsurance panel.
General Insurance: Insurtech firms can help build microinsurance products for all
While the need for permanent insurance cover (e.g. whole life insurance and health insurance) will always remain, people will continue to need special-purpose insurance in life.
Zego, Supported by Swiss Re, Teams Up with bp to Insure Electric Vehicles in London
Industrial motor insurer Zego, with help from Swiss Re, has teamed up with bp, an built-in vitality firm, to supply skilled insurance coverage for bp’s electrical car trial in London, referred to as “bp EV Professional.”
AXA UK launches machine learning-driven property claims tool
AXA UK has introduced a new machine learning tool designed to help streamline and accelerate complex property claims.
Former Tesla Head of Global Data Joins Metromile
Metromile hired former Tesla executive Colleen Qiu as its new vice president and Head of Data, representing another recent high-profile executive hire from outside the insurance industry.
Hyper-Automation in Insurance: What Does It Mean and What Are Its Upsides?
During these unprecedented times, significant challenges have ascended to the top of the insurance industry’s agenda and left many carriers puzzled about how to navigate the road ahead.
EY announces alliance with Fadata to help improve business performance for insurance companies
EY today announces an alliance between Fadata, a leading software provider that focuses on core insurance operational platforms, and Ernst & Young LLP (EY UK), to help insurance companies drive improved business performance through technology transformation delivering an end-to-end digital experience.
London insurtech raises £6m to expand safety net for independent workers
A London insurtech has announced that it has raised £6m of funding in a round led by a Silicon Valley investor.
Preventing emergencies: Insurtech that keeps us safe in troubled times
COVID-19 has made people acutely aware of the pressures placed on health professionals and insurance systems. Insurtech solutions that alleviate this are valuable, a point recognised at this year’s Efma-Accenture Innovation in Insurance Awards.
Fintech and On-Demand Insurer N26 Eyes Value of About $10B in New Fundraising
N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter.
CAPE Analytics Raises $44M in Series C Round
The round was led by Pivot Investment Partners, with additional investors Aquiline Technology Growth and HSCM Bermuda, as well as existing investors.
AIG to sell life and retirement unit stake to Blackstone, another with IPO
American International Group Inc (AIG.N)plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc (BX.N)agreed to buy a sizeable stake, according to a person familiar with the matter.
The 2 Crucial Changes Happening in Insurance Distribution
The further we move into the 21st century, the bigger the role technology plays in the insurance industry.
Why insurance is the industry with the most to gain from digital transformation
Slow and steady growth has been the mantra of Zywave in the UK since its inception, and the UK-based arm of the business has steadily grown a robust customer base of around 150 clients over the last decade.
YuLife raises $70mn in Series B funding round
Life insurer YuLife has raised $70 million (£50 million) in a Series B funding round led by Target Global.
APOLLO Insurance and CAARY Partner to Offer Access to Embedded Digital Insurance
APOLLO Insurance, Canada’s leading online insurance provider, has partnered with CAARY, a financial platform for small and medium-sized enterprises (SME), to offer tailored digital insurance products for visitors to caary.com.
Swiss Re appoints Scalzi to lead automated underwriting strategy in Asia
Global reinsurer Swiss Re has appointed Barbara Scalzi to lead its automated underwriting solution Magnum in Asia.
Swiss Re teams up with Milliman Appleseed
Ease and speed to market: Swiss Re’s simplified flood offering combined with Milliman Appleseed’s streamlined regulatory approvals create a powerful package for insurers.
AI and Its Impact on Automotive Claims by Olivier Baudoux
Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.
Swedish insurtech startup Insurello raises €15 million
Today, Insurello, which helps consumers get fair compensation, announces it was able to claim €20 million in insurance compensation for its clients and the young company also just raised €15 million in fresh funding.
Big insurance companies launch net-zero climate alliance
Eight of the world’s leading insurance and reinsurance companies on Sunday launched an alliance to help speed up a transition to a net zero emissions economy.
Insurers’ ‘super-profits’: Industry says it’s not that black and white
Short-term insurers say they went above and beyond for their customers in the past year and aren’t greedily gobbling up savings from lower claims.
‘Digital revolution’ presents challenges for insurers
The ‘digital revolution’ has driven insurer success and made the industry more efficient, more profitable and more accessible to customers – however, Delta Insurance COO Kent Chaplin says it has also created new challenges within the sector, and has ramped up competition between new and existing insurers like never before.
Next-generation insurance company Hellas Direct raises EUR 32 million
Hellas Direct today announced agreement of a EUR15 million loan from the European Investment Bank (EIB).
Crypto Insurance Platform Coincover Raises $9.2M as Big Firms Seek Safety
Cryptocurrency insurance platform Coincover raised $9.2 million in a Series A funding round led by Element Ventures.
Insurtech talk with Ron Rock: Will Ohio emerge as the US insurtech leader?
This week we spoke with Ron Rock, Senior Director at JobsOhio, about insurance disruption and the future of work – and the State of Ohio.
Aon partners with insurtech Walbing on trade credit marketplace
Re/insurance broker Aon has partnered with Hamburg-based fintech Walbing on the establishment of a service tailored for syndicated trade credit insurance.
Willis Towers Watson launches interactive insurance toolkit for startup airlines
Willis Towers Watson, a leading global advisory, broking and solutions company, today announced the launch of a toolkit for startup airlines building a robust risk framework for the industry, now and into the future.
Transforming The Insurance Industry With Big Data, Machine Learning, And AI
The future of insurance will be a hybrid model where consumers can choose a digital or traditional experience and gracefully move between these options with ease, convenience, and efficiency.
The ROI of Automation
When people think of automation, and in particular the ROI of automation, they typically think that the return part of that equation is driven primarily by savings realized by cutting costs or faster processing times.
Insurtech Joyn strikes partnership, investment deal with SiriusPoint
Insurtech Joyn has announced a key partnership and investment agreement with specialty re/insurer SiriusPoint, as the former looks to transform small and mid-market US commercial insurance using digital technology, data analytics, and automation.
5 Key Ways to Automate Insurance Claims Workflows
Automated workflows ensure insurers keep the ball rolling between critical steps in the claim cycle, bringing both better efficiency and compliance.
Aon & Willis Towers Watson call for ‘earliest possible trial date’
Global insurance and reinsurance brokers, Aon and Willis Towers Watson (WTW), have emphasised the pressing need for the “earliest possible trial date” for their pending case against the Antitrust Division of the U.S. Department of Justice (DoJ), which seeks to block their $30 billion combination.
The three faces of insurance innovation
Lots of insurers are talking about innovation, but not every insurer means the same thing when they use the term.
How can insurance companies become truly autonomous?
At first glance, the similarities between the Mars landers, and the fraud detection and claims automation services of Daisy Intelligence may not appear obvious but there lies a strong parallel – a shared utilisation of truly autonomous systems.
Why RV-sharing tech company launched an insurtech
Outdoorsy, an RV rental and travel marketplace,had a problem: With traditional insurance, RV owners could lose coverage when renting out their RVs due to a commercial exclusion clause. The solution: The company launched an insurtech company, Roamly, to eliminate the “gray zone” that traditionally comes with renting RVs.
The future of predictive analytics in the insurance industry
Big data is one of the most rapidly growing industries in the world and was valued at $169 billion in 2018, with expectations to approach the $300 billion mark by the end of next year.
The goal is to create a single source of truth data environment, says Swiss Re’s Haycock
As data quality challenges continue to hinder insurers and reinsurers, Swiss Re is looking to overcome some of the inefficiencies and develop a habitat in which valuable data is discoverable, accessible, and trusted.
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