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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.
How Will Strategies Change in 2021?
Changes are occurring as personal lines insurers consider the new realities of the business environment, risk landscape and workforce shifts.
Big Insurers Leverage Procurement for Sustainability Gains
Revamping procurement policies and procedures enables carriers to quickly strengthen their support for environmental and social sustainability.
The Pandemic and InsurTech: Joel Albarella, New York Life Ventures
The head of New York Life Ventures talks about the impact of the pandemic on the world of InsurTech investment.
Allianz Introduces Virtual Care and New Online Claims Portal
Canadian travel insurance provider Allianz Global Assistance announced the launch of new assistance capabilities – Virtual Care services and a new online Claims Portal – which aim to elevate the end-to-end customer journey. Both services are now embedded within all products offered across Allianz’s national distribution network of broker and travel agency partners.
Blackstone Backs SUNZ Insurance
SUNZ Insurance announced that funds managed by Blackstone Tactical Opportunities (“ Blackstone“) have acquired a significant stake in the company to help fuel SUNZ’s continued expansion. Terms of the transaction were not disclosed.
Big Opportunities in Insurance Ecosystems
Today, insurers succeed by offering products. In the future, insurers will win by providing access to risk prevention and assistance services.
LifeRaft Raises $3.5M in Seed Funding
LifeRaft, an Oakland, Calif.-based insurtech company that offers supplemental health insurance products, came out of stealth mode and raised $3.5m in seed funding.
Oscar Could Be the First Ever Health Insurtech to Make a Public Debut
New York-based health insurtech Oscar bagged $140 million in its latest funding round—trailing its $225 million haul just five months ago. For context, Oscar offers health insurance plans in 18 states and 286 counties across the US, which include individual, family, small group, and Medicare Advantage offerings.
Insurance startup Qover Partners with Fintech Unicorn Revolut
Revolut will offer Qover insurance products on all of its paid plans, including new offering ‘Plus,’ and its premium and metal services, in an overall of its existing options.
Most Consumers Want Insurers to Handle Personal Cyber Threats as Pandemic Drives Digital Consumption, Accenture Report Finds
Three out of four consumers (76%) would welcome assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to a new report from Accenture.
InsurTech Broker Cover Whale Expands to Fleet Insurance Market
Founded to address the underserved sole-to-small commercial vehicle owner, Cover Whale’s process improvements created demand among large fleet owners, which its new programs are designed to address.
Technology To Mitigate Skyrocketing Insurance Premiums
Widespread concern is no surprise as rising insurance costs—coupled with sky-high verdicts—have also been cited as the reason many fleets have gone out of business. While many factors that contributed to rising rates are beyond the fleet’s control, there are ways to improve your company’s risk profile—and technology can help.
Singlife Celebrates Completing the Largest Insurance Deal in Singapore after $2.3B Merger with Aviva Singapore
In late November, Singapore-based digital life insurance company Singlife completed its US$2.3 billion merger with the Singapore arm of UK insurance company Aviva. The deal, which was first announced in September, was the largest insurance deal in Singapore and one of the largest in Southeast Asia, creating a new entity Aviva Singlife.
Here’s How Digital Technology Helps Insurers Hit Sustainability Targets
Carriers should use digital technology to drive initiatives that counter threats to sustainability while also improving the management of these resources.
A Better Model for Business Insurance
Founded by an MIT alumnus, Newfront Insurance offers brokers and businesses digital tools for responding to a rapidly changing risk landscape.
Willis Towers Watson Partner with Polecat Intelligence on Emerging Risks
Together, they are developing insurance solutions that enable organisations to respond to the rapidly changing, increasingly complex and interconnected challenges they now face. Polecat data will support Willis Towers Watson solutions in areas such as life sciences, reputational and product recall risk as well as D&O.
11 Insurtech Predictions for 2021
We cannot wait for 2020 to be over. Despite what we all feared in March, insurtech has continued to flourish, with lots of capital supporting the sector in public and private markets, closer integration between incumbents and startups, and promising solutions for long-time needs in SME and cyber.
Openly Secures $40M in Series B Funding Round to Accelerate Rapid Growth
Closes Series B Only Six Months Following Series A Round, a Testament to Openly’s Rapid Customer Adoption and Dedication to Empowering Independent Agents through Technology.
Cazoo to Acquire UK’s Leading Car Subscription Service, Drover
British used-car startup Cazoo has announced that it has agreed to acquire Drover , the UK’s leading car subscription platform, for an undisclosed sum.
Marsh Secures New Affinity Leader for International Division
Marsh has announced the appointment of Phil Hobson as affinity leader for its international division. Effective January 01, Hobson will join Marsh’s international executive committee and report to Flavio Piccolomini, president of Marsh’s international division. Hobson will relocate from Hong Kong to London for the new role.
