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Lloyd’s Announces New Dubai Partnership Accelerator Programme
Lloyd’s, the renowned insurance marketplace, has entered into an agreement with the Dubai Department of Economy and Tourism (DET) to collaborate on an insurtech accelerator programme.
Lemonade Sets New Record by Settling Claim in Two Seconds
Lemonade, the InsurTech firm known for its use of AI and machine learning, has achieved a remarkable feat by settling an insurance claim in just two seconds, setting a new world record in the process.
Frankfurt-Based InsurTech Thinksurance Raises €22m in Latest Funding Round
Thinksurance, an InsurTech firm specialising in digital insurance consultations, has successfully raised a hefty €22m in its latest funding round.
Driver Technologies Raised US$6 Million in Latest Funding Round
Driver Technologies, an AI-based mobility tech company, has announced the successful completion of a $6 million strategic funding round.
Atlantic InsurTech startup QuickFacts secures US$1.13m for Canadian expansion
Halifax-based startup QuickFacts, an insurtech dedicated to improving the insurance industry with technological disruption, has confirmed the successful completion of a funding round securing $1.13m.
First Hard Market Cycle in US Cyber Insurance Segment Brings Return to Profitability, Says AM Best
AM Best’s Market Segment Report says the first hard market cycle in US cyber insurance segment is brings return to profitability.
Chubb Limited Board Approves New Share Repurchase Programme worth US$5 Billion
Chubb has announced that its Board of Directors has granted approval for a new share repurchase programme worth $5 billion.
Capitola Introduces GPT Technology into Its Commercial Insurance Platform
Capitola, the digital marketplace for commercial insurance that connects brokers and carriers, today announced the introduction of GPT technology into its commercial insurance platform.
Microsoft Hong Kong Forms Strategic Partnership with OneDegree Global
Singapore-based technology startup OneDegree Global has formed a strategic partnership with Microsoft to drive insurtech and cybersecurity innovations powered by ChatGPT technology.
Aon launches Cutting-Edge Pricing Platform
The insurance broker Aon has unveiled its latest offering in the form of a cutting-edge pricing platform.
LEADERSHIP SPOTLIGHT: Paul Latarche, CCO for Swiss Re Reinsurance Solutions, Talks Digital Transformation and New Trends
Paul Latarche joined Swiss Re Reinsurance Solutions in September 2022 from Verisk, where he led the international sales team, having joined the company towards the end of 2018 as Chief Commercial Officer – Sequel Business Solutions.
MSAM on the use of AI and Automation in the Insurance Industry
MS Amlin Marine NV (MSAM) partnered with AI automation specialist omni:us and recently adopted a number of AI-drive processes earlier this year. We find out how that integration has transformed the company’s claims, data management and customer experiences.
Instabase Launches Generative ‘AI Hub’ to Democratise Access to Content Understanding
As Instabase announces the launch of AI Hub – a repository of AI apps focused on content understanding and a set of generative AI-based tools to transform the customer experience – we caught up with Bas de Goei, Instabase Insurance Leader, to find out more.
Simplifai Launches Groundbreaking Generative AI Tool for Insurance Industry
Simplifai, a leading provider of AI automation solutions, has unveiled Simplifai InsuranceGPT, a revolutionary custom-built Generative Pre-trained Transformer (GPT) tool powered by their no-code AI platform.
Cover Genius Surpasses 25 Million Policies Sold
Cover Genius has surpassed 25 million policies sold, safeguarding more than 14 million customers worldwide, new data shows
How AI Innovation could be used to Stop 100 Million Preventable Injuries in the Workplace
Josh Butler, CEO CompScience, examines the potential of AI to create a safer workplace and prevent environmental risk factors from impacting employee health
Planck Revolutionises Business Risk Analysis with Integration of Latest GPT Technology
Planck, the leading provider of AI-enhanced business risk data for commercial insurers, has announced the integration of the latest generative pre-trained transformer (GPT) technology into its platform.
