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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.
Why External Data Should be Part of Your Data Strategy
Incorporating external, or third-party, data is an important part of data analytics programs as companies look for strategic insight from outside their firms.
Sweden’s Insurely Raises €2.5M to make the Insurance Industry more Transparent, Accessible; Here’s How
Stockholm-based Insurely, a digital insurance platform, has raised €2.5M in a fresh round of funding. The round was led by Swedish venture capital firm Luminar Ventures.
Zurich Appoints Dirk De Nil as CEO of Nordics
Zurich Insurance Group has announced the appointment of Dirk De Nil as Chief Executive Officer (CEO) of its Nordics region operations, comprising Sweden, Norway, Denmark and Finland.
The Right Channel Strategy will be the 2021 Insurance Game Changer
A strong omni-channel strategy and the smart use of chat commerce could hold the key to help fast-track digital adoption in pan-African insurance companies — allowing them to benefit from lower costs, decreased time to revenue and satisfied customers, says Werner Lindemann, Clickatell senior VP commercial of the Middle East and Southern Africa.
The Future Of Insurance Is Connected!
Interoperability and Compatibility With insurance agencies resorting to the use of digital tools, insurers must maintain a common data environment and set protocols to achieve interoperability and compatibility across all systems.
Eden Health Raises $60 Million
Eden Health, a primary care and insurance navigation company for employers, announced that it has raised $60 million in Series C funding
Berkshire Hathaway Discloses $499M Investment in Marsh & McLennan
Berkshire disclosed a new $499 million stake in the professional services company Marsh & McLennan Cos.
The Future of the Insurance Industry and Who Owns It: 3 Scenarios
The question is not whether the future of the insurance industry is bright. “Few industries are better positioned for outstanding growth over the next 15 years,” insists Verisk’s Mark Anquillare.
Thai Insurtech Firm AppMan Lands $4.6M In Series A Round
Thailand-based insurtech platform AppMan announced it has raised US$4.6 million in its series A funding round from Siam Alpha Equity’s SME Growing Together 1 fund, Krungsri Finnovate, Casmatt, KTBST, and Poems Ventures, the venture arm of PhillipCapital Group.
Macif Seen as Favorite to Buy $3.6B Aviva France; Talks to Sell Italian Unit Advance
Aviva Plc, the British insurer, is in advanced talks on a sale of its Italian operations as it pushes ahead with about 6 billion euros ($7.3 billion) of divestments, people with knowledge said.
Thimble Launches Business Equipment Protection for Small Business Owners
The new product covers the cost of damages to equipment that may occur while working, including damage to rental equipment, customer equipment, or borrowed equipment.
Solera Releases Guided Image Capture to Power AI-Enhanced Claims Journey
GIC provides a simple and intuitive way for an automotive insurance policy holder to confidently capture images of a damaged vehicle, through an easy-to-use web-based app.
InsurePay Captures $5 Million Through Series A Funding
Leading workers’ comp billing platform allows insurance providers to build a best-in-class solution for their policyholders
Diversity in Insurance Industry Calls For Including Different Mindsets and Experiences
Insurance industry leaders have renewed their focus on recruiting, hiring and promoting not just to fill a crucial talent gap with quality candidates, but also to intentionally diversify their workforce.
Arch to Provide Cyber Insurer Coalition with Long-Term Capacity
Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers.
Lloyd’s of London Searching for Ideas for ‘Re-Imagined’ Underwriting Room
Remember the iconic underwriting room at Lloyd’s of London? Now picture it differently, with the future (and what it might require) in mind.
Insurance Europe Warns of AI Coverage Challenges
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues.
Balancing Act: Customers Demand Both a Digital and Personal Experience
Prior to the COVID-19 pandemic, independent insurance agents were uniquely placed within the market. Amid a surge of companies looking to disrupt the industry with a focus on technological innovation and end-to-end digital accessibility, independent agents catered to a demographic that valued a more personalized approach.
Shift Technology Partners with CRIF Decision Solutions
Through the collaboration, CRIF’s Sherlock solution will be made available to MIB CUE members via Shift’s Fraud Detection and Prevention solution.
Prudential Teams with NeuroFlow on Mental Health App
Prudential Group Insurance is expanding their mental health benefits for employees on disability leave through a partnership with NeuroFlow, a behavioral health platform.
Digitized Claims Doesn’t Mean Personalization is Gone
Automating processes can open up more time for quality interaction between claims professionals and policyholders.
