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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 to Rework Insurance Data Models
Efforts to rework existing data models come down to the very same question that is asked for reworking most existing systems: retrofit what exists or start over with a clean slate?
ServiceNow to Buy Element AI in Artificial Intelligence Push
ServiceNow Inc. will buy Canadian startup Element AI Inc., marking the software maker’s fourth acquisition this year to boost the artificial intelligence capabilities of its applications.
Aon Launches Lease with Telematics-Based Pay-Per-Use Insurance
Global insurance broker Aon has launched a personal car leasing product that includes pay-on-use insurance, giving customers the advantage of saving money when they are not driving.
London Underwriters Partners with Thimble to Expand its Insurtech Product Offering
London Underwriters has expanded its insurtech product offering by partnering with Thimble, the insurance partner that helps small businesses succeed on their own terms.
Cover Genius expands its products into Asia for customer protection, partners with Shopee
The partnership with Shopee see’s the global insurtech further extend its reach and capabilities into some of the largest and most well established brands in retail.
Aegon Announces $993 Million Sale
Vienna Insurance Group AG (VIG) is buying Aegon’s insurance, pension, and asset management businesses in Hungary, Poland, Romania, and Turkey for €830 million (around $993 million).
Singlife and Aviva complete Singapore’s Largest Insurance Deal at S$3.2bn
The consortium led by Singapore Life (Singlife), an insurer offering mobile savings and protection solutions, has announced it has completed the transaction to combine Singlife with Aviva.
AXA Sells Persian Gulf Business for $269 Million to Kuwaiti-Based Group
AXA SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic.
Verti Launches a New Modular Renters Insurance
Germany’s second largest direct car insurer Verti Versicherung AG announced it is now offering a new product starting at 38 euros a year to protect tenants and their assets from possible incidents that may occur in a rental home.
Covid-19 Drives Insurtech Business in Asia
Insurtech business is making headway in Asia’s major markets amid changing customer expectations, the availability of financial infrastructure services, and the coronavirus pandemic, according to a recent report
Tokio Marine Set to Launch New Canadian P&C Firm
Tokyo-based multinational insurance holding company Tokio Marine Holdings has applied to open a new property and casualty insurer in Canada
Spanish Insurtech Start-Up Bdeo Begins UK Expansion after €5m Raise
Spanish insurtech start-up Bdeo, the leading firm of its kind in Spain and Latin America, is in the process of launching and building a team in the UK following a €5m raise
Nationwide Names Laura Titas Chief Data Officer
Titas joins Nationwide from Wendy’s, where she was chief digital experience and technology officer, leading the company’s global technology center of excellence
Insurers’ Demand for Predictive Analytics on the Rise – WTW
Demand for predictive analytics is on the rise as life insurers look for new ways to boost business performance and customer relations in a tight market, according to a new study from Willis Towers Watson
Cyber Insurance Claims on the Rise
External attacks on companies result in the most expensive cyber insurance losses, but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a report from Allianz Global Corporate & Specialty (AGCS)
Allianz and DHS Announce $10.5M Strategic Partnership to Give Crutial and Focused Insurance and Asset Management
Allianz and DHS today announced a strategic partnership to help people work more effectively. The two industry-leading companies are teaming up to integrate their services for collaboration across Allianz and DHS on phones, tablets and the Web
Insurtech Seen Eating into Market Share of Established Insurers
Established insurers will face a squeeze on profits and market share as new financial technology companies muscle in on the industry, a senior European Union official said on Wednesday
Car Insurance Must Evolve for Autonomous Vehicles
Connected vehicles, especially fully autonomous vehicles, are going to profoundly change the nature of car insurance – particularly the ways in which insurers assess risk and set premiums
Lloyd’s and KPMG Reveal One of the Most Valuable Intangible Assets
Reputation is one of the most valuable intangible assets to global businesses, according to a report by Lloyd’s and KPMG
Intact Wraps up $3.2 Billion Capital Raise Ahead of RSA Acquisition
Canadian property and casualty insurer Intact has taken a step closer to securing its joint-acquisition of RSA with the successful completion of a previously-announced $3.2 billion capital raise
Caura Enters Insurtech, Set to Launch Car Insurance
Car management platform Caura is set to offer its own auto coverage through the so-called “Caura Project,” said Tech Crunch. This new product is intended to make getting car insurance more affordable and streamlined
Insurtech Pier Receives an Investment of US$ 14.5 Million
Pier, leader in full-stack insurance in Latin America, has recently received a US$ 14.5 million Series A investment led by monashees — pioneer venture capital fund in Latin America, leader in unicorn creation — and with the participation of Canary, Mercado Livre and BTG Pactual
Getsafe Teams Up with GoCompare as it Continues UK Insurance Expansion
German digital insurance provider Getsafe has partnered with GoCompare as it sets its sights on UK domination
Hippo Considers IPO as It Picks Up Another $350 Million
Hippo Insurance, the well-known insurtech that offers homeowners insurance, has raised fresh capital as it weighs going public next year
Plum Raises $4.1m to Provide Group Health Insurance to SMEs
On a mission to revolutionise corporate health insurance, Indian employee insurance provider Plum has announced fundraising of $4.1 million, led by Sequoia Capital India’s Surge and Tanglin Venture Partners
Using Payments to Improve the CX
Simply having an online payment option does not mean your organization is automatically providing a positive user experience
Which AI Techs are most Valuable in P&C?
