Artificial Intelligence
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GNP Seguros Boosts Digital Transformation with Equisoft’s OIPA Integration
GNP Seguros is further strengthening its digital transformation efforts with the implementation of Equisoft’s cloud-based policy administration solution, which uses Oracle Insurance Policy Administration (OIPA) at its core.
Parametric Insurance: The Future of Swift and Precise Disaster Recovery?
Insurtech Insights speaks to three parametric experts about why this swift and transparent approach to insurance is gaining ground in our increasingly unstable climate.
Mercia Leverages AI to Cut Insurance Expenses by 25%
Mercia Fleet Management has revealed a significant reduction in its insurance costs by leveraging AI-enhanced driver profiling and accident damage assessment, despite the wider rise in insurance premiums.
Why Underwriters Matter in Our AI-Driven World
Dani Katz, Co-founder and Director of Optalitix, explores the evolving role of underwriters as AI innovation transforms legacy processes and roles across the insurance industry
Cytora Integrates Autoaddress’ Address Capture to Boost Underwriting Productivity
Cytora, a leader in transforming underwriting workflows within the insurance industry, has announced the integration of Autoaddress’ Address Capture into its underwriting productivity tool.
Bondaval Launches Innovative Trade Credit Insurance Policy
Bondaval, a leading London-based insurtech, has announced the release of its first trade credit insurance product, designed to provide greater certainty over credit risk cover while reducing administrative burdens.
Norm Ai Secures US$27 Million to Advance Regulatory Compliance Platform
Norm Ai, a cutting-edge regulatory compliance platform, has successfully raised $27 million in a Series A funding round. The round was led by Coatue, with significant participation from Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.
Flow Specialty Launches AI Vision, Becoming Sole Brokerage with Full Agentic AI Integration
Flow Specialty, a next-gen specialty wholesale insurance brokerage, has publicly released its AI credo and vision. The initiative aims to educate the insurance industry on the application of agentic AI in offering professional liability, management liability, and cyber insurance products.
Qover Launches AI-Powered Embedded Insurance Solution to Transform Claims Management
Qover, a pioneering insurtech company committed to establishing a global safety net through innovative insurance solutions, today announced the launch of its AI-driven embedded insurance platform.
Exploring Disaster Response in Insurance with MIS’s Daniel Grimwood-Bird
As climate events hit the insurance industry through escalating losses, Daniel Grimwood-Bird, Head of Sales & Marketing for McKenzie Intelligence Services, talks to Insurtech Insights about the role of Disaster Response and it’s future in the insurance industry
Why First Notification of Incident (FNOI) is Transforming Proactive Responses to Major Global Events
Daniel Grimwood-Bird, Head of Sales & Marketing at McKenzie Intelligence Services (MIS), discusses why First Notice of Incident (FNOI) – rather than First Notice of Loss (FNOL) is changing the game when it comes to claims processing.
CompScience Launches SafetyBriefAI App to Transform Job-Site Safety for Insurance Brokers
CompScience Insurance Services has launched its latest innovation, the SafetyBriefAI App, aimed at transforming job-site safety management for insurance brokers.
AI Shortens Hiscox Underwriting Journey from 3 days to 3 minutes
Hiscox has managed to shorten its lead underwriting process for the London Market sabotage and terrorism book from three days to just three minutes through the incorporation of Generative Artificial Intelligence.
OpenRoad Insurance Implements Majesco’s Intelligent Core Suite to Drive Growth
OpenRoad Insurance has selected and implemented Majesco’s P&C Intelligent Core Suite, Digital Customer360, and Digital Agent360.
Sapiens Launches Its Next-Gen Intelligent Insurance Platform
Sapiens International Corporation has launched its AI-powered, open, integrated, cloud-native platform, Sapiens Insurance Platform.
AXA and Zego Rule Out Generative AI for Pricing
Tara Foley, CEO of Axa UK, and Sten Saar, CEO of Zego, have both ruled out using Generative AI for insurance pricing due to compliance concerns.
Insurtech Funding Round-Up: Top 15 Investment Raises of Q2 2024
Insurtech funding has seen a significant uptick in recent weeks with raises almost reminiscent in frequency of the 2021 digital transformation boom.
Elon Musk Drops Lawsuit Against OpenAI, Ending Months-Long Legal Dispute
In a surprising turn of events, Elon Musk has withdrawn his breach of contract lawsuit against OpenAI and its CEO, Sam Altman.
Instabase Launches AI Chatbots to Address Demanding Enterprise Use Cases
Instabase, a leading AI company, has launched AI Hub Chatbots, designed to meet the rigorous demands of sophisticated enterprises.
Continuity Closes Successful €10 million Series A Round
Continuity, an insurtech using artificial intelligence and external data for professional and commercial P&C insurers, has announced a successful €10 million Series A funding round.