Pawlicy Advisor raises $6.5 million in Series A
Pawlicy Advisor, the leading pet insurance marketplace, announced today it has raised a $6.5 million Series A funding round led by Rho Capital Partners and existing investor Defy Partners. The round also included significant investment from Slow Ventures. This brings the company’s total funds raised to $8 million to date.
Canadian Platform, Livelii, is Raising $1M To Help Build the Future of Insurtech and Fintech
Livelii, Canada’s first community-based platform that intersects Insurtech and Fintech to provide affordable Health Insurance and critical Financial tools to Independent workers is listing a securities offering via the online crowdfunding platform, FrontFundr.
Kin Insurance Eclipses $10 Billion In Total Insured Property Value
Kin Insurance, the insurance technology company transforming home insurance through intuitive tech and affordable pricing, today announced it has surpassed $10 billion in total insured property value. Its substantial growth is a testament to the increased demand for easy, affordable coverage for homeowners.
Foxquilt Launches New Online Insurance Platform for Small Businesses
Insurtech Foxquilt has unveiled a new underwriting platform, which allows small business owners to quote, bind, and directly purchase customized business insurance online.
USAA to Expand Telematics Program in 2021
Following an increased interest in telematics and behavior-based insurance programs, USAA is announcing “an aggressive” rollout of its SafePilot app, with plans to make it available in the majority of states throughout 2021.
SCOR Calls on Reinsurers to Back COVID-19 Vaccine
Global re/insurer SCOR has made a call for re/insurers to help convey the broad health benefits of getting the COVID-19 vaccination.
Willis Re Hires Michel Büker as Head of Lloyd’s Capital
Willis Re, the reinsurance broking arm of Willis Towers Watson, has appointed Michel Büker in a dual role as Head of Lloyd’s Capital and Head of Production, Customised Solutions, EMEA at Willis Re Specialty.
Liberty General Insurance Rolls Out AI-based Automated Car Inspections
Liberty General Insurance has automated vehicle inspections for car insurance policy renewals and claim assessments using Inspektlabs’ AI based technology. This is expected to transform the car inspection process, which is currently dominated by manual inspections – a people intensive job leading to delays in the claims and policy issuance process.
Aviva Advances Talks to Sell Operations
British insurance giant Aviva is reportedly in advanced discussions regarding the sale of its Italian operations, as it continues to push ahead with around €6 billion (approx. AU$9.3 billion) of divestments.
Which Artificial Intelligence Applications will Flourish by 2030?
For decades, artificial intelligence has been depicted as a sinister force in science fiction. Think of HAL-9000, the main antagonist in Arthur C. Clarke’s Space Odyssey series. But while applications of AI and machine learning are indeed sophisticated and carry the potential to be dangerous, my own view is that over the course of this decade, the most frequent encounters people are going to have with these neural technologies will seem both ordinary and positive. But there is one important area of algorithmic use that will require real work.
No-Code Technology: Breaking Down Silos In Insurance
In recent years, insurers have sought to digitalize their processes and improve their customer experience, making it more seamless and tailored to the needs of today’s consumers.
Simply Business Launches Online Health Plans For SMEs
Simply Business has selected insurtech MGA Equipsme as its health insurance provider for its latest proposition.
Xceedance Goes into Partnership with Paris Insurtech
US insurance consulting firm Xceedance has announced a partnership with Akur8, a Paris-based insurtech that specialises in using artificial intelligence (AI) to deliver pricing solutions to insurers.
How to Empower the Agent as a Growth Seeker
To make the most of the growth seeker dimension, insurers should give agents the means to push their limits, gain more expertise and become a source of influence for other agents within a culture of sharing.
Digital Transformation in Underwriting: Start with the Customer
As technological innovation continues to pick up pace in the insurance industry, focus on upgrading underwriting toolkits is growing.
Why Insurance Is Broken, And How One Company Is Fixing It
One of the toughest moments of a break-in or disaster is losing your stuff. The U.S. saw 1.2 million property crimes in 2018, two-thirds of which happened at homes and apartments, and 387,000 fires at homes in the same year.
Compre Partners with Apollo to Launch Lloyd’s Legacy Syndicate 1994
Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd’s of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd’s.
DigitalOwl Raises $6.5 Million
Digital Owl, a provider of AI-powered medical claim analysis software, has emerged from stealth with $6.5 million. The company plans to use the funding, a seed round, to expand its workforce and further develop its technology platform.
What is The Future of Telematics in India?
The Indian government has announced its vision to make the whole nation free from toll plazas by 2023. The toll money would now get debited via the GPS tracking system installed in your vehicle.
