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Accenture: Digital Decoupling, Unlock Value and Protect your Market
Over the past year, we’ve fielded many questions from clients about digital decoupling – in particular, what it means and the business impact such a transformation can have. Those questions stem from the seismic shifts upending insurance, a sector in which change used to be measured in decades.
Insurtech Circulo Raises $50 Million
Circulo, a U.S.-based insurtech, recently announced it secured $50 million through its Series A funding round, which was co-led by Drive Capital and General Catalyst.
Canopy CEO Turns the Spotlight on Renters’ Insurance Needs
Behind every new idea is a problem that needed solving. For Tahir Farooqui (pictured), founder and CEO of Canopy, a London-based insurtech providing of services the rental sector, his business concept was inspired by his experiences renting in a myriad of locations. Between living in the UK, Australia, New Zealand, Europe and the US, he said, he found that renting was tough and that the financial services sector has tended to underserve the renter – and thus Canopy was created to combat that trend.
Leading InsurTech Company TypTap Raises $100 Million
TypTap Insurance Group, Inc., is pleased to announce that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million.
Newly Formed Digital Business Unit to Lead Transformative Tech-Led Strategy for Beazley
Specialist insurer Beazley has unveiled a new digital business unit to spearhead a transformative approach to how the company develops, underwrites and delivers seamless, intuitive digital insurance solutions for clients and brokers.
Supercede Founders See Opportunity in Overlooked Reinsurance Space
Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology.
Metromile Appoints Junna Ro as General Counsel
Former AAA insurer chief ethics and compliance officer and Symantec corporate counsel joins leading digital insurance platform
Canadian Insurtech Farmers Edge Raises $100 Million in IPO
Farmers Edge Inc. raised about C$125 million ($100 million) in its Canadian initial public offering after selling shares at the top end of its marketed range, according to people familiar with the transaction.
Willis Towers Watson Beefs Up Claim Metrics Platform
Willis Towers Watson (WTW) has revealed an update for Claim Metrics, its bespoke motor claims benchmarking platform specifically targeted at personal lines insurers in the UK.
How COVID-19 Impacted The Future Of Insurtech
Looking ahead, insurance regulators should be more likely to allow more significant technical advancement and use in the insurance industry since, during the pandemic, many innovations were allowed and successfully used.
Oscar Health is Going Public: Five Things to Know About the Digital Insurer
Oscar Health Inc., the digital health-insurance company well known to New Yorkers thanks to a subway advertising campaign, is going public in a deal that could value the company at up to $8 billion.
How Bajaj Allianz General Insurance Digitized CX & then Humanised It
AI is a science. Customer centricity is an art. The ability to blend the science of digitization with the art of the company’s philosophy of ‘Caringly yours’ to offer human-centric digital CX is what makes a sustainable model
Munich Re Backs New Motor Insurtech by Sun Capital & Former Aviva CEO
Reinsurer Munich Re has agreed to back the launch of a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson.
Ecosystems in Insurance: Three Steps to a Winning Strategy
Ecosystems can enable insurers to become more digital, efficient and agile as they seek to achieve breakthrough growth.
Insurtech Trõv Partners with Electric Vehicle Sharing Company
Insurtech Trõv has partnered with electric vehicle (EV) sharing company Zoom EV.
Insurance Technology: Hippo, Vertafore, Monte Carlo, Coterie, Buckle and More
Here is a recap of the latest news in insurtech
Capgemini : Is Your Customer Service Set Up for More Disruption?
As the world hopefully starts to open up again this year, organizations are going to be increasingly pressed to balance their service needs across different channels.
Zurich Introduces Tool for International Insurance Programs
Zurich Insurance Group has rolled out an online platform designed to simplify the process of structuring international insurance programs.
Buckle Partners with TNEDICCA for Auto Insurance Underwriting
Buckle announced that it will add crash risk data from TNEDICCA to auto insurance underwriting for Transportation Network Company (TNC) Drivers. TNEDICCA is a Columbus, OH-based company that provides location-based crash intelligence to enable more accurate auto insurance pricing.
Healthcare’s Latest Unicorn: Big Data Startup Innovaccer Raises $105 Million At $1.3 Billion Valuation
On the heels of a year that saw a record amount of venture cash flow into healthcare startups, investor appetite for healthtech does not appear to be waning.
Verisk Announces Leadership Changes to Support Long-Term Growth Strategy
Verisk characterizes the appointments as reinforcing its commitment to building cohesive leadership teams that accelerate long-term growth.
Health Insurance Startup Devoted Health Quietly Raised $380 Million
Devoted Health, a startup that sells health insurance to seniors, quietly raised $380 million last year, three people familiar with the matter told Insider. The round, led by Uprising, closed in July 2020, two people close to the company said. The sources were not authorized to speak on the record.
