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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.
Despite COVID, Tech Investment Continues
Interest remains high in technologies like artificial intelligence and big data.
Lloyd’s Names Aviva’s Patrick Tiernan as Chief of Markets
The specialist Lloyd’s of London insurance and reinsurance marketplace has appointed Aviva’s Patrick Tiernan to the newly created role of Chief of Markets, which will see him take oversight of market performance and distribution.
Intact Gains Approvals for RSA Acquisition
Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA.
AXA Explores Sale of Singapore Unit; Transaction Could Raise $700M
HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for AXA SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter.
Attune Announces Hiscox Partnership for GL and PL Products
Attune Insurance Services, today announced the launch of new General Liability and Professional Liability products with Hiscox, a leading small business insurer, serving as the carrier.
Aviva to Invest in Fintech and Insurtech Startups Via Anthemis
Aviva announced it is expanding its investments in fintech and insurtech through a collaboration with venture capital firm Anthemis. The aim is to “transform its customer experience through innovation.”
Arbol Raises $7 Million in Series A
NY-based insurance platform for parametric products Arbol announced that it has raised ~$7 million in a Series A round that included Finch Finance, Space Capital, and Mubadala Capital-Ventures.
What 2020 Taught Us on Selling Insurance
Insurance policies that are sold online need to be packaged and priced differently than those that rely on face-to-face sales.
Be Open and Honest About Diversity Challenges
The only way to truly shift the insurance industry towards more diversity is by being open and honest about failures, just as much as successes.
Carriers should flex their Financial Muscle to Boost Sustainability
With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.
SCOR Collaborates with Covr Financial & Americo on Life Solution
Global re/insurer SCOR, Covr Financial Technologies and Americo Financial Life and Annuity Insurance Company have launched LoanMatch Protector, a life insurance policy customised to a consumer’s specific loan amortisation schedule.
Chubb, Revolut to Offer Commerce Protection
Chubb has announced the launch of a new insurance partnership with Revolut to provide a range of coverage for its customers such as purchase protection, refund protection, and ticket cancellation, where a Revolut account is used.
3 Underwriting Predictions for 2021 and Beyond
While 2020 proved to be a year that changed the way we live and work, our predictions for 2020 nevertheless proved to be remarkably accurate.
Sixth Street Partners to Acquire Life Insurance Business Talcott Resolution for $2 Billion
Financial firm Sixth Street Partners has agreed to buy annuities company Talcott Resolution for $2 billion, the latest ownership change in a decade of frenzied industrywide life-insurance deal activity.
Insurtech Startup Nayms Closes £1.5 Million Seed Round
The funding round was led by XBTO, alongside other top investors across insurance, capital markets and crypto such as Coinbase Ventures, Maven11, the founders of Synthetix and Insurtech Gateway, who co-founded the project with CEO, Dan Roberts, from day one.
Introducing Lemonade Life
According to the site, coverage is issued by North American Company, a Chicago-based provider of life insurance and annuities that also works with Bestow.
Aon CEO Case Recognized for Advancing LGBTQ Equality
Aon CEO Greg Case has been recognized for advancing the equality of LGBTQ+ employees and individuals.
French Insurtech Startup Leocare Raising €15 Million to Boost Growth
Insurtech startup Leocare, which offers a ‘modern’ way to get homes, cars, motorbikes and smartphones insured, is raising €15 million from Felix Capital, Ventech and Daphni to fuel its growth.
AXA Implements Global “Smart Working Strategy”
AXA is deploying what it calls its “smart working strategy” in all of its entities worldwide, incorporating lessons learned from the COVID-19 pandemic and how it shaped the work environment.
Paris-Based Insurtech Startup Lovys Secures €17 Million in Series A Financing
Paris-based neo-insurer Lovys has announced that it has secured €17 million in Series A funding from Heartcore, NewAlpha, Raise Ventures and prior backers Maif Avenir, Portugal Ventures and Bpifrance.
Marsh & McLennan Pledges Carbon Neutrality in 2021
Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change.
