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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.
Riskbook Rebrands as Supercede; Launches Reinsurance Trading Platform
Riskbook has announced that it has rebranded to Supercede. The company has also launched what it said is the world’s first all-in-one reinsurance platform built for dealmakers.
Insurers Must Address Bias in AI
Recently, a group of U.S. senators wrote a letter urging the Equal Employment Opportunity Commission to address employers’ use of Artificial Intelligence (AI), machine learning, and other hiring technologies that might result in discrimination.
The Insurance Industry Shift Hits Hyper-Acceleration for Digital Business Models
Majesco’s survey report, ‘Strategic Priorities 2021: The Insurance Industry Shift Hits Hyper-Acceleration for Digital Business Models,’ the first of two reports, makes observations crucial to an understanding of priority shifts driven by the pandemic and other factors.
Briza Raises $8 Million
Toronto-based insurtech Briza has raised a $10.2 million CAD ($8 million USD) Series A round as the startup aims to meet significant demand for its insurance carrier integrations.
Metromile Completes Merger, to Trade on NASDAQ as ‘MILE’
The pay-per-mile pioneer completed its business combination with INSU Acquisition Corp. II, a publicly traded special purpose acquisition company sponsored by Cohen & Company, LLC.
InsurTech Marble Raises $2.5 Million in Seed Round Funding
Marble, the first digital wallet and loyalty platform for insurance, today announced $2.5 million in seed round funding.
AI Startup that Uses AI and Partners with Re/insurers, Now Is Seeking Canadian IPO
Farmers Edge Inc., a firm that uses artificial intelligence to help growers boost crop yields, is seeking to raise about C$100 million ($79 million) in an initial public offering to strengthen its finances and repay debt.
Future Belongs To The New Adaptive Insurers
The insurers need strategies ranging from taking full advantage of data, enabling a more technology-driven workforce.
COVID Pandemic Is Set to Propel Gig Economy Motor Insurance to Nearly €6 Billion by 2030
PTOLEMUS Consulting Group forecasts that European motor insurance premiums for employed and self-employed last-mile delivery will grow to €5.8 billion by 2030.
Willis Towers Watson CEO Pledges Merger With Aon on Track for H1 2021
The merger of Aon with Willis Towers Watson is on course to close in the first half of 2021, said John Haley, Willis Towers Watson’s Chief Executive.
Time is Up for the Insurance Industry to Embrace Cloud Technology
Cloud technology offers a saving grace for the insurance industry which has been slow to adapt to change. Insurance is years behind its peers, where legacy systems dominate and old technology systems fail to allow companies to meet customer demand and truly innovate.
Health Reimbursement Platform Gentem Health Raises $10 Million
Gentem Health Inc., a Silicon Valley-startup focused on helping private practices thrive financially, has raised a $10 million Series A financing round, bringing total investment to $13.7 million.
How to Sell Auto Insurance Post-Pandemic
By speaking to policyholders’ values, motivations and purchase drivers, auto insurance marketers can make more-informed decisions about the messages and offers most likely to entice drivers to switch to their brands.
Chubb Introduces Next Generation of Crime Insurance to Help Protect Firms Against Theft
Chubb has introduced its next generation of crime insurance offering, The Chubb PrimarySM Commercial Crime Insurance, to help companies of all sizes and industries protect themselves from criminal activity both inside and outside their organizations.
Ushur Closes $5 Million Series B Extension from Aflac Ventures and Iron Pillar
Ushur, the no-code intelligent automation company, today announced a $5M addition to its over-subscribed $25M Series B funding in November 2020. Aflac Ventures and Iron Pillar participated in the round. This brings the total amount of the Series B to $30M, and Ushur’s cumulative funding to $41.5M.
UK Insurtech Zego Partners with Irish Mobility Startup Brite to Offer Electric Fleet Cover
Irish mobility startup Brite has partnered with London-based mobility insurance provider Zego to expand its fleet offering of e-mopeds, e-scooters and e-bikes across Ireland.
Senseye Partners with SCOR to Deliver ROI Lock
By partnering with Senseye to deliver ROI Lock, SCOR is helping to accelerate the benefits of Industry 4.0 for manufacturers by developing new products managing potential financial risk arising from adopting new predictive maintenance technology.
Insurtech Igloo, Philinsure Partnership to Protect Filipinos Amid COVID-19 Pandemic
Headquartered in Singapore, insurtech Igloo has partnered with Philpacific Insurance Brokers Inc., an insurance broker based in the Philippines and also known as Philinsure.
Indian Health Tech Startup Phable Raises $12 Million to Serve Patients with Chronic Conditions
Phable, a three-year-old health tech startup that is serving patients with chronic illnesses in India, has raised $12 million in a new financing round as it looks to scale in the world’s second most populated nation.
Augmented Reality and the Human-Machine Partnership
As consumer technology companies continue to build out AR capabilities and telecom providers build out 5G infrastructure, the barriers to entry and challenges associated with launching AR initiatives will be lessened.