Growth of Digital Healthcare Creating Unforeseen Risks: WTW
Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change.
“Digital Divide” Forces Employers to Rethink Communication with Staff – Gallagher
The pandemic not only forced employers to drastically change the way their employees and businesses work, but also caused a “digital divide” that could negatively impact employees’ work experience, a new study has found.
Zelros Raises $11 Million in Series A Funding to Bring AI-Powered Responsible Insurance Distribution to North America
French insurtech startup paves a path to automation and innovation for insurers.
Iotatech Launches Software-As-A Service (SaaS) Policy System
Insurance technology disrupter, Iotatech has launched its multi-line policy administration SaaS solution for Insurers, MGAs and Brokers.
Near-Term Insurance Digital Opportunities: A View from Argo Group
As an industry, we still use too much paper. But what digital tools do we really need, and where are the real changes in insurance innovation? Is it all buzzwords?
McKinsey: How to build AI with (and for) Everyone in your Organization
Becoming an AI-driven business requires contributions from your entire workforce. While the transformation takes time, several tactics can begin democratizing AI now.
Modern Workforce: How AI Will Define the Next Generation
Whereas COVID-19 has essentially altered the longer term workforce, instruments like AI assist get it again on monitor.
Three Best Practices for Implementing AI in Insurance
Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms, such as insurtechs and big techs, to disrupt the space.
4 Trends That Will Impact Car Insurance in 2021
The car insurance field is constantly evolving. Insurance companies must not only to respond to ever-changing and increasingly sophisticated customer needs, but also embrace new technologies and ways of doing business.
The Future of Insurance Is Digital – But Don’t Leave Your Customers Behind
In the race to head off competition from InsurTechs and deliver sophisticated digital experiences, insurers must ensure they continue to meet the needs of different customer groups.
Trucking Insurer Koffie Labs Raises $4.5 Million
Koffie Labs (Koffie), an insurtech focused on reinventing the trucking and transportation markets, today announced it has raised $4.5m in venture financing.
Zurich and Onto use AI to gain Unbiased Risk Insight on its Entire EV Fleet
The Insurtech company Greater Than is deepening its collaboration with Zurich through an agreement with Onto, the UK’s largest all-inclusive electric car subscription service. Through the collaboration, Onto and Zurich obtain predictive risk data, facilitating their joint mission to improve road safety and enable dynamic insurance solutions.
How Digital Omnichannel Made Change Happen for the Insurance Sector
There have been very few positives that have come out of the recent epidemic that’s swept the world. But one glimmer of light has been the acceleration of digitisation in organisations, a boost caused by staff having to work from home.
Aviva Sells French Business to Aéma Groupe for €3.2bn
After months of speculation, London-headquartered insurer Aviva has announced an agreement to sell its French business to mutual insurer Aéma Groupe, for €3.2 billion in cash.
5 Lessons for the Insurance Industry from a Year of COVID-19
The World Health Organization declared COVID-19 a global pandemic nearly a year ago. Since then, efforts to slow the spread of the virus have caused seismic shifts for insurers and their customers.
Pressure to Innovate Shifts Priorities by Denise Garth
For those of you who love music like I do, you will hopefully agree that one of the best songs by the rock band Queen was “Under Pressure,” co-written by the famous David Bowie. The story is that the collaboration was creatively different as the vocal was constructed in a very novel way in one night, where they all contributed different pieces of the song musically and vocally and then put it together to create what is considered one of the greatest hits!
Policybazaar ex-CTO Shailendra Tewari Joins InsurTech GramCover
Insurtech startup, GramCover has announced the appointment of Shailendra Tewari as CTO. Tewari was one of the founding members and the CTO of Policybazaar. At GramCover, Shailendra Tewari will lead the technology vertical to automate various business processes. Thus, he will bridge the gap between technology and business. Further, GramCover aims to make its technology easier and smarter. With Tewari on the team, they aim to analyze and change software processes and journeys.
Digital Disruption Exacerbating Insurance Personalisation
Digital disruption continues to change the game in the insurance industry, with Covid 19 accelerating the process – leaving the industry faced with a paradigm shift in a world powered by technology.
WTW Introduces Reputational Crisis Insurance Solution
Willis Towers Watson (WTW), together with global specialty and commercial insurance products provider Liberty Specialty Markets, has launched a new insurance product designed to help organizations deal with reputational crises.
How do you Adapt your Insurance Pricing Strategy in the Face of Increased Price Competition?
Many countries in Europe have in previous years experienced increased price competition for general insurance products. Especially in Southern Europe, the competition has been very fierce, fuelled by online price comparison websites. In Spain, Portugal and Greece, there has been a substantial drop in average premiums for products like motor, home and health insurance. This poses a real threat to the profitability of property and casualty insurers.