Artificial intelligence technologies are everywhere. The great leap forward in AI over the past decade has come along with an explosion of new tech companies, AI deployment across almost every industry sector, and AI capabilities behind the scenes in billions of intelligent devices around the world. What does all of this mean for the personal lines insurance sector?
Munich Re’s HSB Canada releases Sensor System Program
Munich Re’s HSB Canada has introduced Sensor Systems, a solution created for insurers to reduce common property claims
Lloyd’s Insurer Upbeat on 2021 after COVID-19 Losses
Next year could be one of Beazley PLC’s strongest for more than a decade, the Lloyd’s of London insurer’s chief executive said on Tuesday, with the industry likely having already absorbed the bulk of its losses from the coronavirus pandemic
Omniscience Launches OmniExtract to Speed Life Insurance Risk Selection
The solution enables automated, rapid, and sophisticated life insurance underwriting decisions about new customers, regardless of whether the potential insured has a complex history
OnStar: Next Step for OEM Partnerships
Insurers hope to create a new way to collect driving data that’s easier for the driver than installing a device or downloading an app
Billionaire Investors Mark Cuban and Chamath Palihapitiya are Challenging Warren Buffett in Car Insurance
The pair are among the investors plowing a total of $160 million into Metromile, which offers pay-per-mile car insurance and tailored pricing to drivers. The startup relies on a device that subscribers install in their vehicles, which tracks their mileage and reports other data with their permission
Brokerslink, Swiss Re Collaborate on Int’l Program Administration Platform
Global broking business Brokerslink has launched a dedicated international insurance programme management platform to drive the continued growth and digitalization of its international portfolio across the organisation’s broker network
Praedicat and Lloyd’s Lab Develop Risk Model for Casualty Insurers
Lloyd’s Lab and risk modelling firm Praedicat have developed a series of scenarios for the casualty insurance market in the face of the COVID-19 pandemic
How Insurance Companies can Adapt to Increased Remote Work
The need for employee engagement cannot be overstated. More engaged employees, according to a Stanford University/Ctrip survey, are more satisfied with their jobs. It also boosts productivity
SCOR & Garmin Expand BAM Health Solution Across APAC
SCOR Global Life, Garmin and ReMark (SCOR’s in-house InsurTech solution provider) have announced plans to expand their Biological Age Model (BAM) solution across the wider APAC region.
How AI Transforms Risk Engineering
“AI could contribute to the global economy by 2030, more than the current output of China and India combined.”
ESG: Doing Well by Doing Good
Insurance is at the forefront of the environmental, social and governance movement, which may usher in a Second Age of Enlightenment
Destination AI: Augmented Automated Underwriting and Life Insurance
It’s almost inevitable. Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or more accurately, an aversion to undertaking new endeavours with inadequately understood consequences. The insurance industry is, on any number of levels, the very definition of risk-averse
Hippo Secures $350 Million Capital Investment
Hippo Enterprises announced a capital investment of $350 million from Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc.
Insurtech Platform Provider Novidea Secures $15 Million in Series B
NY-based cloud-based platform for managing the entire insurance distribution lifecycle, Novidea, has announced the successful completion of $15 million in Series B financing
If your Innovations are Unknown, you May be Underrated
Amid the economic turmoil of 2020, we’ve heard a lot about pricing adjustments on existing insurance products and about product innovations aimed at addressing new areas of risk
Health Insurance Providers Must Prioritise Digital Services for Super-Efficient Post-Covid-19 World
The Covid-19 pandemic continues to have an impact on every industrial sector as businesses and societies worldwide grapple with an ever-evolving situation. While some industries will be looking to embark on a recovery in the short-term, the Covid-19 impact on the healthcare sector will be long-lasting.
Metromile, a Leading Digital Insurance Platform, to Become Public Company
Metromile is revolutionizing the fragmented $250+ billion U.S. personal auto insurance market with real-time digital auto insurance personalized for low-mileage drivers. About two-thirds of U.S. drivers are considered low-mileage and could be overpaying for auto insurance because they do not pay per mile
GM to Sell Car Insurance, Using Data on Your Driving to Set Prices
The Detroit auto maker aims to leverage the reams of data generated by its cars to establish an auto-insurance business
Tencent Invests Another $150 Million in Waterdrop for Expansion
Tencent Holdings Ltd. is investing about $150 million in Waterdrop Inc. to bankroll the Chinese startup’s expansion in health-care crowdfunding, according to people familiar with the matter
VitalityHealth Launches Lifestyle Assessment for Corporate Members
London-based insurer Vitality has announced that it has launched a new Vitality Lifestyle Assessment for its corporate member organizations
Aon & HSCM to Offer Cyber Coverage
Global insurance and reinsurance broker Aon has collaborated with Hudson Structured Capital Management (HSCM) on the launch of a new product designed to protect re/insurers against systemic and catastrophic cyber events.
Insurance has Evolved from a Product that is Sold to One that is Bought
Over time, insurance has evolved from a product that is sold to a product that is bought, according to Christian Bieck, global leader of the insurance practice for the IBM Institute for Business Value, a research organization that provides thought leadership based on primary data and real-life case studies
Why Insurance Needs Tesla’s Autopilot Too
Digitization is the industrial revolution of the 21st century. What does this mean for a data-driven industry like insurance? The answer is simple: Turn everything on its head and reinvent yourself under high pressure- the future of insurance is digital
Aon Reveals New $5 Billion Share Repurchase Program
“We are committed to maintaining our strong position of financial stability and flexibility, while continuing to allocate capital to the highest ROIC (return on invested capital) opportunities.”
Digital Lloyd’s Syndicate Ki Goes Live with List of Broker Trading Partners
Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, announced the onboarding of its first trading partners to its proprietary digital platform, providing access to its algorithmic underwriting in readiness for writing business from Jan 1
Zurich Nears $4 Billion Deal for MetLife Unit
According to Reuters, Zurich is in advanced talks to acquire MetLife’s car and home insurance unit for close to $4 billion
Getsafe Now Offers Digital Car Insurance
German digital insurance provider Getsafe announced it is now offering car insurance through iptiQ by Swiss Re
What Does 2020 Tell Us About InsurTech Opportunities in 2021?
With the pace of change InsurTech has driven—and which COVID-19 has accelerated—the competitive pressure for insurers to change has grown proportionately more intense
What Does Successful Claims Innovation Look Like?
As insurance technology advances, carriers must focus on customer pain points and allow them to drive efforts to find solutions
SA Insurtech Startup Launches Innovative Insurance Products
A new South African insurtech startup, OneSpark aiming to reinvent insurance and financial products with a variety of plans catering to low-income clients has officially launched
Allstate Shuns Big Banks for Bond Sale to Focus on Diversity
Allstate Corp. hired solely banks owned by minorities, women or veterans for its bond sale, in the biggest corporate deal yet managed only by diverse firms
Insurtech Startup Turtlemint Bags $30 Million To Improve Customer Experience
Mumbai-based online insurtech startup Turtlemint has raised $30 Mn in Series D funding round led by GGV Capital, American Family Ventures, MassMutual Ventures and SIG
Munich Re, Porsche form Consultancy Joint Venture
Re/insurer Munich Re has founded a joint venture with car manufacturer Porsche and its management and IT consulting subsidiary MHP
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