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Swiss Re Expects P&C Re Underwriting Performance to Improve in 2021
Global reinsurance giant Swiss Re has said that it expects its property and casualty reinsurance (P&C Re) normalised combined ratio to improve to 96% or less in 2021, as the firm pursues targeted growth in a hardening marketplace
AXA to Launch Global Employee Health and Well-Being Initiative
AXA has unveiled an initiative to improve the health and well-being of its 121,000 employees worldwide
Irish InsurTech Blink Launches Business Interruption Parametric Solution
Developed within the Lloyd’s Lab innovation accelerator, the Hurricane Non-Damage parametric solution provides open-banking validation, real-time impact assessment and automated payouts while cutting claim process time up to 95 percent.
5G: Revolution or Exaggeration?
The race to fifth-generation (5G) wireless technology is on, with governments around the globe scrambling to support it. If they don’t, many industry experts believe, they risk losing out on the futuristic opportunities that 5G could make possible, from self-driving cars to smart cities that can point vehicles to the clearest roads. These advances also promise significant economic incentives: A 2019 study from IHS Markit predicts that by 2035, 5G will create 22 million jobs and generate $3.5 trillion in economic activity globally
Generali Aims to Become Top Player in Asset Management
Italy’s top insurer Generali on Wednesday said it is aiming to become a top player in asset management after confirming its 2021 financial targets despite the pandemic
How COVID Alters Consumer Demands
Digital transformations that would have taken three to five years are now happening in under six months
Insurance Market Capitalisation Reaches $694.3bn: AmWins
AmWINS Group has released a report that explores the state of the property market and how it is becoming more dire as hardening continues, despite the COVID-19 pandemic
Headway Raises $26M to Expand Insurance Coverage for Mental Health
The company currently partners with Aetna, Cigna, United, Oxford, and Oscar
Zywave Acquires Advisen
The acquisition, which follows the September announcement of Zywave’s own acquisition by Clearlake Capital, includes Advisen’s data, media and Web Connectivity Ltd. businesses
New Omniscience Solution Optimizes Life Insurance Risk Selection
Ultrafast Acceptance Decisions lead to Rapid Customer Acquisition and Long-Term Compounding Successes for Insurers
Telematics can Help Control Rising Insurance Costs
The most effective way fleets can control their insurance costs in a hard market is to leverage telematics to drive out risky driving behaviors
4 Initiatives That Unlock IoT’s Value
Technology promises to free agents to spend more time with clients and prospects, broadening and deepening relationships
Transforming claims: Keep the Customer Satisfied
Keeping customers informed requires systems that can clarify the different stages of the claims process, determine what’s needed and calculate what will happen next – and can deliver that information in a way that the customer can understand
General Motors Launches OnStar Insurance
After a 12 year break, General Motors is relaunching an auto insurance division. The new insurance unit, which will also offer homeowners insurance, operates under the automaker’s OnStar connectivity brand
The New Innovator’s Dilemma in Insurance
Here are the challenges insurance incumbents face in securing the tools needed to better keep up with our changing world.
Slice Labs, AXIS Insurance to Offer Home Based Business Coverage
Slice Labs Inc. and AXIS Insurance have partnered to distribute AXIS Home Based Business insurance, an on-demand digital commercial insurance product designed for home businesses not covered by traditional homeowners insurance policies.
Munich Re Automation Solutions expands partnership with ExamOne
Munich Re Automation Solutions, the insurtech-focused subsidiary of Munich Re Group, has expanded its partnership with ExamOne, a Quest Diagnostics company, to leverage its LabPiQture results.
Innovation Comes to Risk Engineering
“From now on, nothing in risk engineering will ever be constant BUT change. If you can’t get used to constant change, you’d better leave.”
Manulife Touts Digital Insurance Offerings as Net Income Soars in Q3
Manulife Financial Corp. says more than $600 million in digital investments over the last two years are paying off as the company grappled with the COVID-19 pandemic.
Insurity Expands into Personal Lines with Acquisition of CodeObjects
CodeObjects’ enterprise-grade personal lines solution complements Insurity’s well-established commercial lines solutions, positioning the vendor better-serve a growing client base.
Aon Invests $30 Million to Create 10,000 Apprenticeships Nationwide by 2030
Global insurance broker Aon said it is expanding its corporate apprenticeship program with an investment of $30 million over the next five years.
How Lloyd’s Underwriters Are Viewing Today’s U.S. Property Insurance Environment
While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd’s market who were in the process of increasing property insurance rates when the pandemic hit, the timing may be auspicious.
