Technology
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Global On-Demand Economy Set to Soar by 2025 says New Report
INSHUR has annouced its findings from Driving the On-Demand Economy in the US, the first and only report to survey Americans who drive for on-demand rideshare and delivery apps including Uber and DoorDash.
EMPOWERING INSURANCE: Belen Tokarski – President and COO of Mylo
In the latest installment of our ‘Empowering Insurance’ series, Insurtech Insights’ Joanna England talks to Belen Tokarski – the President and Chief Operating Officer of Mylo.
MEET THE FOUNDER: From Battlefield to Breakthroughs, Forbes McKenzie Pioneers at MIS
In our latest series, MEET THE FOUNDER, we speak to former British Army Officer (Intelligence Corp) turned insurtech entrepreneur, Forbes McKenzie, who is a trailblazer in space and intelligence technology for the financial services and insurance industry.
Priceline and Cover Genius Forge Global Partnership to Enhance Travel Protection Services
Priceline, a pioneer in online travel services, has teamed up with Cover Genius, a leading insurtech provider, to roll out advanced travel protection solutions across North America.
Cuvva Announces Profitability Following 2023 Fiscal Reports
London-based Cuvva, which offers short term car insurance, has shared its financial results for 2023, ending the year with a profit for the first time.
Insurtech Funding in Latin America Hits Historic Low at US$26 Million in H1 2024
Insurtech funding in Latin America plummeted to a historic low of $26 million in the first half of 2024, representing a sharp 78% decline compared to the same period in 2023. Over the 12 months from July 2023 to June 2024, the total funding reached $43 million, marking the lowest figure on record.
Quotech Partners with Oasis Loss Modelling Framework to Enhance Exposure Management
Quotech, the underwriter-led developer of integrated technology solutions for underwriting and broking teams, has announced a partnership with the industry-owned Oasis Loss Modelling Framework.
Tesla Granted Extension in Insurance Overcharge Lawsuit
Tesla has been granted additional time to prepare for a lawsuit filed by a customer representing drivers in eleven U.S. states, alleging the company overcharged for insurance through false crash warnings.
Direct Line Insurance to Debut on Price Comparison Websites
For the first time in its history, Direct Line insurance will be available on price comparison websites, introducing a new suite of motor insurance products tailored for these platforms.
Otonomi Announces Global Launch of Three-Hour Air Cargo Delay Parametric Insurance
Otonomi has officially launched its new three-hour Air Cargo Delay Parametric Insurance worldwide. The product aims to fill a significant gap in air cargo insurance by providing coverage for ultra-short yet costly delays.
Martin & Company Partners with Coherent to Boost Insurance Product Development
Martin & Company, a leading provider of insurance technology solutions and consulting services, has partnered with Coherent, a global software-as-a-service company, to enhance speed-to-market capabilities for insurers.
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.
Customer Expectations Need to be Adjusted Regarding Risk, says Nationwide’s President, Personal Lines
Casey Kempton highlighted critical challenges facing the personal lines sector and spoke at length about opportunities for innovation and improvement during her recent live on stage session at Insurtech Insights USA 2024.
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.
Lemonade Renews Reinsurance Programme with Tier-One Carriers
Lemonade has announced the renewal of its reinsurance programme, continuing its partnership with top-tier carriers and achieving an oversubscription across all dimensions.
LB Forsikring Partners with Akur8’s Machine Learning Platform to Boost Pricing Competitiveness
Akur8, a cutting-edge insurance pricing solution powered by transparent machine learning, announced that LB Forsikring, a prominent Danish property and casualty (P&C) insurance company, has chosen Akur8’s Core Platform solution to boost its market competitiveness.
SPECIAL REPORT: Curbing Rising Violence Against Women in Pakistan with Insurtech Solutions
lyzil – a platform and insurance product developed by the startup Instaful Solutions, is empowering women in Pakistan by offering them a safe space and lifeline against harassment and violence. Joanna England finds out more.
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.
Zurich and Aon Partner to Advance Global Hydrogen Development
Zurich and Aon have announced the launch of a groundbreaking clean energy insurance facility designed to provide comprehensive coverage for blue and green hydrogen projects worldwide, with capital expenditures of up to $250 million.
Beazley Security Goes Live
Beazley Security has today gone live as an integrated cyber risk management company, following the merger between Beazley’s in-house cyber services team and its wholly owned cyber security company, Lodestone.
Flock Announces Partnership with Admiral
Flock, the London-based commercial car insurtech, has announced a new partnership with Admiral Pioneer, Admiral Group’s venture-building subsidiary. The collaboration aims to “transform UK fleet insurance with advanced technology and real-time risk management solutions.”
GRAIL Completes Spin-Off from Illumina, Launches Groundbreaking Cancer Screening Technology
GRAIL, Inc. , a leading healthcare company dedicated to early cancer detection, has announced the completion of its spin-off from Illumina (NASDAQ: ILMN). GRAIL will be listed and commence regular-way trading on the Nasdaq under the symbol “GRAL.”
Trustfull Launches Product to Tackle Synthetic Identity Fraud
Trustfull, a digital risk management and intelligence firm, has launched a new product: Silent Onboarding, which aims to bolster defences against the increasing threat of synthetic identity fraud.
COGITANDA Expands Offering in Germany and Austria
COGITANDA, the cyber specialists, has announced the expansion of its product offering to now cover companies with annual revenues of up to €250 million in Germany and Austria.
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.
FloodFlash Expands Coverage Across Entire Mainland USA
FloodFlash, a sensor-enabled parametric flood insurance provider, has announced the expansion of its offerings to cover all mainland US locations.