Zurich Invests in InsurTech Startup My Policy
My Policy, a leading UK provider of data analytics and telematics insurance, announces today an investment by Zurich Group, as part of which Zurich will become a long-term insurance capacity provider, joining an existing panel of insurers to enable rapid growth of My Policy’s recently launched usage-based insurance (“UBI”) product, JURNY.
Kenyan Insurtech Startup is Eyeing Asia and Latin America after Raising $6m Funding
Access to capital and insurance are some of the factors affecting not only peasant farmers but commercial farmers in Africa. A large majority of farmers in Africa still use hoe and cutlass and farm largely to feed their households and sell the surplus for cash.
Fintech Startup Earnix Raises $75 Million, Attains ‘Unicorn’ Status at Valuation of $1 Billion
Funds raised will help startup access new markets, finetune software that helps banks and insurers offer clients personalized pricing and products
AmTrust CEO-Backed SPAC Files for $300 Million IPO
A blank-check firm, backed by AmTrust Financial Services Inc. CEO Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday.
Next Insurance Doubles Value in Five Months, Targeting New Funding at $4 Billion Valuation
Just five months after raising $250 million at a $2 billion valuation, Israeli insurtech company Next Insurance is working on another funding round, this time at a valuation of $4 billion, a person familiar with the move told Calcalist under the condition of anonymity
Tesla to Offer Auto Insurance Program in Texas
Not only is Tesla moving some manufacturing operations to Austin, Texas, its founder, Elon Musk, is said to be relocating there, and the electric car company will soon be offering its own brand of car insurance in the Lone Star State.
For Insurers in 2021, M&A Will Enable Streamlining and Tech Advances: Bain
Insurers in 2021 will be doubling down on streamlining, reinforcing their core businesses and updating technology, and M&A will help them get there as it did in 2020, according to a new Bain & Company report.
Insight Partners Mints New Israeli Unicorn With Earnix Round
Israeli startup Earnix Ltd., which uses advanced analytics to help insurers and banks offer personalized financial products, reached a $1 billion valuation in a financing round led by Insight Partners.
3 Insurance IPO Launches To Watch In 2021
The IPOs of several insurance companies, such as Lemonade Inc (NYSE: LMND), in 2020 may lead to additional companies in the sector hitting the public market in 2021. Companies could explore a traditional IPO or a SPAC deal to bring their insurance companies public.
Platform from the Start: Q&A with Alec Miloslavsky, CEO, EIS
Miloslavsky talks about the insurance platform as the vehicle for processing across lines of business, integrating an ecosystem of external capabilities, and delivering a customer experience on a par with top retailers.
Aston Lark Announces Two Acquisitions: Right to Health & The Health Insurance Specialists
Aston Lark, the Chartered insurance broker backed by Goldman Sachs, further bolsters its employee benefits and individual health insurance expertise by today announcing it has agreed terms for the acquisition of both Right to Health Ltd and The Health Insurance Specialists. Both deals are expected to complete in early March.
AXA Partners with AI Insurtech Akur8 to Transform Pricing Process in Spain
Akur8, an Artificial Intelligence-based technological solution, and AXA Spain forge a partnership to contribute to the enhancement of AXA Spain’s pricing process. This deal marks the first partnership of Akur8 in Spain, one of Europe’s most competitive insurance markets, and the pursuit of Akur8’s expansion in Europe, with 6 countries of presence to date.
InsurTech Startup Waterdrop Set For US IPO, Latest Valuation Hitting Tens of Billions of Dollars
Leading online InsurTech company Waterdrop Inc. is reported to be in full preparation for a U.S. initial public offering (IPO) in the next quarter. According to Jiemian News, this development follows a recent valuation of the company at a total worth of tens of billions of dollars, citing people familiar with the matter.
Arity Partners with Ford to Enable More Efficient UBI Offerings
Arity, a mobility data and analytics company, is teaming up with Ford Motor Company to enable any participating insurer to deliver simple and secure usage-based insurance (UBI) programs to eligible connected Ford and Lincoln vehicle owners.
Alternative Capital for Non-CAT Retrocession
Despite the contraction in the retrocession market in recent years due to CAT losses, the reinsurance market remains a very attractive option for capital market investors to deploy their capital, and an important strategic tool for reinsurers. Non-CAT insurance risk retrocession using AI-based risk modeling technologies can inject life back into the retrocession market.
KindHealth Raises $4M in Funding
KindHealth, an Austin, Texas-based digital health insurance platform, raised $4m in funding.
Digitization Can Make Insurance Relevant For the Click-Happy Generation
Many insurance companies are seeking and actively developing digital technologies to streamline their processes, assess risk better, reduce cost and increase customer satisfaction.
How Insurance can Help Build Trust in Artificial Intelligence
From transport networks to utility companies, insurance for AIs could unlock huge benefits for industry and consumers alike
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