The 10 Digital Insurance Trends to Take into Account for 2021
From dematerialization to personalization. From IoT to Machine Learning. From Virtual Reality to gamification…and more. Here are the top 10 digital trends for insurance.
Lloyd’s Steps Back from Coal in First Climate Change Policy
Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy.
Insurance Blockchain Firm B3i Closes Series B Investment
B3i Services AG has recently completed the first closing of its Series B funding round. In addition to further investments from existing shareholders, Türk Reasürans has become the latest investor in B3i. This continues to expand B3i’s global footprint to include 21 insurers and reinsurers from five continents with offices in over 100 countries.
Success of US insurtech firms coming soon to Southeast Asia
With the Covid-19 pandemic accelerating the development of technology, insurance technology (insurtech) is gaining traction. This year, the market has seen the successful initial public offerings of numerous disruptive insurtech players or startups in the US like Lemonade, with Hippo expected to follow next year, and this trend is expected to be repeated in Southeast Asia.
Zego becomes the First UK insurtech to Secure a European Broking License
London-based provider of pay-as-you-go insurance Zego has become the first UK insurtech to secure a European broking license, paving the way for the company to continue its expansion across Europe.
Generali, Accenture Form Tech-Focused Joint Venture
Generali and professional services firm Accenture have created a joint venture designed to leverage cloud technologies and shared technology platforms, in an effort to accelerate the Italian insurance giant’s digital strategy.
Insurtech Sector Sees Record-Breaking Funding Levels
The Insurtech M&A Market Report from international technology mergers and acquisitions advisors, Hampleton Partners, forecasts a record 95 or more M&A deals in 2020, with 48 already banked in the first half of the year. Volume has more than doubled since the year 2013, which saw 46 insurtech transactions.
Bestow Lands $70M Series C To Expand Life Insurance Product
Life insurance startup Bestow brought in its second investment in 2020, this time a $70 million Series C funding round.
Lloyd’s of London Blueprint Two Claims to Show the Way
At the beginning of the pandemic, there were perhaps few institutions that looked less well equipped to function under social distancing than Lloyd’s of London. Synonymous with antiquated practices and the primacy of dealing face-to-face, business at Lloyd’s should have ground to a halt this year.
Insurtech Israel and Ayalon will Partner with BrokerTech Ventures Establishing an International InsurTech Accelerator
Insurtech Israel, Ayalon Insurance company and Brokertech Venture, together with an international coalition of leading parties in the global insurance industry, is forming an International Insurtech Accelerator.
Insurtech Exec Says On-Demand Insurance Responds to Pandemic Needs
The Chief Growth officer of Slice said there has been interest throughout the pandemic in digital products that are more dynamic and can respond to events and signals as they happen.
Axa Boss Proposes New Climate Alliance for Insurance Sector
The Chief Executive of French insurance giant Axa has called for the creation of a “net zero underwriting alliance” that would see member companies from across the insurance sector align their business activities with the 1.5C warming pathway required under the Paris Agreement.
Lloyd’s, Insurtech Parsyl Launch Insurance Facility for COVID-19 Vaccine Shipments
Lloyd’s and insurtech start-up Parsyl Inc. announced the launch of the Global Health Risk Facility (GHRF), which will provide billions of dollars of insurance coverage, together with risk mitigation services, to help protect and support the global distribution of COVID-19 vaccines as well as critical health commodities.
German Insurtech Startup Wefox Expects Profitable 2021
German insurance technology startup Wefox expects to achieve revenue of 300 million euros ($365 million) and be profitable at the operating level next year, its founder and CEO, Julian Teicke, said in an interview.
Aon Buys 49% Stake in Indian Broker Anviti
Global re/insurance broker Aon has acquired a 49% equity stake in Anviti, an India-based provider of reinsurance, insurance broking & risk management insurance services.
Bigger Focus on Future of Claims Needed: Verisk’s Della Rocca
With the re/insurance industry still reeling from the shock of COVID-19, data analytics provider Verisk Analytics says a focus on the future of claims is essential in order to adapt well to the pandemic.
Nationwide Launches Partnership Platform
The world has become increasingly digital, and Nationwide has as well – modernizing its core systems and building digital experiences so it can connect seamlessly with partners and their customers.
Bestow CEO Talks Booming Insurtech Business, Transformative Centurion Acquisition
Earlier this month, digital life insurance platform Bestow took a big step in expanding its carrier business nationwide by acquiring Centurion Life Insurance Company from Wells Fargo & Co.
Estonian Insurtech DriveX Raised more than 200.000€ from Customers and Investors
A technology that makes selling vehicle insurance policies and solving claims more effective has been funded by angel investors from Estonian unicorns and a customer.
