Technology
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Lockton Australia Launches New Digital Insurance Platform
Lockton has announced the launch of Lockton Pulse, a cutting-edge digital insurance platform designed to cater to the needs of small and medium-sized enterprises (SMEs) and individuals in Australia.
First Sensor-Triggered Earthquake Coverage in the US
In a groundbreaking move for earthquake preparedness, Liberty Mutual Reinsurance (LM Re) and Safehub have teamed up with the University of California (UC) to introduce the first sensor-triggered parametric earthquake coverage in the United States.
AXA Climate Launches Altitude Platform to Aid Climate Adaptation
AXA Climate has launched Altitude, a groundbreaking platform designed to assist businesses in measuring climate risks, implementing adaptation strategies, and fulfilling Corporate Sustainability Reporting Directive (CSRD) requirements.
Duck Creek Technologies Launches Payments Facilitator for End-to-End Insurance Payment Solutions
Duck Creek Technologies, a leader in intelligent solutions for property and casualty (P&C) insurance, has launched its new Duck Creek Payments Facilitator, a comprehensive payment solution tailored specifically for the insurance industry.
Manulife Adopts Generative AI to Enhance Customer Service and Agent Experience in Asia
Manulife has announced the adoption of Generative Artificial Intelligence (GenAI) to improve business processes and elevate customer service across Asia, with Singapore as the first market for the rollout
NatCat Risk Solution Fathom Launches New Tool for Quantifying Flood Risk
Fathom, a leading provider of catastrophe risk modeling solutions, has launched Global Flood Cat, a comprehensive flood catastrophe model that empowers risk managers to accurately assess financial losses from flood events.
Insurity Launches AI-Powered Document Intelligence Solution
Insurity, a leading provider of insurance software, has introduced a new AI-powered document intelligence solution designed to streamline data extraction processes for insurers and MGAs.
Ripe Thinking Acquires GJW Direct
UK-based insurance company Ripe Thinking has announced the acquisition of GJW Direct, a specialist in non-commercial marine insurance, from Munich Re Specialty. The deal is expected to be finalised in the first half of 2025.
Canopius Ceases Writing Space Coverage
Canopius, a leading specialty lines (re)insurer, has announced that it will no longer be writing new space business.
EXL Launches Specialised LLM for Insurance in Partnership with NVIDIA
EXL has launched a new AI model designed specifically for the insurance industry.
10 Top Insurtech Funding Rounds Taking Insurance to the next level
Insurtech is revolutionising the insurance industry, bringing innovative solutions to traditional practices. As the sector continues to evolve rapidly, funding plays a crucial role in driving growth and innovation.
STARTUP STORY: From Sigma Six to SaaS Solutions, Peak3 CEO Bill Song on Revolutionising Insurtech
Former chemical engineer turned insurtech pioneer, Bill Song, shares the journey that led him to launch Peak3, a leading provider of digital solutions for the global insurance industry.
AXA UK Launches Enhanced Digital Claims Service
AXA UK has launched a new digital service designed to streamline the insurance claims process for customers.
Tower Insurance and CelsiusPro Launch Parametric Cyclone Coverage
Tower Insurance and CelsiusPro have announced the launch of a new parametric insurance platform for Fiji and Tonga, starting with Cyclone Response Cover.
West Bend Insurance Expands Partnership with ZestyAI
West Bend Insurance Company has announced an expansion of its partnership with ZestyAI, a leading provider of climate and property risk analytics powered by artificial intelligence (AI).
SURE and SageSure Launch New Commercial Product
SureChoice Underwriters Reciprocal Exchange (SURE), a policyholder-owned reciprocal exchange, has partnered with SageSure, a leading managing general underwriter focused on catastrophe-exposed markets, to unveil its first non-admitted business owners policy (BOP) in California.
Howden Launches Resilience Laboratory to Combat Climate Risks
Global insurance broker Howden has launched a new platform designed to assist clients in evaluating and addressing climate-related challenges.
Quantee Partners with Seguros del Estado
Quantee, a leading InsurTech company, has announced a new partnership with Colombian insurer Seguros del Estado.
Kyber Launches AI Platform to Automate Claims Notices
Kyber, a Y-Combinator-backed AI startup, has unveiled a groundbreaking platform designed to automate the claims notification process for insurance teams.
Cachet Partners with TaskRabbit to Launch Gig Economy Solution Underwritten by Hiscox
Cachet, a company specialising in insurance products for platforms and micromobility, has announced a new partnership with TaskRabbit to provide enhanced insurance options for freelancers.
kWh Analytics Partners with U.S. Department of Energy
kWh Analytics, a provider of climate insurance for renewable energy assets, has announced a $2.4 million partnership with the U.S. Department of Energy’s Solar Energy Technologies Office (SETO).