WTW Bolsters Climate Change Expertise with Acclimatise Acquisition
Re/insurance broker Willis Towers Watson has announced the acquisition of Acclimatise, a climate change adaptation advisory and analytics services provider.
Kenyan Micro-Insurtech Startup Secures $2 Million
Turaco, a Kenya-based micro-insurtech startup has secured $2-million in series seed equity investment from Novastar Ventures, Mercy Corps Ventures, Musha Ventures, GAN Ventures, Zephyr Acron, and several angel investors.
Re-engineering Claims Payments
A recent survey found that 42% of consumers would be more likely to stay with an insurer that pays approved claims within minutes.
Life Insurance Next for Lemonade: Auto on the Horizon
Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report released late Tuesday.
Intact Insurance to Provide Cyberrisk Solutions Through Resilience Insurance
Intact Insurance Specialty Solutions, the brand for Intact Financial Corporation’s (TSX: IFC) U.S. insurance company subsidiaries, announced today its new cyber insurance solutions delivered in partnership with program manager Resilience Insurance.
Insurtech Revolution is Disrupting the Market
As the tech giants and startups enter the insurance market, are we witnessing the beginning of the decline of the traditional insurance giants?
Are Pay-Per-Mile Policies Here to Stay?
Without a daily commute for the foreseeable future, consumer interest in pay-per-mile coverage is on the rise.
Pandemic Shock Less Severe than Feared for Re/Insurers: Swiss Re
A new sigma study by Swiss Re is forecasting global insurance premium growth of 3.4% in real terms in 2021, following a contraction of 1.4% this year due to the impact of the COVID-19 pandemic.
Liberty Mutual App Harnesses AI to Help Employers Better Protect Workers
Liberty Mutual Insurance’s new ErgoValuator app helps policyholders more effectively protect their workers and bottom lines from overexertion injuries, which cost employers more than $14 billion annually.
Big Insurtech Opportunities for Carriers Entrenched in the Cloud
Insurers that have successfully shifted to the cloud are set to capitalize on a surge in insurtech alliances triggered by the COVID-19 pandemic.
How AI Can Tackle Claims Staffing Gap
A job description with “acquire AI superpowers” might appeal to millennials more than “study policy footnotes and calculate claim reserves.”
NPS Scores Provide 3 Keys to Growth
Automation, analytics and the right ecosystem of partners can drive up customer satisfaction and let carriers grow in these chaotic times.
3 Ways for CIOs to Improve Their Positioning with AI
Artificial intelligence is changing the pace at which CIOs can achieve an enviable position on their leadership teams.
Pie Insurance Launches Partner API
Pie Insurance, an insurtech specializing in workers’ comp insurance for small businesses, launched its API for partners.
Startup Buoy Health Raises Funds at Near $200 Million Valuation
Buoy Health, a startup that makes a widely used Covid-19 symptom checker, has raised $37 million from investors including the venture arms of major insurers Cigna Holding Co., Humana Inc. and UnitedHealth Group.
Three InsurTech Trends Rapidly Transforming P&C Insurance
Using data to gain a deeper understanding of policyholder behavior can be one of the most effective means of building trust with insureds.
Highwing Raises $4M
Denver-based Highwing, an insurance technology company born out of IMA Financial Group to help commercial insurance brokers and carriers accelerate workflows through its open data platform, announced that it has closed a $4M fundraising round.
Skyscanner to Launch First of its Kind Travel Insurance
The unique package will initially be available to travellers as part of a phased roll-out in Europe, before becoming available in up to 50 countries worldwide. It includes a combination of medical, trip cancellation and airline insolvency cover, including protection against travel disruption and sickness caused by COVID-19. It has been specifically designed to protect travellers, provide clarity and give them peace of mind when taking a trip.
Could Traditional Services Firms Out-Compete Amazon?
When I was a schoolboy, I would make a little extra pocket money by buying Creme Eggs in bulk from the local cash & carry and then sell them at a 100% profit margin in the school playground. Fast forward 30 years and it’s my daughter’s turn, albeit she is now designing, sewing and selling Covid face masks (and has launched on Instagram too). Whilst her profit margins aren’t as good as the ones I made on Creme Eggs, her online presence means she has the reach and potential to earn a lot more pocket money than I did.
Oxford University AI Company Mind Foundry Closes $13.6 Million Series A
Mind Foundry, an Artificial Intelligence (AI) company that spun out of the University of Oxford’s Machine Learning Research Group (MLRG), today announced it has raised an additional $13.6 million in Series A funding.
