Technology
We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Munich Re and PSG Partner Up and Announce New Risk Assessment Solution
Munich Re Life US and insurtech Paperless Solutions Group (PSG) have teamed up to introduce a new risk assessment and e-application solution, which promises faster and more accurate underwriting for life insurance carriers.
12 US-Based Insurtech Unicorns Scaling Fast in 2023
Investment in the start up space might well have slowed down, but insurtech unicorns are still a serious force to be reckoned with. We take a look at 12 US insurtech unicorns that are leading the disruption.
Generali UK makes Supercede its Reinsurance Technology Provider Following Successful UK Trial
Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Coalition Proves Cyber is Insurable via New Method for Modelling Risk
Coalition’s new Active Cyber Risk Model simulates aggregate risk for 5,000 companies, extrapolated to an estimated $29.8 billion in total losses to the U.S. economy
Walmart Inc. backs PhonePe with US$200 million to launch insurance offering
The Indian payments firm PhonePe has secured US$200 million in funding to launch insurance and wealth offerings
Insurtech Sure launches embedded one-click technology insurance protection for merchants
Digital insurtech API provider, Sure, has launched a new technology that enables online merchants to offer customers embedded one-click insurance.
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.
Insurtech bolt and Pathpoint Launch E&S Integration
Singapore-based insurtech bolt has partnered with Pathpoint, a digital wholesaler for small commercial excess & surplus (E&S).
Cover Genius Acquires Clyde, Expanding its Presence in $121B Global Warranty Industry
Cover Genius, the insurtech for embedded protection, has announced the completion of an asset acquisition agreement with US-based embedded warranty provider, Clyde Technologies. The assets acquired will assist Cover Genius’ continued expansion into the medium-sized e-commerce segment.
SLVA and Black Kite Join Forces to Protect Businesses From Third-Party Cyber Risks
SVLA and Black Kite have forged a strategic partnership to help protect businesses from third party cyber risks.
Coalition enters UK excess cyber market
Coalition, a provider of active cyber insurance, has announced its entry into the excess cyber insurance market in the United Kingdom.
Data privacy violations are the new cyber threats for insurers
The Facebook pixel, website session recorders, online video tracking and reporting – these are the new privacy threats companies are facing as class action lawsuits and regulatory actions heat up.
What’s next for cyber insurance as competition swells?
Cyber risk can often be a challenging space to navigate for brokers due to the dynamic and unpredictable nature of cyber threats. But it’s this constant evolution that makes the field so exciting, according to Sebastian Swain (pictured), director with CRC Group.
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.
5 technologies impacting insurance
Throughout 2022, the insurtech sector experienced a fundraising paradigm shift from “growth at all costs” to a greater operational focus on sustainability, responsible growth, and even more importantly, toward a clear path to profitability.
Cowbell Launches “Cowbell Academy”, New eLearning Center Dedicated to Cyber Insurance
With 48% of insurance brokers and agents uncomfortable explaining cyber insurance to their clients, Academy strengthens insurance brokers’ knowledge of standalone cyber insurance
Embroker leans on data science for new product launch
Digital business insurance platform Embroker is going broader and wider with its new application, ONE.
DigitalOwl and RGA Form Collaborative Underwriting Technology Partnership
Today, DigitalOwl, an insurance technology company that utilizes artificial intelligence to interpret and transform medical records into a comprehensive and interactive Digital Underwriting Abstract, and Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer, announced a collaborative partnership designed to strengthen and streamline the underwriting process.
CNA Hardy rolls out suite of cyber cover for tech firms
CNA Hardy has launched Technology Package+, a suite of cyber insurance products that is intended to meet the needs of technology businesses.
What to consider with next-gen property risk data, analytics
According to the global consulting firm McKinsey, best-in-class insurers are “putting distance between themselves and their competitors” by applying advanced data and analytics.
Fountain Life Raises $15M in Funding
Fountain Life, a Naples, FL-based preventative health and longevity company, raised $15M in funding.
Walnut Insurance Raises $4M to Power Embedded Insurance for Enterprise Brands and Accelerate Growth
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4M seed round, with ATB Financial and NAventures, National Bank of Canada’s corporate venture capital arm, as the lead investors. Other investors include Harvest Venture Partners, Highline Beta, and N49P.
Key risk trends for directors and officers in 2023: potential recession, cyber and ESG concerns
Which are the main factors driving the possibility that a company and its board of directors may be sued by investors or other stakeholder groups in 2023? A poor financial performance or even insolvency amid economic uncertainty and the prospect of a global recession, a lack of robust cyber security and governance processes, or an inadequate or non-compliant response to environmental, social and governance (ESG) issues are among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty (AGCS). Despite a downward trend in new filings, US class action securities litigation remains a key concern, particularly around mergers, while cryptocurrency companies and exchanges are subject to increasing activity, the insurer’s annual D&O report also notes.
At-Bay introduces MPL coverage via API
Insurance startup At-Bay announced that its Miscellaneous Professional Liability insurance product will now be available via API to wholesale brokers, multi-carrier platform providers, and other distribution partners who service the insurance and small-to-medium sized business community
Bridging the InsurTech Divide with Data in 2023
The magic word to bridge a widening gap between successful and underperforming InsurTechs in 2023 is ‘data,’ according to a group of InsurTech experts who spoke with Carrier Management about their predictions for the new year.
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
Legal & General announces first Canadian Pension Risk Transfer transaction
Legal & General Group plc (“Legal & General”) announces that it has agreed its first Pension Risk Transfer (PRT) transaction in Canada for more than CAD $200 million (£114 million). The Canadian PRT market is an attractive and fast-growing market, which has more than doubled in size over the last five years to reach sales in 2018 of CAD $4.6 billion (£2.6 billion).
