Product launches

Lloyd’s underwriting syndicate Probitas 1492 has announced that it has started to officially underwriter cyber.

Porsche Financial Services Canada is proud to introduce Porsche Insurance, the customized insurance program developed for vehicles offered by the premium sports car brand. The first of its kind for the brand in Canada, this comprehensive offering will help Porsche drivers design personalized insurance solutions tailored to their unique needs.

Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience.

Munich Re Specialty Insurance has implemented into production Bond-Pro’s Next Gen surety solution, according to the firm.

Gigaforce, an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform, is pleased to announce the launch of a new claims intake bot, Gigabot, which moves the company’s clients significantly closer to a touchless claims experience.

WTW has announced the launch of new price inflation forecasting technology for insurers. The ground-breaking tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW.

Charles Taylor, the leading provider of claims solutions and technology to the global insurance market, today launches ‘InHub’ to help the insurance value chain deliver better results.

Insurance broker WTW has launched specialist cyber coverage for ports and terminals, called CyNav.

The combination of Socotra’s core insurance technology with Avolanta’s offers the insurance industry an open and agile platform for accelerating innovation and speed-to-market.

Digital insurer Getsafe is launching its new buildings insurance to complete its home insurance proposition in the United Kingdom. This underlines Getsafe’s commitment to the British market. The company just hit the 50,000 customer mark in the UK and continues to grow its position as Europe’s leading neo-insurer.

Cyber insurance provider At-Bay has launched a new cyber insurance programme backed by two specialty insurance providers: Trisura Specialty Insurance Company and The Hartford Steam Boiler Inspection and Insurance Company (HSB).

AXA Hong Kong (“AXA”) announces the launch of its first-in-market “Green Premium Rebate” programme – selected AXA Employee Benefits business clients can now enjoy 1% of premium rebate by fully utilising the eClaim services.

FloodFlash Ltd. was founded in 2017 by Risk Management Solutions Ltd. alums Ian Bartholomew and Adam Rimmer and has been providing parametric insurance for flooding to business customers in the U.K. since 2019.

BIBA has launched a new member scheme to insure operators of drones, both commercial and recreational.

MassMutual Ventures’ announcement on April 27 of a new $300 million fund targeting start-ups in digital health, cybersecurity, enterprise SaaS and financial technology looks to be a force for innovation in insurtech.

Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of a new renewable energy facility that provides streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada.

Insurtech Coalition Inc., a managing general agent specializing in cyber risk, said Wednesday it is getting additional capacity from a unit of Bermuda-based Vantage Group Holdings Ltd. to back its U.S. excess cyber program.

Hippo’s Expansion to the Empire State Further Diversifies its Portfolio, Reaching 88% of Americans in 38 States.

MassMutual Ventures (MMV, Boston) has announced that its Asia-Pacific (APAC) and Europe team has launched a new fund of $300 million to invest in early and growth-stage companies in digital health, financial technology, enterprise SaaS, and cybersecurity.

Aon has set up a $35 million intellectual property (IP) based funding arrangement for GRUBBRR, a provider of self-ordering technologies, creating an IP-collateralized debt structure that enabled the firm to raise additional funds through debt.

Marsh has announced the launch of new cybersecurity marketplace services aimed at simplifying the procurement process for US clients seeking to protect their organisations from cyber threats.

To help companies see the ‘big risk picture’ and pinpoint potential property exposures across their business locations, AXA XL Risk Consulting is rolling out its Risk Scanning risk assessment service in the US and Canada.

Tesla Insurance is now available in three new states – Oregon, Virginia, and Colorado. With these additions, Tesla Insurance is now live in a total of 8 states.

Tokio Marine, a Tokyo-headquartered insurance corporation, said Tuesday it has launched its $42 million corporate venture capital (CVC) fund, dubbed Tokio Marine Future Fund, to invest in early-stage startups around the world.

The expanded capability will focus on formulating market insights, evaluating new solutions through advanced analytics, and curating the market to find the best fit solutions for clients.

Roamly’s global travel insurance offers coverage designed to protect consumers from financial losses should a trip be delayed, interrupted, or canceled.

Tokio Marine Kiln has released its new Intellectual Property Abatement Insurance for US-based SMEs, where the product will be available as an add-on to TMK’s Intellectual Property (IP) Infringement Defence Policy and features limits of up to $3 million.

The UK Government today announced a formal agreement with Connecticut Insurance & Financial Services (CT IFS), the MetroHartford Alliance, the Connecticut Department of Economic & Community Development, the Connecticut Insurance Department and Insurtech UK to launch a new InsurTech Corridor.

Insurance broker and risk advisor Marsh has announced the launch of a new property analytics product. The new product aims to help clients around the world manage their property risks by transforming a slow, manual process into a digital experience with real-time, actionable insights.

Relm, a company that provides insurance to the crypto sector and the first and only commercial insurer globally to hold Bermuda’s IIGB license, has announced the launch of Relm II, the world’s first fully regulated collateralized reinsurance business that can accept both fiat and cryptocurrencies as collateral.

Zego and Abax have launched their data-led insurance model in the Netherlands and a ramped-up operations in France.

Fenris Digital (Fenris), an insurance data sourcing innovator providing a
suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with online insurance marketplace Quotehound.

Launched in Illinois in Nov. 2021, the Lemonade Car product can be bundled with renters, home, pet and life insurance policies.

Insurtech firm Lemonade’s non-profit arm has formed Lemonade Crypto Climate Coalition to offer climate insurance to farmers.

Following the launch of hr | equarium in 2019 Hannover Re is opening up its innovation platform to all interested parties with immediate effect and thereby offering even more insurers direct access to a pool of innovative services and solutions from insurtechs around the world.

Global insurance broker Marsh has announced the launch of its Environmental, Social and Governance (ESG) Risk Rating, an assessment tool to measure an organisation’s ESG performance, enabling organisations to improve their ESG risks and gain access to additional insurance market capacity.

Coalition, the world’s first Active Insurance provider, reported today on its rapid growth and launched “Active Insurance,” a new tech-powered model for insurance and risk management designed to prevent digital risk before it strikes.

MAPFRE has launched a new scale-up program for insurtechs that offers up to €100,000 of financing per project, focusing on health and wellness, climate risks, and cybersecurity for SMEs.

The insurer has redeployed finance employees to work on acquisitions or product development, CFO says

Artificial intelligence is changing how the insurance industry operates and use cases for AI are skyrocketing. Today, AI is being used to provide customer service, assess risk profiles, to determine pricing, detect fraud and more. As technologies evolve and the industry’s use of AI becomes more mature, the opportunities for using AI in the future appear virtually limitless.

AXA Commercial has announced the official launch of its electric vehicle proposition for motor fleet customers, offering a greener fleet option to businesses.

Lemonade has announced the expansion of its pet insurance to Massachusetts. The coverage is available for dogs and cats and includes diagnostic, procedural and other medical needs.

Beazley announced that its global digital commerce division, Beazley Digital, is up and running. New hub brings together underwriting, claims, technology and operations experts into a cross-functional team, to provide seamless digital access and services to a range of high-volume, low-premium products for its partners global brokerage.

Coalition now offering Directors & Officers (D&O) and Employment Practices Liability (EPL) with new tools and features to all broker partners, furthering its breadth of offerings to protect businesses against modern risks.

Cyber insurance and security solutions provider Resilience has launched a captive reinsurance company. The captive will allow the agent to retain a share in the risks it underwrites, fuelling additional growth and “demonstrating its long-term commitment to underwriting a profitable and sustainable book on a global scale”, it said.

Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo.