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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.
Zego, the Tech-Enabled Commercial Motor Insurer, Raises $150M at $1.1B Valuation
Zego, the insurtech that got its start by offering flexible motorbike insurance for gig economy workers but has since expanded with a range of tech-enabled commercial motor insurance products, has raised $150 million.
COVID-19, Sustainability Key Insurance Themes for 2021: GlobalData
Data and analytics firm GlobalData expects COVID-19 to be far and away the most important theme for the insurance industry in 2021, but that sustainability will continue to be an essential long-term issue.
Turtlemint Closes $46Mn Series D Round With Jungle Ventures Coming On Board
Turtlemint is the latest Indian insurance tech startup space to bag funding from foreign investors after insurance FDI rules were relaxed last month
Cambridge Mobile Telematics Partners With Aioi Nissay Dowa Insurance to Launch Japan’s First Large Scale Usage-based Insurance Program
Aioi Nissay Dowa Insurance Company Limited (Aioi Nissay Dowa Insurance), a member of the MS&AD Insurance Group, the largest P&C insurer in Japan, has launched a new usage-based insurance program for personal-line consumers in partnership with Cambridge Mobile Telematics (CMT), the global leader in smartphone telematics.
Riskcovry Raises $5 Million
The funding round was led by Omidyar Network India. The startup also bagged investment from VC fund Pentathlon Ventures and DMI Sparkle Fund.
Allianz and WeLab Enter Into Strategic Partnership
Global insurer Allianz and Asian fintech company WeLab have entered into a strategic partnership to encourage fintech collaboration across Asia’s financial services landscape.
Google Hires Nigel Walsh from Deloitte as MD Insurance
Nigel Walsh, former Partner at consultancy Deloitte with a focus on InsurTech, has been appointed as the Managing Director in the Americas Financial Services Sales org at Google Cloud.
Swiss Re Promotes Dua to Chief InfoTech & Data Officer, Reinsurance
Reinsurance giant Swiss Re has added Samrat Dua to the newly created role of Chief InfoTech and Data Officer for Reinsurance and as a member of the Reinsurance Management Team, effective April 12th, 2021.
Baloise’s Insurtech Arm FRIDAY Expands To France
FRIDAY, a Berlin-based insurtech which is a Baloise subsidiary, has announced its expansion into the French market.
How Connected Devices Help Employers and Members Save on Dental Insurance
Insurance providers have long struggled to incentivize behaviors that minimize risk — and thus save everyone money. In the past ten years, however, insights from behavioral science have given providers a new framework for encouraging healthy behaviors. Connected devices can translate those behaviors into cost savings.
Accelerant Acquires Commonwealth Insurance Company of America
Accelerant Holdings today announced the acquisition of Commonwealth Insurance Company of America from Brit Group, a subsidiary of Fairfax Financial.
AgentSync Raises $25M to Accelerate Growth of Comprehensive Producer Management Platform for Insurance Industry
Valuation grows by 10x as carriers, agencies, and MGAs turn to AgentSync for broker onboarding, licensing, and compliance
Insurtech Startup Launches Affordable Prepaid Car Insurance
Black-owned insurtech startup Vaai.co has established an affordable on-demand car insurance solution that works similarly to buying prepaid airtime, allowing consumers to purchase insurance they can afford and recharge it when required.
The Power of Personality: How Traits Shape Preferences
Consumer expectations and preferences are changing in distinctive ways, although this shift varies across different types of consumers. Age, gender, location, income level and occupation all influence insurance expectations. However, the most important determinant is personality.
ICICI Prudential Launches AI-powered Smart Underwriting Platform
ICICI Prudential Life Insurance has launched a new automated AI-based smart underwriting technology platform called AUSIS to speed up all policy-related data verification.
It’s Not Just COVID Pushing Insurers to the Cloud
While the pandemic has forced the industry to embrace agility amid resource constraints and pressure to maximize revenues, it must not distract from the customer-focused forces driving cloud adoption in the first place.
WTW Partners with CDL on Radar Live Programme
Re/insurance broker Willis Towers Watson (WTW) has announced that CDL, a specialist technology provider, will be joining WTW’s Radar Live Collaboration programme.
How Navigating ‘What’s Next’ Will Deliver Superior Customer Experience
When you put the ‘Customer First’, you start with anticipating what the customer will want, ensuring you provide it and then navigating the customer through it
InsurGrid Raises Pre-Seed Financing to Help Modernize Legacy Insurance Agents
Insurance agents spend hours handling paperwork and grabbing client information over the phone. A new seed-stage startup, InsurGrid, has developed a software solution to help ease the process, and make it easier for agents to serve existing clients — and secure new ones.
What Role Do Insurance Brokers Play in the Cyber Space?