Reinsurance Market Sees Challenges, Opportunities Amid Turmoil of 2020
It’s an understatement to say that 2020 has brought new risks to the forefront for insureds, while introducing new challenges for the re/insurance industry. However, over the past tumultuous 12 months, the reinsurance market has been able to find opportunities to develop business and stay on course.
Are Investors Still Interested in Insurtech?
Technology continues to be a primary growth driver in insurance dealmaking worldwide. Notable deals completed in 2020 include investments into US-based startup Openly, Belgium’s Keypoint, and yallacompare in the United Arab Emirates.
Nitschke Hands InsurTech Bunker’s Reins To Simkin As New CEO
Late last week, Chad Nitschke, chief executive officer of InsurTech Bunker, a contract-related insurance marketplace he co-founded in 2016, announced that he is passing the CEO reins to Jordan Simkin.
Re/insurer Canopius Exploring IPO at Valuation of More Than £2 Billion: Reports
Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd’s of London player at over £2 billion (USD 2.7bn), according to Sky News.
Commodity Risk Insurtech Stable Launches in Bermuda
Bermuda-based Stable, a creator of an index insurance product for food and farming businesses around the world that automatically reimburses lost income caused by volatile prices, announced its official launch.
AmeriLife Acquires Innovation Focused FMO Senior Market Advisors
AmeriLife partners will now have access to Salesforce-enabled CRM systems, allowing it to better serve its clients through industry integrations that allow for real-time data access.
SCOR Deems Pandemic Risk Uninsurable
Experts from global reinsurer SCOR have concluded that pandemics are uninsurable due to insurers not having the capacity to absorb such loss accumulation.
McKinsey To Insurance: Get Younger, Get Digital And Get Flexible
The insurance industry is going to have to get younger, more digitally savvy and come up with more versatile products. Oh, and employees will probably not be coming back to the office.
InsurTech in the United States of America: A Blossoming Relationship Fuelled by COVID
After a year of economic turmoil, the US emerged from 2020 with its insurtech crown intact. American companies accounted for 39 places in FinTech Global’s InsurTech 100 (2020) – almost double that of its closest competitor. Of the insurtech megarounds completed by the third quarter, 75% took place in the US, with insurtechs flourishing in startup strongholds like Silicon Valley and New York, and across the Midwest and South.
Aon Targets Rising Fuel Costs With New Insurance Solution
Global insurance and reinsurance brokerage firm, Aon, has launched a new fuel insurance solution for the shipping and aviation industries, backed by AAA-rated credit insurance.
Omni:us Appoints New CTO Jörg Niestroj
Due to ongoing success in delivering intelligent claims management systems to the North American and European insurance markets, former CTO and omni:us founder Harald Gölles will shift to the newly created role of Chief Software Architect and henceforth focus solely on product development.
Choose The Right Digital Investments For The Best Return
Accenture’s analysis found a high correlation between insurers with strong performance in top line, net income and market valuation and those who invested in two types of innovations:
Time to Drive Quiet Change Again
This past year we have seen major companies, sports teams, and individuals making a splash by trying to push for social justice activities through their dollars, actions or statements. The one industry that has been relatively quiet in the arena—and the one that has been a quiet force around justice, safety, and responsibility for decades—has been insurance.
How Low-Code Accelerates Change
Here are three tangible ways that low-code programming lets carriers accelerate change and provide new benefits to customers.
AXIS Capital Decides to Stop Insuring Arctic Oil and Gas Projects
AXIS Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists.
Indian Insurtech Startup Digit Achieves Unicorn Status After $18.5 Million Raise
Indian insurtech firm Digit Insurance announced it has raised 135 crore rupees (US$18.5 million) from existing investors, bringing its valuation to US$1.9 billion and achieving unicorn status.
Generali Banking On Value of Digitalization Amid Shakeup
Assicurazioni Generali Chief Executive Officer Philippe Donnet is seeking to overhaul the top ranks at Italy’s largest insurer to increase control on key businesses and speed up growth, according to people with knowledge of the matter.