Sixfold Closes $15 million Series A Round
Sixfold, a generative AI insurtech for underwriters, has raised $15 million in a Series A round.
CoverGo launches new AI-Powered Distribution Platform
CoverGo, the no-code SaaS insurtech platform, today announced it is launching CoverGo Distribution, an AI-powered insurance platform for omni-channel distribution.
McKenzie Intelligence Services Leverages AI to Enhance its Disaster Response Capabilities
McKenzie Intelligence Services, a geospatial intelligence specialist, has developed an AI damage classifier to enhance its human-led damage assessments for insurers following catastrophic events.
EPAM Publishes New Whitepaper on Underwriting Transformation
EPAM Systems, a leading global provider of digital platform engineering and development services, has released a whitepaper focused on the transformation of underwriting through advanced digital solutions.
PwC Accelerates AI Adoption with ChatGPT Enterprise in US and UK
PwC’s firms in the United States and the United Kingdom have entered into a landmark agreement with OpenAI, positioning PwC as OpenAI’s first reseller for ChatGPT Enterprise and its largest user to date.
Habit Launches New Protection Solution for Recurring Payments
Habit, a Portuguese insurtech specialising in embedded insurance, digital and contextual distribution solutions, has announced the launch of a new protection solution for recurring payments / expenses: “Habit Bill Protection Insurance”.
LEADERSHIP SPOTLIGHT: Frank Perkins, CEO and Founder of inari
Insurtech Founder and CEO, Frank Perkins launched inari in 2017 to help legacy system-based insurance companies digitally transition. Insurtech Insights caught up with him to find out more.
Top Speaker Sessions Unveiled for Insurtech Insights USA 2024
Insurtech Insights USA 2024, the premier gathering for innovators and leaders in the insurance technology industry, is excited to announce its lineup of top speaker sessions taking place at the Javits Center on June 5th and 6th.
Lloyd’s Lab Opens Applications for its 13th Cohort
Lloyd’s Lab, the renowned 10-week innovation accelerator, is now accepting applications for its 13th cohort.
Berlin Insurtech INZMO Launches AI-Powered Legal Chatbot to Support Tenants and Landlords
INZMO, the leading Berlin insurtech serving the European rental industry, has today launched RentalBot, an AI-powered legal chatbot aimed at helping tenants and landlords in Germany’s strained rental market get easy access to tailored legal information and support.
How Data Analytics is Reshaping Insurance in Southeast Asia
Ben Potts, Managing Director International, at Novidea, discusses how data analytics is transforming the insurance landscape throughout Southeast Asia.
Munich Re Specialty – North America Partners with Kalepa to Deploy Copilot Underwriting Platform
Munich Re Specialty – North America has announced its collaboration with Kalepa, a prominent InsurTech leader, to deploy the Copilot underwriting platform.
Sentiment Analysis: The Power of Large Language Models
In recent years the focus on Environmental, Social and Governance (ESG) has grown and an organisation’s actions in these areas can have a considerable impact on overall reputation.
Clearcover Partners With Ada To Deploy Customer-Facing AI Solution
The leading insurtech aims to uplevel its customer service experience with the integration of the generative AI-powered tool into its platforms
Transcarent Introduces GPT-4 Powered AI Bot for Health Insurance Assistance
Transcarent, which provides a comprehensive health and care experience for employees and their families led by Glen Tullman, has launched an AI-driven solution on May 15, 2024, to simplify healthcare navigation.
Marsh Introduces MiCAssure: New Insurance Solution for EU Crypto-Asset Providers
Marsh has announced the launch of MiCAssure, a proprietary insurance solution tailored for crypto-asset service providers such as custodians, exchanges, and administrators operating within the European Union.
Israeli Insurtech Company Honeycomb Raises US$36 Million in Series B Funding
Israeli insurtech company Honeycomb has secured US$36 million in a Series B funding round, the company has announced.
Arbol Raises US$60 Million to Expand Climate Risk Solutions and Insurance Portfolio
Arbol, a climate risk solutions provider with a global footprint across more than 15 countries, has announced the successful closure of a $60 million Series B funding round.
CLARA Analytics and Origami Risk Form Partnership to Accelerate AI Adoption
CLARA Analytics, a provider of AI technology for insurance claims optimisation, has expanded its partnership with Origami Risk, a risk, safety, and insurance SaaS provider.
CatX Partners with CyberCube to Boost Cyber Capabilities
CatX, a digital marketplace that connects (re)insurers and brokers with alternative capital, has announced a strategic partnership with CyberCube to enhance its cyber capabilities.
Google Cloud Drives Alphabet’s Soaring Stock
Google’s cloud computing division, Google Cloud, delivered an outstanding fiscal quarter, surpassing analysts’ expectations and propelling the stock of parent company Alphabet up by more than 13% in after-hours trading.