Carro and MSIG Launches AI-Powered Behaviour Based Insurance to Reward Safe Drivers
Carro, South East Asia’s automotive marketplace, has launched a behaviour and usage-based car insurance (UBI) in partnership with Mitsui Sumitomo Insurance Group Holdings (MSIG), a member of MS&AD, a Japanese insurance company.
ritchee Launches Life Insurance Policy “ritchee Life”
Launched by management consulting platform ritchee and insured by Generali France, ritchee Life is a “100% clean-share” life insurance policy. According to the company, the new offering is transparent on costs and without retrocessions for the intermediary, invested primarily in SRI or ESG funds and guaranteeing high-end management for savers.
How Can MGAs Survive the COVID Crisis – and Thrive After It?
Building a business from the ground up is often described as a marathon and not a sprint. But even the longest distance runners know that agility is critical, and the ability to be flexible and move quickly when an opportunity presents itself is just as important for those start-up businesses sprinting for growth as it is for enterprises on long-distance journeys.
London to Remain Global Cyber Insurance Hub Post COVID-19
Cyber insurance has been identified as a key growth area for London, according to a study conducted by the City of London Corporation and Accenture.
Hippo CEO: More Than Just Insurance, We Want To Be The ‘1-800 Number’ For The Home
In an interview with Karen Webster, Hippo CEO Assaf Wand made the case that online platforms can solve the pain points of getting claims paid, but also set up a steady oversight of home maintenance that keeps trouble spots to a minimum.
Insurance Coverage Now Available for Gig Economy Workers
In the wake of a rising gig economy, MSIG Insurance (MSIG) has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury.
Swiss Re Partnerships Tackle Aversion to Insurance Buying: Mumenthaler
According to CEO Christian Mumenthaler, Swiss Re’s new partnerships with industrial partners such as Daimler and Ikea aim to overcome people’s natural aversion to buying insurance policies.
Juggling Act: Modernising Core Platforms for P&C Insurers
One of the most crucial issues facing insurers is how to modernise their core platforms, which in most cases are unfit for the digital age.
Acrisure Unveils New Tech-Enabled Brand
Insurance broker Acrisure unveiled its new brand identity which underlines its combination of financial strength, industry expertise and global distribution power with the integration and deployment of artificial intelligence and technology.
How Insurers will use AI to Provide Cover
Covid-19 has caused consumer interest in protection products to rise significantly, while insurers have had to respond quickly, and rapidly gear up for home-working.
Lloyd’s Insurers to Retain more Business as Pricing Improves
Analysts at RBC Capital Markets predict that Lloyd’s insurers are likely to retain more business on their own balance sheets as pricing in the market continues to improve.
Legal & General Announces $512 Million Buy-In Transaction
The Northern Gas Networks (NGN) Pension Scheme has secured the pension benefits of over 600 retirees, or around two-thirds of its members, via a £385 million (approx. $512 million) Aon-brokered buy-in deal with Legal & General Assurance Society Ltd.
Zurich and Farmers to Buy Metlife Property and Casualty for $3.9bn
Zurich Insurance’s subsidiary Farmers Group has agreed to team up with Farmers Exchanges to buy Metlife’s US property and casualty business for $3.94bn (£2.96bn).
The Role of Platform Protection Insurance in the Sharing Economy
The rise of the sharing economy has dramatically reshaped marketing thought and practice. The projected revenue from sharing accommodations and transportation alone will surpass $335 billion in 2025. The recent initial public offerings of Uber and Lyft exemplify this remarkable growth.
2021: The Great Reset in Insurance
A shift toward greater corporate and social responsibility and empathy in general is underway, and 2021 will bring a great global reset.
Mylo Honored as ‘Most Innovative Company of the Year’ and ‘Insurance Company of the Year’
Fast-growing insurtech leader, Mylo, a Lockton Company, won Gold and Silver awards in recognition of its proprietary insurance recommendation technology – the Mind of Mylo.
NOW Insurance Raises $1.25 million
Houston-based online commercial insurance portal Now Insurance Services announced that it has secured an additional $1.25 million in seed funding led by The MFO Group. The company has raised $2.5 million to date after its initial raise in 2019.
Munich Re Automation Solutions Expands Sun Life Collaboration
Munich Re Automation Solutions Ltd, an insurtech specialist and part of the Munich Re Group, has expanded its relationship with Sun Life Financial Inc.
Insurers Ink $90 Billion in Merger Deals as They Pursue Post-Coronavirus Clout
Insurers pummeled by the pandemic are looking to deals as they race to see who’ll emerge strongest when the outbreak subsides.
Next Insurance Acquires Juniper Labs
Next Insurance, the leading digital insurtech company transforming small business insurance, today announced that it has completed the purchase of Juniper Labs, an innovative provider of alternative open data and underwriting technology focused on small businesses.
Innovating Our Way Out of a Crisis
Any requirement, process, delay or regulatory cost that does not serve insurer solvency or consumer protection should be on the table for retirement.
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