Madrid-based Insurtech Tuio Raises $16.7 Million
Madrid-based insurance startup, Tuio, has successfully raised $16.7 million in a combination of equity and debt.
EvolutionIQ Becomes CALI’s First Life Partner
EvolutionIQ, a global leader in claims guidance technology, has joined the Council of Australian Life Insurers (CALI) as its inaugural Life Partner, marking a significant step in CALI’s corporate partner program.
Majesco Launches AI Ecosystem to Boost Insurance Solutions
Majesco, a leading provider of cloud-based insurance software, has announced the launch of its new AI ecosystem powered by Majesco Copilot.
Allianz Partners Launches New AI-Enhanced Claims Portal
Allianz Partners USA has introduced a redesigned Universal Claims Portal, aimed at simplifying the travel insurance claims process for customers.
UK Insurance Fraud Surges as AI Tools Aid in Falsifying Claims
The use of AI to manipulate insurance claims is on the rise in the UK, with nearly one in four claims suspected of involving falsified data, according to new research by claims automation company Sprout.ai.
Roots Automation Raises $22.2 Million to Harness Unstructured Data in Insurance with AI
Roots Automation, an AI-driven solutions provider for the insurance industry, has secured $22.2 million in a Series B funding round led by Harbert Growth Partners, with participation from MissionOG, Liberty Mutual Strategic Ventures, and Vestigo Ventures.
IS2 Launches API-Enabled Hosted Pricing Solution
IS2, a leading provider of digital distribution platform (DDP) solutions, has unveiled its new API-enabled hosted pricing solution, designed to transform distribution for commercial insurers and Managing General Agents (MGAs).
Swiss Re Expands GenAI Partnership with mea Platform for Global Operations
Swiss Re has selected mea platform’s Generative AI (GenAI) solution for its global reinsurance and insurance operations, marking a significant expansion in the companies’ partnership.
Akur8 Partners with Heritage Insurance to Boost Predictive Modeling and Pricing Analytics
Akur8, a cutting-edge insurance pricing platform leveraging transparent machine learning, has announced a new partnership with Heritage Insurance, a leading property and casualty insurance company based in Tampa, Florida.
AI Takes the Wheel: Are Human Insurance Jobs in the Fast Lane to Automation?
The recent news that leading BNPL fintech, Klarna, has shed 700 staff (half its workforce) following the adoption of AI tools – and is more streamlined and profitable than ever before – should come as a wake-up call to many in the financial services space.
Swiss Re Anticipates Rising Reinsurance Demand Amid Global Volatility
Swiss Re is forecasting an increase in demand for reinsurance protection due to heightened natural catastrophe risks, macroeconomic instability, and geopolitical tensions.
BenefitPoint’s New AI Automation Revolutionises Broker Workflows
Vertafore, the leader in modern insurance technology, announced its latest innovation to empower benefits brokers: automated importing for SBC data into BenefitPoint.
Cambridge Mobile Telematics Expands European Presence with New Leadership in France
Cambridge Mobile Telematics (CMT), the world’s leading telematics service provider, has further strengthened its European operations by appointing Rima Khetab as the Director of Sales for France and Benelux.
STARTUP STORY: Canopy Connect CEO and Founder Tolga Tezel
The idea for Canopy Connect sprang from a chance conversation at a dinner – and was prototyped over a weekend. Insurtech Insights talks to Tolga Tezel about his extraordinary startup journey.
GoHealth to Acquire e-TeleQuote Insurance
GoHealth, a prominent health insurance marketplace, has announced a significant step forward with its acquisition of e-TeleQuote Insurance, a well-regarded player in the Medicare insurance market.
WTW, Canopius, and Verita Launch New Property Insurance Facility
WTW has partnered with Canopius and Verita Capital Solutions to introduce a new property insurance facility called the Client Edge Facility.
Cambridge Mobile Telematics Receives Frost & Sullivan’s 2024 Market Leadership Award for Innovation in Telematics Insurance
Cambridge Mobile Telematics (CMT) has been honored with Frost & Sullivan’s 2024 Market Leadership Award for its pioneering contributions to the telematics insurance and connected claims industry.
Zyber Announces Partnership with Citalid
Zyber Insurance, a US-based firm, has announced a partnership with Citalid, the leading European Cyber Risk Quantification (CRQ) platform.
GM Insurance Expands to Georgia, Marking Rapid Growth Across Eight States
General Motors Insurance has officially expanded its car insurance offerings to Georgia, continuing its rapid growth across the United States.
Tesla Reports Q2 Insurance Results Amidst Expanding Operations and Industry Challenges
Tesla has reported its financial results for the second quarter of 2023, showcasing robust growth in its insurance operations across multiple states, despite ongoing challenges and recent controversies.