Capgemini and Google Cloud Launch Global Generative AI Center of Excellence to Drive Innovation
Capgemini and Google Cloud have announced a significant expansion of their long-standing strategic partnership in data analytics and artificial intelligence (AI).
Swiss Re Research Shows High-Tech Countries Don’t Trust AI
New research from the insurance giant Swiss Re, has revealed that countries with the greatest digital advancements are far less trustful of AI than developing nations.
Generative AI Insurtech Sixfold raises US$6.5 Million in Seed Funding
Generative AI looks set to revolutionise risk assessment for insurers as innovative insurtechs like Sixfold raise the interest of investors
AXA Venture Partners Reveals Plans to Raise US$1.6 Billion Fund for Tech Startup Investments
AXA Venture Partners (AVP) has recently unveiled its ambitious goal of raising a €1.5 billion ($1.6 billion) late-stage fund.
Lloyd’s announces Rachel Turk as Chief Underwriting Officer
Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, today announces the appointment of Rachel Turk in the new role of Chief Underwriting Officer.
Mulberri Unveils AI-Powered Risk Engine to Enhance Workers Compensation, Underwriters’ Decision Making and Profitability
Mulberri has unveiled its revolutionary AI-powered risk engine to enhance workers compensation, streamline underwriters’ decision making and boost profitability
ITI USA 2023 Holding Expert Panels to Deep-Dive AI
Insurtech Insights USA 2023 is holding a series of in-depth expert panel sessions, exploring the impact of AI on the insurance industry.
Cyber Attacks Are on the Rise, Due to Software Vulnerabilities, Says Beazley
Speciality insurer, Beazley has released its latest report on cyber risk – and finds software vulnerability a major cause in rising attacks.
Paymentus Launches New Guidewire Marketplace App to Enhance Insurance Transactions
Users of Guidewire Marketplace’s app BillingCenter are now able to access Paymentus’ new, Ready-For-Guidewire accelerator.
Cover Genius Partners with Volaris to Offer Low-Cost Travel Insurance Solutions
Cover Genius has announced its new strategic partnership with Volaris, the low-cost Mexican airline serving various regions including Mexico, the United States, and Central and South America.
Coalition Releases Much-Anticipated 2023 Cyber Claims Report
Coalition has unveiled its highly anticipated Cyber Claims Report for 2023. This comprehensive report sheds light on the ever-evolving landscape of cyber trends, offering valuable insights into the nature of cyber incidents.
LEADERSHIP SPOTLIGHT: Lee Shavel, CEO of Verisk, talks data, inflation and technology
As President and CEO of Verisk – one of the world’s leading data analytics insurtechs, Lee Shavel has taken a radical approach to company leadership since his appointment in 2017.
LEADERSHIP SPOTLIGHT: Manasi Vartak, CEO and founder of Verta, Talks AI
With a PhD from MIT, data scientist, CEO and startup founder Manasi Vartak is one of the leading lights in AI software development.
Coalition Launches New Version of its Executive Risks Insurance Products
Coalition has launched a new version of its Executive Risks Insurance products for not-for-profit organisations.
Deloitte Expands Partnership with Google Cloud to Drive Industry Delivery of Advanced AI
Deloitte and Google Cloud have announced a significant expansion of their decade-long partnership to help bring Google Cloud’s advanced Generative AI capabilities to enterprises in every industry.
Five Expert Minutes on AI: Hamesh Chawla, CEO of Mulberri Inc.
We spoke to Hamesh Chawla, CEO and Co-Founder of Mulberri Inc – a leading business insurance solution built for PEOs and brokers – about his views on AI.
Coalition Launches new Cyber Management Platform to Prevent Digital Risk
Coalition, the world’s first Active Insurance provider designed to prevent digital risk, has announced the release of its new cyber risk management platform, Coalition Control 2.0.
Glia Launches AI-Powered Voice Virtual Assistant Solution
Glia, a leading provider of Digital Customer Service (DCS), has unveiled a voice banking solution for the Glia Interaction Platform.