Insurtech Company Oyster Raises $3.6M
Oyster, an insurance technology company that provides personal insurance through seamless point-of-sale and post-purchase experiences, today announced that it has raised a $3.6 million financing round.
Chubb to Launch New Technology Hub in Thessaloniki, Greece
Chubb, the world’s largest publicly traded property and casualty insurance company, announced today it will launch a new technology services center in Thessaloniki, Greece in early 2023 to deliver innovative technologies that enhance the customer experience, increase efficiency and accelerate the company’s digital transformation.
USAA Leverages CCC to Streamline First-Party Casualty Claims Experience
The CCC First Party Claim Portal, developed in collaboration with USAA, extends CCC’s casualty offering, helps insurers digitally engage with policyholders.
AXA to use telematics to assess taxi fleet
AXA Hong Kong and Macau is working with Chung Shing Taxi and TaxiSafely to launch what it considers Hong Kong’s first Internet of Vehicles (IoV) project.
4 Ways to Balance Digital Trends with Customer Expectations
Insurers need to place the customer at the heart of everything they do, developing a digital strategy for both front and back-office operations to meet customers where they are.
Will insurance digitalization introduce a new social platform?
Covid-19 has accelerated online shopping and customer convenience has become critical. But even before COVID, Wolt, Zoom, and current consumer habits, all the signs were there, way before the race for digitalization. In fact, shortly after the emergence of social media in 2003-2004, businesses realized its potential and started utilizing it for marketing and business purposes.
Tesla changes insurance incentive scheme in China to urge purchases
Tesla Inc said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier.
Meet the insurtech: BikeInsure
Buzzy Cohn always knew that bike accidents happen – he just never thought it would happen to him.
Moody’s affirms ratings of Aviva, AXA UK, L&G, and M&G
Moody’s has affirmed the ratings of Aviva, AXA UK, L&G, and M&G, saying that the insurance financial strength ratings (IFSR) of the first three are still ‘stable’, while that of M&G remains ‘negative’.
At-Bay Collaborates with Guidewire Cyence to Set New Standard in Cyber Risk Underwriting
At-Bay is collaborating with Guidewire Cyence on the creation of the capability to quantify active CAT management.
Well-prepared leaders embrace risk – Aon report
Well-prepared leaders embrace risk and make better decisions during times of economic uncertainty, according to a new study by Aon.
LuckyTruck raises $2.4M for insurtech, taps industry veteran as CEO
Insurtech company LuckyTruck announced Thursday it has raised a $2.4 million seed extension led by Candid Insurance Investors with participation from Markd, Draper University Ventures and SiriusPoint as the company scales its retail insurance platform that reduces time spent shopping insurance. Since its founding in 2019, LuckyTruck has raised a total of $6.5 million.
Howden partners with Allianz Trade
Howden Insurance Brokers and Allianz Trade have announced their API partnership for structured credit insurance, Howden’s second API partnership in the sector this quarter.
What does the metaverse mean for insurers?
The metaverse is a concept making headlines across the globe, with its application being imagined across all industries. However, until recently, the practical manifestation and future impact of the metaverse was unknown.
Why insurance carriers are using smart home tech in hurricane-prone areas
Hurricane season is well underway, and with several weeks of activity potentially on the horizon, homeowners in high-risk areas are in a pinch. Forecasters are still predicting an above-average season with plenty of time left for powerful storms to form.
Munich Re acquires API-focused insurtech
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem.
5 innovative InsurTech companies in Germany
InsurTech combines ‘insurance’ and ‘technology’; it includes technology innovations to bring savings and efficiency to the insurance industry model.
MetLife announces new dental wellness incentive to reward healthy behaviors
MetLife announced the launch of a new dental wellness incentive. The provision rewards employees for positive oral health behavior – such as routine cleanings and exams – by increasing a member’s annual maximum and/or coinsurance percentages, and/or by reducing plan deductibles.
Embedded insurance: building customer-centric insurance distribution using apis
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
McKinsey: Autonomous mobility – The future of auto insurance
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
How tech can help life insurers enhance customer experience
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
The Modern Insurtech “Tech Stack”
While some may look at the recent negative press and abysmal stock performance surrounding public insurtechs and assume that the insurtech threat is receding, the insurance industry’s digital transformation is inevitable.
Insurance M&A sees highest growth rate in 10 years
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
Viewpoint: Can intelligent automation ensure the survival of the insurance industry?
The economic viability of the insurance industry’s current business model has been under discussion for several years.
Insurtech and traditional insurers: the changing dynamics of the insurance industry – Tearsheet
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
Answered – top seven questions investors have about cryptocurrency insurance
Taking advantage of the rising popularity of digital assets, crypto hackers raked in record-high profits last year, a recent study from blockchain analytics company Chainalysis has found.
Electric vehicles: How to address this growing market from an insurance perspective
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
Nationwide, Kinetic deploy wearables for workers comp
Kinetic Insurance, a partnership between Kinetic, a wearable device company, and Nationwide is protecting workers from potentially high-risk activities. Kinetic’s Reflex can reduce injuries by as much as 50%, according to the company.
AXA unveils financial results for first-half of the year
The H1 2022 financial results are in for AXA and CEO Thomas Buberl has credited the insurance giant with delivering “a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment.”
Chubb: Transforming the world’s insurance industry
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally.
Cowbell Cyber joins Amwins Professional Lines portal
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
Can Large Insurers Ever Innovate Like Their Insurtech Rivals?
Understanding and defining digital innovation is key to bring about change. In the insurance industry digital transformation has become a requirement to keep up with new Insurtechs in the space.
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