RiverStone Chooses Aimii For AI Integration
Aimii, an AI-specialist, has announced it is partnering with RiverStone International, a leading global acquirer and reinsurer of legacy and discontinued insurance business.
Skyline Insurance Selects EZLynx for Digital Transformation
Skyline Insurance has chosen EZLynx, an all-in-one agency management system from Applied Systems, to serve as the foundation for its business operations.
Life Insurers Could Help Turn the Tide on Cancer Outcomes, say Sector Leaders
Developments in the healthtech space are driving transformation in the Life insurance industry, enabling it to implement better diagnostic outcomes for patients, according to leaders from GRAIL, MassMutual and Munich Re Life and Health.
Prudential and Google Cloud Partner to Transform Insurance with AI
Prudential plc (Prudential) has announced a significant expansion of its strategic partnership with Google Cloud to develop innovative AI-powered products and applications aimed at enhancing experiences for customers, agents, and employees.
Tesla Updates Insurance with State-Specific Discounts Amid Premium Surge, Cybertruck Recall, and Zurich Partnership
Tesla is now providing state-specific discounts for policyholders in the 12 states where Tesla Insurance is available. The discounts are designed to reduce insurance costs by leveraging safety features, multi-car policies, and defensive driving courses.
INSTANDA Appoints Professor Andy Pardoe as Interim Chief AI Officer
INSTANDA, a leading global no-code insurance platform provider, has announced the appointment of Professor Andy Pardoe as its Interim Chief AI Officer. This marks the first time the company has created this role, underscoring its commitment to integrating advanced artificial intelligence into its operations.
Ransomware Attacks Escalate in 2024, Resilience Reports
Cybercriminals have refined their strategies to capitalise on vulnerabilities arising from business mergers, acquisitions, and the consolidation of software vendors, according to the Midyear 2024 Cyber Risk Report by Resilience, a leading cyber risk solutions company.
“Creating a culture of innovation requires new playbooks,” says MetLife’s Bill Pappas
The insurance industry is undergoing so many changes that its time to rewrite the rule book and approach innovation, talent retention and culture creation from a different perspective, according to Bill Pappas, EVP & Head of Global Technology and Operations for MetLife.
Hiscox Rolls Out AI-Underwriting Product
Hiscox has announced today that it is rolling out its AI-Enhanced Lead underwriting model to all London market brokers following a successful proof of concept.
Gradient AI Raises US$56 Million in Series C Funding to Drive Innovation in Insurance Sector
Gradient AI, a leading provider of artificial intelligence (AI) solutions for the insurance industry, has raised $56.1 million in its latest Series C funding round.
Howden Announces Earthquake Partnership with Tremblor
Howden Re has announced it is partnering with Temblor Inc, a natural-disaster modelling company specialising in seismic hazard and risk assessments.
Cyber Insurance Market Poised for Innovation and Growth Following CrowdStrike Outage
The global IT outage on July 19, 2024, has triggered a significant shift in the cyber insurance sector, prompting carriers and brokers to reevaluate and accelerate their approach to innovation.
Cytora and Xapien Partner to Deliver Automated Due Diligence for Commercial Insurers
The partnership will provide insurers with AI-powered research and due diligence to enable more accurate underwriting and fraud detection
Reinsurance Requires a Gradual Adoption of AI, say SCOR Leaders
AI can complicate rather than simplify and reinsurers should take a circumspect approach to replacing legacy processes, according to Nicholas Berg and J.C. Brueckner of SCOR
Demand for Better Severe Weather Coverage Soars According to Insurity Survey
Insurity, a leading provider of cloud software for insurance carriers, brokers, and managing general agents (MGAs), has released findings from its 2024 Severe Weather P&C Consumer Pulse survey, shedding light on consumer attitudes towards severe weather insurance coverage.
Guidehealth Raises US$14 Million in Seed Funding with Support from Memorial Hermann Health System
Guidehealth announced on Tuesday that it has secured $14 million in seed funding, with major contributions from the non-profit Memorial Hermann Health System in southeast Texas, entrepreneur Sidd Pagadipati, and other healthcare investors and industry leaders.
Rockford Chooses Sapiens to Automate Reinsurance Programmes
Rockford Mutual Corporation has announced that it has chosen Sapiens ReinsurancePro to fully automate its reinsurance management process, aiming to maximise efficiency and mitigate costly claims leakage.
Carrot Secures Exclusive Rights for Behavioural-Based Insurance in South Korea
Carrot General Insurance, a leading South Korean insurtech firm, has secured exclusive rights from the General Insurance Association of Korea (GIAK) to implement its Behavioral-Based Insurance (BBI) system for six months.
Duck Creek Launches New Product for P&C Insurers
Duck Creek Technologies has launched Policy with Active Delivery, a new product which aims to streamline operations for property and casualty insurers.
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