Big Tech in Healthcare: Amazon, Apple, Google & Microsoft
Healthcare organizations have to contend with the coronavirus pandemic and its lingering impacts, and shifting consumer demands for fast and convenient services. Healthcare players are being forced to move on their digital transformation efforts, and Alphabet, Amazon, Apple, and Microsoft are lending their tech-savviness to become partners for the job.
Report: Hippo Heading to Wall Street at $5 Billion Valuation
The Israeli founded insurtech company is in negotiations with SPAC Reinvent Technology Partners, that includes Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors.
Q&A: Metromile CEO Dan Preston on Going Public
IIR spoke with Preston on what the public debut means for the pay-per-mile auto insurance pioneer and now technology supplier to other insurance carriers.
Talem Health Raises $2.3 Million in Latest Funding
Talem Health Analytics has revealed that it has closed a $2.3 million seed round, which the insurtech hopes to use to accelerate the launch of its AI platform to the auto insurance industry.
Insurance Startup Oscar Health Bets on its Tech as it Files for IPO
Oscar Health filed preliminary paperwork for an IPO on Friday. The health insurance startup is betting that its technology can give it an edge as it fights for market share with bigger competitors.
Cigna Partners with The CareVoice
Cigna Hong Kong announced a new partnership with Asian health insurtech company The CareVoice . The partnership will see the launch of “blüüm woman”, a solution that provides “flexible medical protection and innovative digital health services” to help protect women in Hong Kong at every life stage.
Insurtech Investment Reached New High in 2020
UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson’s planned separation from the Group.
Prudential Creates New Senior Leadership Team for Jackson Financial
UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson’s planned separation from the Group.
Is Open Insurance at a Turning Point?
On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a public consultation on data access and sharing in the insurance industry.
The Digital Insurance Revolution Gathers Speed
Last year, Getsafe launched in the UK – marking the start of the company’s expansion into new markets. Despite the challenges presented by the global pandemic, Getsafe pushed on with its agenda, including gaining $30 million in new funding and beginning partnerships with leading price comparison websites. It’s time to look back on 2020.
5 Key Advances Driving AI 2.0
The move AI 2.0 is being driven by five areas of AI advancement, according to a new report from analyst firm Forrester.
QBE Launches New Custom Property Product
The product includes a First Party Cyber coverage, which provides coverage for business interruption, data recovery and incident response service expenses, per network security event.
Canopius Lines Up Successor to Watson
With over 30 years’ experience in the London insurance industry, Robertson joins Canopius from AXA XL, where he most recently served as CEO of global specialty. There, he oversaw a multi-billion dollar portfolio of business written across a broad global network.
SmartHop Raises a $12M Series A to Ease Trucking Logistics
SmartHop announced today that it raised $12 million in a Series A round, bringing the company’s total funding to date to $16.5 million. The round was led by Union Square Ventures, whose past investments include Stripe, Twitter, Coinbase, Etsy, MeetUp, SkillShare and Duolingo, among others.
Plasmatic Technologies Eyes Insurance Distribution with Smart Home Data
HazardHub and Plasmatic Technologies Inc. today announce their partnership centered around the harmonization of connected device and property and hazard risk data, unleashing new capabilities for increased policyholder engagement and peril prevention programs in Home Insurance.
Nationwide Venture Capital Fund Rising to $350 Million
Additional funding will be deployed into select startups whose solutions, technology, and capabilities can benefit Nationwide customers.
Is it Time to Update Your Cyber Insurance Strategy?
If anything, 2020 was about preparing for – well, everything. This includes cyberthreats, which have risen sharply in the pandemic era. In 2021, rethinking your cyber insurance strategy should be a top priority for CISOs and executive leadership.
Digital Insurance Company WeSure Files to Raise £22 Million on TASE
WeSure Global Tech, the parent company of digital insurance company WeSure, has published a prospectus for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company plans selling a 20% stake for NIS 100 million (or £22 Million) at a company valuation of NIS 500 million(or £110 Million), after money.
Aegon Life Insurance Elevates Satishwar Balakrishnan as the CEO
Satishwar, who joined the company in July 2019 as Chief Financial Officer, will spearhead Aegon Life’s transformation into a digital-only life insurance company.
It’s Time to Embrace Modern Distribution Channels
The future of insurance distribution has been hotly debated in our industry for decades. Bold predictions several years ago prematurely declared the “death of the agency model” to be largely replaced by direct (and then digital direct) distribution.
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