“Specific and deep.” That is the type of service brokers need to be providing their clients in the cyber insurance spaces, says Shannan Fort, partner, financial lines, cyber at McGill and Partners. To be successful, brokers need to clearly understand their role and have a firm grasp on the remit of their responsibilities.
Informed Insurance Predictions 2021 – Property
From flooding to social unrest, we offer our international experts’ predictions on the opportunities and challenges that the property insurance market may face in the coming year and beyond.
How Insurance Organizations Can Leverage the Power of Data
There have been many changes in the modern tech stack, including new automation tools. However, if insurers want to leverage data successfully, their teams need to overcome a few key obstacles.
KKR to Acquire Integrated Specialty Coverages
Sightway Capital is selling its majority position in the multiline, tech-focused distributor, and will continue to hold a stake in the company as a minority shareholder.
4 Asian InsurTech Companies Making Waves in the Industry
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
German Insurtech Platform Hepster Raises $10M Series A Led by Element Ventures
Hepster, an insurtech platform from Germany, has raised $10 million in a Series A funding led by Element Ventures. Also participating was Seventure Partners, MBMV, and GPS Ventures, as well as previous investors.
Alpharetta Insurance Technology Firm Decisely Raises $3.5M
A technology-enabled insurance firm in Alpharetta raised $3.5 million, according to a March 3 U.S. Securities and Exchange Commission filing.
Tracking The Meteoric Rise Of AI Unicorns In India
As per a report jointly released by TiE Delhi and Zinnov, the number of unicorns in India is expected to rise to 100 by 2025.
AI Adoption By Auto Insurers Grows Exponentially In 2020
CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing
Hippo Agrees to a Merger With Mark Pincus, Reid Hoffman SPAC
Hippo Enterprises Inc., a home-insurance startup, agreed to go public through a merger with Reinvent Technology Partners Z, a special purpose acquisition company that counts Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors.
How Innovation Has Changed Underwriting
Many advisers insist that innovation leading to faster underwriting is the key to growing the individual protection market because online shopping generally has driven a customer demand for instant gratification and a personalised experience.
Aviva Sells Italian Businesses to Allianz and CNP in 2 Deals Totaling $1.1 Billion
Aviva Plc has exited its Italian businesses in a pair of deals totaling 873 million euros ($1.1 billion) as the UK insurer continues to pivot to its core markets.
Zurich Promotes Signorelli to CEO of Commercial Insurance
Zurich Insurance Group has appointed Sierra Signorelli, currently group chief underwriting officer, to the role of chief executive officer for Commercial Insurance and as a member of the executive committee with immediate effect.
Insurtech Startup Symbo Platform Raises $9.4 Million to Scale in India
Symbo’s technology platform is used by individual agents, third-party administrators, brokers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance.
KPMG, IntellectEU Launch Blockchain App to Fight Insurance Fraud
One of the biggest types of insurance fraud is double-dipping, where a claimant gets multiple insurers to pay out for the same incident. KPMG estimates that fraud makes up 5%-10% of insurer payouts. It’s a tricky one for insurers because they’re usually unaware that other insurers have also paid out. Until now.
Generali Makes Senior Investment Appointments
Italian insurer Generali has announced the appointments of Francesco Martorana as Group Chief Investment Officer, Bruno Servant as CEO of Generali Insurance Asset Management (GIAM), and Tim Rainsford as CEO of Generali Investments Partners.
Aon Partners on Cryptocurrency Cover
Aon PLC is collaborating with Relm Insurance Ltd., a Bermudian specialist insurer, and Nayms Ltd., an insurtech platform for cryptocurrency investors insuring crypto risk, to offer coverage for cryptocurrency companies.
Being There: Customer Experience Means Different Things to Different Customers
Given the infrequency of customer contact with insurance carriers ‘being there’ becomes more important when it matters, but it means different things to different customers.
Next Insurance Will Acquire Digital Agency AP Intego
Digital commercial insurance company Next Insurance has agreed to acquire AP Intego, a Massachusetts-based digital insurance agency providing small commercial insurance products.
Alphabet-Backed Startup Insurer Oscar Health Raises $1.2 Billion in IPO
Oscar Health Inc., a health insurance startup backed by Google parent Alphabet Inc., sold shares in its initial public offering (IPO) on Tuesday at $39 apiece, above its target range, to raise $1.2 billion.
Beazley’s CEO Horton to Become Group CEO of QBE Insurance in Australia
Beazley Chief Executive Officer Andrew Horton is leaving to become the group chief executive officer of QBE Insurance Group Ltd. in Australia, the two companies announced. Horton will be succeeded in the role by Adrian Cox, the current chief underwriting officer.