Cowbell Introduces GenAI-Powered Underwriting Tool to Enhance Efficiency
Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has launched Prime Tech with Cowbell Co-Pilot, a generative AI solution designed to streamline underwriting within its Prime Tech offering.
AI Insurance Ventures Raise Nearly US$2 Billion in 2023, GlobalData Reports
AI insurance ventures experienced an 18% year-on-year increase in funding in 2023, raising nearly $2 billion through private equity and venture financing, according to GlobalData’s Technology Foresights model.
Swiss Re Launches AI Enhanced Version of Life Guide Underwriting Manual
Swiss Re has introduced an enhanced version of its market-leading Life & Health underwriting manual, Life Guide. The updated version features Swiss Re Life Guide Scout, an underwriting assistant powered by Generative AI.
Tesla Recalls 3,878 Cybertrucks Over Faulty Accelerator Pedal, Amid Insurance Challenge Warnings
Tesla is recalling 3,878 Cybertrucks to address a faulty accelerator pedal pad that could come loose and become trapped in the interior trim.
McKinsey and Google Cloud Forge Partnership to Unlock US$4 Trillion in Business Value Through Generative AI
McKinsey and Google Cloud have joined forces to unleash the potential of generative artificial intelligence (gen AI), projecting a staggering $4 trillion in prospective business value.
Sayata Introduces AI-Driven Risk Engine for Small Commercial Insurance Underwriting
Sayata, a leading provider of innovative insurance solutions tailored for small and medium-sized businesses (SMBs), has launched the Sayata Risk Engine.
Artificial Intelligence: Exploring Risks and Rewards
Karim Derrick of Kennedys IQ explores the risks and rewards as the sector looks to an AI future.
LEADERSHIP SPOTLIGHT: Pinpoint Predictive CEO, Scott Ham on Innovation in Insurance
Leveraging new intelligence is game-changing and predictive analytics can help provide a path to profitability in the increasingly complicated world of insurance, says Scott Ham.
SydeLabs Raises US$2.5m to Solve Security and Risk Management for Generative AI
Security and risk management startup SydeLabs announced their seed funding round of $2.5m to build solutions aimed at securing GenAI systems for enterprises.
Coalition Boosts Cyber Insurance Policies with Affirmative Artificial Intelligence Endorsement
Coalition has unveiled a new addition to its US Surplus and Canada Cyber Insurance policies: the Affirmative Artificial Intelligence (AI) Endorsement.
Verisk and Seek Now Collaborate to Transform Property Insurance Claims Processing
Verisk has partnered with Seek Now to transform the claims assessment procedure within the property insurance domain.
How will Generative AI impact the society of tomorrow?
Global insurance leader MAPFRE proposes four scenarios and the role that the insurance industry will play in them
ASK THE CEO: Virtuoso’s Derren Nisbet is Our Latest Insurtech Leader in the Hotseat
Virtuoso is a leader in software testing for the insurance industry – a service currently in huge demand. We caught up with their CEO, Derren Nisbet, to find out more
LEADERSHIP SPOTLIGHT: Zurich’s ‘Rocket Man’ Dr Christian Westermann on why Insurance Trumps NASA when it comes to Job Satisfaction
Physicist and former rocket scientist, Dr Christian Westermann, is taking Zurich’s AI transformation stratospheric. Insurtech Insights finds out more.
Lloyd’s Report Reveals: Generative AI Reshaping Cyber Threat Landscape
Lloyd’s, the renowned marketplace for insurance and reinsurance, has released a groundbreaking report today shedding light on the transformative influence of Generative Artificial Intelligence (GenAI) on the cyber threat landscape.
Aviva, Darwin, and University of Salford Expand UK’s Self-Driving Shuttle Service
In a groundbreaking collaboration, insurer Aviva and autonomous vehicle operator Darwin Innovation Group unveiled the Darwin Autonomous Shuttle in late 2021, marking the UK’s longest-running self-driving passenger service.
Aon Acquires Humn.ai to Boost Commercial Fleet Offering
Aon has announced its acquisition of Humn.ai’s technology assets and intellectual property, aimed at bolstering its commercial fleet proposition.
Echo Re and Guy Carpenter Streamline Data Exchange with ACORD’s ADEPT
Global reinsurer Echo Reinsurance Limited (Echo Re) has announced that it has implemented ACORD Solutions Group’s ADEPT to automate digital data exchange with Guy Carpenter, a global risk and reinsurance specialist.
FWD Group Extends Partnership with Microsoft to Pioneer AI-Driven Insurance Solutions
FWD Group Holdings Limited (“FWD Group” or “FWD”) has announced a four-year extension of its partnership with Microsoft.
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