Flood Re Welcomes Flood-Resilience Targets
State-backed reinsurance scheme Flood Re has welcomed a report published by the Environment, Food and Rural Affairs (EFRA) Select Committee, which calls for clear flood-resilience targets.
Why There is Very Little MGA Consolidation
Managing general agencies (MGAs) in Canada are currently engaging in very little mergers and acquisitions activity among themselves because the market is still growing organically and is less mature than in other countries, the managing director of the national MGA trade association told Canadian Underwriter recently.
Chubb Announces Leadership Appointments in its North America Financial Lines Division
Michael Mollica to Lead Private/Not-For-Profit Management Liability Business; Stephen Troiano to Head Financial Institutions Management Liability Business
Why Insurtech Startups Will Only Get Stronger After The Pandemic
Faced with serious competition from a new breed of tech-savvy startups and mounting consumer expectations for efficient digital experiences, the insurance industry — long seen as slow to embrace innovation — has for years been investing in digital transformation.
AI-Based Video Identification Shaping the Insurance Industry in 2021
Onboarding legitimate customers are getting complicated with every passing day since fraudsters are coming up with better ways to terrorize different industries. Hence, KYC requirements are becoming stringent across the world. For onboarding, a secure clientele base, robust identity verification is essential for businesses.
For Insurers, Digital Ecosystems Are Now Vital Economic Tools
With benefits such as better risk management, reduced claim cost and new sources of revenue, digital ecosystems can drive greater economic value and relevance for today’s insurance companies.
Allianz to Acquire Full Ownership of China Life Insurance Venture
Allianz will acquire full ownership of its China life insurance business after agreeing to buy the 49% stake it doesn’t already own in its Chinese joint venture, the German insurance giant said on Friday.
Insurtech Hippo in Talks to Go Public via Merger With SPAC
Hippo, an insurance technology startup, is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter.
Lloyd’s Launches Resilience Platform for Systemic Risks
Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of Futureset, a new platform and community designed to drive greater societal and economic resilience to some of the largest and most complex global risks.
Protective Insurance Scales for Growth with Roots Automation’s Digital Co-Workers
Protective’s new cognitive RPA-powered bots have enabled the insurer to scale processes with growth and to reach an efficiency rate of more than 95 percent tasks completed without human intervention.
InsurTech Coterie Raises $11.5 Million
Coterie pulled in $11.5 million in new venture funding it will use to fuel further expansion of its business, which is designed to integrate insurance purchasing into existing small businesses processes.
Alphabet-Backed Oscar Health Files for IPO as Telehealth Market Booms
Oscar Health, a health insurance start-up backed by Google parent Alphabet Inc, filed for an initial public offering on Friday, looking to cash in on the surge in demand for digital health services during the COVID-19 pandemic.
Amazon Plans Cameras with AI in Its Delivery Vans to Improve Driver Safety
Amazon.com has revealed plans to install AI-powered video cameras in its branded delivery vans, in a move that the world’s largest e-commerce firm says would improve safety of both drivers and the communities in which they deliver.
Lemonade Partners with Bestow as Its Platform for Life Insurance
Bestow, the first full-stack life insurance company, today announces a partnership with Lemonade, which recently launched life insurance. Powered by Bestow’s Protect API, Lemonade customers can apply for instant, affordable life insurance in as little as five minutes online — all within Lemonade’s website and apps.
Eusoh Close $1.3M Round Led by Insurtech Gateway Alongside Sure Ventures
Eusoh is a radical new model that offers customers the same protection as best in class insurance products, but at a game changing price discount that is sustainable. This will have a significant impact on many lines of insurance.
Insurtech Firm CXA to Sell Brokerage Unit as it Doubles Down on SaaS Business
Insurtech startup CXA Group announced plans to restructure its business to focus “solely” on its enterprise software-as-a-service (SaaS) business.
3 Ways COVID-19 Will Continue to Impact Insurance Industry in 2021
The effects of the COVID-19 pandemic will be felt by the insurance industry and its customers well into 2021 as consumers and businesses continue to face economic challenges, according to a new survey by consumer credit reporting firm TransUnion.
Next Insurance Doubles Gross Written Premium with AI-Powered Coverage
The US-based small business insurtech reached a $200 million gross written premium run rate by the end of 2020, from $100 million last February, per PR Newswire.
Insurwave CEO on the Opportunities Facing the Insurtech Sector
2020 offered a blend of threats and opportunities to the UK insurtech market and 2021 looks set to maintain the status quo. Offering his perspective on what the year ahead will hold for the sector, as well as for Insurwave, the insurtech platform of which he is CEO, David Power (pictured right) highlighted that the key challenge surrounds communication.
Strategic Partnership Between vcita and Next Insurance to Support Small Business Growth
vcita, the management platform for small business owners, and Next Insurance, the leading digital insurtech company transforming small business insurance, today announced a strategic alliance to accelerate small and medium-sized business growth.