Companies Poorly Prepared for Pending AI Regulatory Requirements, Verta Study Reveals
The vast majority of companies that will need to implement AI regulations over the next few months, are not adequately prepared to carry them out, new data reveals.
Nayms Hits US$80 Million Valuation Following Latest Tokenized Funding Drive
Nayms, a blockchain insurance startup, has announced a successful funding round at an $80 million valuation through a private token sale.
LexisNexis Risk Solutions Strengthens Geospatial Data Suite to Tackle Rising Property Risks for UK Insurance Providers and Consumers
LexisNexis Risk Solutions, the data, advanced analytics and technology provider to the UK and Ireland insurance market, has launched a new suite of geospatial intelligence datasets for basements, trees and windstorms to address these weather-related challenges.
US-UK Insurtech Accelerator Initiative to Launch Recruitment for First Us Cohort at Hartford Symposium
The second stage of a major transatlantic collaboration that has forged insurance industry trade links and driven innovation between the US and the UK will launch at next month’s insurance event, InsurTech Hartford Symposium
ITI USA Expert Panel to Explore the Bionic Approach to Transforming Underwriting Capabilities
Insurtech Insights USA 2023 is holding an expert panel on the ‘Bionic Approach Transforming Underwriting Capabilities’ in today’s hard market, organisers have announced.
4 Ways AI Can Benefit the Insurance Industry
Advancements in technology have given new life to the slow, inefficient processes common in the insurance industry, says Agentsync
Coalition Launches New Cyber Solution CoalitionAI Chatbot for Brokers and Businesses
The CoalitionAI dashboard is now accessible to several US brokers and will answer questions about cybersecurity best practices, cyber policy coverage options, and more
Echo Re Leverages ADEPT to Drive Efficient Data Exchange with Aon in Asia
Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.
Fairmatic raises $46M to bring AI to commercial auto insurance
With inflation sparking an increase in the cost of repairs, labour and claims, fees for insurance are similarly spiking across the board.
ChatGPT: A conversation about underwriting and life insurance
Created by OpenAI, ChatGPT is an AI-powered chatbot that responds to questions and engages in conversation using opensource AI. ChatGPT can understand and generate text in a manner similar to humans and works like an assistant that users can ask to perform tasks or answer questions.
Artificial intelligence is making dramatic changes in insurance
Insurance risk managers are embracing a new technological evolution in how to predict and manage incident outcomes.
Roots Automation Closes 2022 with Strong Growth Across Several Areas
$10 Million in Funding, new Patent for AI Technology, Product Innovation, and Executive Hire with Deep AI Experience Mark Another Successful Year for the Company
How insurers can win the race to AI maturity
Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies—including insurance carriers—are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics.
The Looming AI Risks Insurtechs Must Prepare For
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
The rise of AI in insurance – A double-edged sword
Insurance companies have relied on data for as long as insurance has existed. Today’s insurers use big data from myriad sources to underwrite more accurately, price risk and create incentives for risk reduction.
How reinsurance underwriters should use data, analytics and AI
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
Why the insurance industry is counting on human-guided AI
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
Phil Edmundson Creates AI-Driven Corvus To Transform Commercial Insurance
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
An Eye on AI: How the Human Element Plays a Role in Today’s Tech
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Clara, Nationwide team up to provide AI in comp
Clara Analytics Inc. on Wednesday announced it will partner with Nationwide Mutual Insurance Co. to provide artificial intelligence technology in the commercial insurance industry for a new program aimed at improving workers compensation claims operations.
How one firm takes insurer’s AI to the next level
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
AI opens the door to faster claims for home insurance
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
Tryg Norway is launching a tailored EV insurance using AI optimized premiums on the world’s largest EV market
Greater Than (GREAT.ST), the insurtech using AI for pricing insurance based on real-time analyses of drivers’ accident probability, has in partnership with the Tryg A/S now tailored Tryg Sidekick to include electric vehicles.
McKinsey: Insurance 2030—The impact of AI on the future of insurance
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.
Zurich Insurance to Acquire Conversational AI Company AlphaChat
Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities.
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