BCIC Launches the Caribbean’s First Omnichannel Insurance Ecosystem on EIS SaaS Platform
The British Caribbean Insurance Company (BCIC), a leading provider of general insurance in the Caribbean, has unveiled the region’s first omnichannel insurance ecosystem.
Humata Raises $25 Million To Advance Prior Authorisation
Humata Health, a healthcare company specialising in frictionless prior authorisation payments for payers and providers through AI and automation, has successfully raised $25 million.
TEN Trends Transforming Insurtech in 2024 and Beyond
The Insurtech sector is undergoing a rapid transformation, driven by advancements in AI, IoT, data analytics, and blockchain.
Blueprint Two Phase One Digital Services Postponed to Ensure Safe Cutover
Lloyd’s and Velonetic have announced a postponement of the cutover to phase one of their digital services, originally scheduled for October 2024.
Kinetic Raises $21 Million Series B
Kinetic Automation, an infrastructure company delivering digital maintenance and servicing for EVs and AVs, has successfully closed a $21 million Series B funding round.
Appian and PwC UK Forge Alliance to Drive Innovation in the Insurance Sector
PwC UK achieved a 30% improvement in claims lifecycle efficiency through the implementation of the Appian AI Process Platform.
ZA Tech Rebrands as Peak3 and Raises US$35 Million Series A Led by EQT
ZA Tech, a next-generation insurance core system SaaS provider, has rebranded as Peak3 and has also announced the completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures.
CAPE Announces Partnership with Vexcel, Boosting Imaging Capabilities
CAPE Analytics, a leader in AI-powered property insights for insurance and real estate risk, has announced it is partnering with Vexcel, a leader in aerial imaging.
John Hancock Offers Discounted Prenuvo Whole-Body MRI Scans, a First in the Life Insurance Industry
John Hancock, a unit of Toronto-based Manulife, announced today that it is the first life insurer in the U.S. to offer discounted access to Prenuvo’s state-of-the-art whole-body MRI scans to eligible John Hancock Vitality customers.
Stellantis Announces Partnership with Bolt
Stellantis, the captive automotive finance company, has announced it is partnering with insurtech bolt.
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.
Columbia Announces Partnership with Guidewire
Columbia Insurance Group has announced it is partnering with Guidewire, utilising their advanced software solutions to enhance their customer platform.
Sapiens Launches Its Next-Gen Intelligent Insurance Platform
Sapiens International Corporation has launched its AI-powered, open, integrated, cloud-native platform, Sapiens Insurance Platform.
Survey Finds Implementation of Automation in Insurance has Been Rushed
A recent survey tech teams at insurance companies and MGAs by RDT of found that 85% of professionals believe some areas of the market have rushed into automation without putting in comprehensive step-by-step enhancement plans for their platforms.
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.
“Insurance is at an Inflection Point,” says Richard McCathron of Hippo
Hippo CEO described the challenges of 2023 and outlined the insurtech’s journey towards greater resilience, during a fireside chat with Bryan Falchuk at Insurtech Insights USA 2024
Yardi Partners with Obligo Simplifying Security Deposit Process
Yardi, a real estate software company, has announced it is partnering with start-up Obligo who offer innovative alternatives to traditional security deposits.
hyperexponential and Send Announce Partnership
Insurtechs hyperexponential and Send have announced a partnership seeking to streamline the pricing process for insurers.
Anterior Secures Successful $20 Million Series A
Anterior, an insurtech using AI to expedite health insurance approval for medical procedures, has successfully closed a $20 million Series A round at a $95 million valuation.
WTW Announces Partnership With Guidewire
WTW, the Global Advisory and Broker, has announced it is partnering with Insurtech Software provider Guidewire.
Fixle Acquires EasyHome to Enhance Home Management Solutions
Fixle, Inc., a prominent provider of home management solutions in the proptech and insurtech sectors, has announced its acquisition of EasyHome, Inc., a software developer specialising in modernising property care and management.
Guidewire Invests in Indico Data
Guidewire, a leading platform provider for property and casualty (P&C) re/insurers, has significantly contributed to a $19 million funding round for Indico Data, a company specialising in automating essential workflows for document-intensive industries such as insurance and financial services.
Steadily to Partner with Tractic.Io Streamlining Landlord Insurance
Steadily, a Texas-based provider of property insurance for landlords, has partnered with Tractic.io, a leading Real Estate and PropTech SaaS platform, to enhance and streamline landlord insurance for real estate investors.
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.
Understory Raises $15 Million Series A to Develop New Product for Renewable Energy Sector
Understory, a provider of insurance solutions against severe weather losses, has secured $15 million in a Series A funding round to develop a new product for the renewable energy sector.
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.
Sompo Launches New Insurance Offering for Middle-Market Clients
Sompo, the UK insurer, has recently introduced a new insurance product aimed at middle-market clients.
Cosmo Connected to Partner with Allianz Partners Introducing Additional Insurance Coverages, Including Liability Coverage
Allianz Partners has announced it is partnering with Cosmo Connected, a French startup which offers helmets with integrated automatic brake lights, turn signal, fall detection and safety SMS alerts.
Great American Insurance Partners with Amwins Programme Underwriters
Great American Insurance Groups’s Ocean Marine Division has announced it is partnering with Amwins Programme Underwriters, (AMS) to provide coverage solutions via its marine cargo and stock throughput programme.
USI Launches New Risk Control Platform PATH
USI Insurance, the New-York based insurance brokerage and consulting firm, has announced it is launching PATH, a proprietary technology-enabled risk control platform for clients.
Quantee to Partner with Zurich Insurance Group Leveraging AI to Enhance Pricing Strategies
Quantee, an insurtech specialising in dynamic pricing software, has announced it is partnering with Zurich Insurance Group to enhance their pricing strategies by leveraging Quantee’s innovative 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.
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