Allstate CEO: Small Crashes Down, More Severe Up
Quotech and Tenefit have announced a new partnership to bring new peril and loss-event data into insurance-market systems in real time, and to analyze that data effectively alongside the customers’ own data.
Quotech and Tenefit Form Partnership to Expand Industry’s Global Risk Intelligence
Quotech and Tenefit have announced a new partnership to bring new peril and loss-event data into insurance-market systems in real time, and to analyze that data effectively alongside the customers’ own data.
HazardHub and Bold Penguin Announce Strategic Alliance For Risk Evaluation
HazardHub, the USA’s fastest-growing supplier of geospatial risk data, a 2020 Gartner Cool Company, and 2020 Lloyd’s Lab participant – announces a strategic alliance with insurtech leader Bold Penguin. The alliance allows for HazardHub to supply Bold Penguin with point-of-sale peril and property data to both speed and sharpen the risk evaluation process.
Nationwide Partners with Annexus to Introduce Lifetime Income Builder
Nationwide and Annexus Retirement Solutions today announced that they have partnered to bring to market Lifetime Income Builder, an innovative in-plan guaranteed income solution that is built to help retirement plan participants maximize their retirement income.
Nayya Partners with Selerix
New York-based insurance benefits experience and management platform Nayya partnered with Selerix Systems, a provider of cloud-based benefits administration software. Nayya is now fully embedded and integrated within the Selerix BenSelect platform. Through this partnership, Nayya and Selerix will offer employers and employees a personalized benefits experience leveraging billions of different data points.
Applied Systems Enters Into New Partnership with Google to Enhance Cloud Technologies
Google Cloud’s technologies, tools, products and services will now be fully integrated across Applied’s product portfolio.
Zurich Names Penny Seach as CUO for EMEA
Penny Seach, currently Chief Executive Officer of General Insurance, Zurich Hong Kong, has been appointed as Chief Underwriting Officer of the re/insurer’s Europe, Middle East and Africa (MENA) operations, effective March 1st, 2021.
Most-Needed Strategy for Insurers in 2021
To survive these challenging times, insurers must be able to plan, model and predict the likelihood and impact of possible events.
PasarPolis Raises US$5M from World Bank’s International Finance Corporation to Democratise Insurance
The investment in PasarPolis is the first IFC has made in the insurtech sector in Indonesia, where insurance penetration rate remains low
Insurtech Relay Launches New Commercial Insurance Digital Quoting Solution
Canada and US-based insurtech venture Relay Platform, which is approved by Lloyd’s as one of the London market e-platforms, has launched a new broker-carrier API-driven quoting solution for the commercial insurance and reinsurance industry.
Keep An Eye On These Travel Insurance Trends In 2021
The desire to travel is strong. While lockdowns, travel restrictions and ongoing Covid-19 outbreaks have seriously hampered our wanderlust in 2020, vaccinations give us some optimism for travel in 2021.
Slice Launches Automated Claims Settlement
Slice Labs Inc. (Slice), a technology startup with the first on-demand insurance platform, has launched an automated claims settlement feature providing an end-to-end digitization of the customer claims journey.
Revolutionizing Customer’s Insurance Journey With AI
Customer experience and customer service are the holy grail of businesses. And yet, CX in insurance is often lagging behind. The customer-facing leg has been digitized, but the issuance operations and internal processing leg are still old-school.
Insurance Tech Firm CCC Information to Go Public Via $7B SPAC Deal
CCC Information Services said on Wednesday it was going public through a merger with blank-check firm Dragoneer Growth Opportunities Corp, in a deal that valued the data and technology provider to auto and insurance firms at about $7 billion.
Seyna is Building an Insurance-as-a-Service Startup for the French Market
French startup Seyna is getting a new CEO. Stephen Leguillon is joining the company as chief executive while Philippe Mangematin is stepping back from day-to-day activities for personal reasons — he’ll become honorary chairman.
Insurtech LeaseLock Raises $52 Million
LeaseLock, the world’s leading insurtech platform for real estate, today announced the closing of a $52 million Series B financing that will expand its industry-leading lease insurance product into the first AI-powered financial technology platform for enterprise real estate. LeaseLock has insured $1 billion in leases to-date, across the nation’s largest multifamily operators and preeminent asset owners.
Rise of ‘Product-ism,’ Fall of ‘Project-ism’
Firms struggle because they view AI initiatives as small projects rather than a product requiring continuing maintenance and investment.
CyberScout to Be Acquired by Sontiq, an Identity Security Company
The new owner-to-be: Sontiq, an identity security company with a number of identity and cyber monitoring products and services. Sontiq is a portfolio company of The Wicks Group of Companies, and it signed a definitive agreement to buy Cyberscout.
The Next Wave of Insurtech
With automated claims processing, the turnaround time for settlement will be measured in minutes rather than days or weeks.
Breach Places Industry-First Crypto Insurance policy
Boston-based insurtech start-up Breach has announced the placement of a crypto-denominated cyber insurance policy with CoinList, a full-service token sale and crypto trading platform. Breach said the policy was an industry first.
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