Hong Kong Insurtech Startup Coherent gets $14 Million Series A led by Cathay Innovation
Based in Hong Kong, Coherent helps insurance providers go digital. With their services more relevant than ever during the COVID-19 pandemic, the startup announced it has raised $14 million in new funding. The Series A round, led by Cathay Innovation with participation from Franklin Templeton, will be used to grow Coherent’s client base in Asia, including insurers who want to add more digital services to their usual sales processes because of the pandemic.
Powerful Cloud Services will Drive Ecosystem Innovation
Carriers that recognize and make use of the innovation capabilities that cloud services offer will outpace their competitors in the race to build expansive ecosystems. With enhanced agility and reach, they will seize many of the lucrative opportunities likely to spawned by ecosystems in the next few years.
Cinven, GIC Agree to Buy Willis Towers’s Insurance Broker Miller
Cinven has agreed to buy Miller, the specialist insurance broker owned by Willis Towers Watson Plc, in its first deal from a new fund dedicated to financial services investments.
Man vs. machine? How Automated Machine Learning will Evolve Actuaries
Gort. The Terminator. Wall-E. HAL 9000 …and AutoML? Popular images of artificial intelligence can terrify, inspire, and amuse us – but the real thing, AutoML (automated machine learning or AML), often just confounds us.
Lloyd’s Syndicate Ki, Howden Announce Key Capacity Partnership
Ki and Howden are entering a long-term partnership that will see Ki contribute substantial capacity over the next three years, a move designed to secure valuable follow capacity for Howden’s clients and business partners.
AXA XL and Xtract Partner to Digitize Commercial Auto Claims
AXA XL‘s insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the US.
InsurTech CoverHound Acquired by Broker Brown & Brown
Another InsurTech has been acquired. This time, insurance broker Brown & Brown, Inc. bought CoverHound, a digital property/casualty insurance marketplace, and CyberPolicy, CoverHound’s small business subsidiary.
Laka Exceeds £1m Investment Target To Flip The Insurance Industry
Laka, a collective-based insurer of cyclists, has today publicly launched its funding round with Seedrs and already smashed the £1million target as people recognise the pandemic’s effect on altering people’s mobility plans.
Buffett’s Berkshire Hathaway Reports Sizable Insurance Profit Drop, Driven by COVID-19 and Hurricanes
Warren Buffett’s Berkshire Hathaway Inc reported lower quarterly operating results on Saturday and said the coronavirus pandemic may cause further damage, even as gains in stocks such as Apple Inc fueled a more than $30 billion overall profit.
Lloyd’s Targets Digital Efficiencies in Blueprint Two
Insurance and reinsurance marketplace Lloyd’s of London has set out the next phase of its transformation plan with the release of its second blueprint for change.
Prudential Builds Supplemental Health Claims Process from the Customer’s Perspective
The insurer has solved the perennial problem of under-utilization by simplifying a difficult claims process and going the extra mile to detect when employees may be eligible for a benefit they haven’t claimed.
AIG Weighs IPO or Stake Sale of Life and Retirement Unit
Insurer American International Group Inc., which plans to separate its life and retirement business from the rest of the company, said on Friday it was considering options for the business, including an initial public offering or a stake sale of nearly 20%.
The Unique Threat of Tech Companies in Insurance
For years, the established insurance industry has viewed insurtech start-ups as disruptors. And rightly so—they are nimble, responsive to customer needs and built on modern technology.
Uber Eats, Grubhub and Other Delivery Drivers Need Insurance Coverage, So Why Won’t Regulators Mandate It?
As businesses have had to adjust how they transact with patrons in an effort to curb the spread of the novel virus, on-demand delivery drivers
Coverys European Holdings Subsidiary Acquires Lloyd’s Italian Coverholder Gava
AEC Wholesale Group, a subsidiary of Coverys European Holdings (CEH), announced the acquisition of Gava S.R.L, a Lloyd’s coverholder based in Brindisi, Italy. AEC Group
Technology Takes a Front Seat in Claims Handling
The COVID-19 outbreak has changed, among other things, the way we work, travel, and socialise; in the world of insurance, one aspect that has been
Health-Insurance Stocks are Soaring Amid an Undecided Election
Massive healthcare companies like UnitedHealth Group and Anthem are soaring amid an undecided election — and it’s because an overhaul of health insurance is looking
Ushur Closes $25M Series B Funding on Soaring Demand for Intelligent Automation
AI leader Ushur today announced $25M in Series B funding, fueled by a rapidly modernizing insurance industry and a growing demand for self-service customer experiences.
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