Bermuda-Based Convex Raises Another $500 Million
Commercial re/insurer Convex Group Ltd has ramped up its total committed capital to $3.2 billion after a $500 million investment from US investment firm Sixth Street.
4 Ways COVID Has Changed Insurance for 2021
Throughout the last year, the COVID-19 pandemic challenged insurers to better understand customer needs and preferences while also accelerating digitization efforts.
For Brown & Brown, Acquiring CoverHound Accelerates Tech Modernization Efforts
Property/casualty insurance companies far and wide are considering whether to develop technology platforms in-house or modernize some other way. Brown & Brown chose an acquisition to get there.
American Family Acquires Bold Penguin
American Family Insurance’s holding company has acquired the small-commercial insurance distribution insurtech Bold Penguin, it announced.
Nayya Raises $11 Million in Series A
New York-based insurance benefits experience and management platform Nayya announced that it has closed $11 million in Series A.
HSCM Hires SCOR’s Adrian Jones in InsurTech & Re/Insurance Push
Hudson Structured Capital Management Ltd. (HSCM), the insurance-linked securities (ILS), reinsurance and transportation-focused investment manager, has announced the appointment of Adrian Jones from SCOR as the firm looks to expand its InsurTech and global re/insurance groups.
Carrier Transformation from Incumbent to Digital-First
Today when we speak about digital transformation within insurance, it can sound like it is something relatively new. In actuality, technology has been playing a pivotal role in the insurance industry for decades.
5 Digital Transformation Opportunities for Insurers to Thrive Post-COVID
As we look back on 2020 – and aren’t we all glad to be doing that? – it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold.
Lloyd’s Creates London Bridge Risk PCC as Regulators Approve New MISPV
In a move which provides investors with easier access to the specialist Lloyd’s of London insurance and reinsurance marketplace, regulators in the UK have approved the creation of a new multi Insurance Special Purpose Vehicle (mISPV).
Tesla Insurance May Soon Be Available in Texas
According to S&P, The Texas Department of Insurance approved a series of filings that indicate that Tesla Insurance may soon be available in Texas in partnership with Redpoint County Mutual Insurance.
Lemonade Plans to Sell 3 Million Shares in Secondary Offering
Digital insurer Lemonade has announced plans to sell 3 million shares of common stock to raise money for “general corporate purposes.”
Ascot Group Names Chief Executive for US Insurance Unit
Bermuda-domiciled specialty insurance and reinsurance group Ascot has appointed its US insurance boss.
Tapping Cloud’s Ability to Drive Innovation
There are three key forces that the cloud can unleash: speed of operations, an intelligence premium and innovation.
Cowbell Cyber Launches Prime Plus Cyber Line
AI-powered cyber insurance provider for small to mid-sized businesses, Cowbell Cyber, has announced the availability of its excess cyber coverage line, Prime Plus.
Howden Invests $84mn to Support Reinsurance MGA Tamesis DUAL
International brokerage Howden Group Holdings has completed its first underwriting capital investment, with an $84 million investment in support of DUAL Group’s reinsurance arm, Tamesis DUAL Ltd.
Loop Raises $3.25 Million to Build More Inclusive Car Insurance
Loop Insurance, a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more ‘fairly’ priced insurance products, announced it has closed a $3.25 million seed round.
BMS Launches Asia Operations
Independent specialist re/insurance broker BMS Group has announced the launch its Asia broking operations.
The Word of the Year Is…’Ecosystems’
Ecosystems should produce key changes in two areas: how we touch customers and how we organize internal processes.
Insurtech Acquisitions Will Skyrocket
The authors predict carriers’ struggles to innovate, and keep up with other carriers, will change the trajectory of dealmaking.
Lemonade Hits One Million Customer Milestone
Insurtech start-up Lemonade has announced that it reached more than one million customers in 2020, 1,500 days after its initial launch.
Insurers Must Demonstrate Value After COVID
Once the COVID-19 crisis is in the rearview mirror for most businesses, it will be up to insurers to prove that they are more than an additional cost in a challenging economy.
Startups to Have Laser Focus on Expenses in 2021
Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting.
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