Insurtech Premiums To Exceed $556 Billion Globally in 2025
Juniper Research: Insurtech Platform Premiums to Exceed $556 Billion Globally in 2025, as AI Drives Market Transformation. Insurtech to Represent 8% of Global Insurance Premiums by 2025.
Digitalization Helped Maintain Persistency Levels of Insurance Policies
Whether it’s AI-enabled bot or self-servicing insurance portal for customers, all-digital offerings have been designed to enhance customer experience and reduce time for servicing them and facilitating new business and renewal transactions
Accenture: 5 Ways Insurance Companies Rose Up to the COVID-19 Challenge
Many recent perspectives have declared that COVID-19 is a game-changer for all industries, and insurance is no exception. Our recent research on the Payback on Digital Innovation and our Insurance Consumer Study continue to highlight the drive to cloud, the importance of sustainability and customer demands for digital, personalized experiences.
Carpe Data Partners with Unqork to Help P/C Insurers Improve Automation and More
Integration of emerging and alternative data into enterprise no-code platform brings insurers unprecedented speed-to-market and insight
AXA XL Confirms Plans to Sell Private Clients Business to Aviva
After rumours began swirling that AXA XL was looking to sell its private client business to fellow insurance giant Aviva, the company has issued a statement to Insurance Business confirming its plans.
Swiss Re Partners on Disaster Risk Management
Swiss Re said Tuesday it has partnered with Finland-based ICEYE, a commercial radar satellite operator and flood monitoring provider.
Beam Dental Raises $80 Million in New Funding; Nationwide Among New Investors
A company best known for insuring people’s teeth is getting an investment from a company better known for insuring homes and cars.
Insurtech Disruption Trends: Is Traditional Insurance Broken?
What are the main Insurtech disruption trends of 2021? In this article four of the UK’s leading insurtechs discuss the decline of traditional insurance and the rise of disruptive innovation in the sector
Google Cloud, Allianz, Munich Re Team Up on Cyber Insurance Program
The partnership comes as it becomes increasingly clear that cyber insurance is going to play a role in enterprises of all sizes.
New Views: How COVID-19 Reshaped Consumers’ Insurance Demands
In Europe and across the world, there’s hope that life will start to return to normal this year. But although people may begin to work, socialise and travel as we used to, the way we purchase insurance – and indeed what we want from our insurers – will never be the same.
EIS Partners with esure Group to Expedite its Digital Transformation
EIS, a core and digital platform provider for insurers, today announced its newest customer as esure Group (“esure”), a market-leading provider of motor and home insurance.
Buffett’s Insurance ‘Jewels’ Show Mixed Results in 2020 for Berkshire Hathaway
Insurance businesses are “jewels” of the Berkshire Hathaway business, said chairman and CEO Warren Buffett as the firm’s Reinsurance Group reported huge underwriting losses in 2020.
What The Future Underwriter Will Look Like
Underwriters of the future are going to look a lot more like technology trailblazers, data pioneers, dealmakers, portfolio optimizers, and risk detectives, according to a new report by Deloitte.
Relay and Insurercore Partner for Hard-Market Placement Solution
Relay Platform (Relay), a prominent North American property and casualty (P&C) Quote-Bind-Issue portal provider, is pleased to announce a new partnership with UK-based insurance networking platform Insurercore which will provide a comprehensive solution to insurance and wholesale brokers looking for capacity, and to those insurance companies, managing general agencies (MGAs), and managing general underwriters (MGUs) offering it.
Insurance Partnerships: The Era of Digital Eco-Systems
Ecosystems provide a win-win opportunity for incumbent insurance carriers, InsurTechs, and service providers by enabling them to operate in a coordinated fashion and devise competitive insurance offerings by opening new avenues.
London Based InsurTech Huddle Enters Partnership with Telstra
London- based Huddle, the direct-to-consumer insurance service under FinTech Open and Telstra has announced a partnership that enables the telecommunications company’s members to earn points when they insure with Huddle.
Fathom Launches UK Flood Model on Nasdaq’s Risk Modelling, Cat Service
Fathom, a research-led flood risk modelling specialist has launched its UK flood model on Nasdaq’s Risk Modelling for Catastrophes service.
5 Things to Know When Integrating AI by Jimmy Spears
In my 30 years of experience in the industry, I have seen several great advances in claims processing, but nothing as exciting as AI.
British Insurer Aviva Sets Out Net Zero 2040 Climate Strategy
British insurer Aviva plans to become a net zero carbon emissions company by 2040, it said on Monday, claiming this was the most demanding target set by any major insurer worldwide.
Accenture: How to Empower the Agent as a Collaborator
Customer experience and distribution innovations appear to offer North American insurers the best return on their innovation investment dollars, according to our analysis. Since agents are largely responsible for the customer experience and expanding distribution, we recommend insurers focus their investments on innovations that will support the work agents do.
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