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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.

AI

Greater Than’s AI revolutionize motor insurance underwriting

Greater Than (GREAT), the AI data analytics provider, is taking motor underwriting into a new era. The company’s AI unlocks future cost for accidents per driver, thus providing a time advantage of 12 to 18 months’ over traditional risk models. A time advantage that fundamentally changes how motor risk proactively will be mitigated, managed, and priced.

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Funding

Caura raises $4.2 million

Caura, the vehicle management platform founded by former Apple exec Dr Sai Lakshmi, has secured $4.2 million in funding to develop its application and integrate with in-car infotainment systems.

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Funding

Tractable hits unicorn status and takes on property damage appraisal

The US-based AI-enabled insurtech raised a $60 million Series D funding round, valuing it at $1 billion, per TechCrunch. Tractable’s AI solution uses computer vision technology to evaluate photos of vehicle damage rather than relying on human appraisals, which both increases the accuracy of damage estimates and streamlines the customer claims journey.

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Funding

Leading InsurTech RenewBuy raises US$ 45 million

RenewBuy, one of India’s leading InsurTech companies, has raised US$ 45 million, in a series C funding round. This funding round has been led by an investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth stage financial services and financial technology businesses. RenewBuy’s existing investors, Lok Capital and IIFL Wealth also participated in the fundraise.

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Funding

InsurTech startup Vital raises $3mn in pre-series A round

Vital, a next-generation InsurTech platform, has raised $3mn in total with a pre-series A round led by India’s renowned venture capital company BLinC Invest. Venture Catalyst, Survam Partners and several other angel investors also participated in the pre-series A round.

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Funding

Insurtech AI startup Akur8 closes $30M Series B

Automating insurance claims is a big business, and the world of AI is coming at it ‘full pelt’. The latest is Akur8, an insurtech automating insurance platform whose ‘Transparent AI’ product is trying to eat into the incumbent large business of Willis Towers watson, among others.

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AI

How AI Plays Into the Future of Risk Management

Risk analysts have always relied on data to guide decisions toward strong growth potential and away from high-risk strategies. This used to be a fairly linear process, but now that up to 90% of our data is unstructured, information is not only difficult to organize into digestible formats but also produced in volumes that go beyond the capabilities of human analysts aided by conventional data systems.

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Product Launch

Zurich expands medical stop-loss presence

Zurich North America has announced the expansion of its medical stop-loss insurance presence in the middle-market space through a relationship with Pennsylvania-based managing general underwriter IOA Re.

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Data

Data analytics ‘the Holy Grail’ for insurers

Most insurance organisations look the same at their core. They’re supported by the same foundations, they share the same core processes, they produce similar products, and they share the same goal of transferring risk while supporting a profitable industry.

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Technology

Digital disruptors to revolutionise Insurtech market in 2021

Digitisation will disrupt the traditional life insurance sector in 2021 as Millennials and GenX embrace financial protection and ‘embedded insurance’ products, according to technology investment bank ICON Corporate Finance which recently secured £5m Series A funding for innovative InsurTech start-up Anorak.

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AI

AI-driven customer experience: Smart move for life insurers

Life insurers that invest in artificial intelligence (AI) can improve the customer experience by making it more personalized and data-driven. With AI, carriers can profitably attract and retain customers with new “pay-as-you-live” products and services that reward consumers’ healthy habits.

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Funding

Insurtech Startup iLife Raises $4 Million

Playa Vista-based iLife Technologies Inc., a software platform that gives insurance agents and brokers the ability to quickly create their own digital insurance agencies, has received $4 million in seed funding.

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Partnerships

Farmers Insurance partners with Zesty.ai

P&C and life insurer Farmers Insurance announced it has integrated Zesty.ai ‘s wildfire risk scoring model (Z-FIRE™) into its homeowners insurance underwriting processes – selectively expanding opportunities for coverage for residences located in certain wildfire-risk areas.

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