Insurtech Insights

20/10/2023

Pioneering broker-centric Insurtech accelerator programme, BrokerTech Ventures (BTV), has announced results from its latest report of its accelerator startups, with their collective valuation approaching US$1 billion.

“We are immensely proud of the achievements of our startups and of the continued growth of the insurtech sector as a whole,” said Dan Keough Holmes Murphy Chairman and CEO and BTV Co-CEO.

Mike Victorson, M3 Insurance President and CEO and BTV Co-CEO also commented, saying: “BTV’s commitment to fostering innovation and collaboration in the insurance technology space has solidified its reputation as a leading force in the insurtech ecosystem."

Bob Jenkins, Vice President of Enterprise Distribution at Travelers: “One of the reasons we signed on as BTV’s first carrier partner in 2020 was because of their approach to bringing together insurtechs, carriers, and brokers to address industry pain points."

Megan Kuczynski
https://lnkd.in/eBAkvhk7

20/10/2023

Arity, a prominent mobility and data analytics company, has officially launched its Arity IQSM network and attributes dataset on Google Cloud's data exchange platform, Analytics Hub - a platform that empowers auto insurers with enhanced pricing accuracy.

Gary Hallgren, Arity’s president, said: “We’re not only expanding the reach of one of the world’s largest driving behaviour databases tied to claims, but we’re helping insurers price more competitively at time of quote.”

“Google Cloud Analytics Hub provides Arity’s customers with an efficient, secure platform to exchange data and combine their business data with third-party insights,” said Yolande Piazza, Vice President of Financial Services at Google Cloud.

Megan Kuczynski
https://lnkd.in/ere53peK

20/10/2023

Xceedance, a leading global provider of strategic operations support, technology, and data services for insurance organisations, has officially launched its Centre of Excellence for Generative AI.

The news follows on from the launch of the insurtech’s burst capacity catastrophe modeling resources, designed to provide crucial support to reinsurers during peak renewal times.

According to reports, the new generative AI initiative highlights Xceedance’s commitment to driving high-return-on-investment generative AI applications across the insurance value chain.

Arun Balakrishnan, CEO of Xceedance, “Xceedance is at the forefront of innovation, collaborating with several insurers and brokers worldwide to establish a sandbox environment for experimenting with Generative AI. “


https://lnkd.in/eqbHePNQ

05/10/2023

Insurance giant AXA has introduced its transformative "We Care" program, designed to provide unwavering support to its 110,000 employees worldwide at various stages of life and critical moments. https://www.insurtechinsights.com/axa-unveils-comprehensive-global-wellbeing-program-we-care-for-employees

Insurance giant AXA has introduced its transformative "We Care" program, designed to provide unwavering support to its 110,000 employees worldwide at various stages of life and critical moments.

05/10/2023

Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its Platinum sponsorship of the 2023 CAS Annual Meeting for the third year in a row. https://www.insurtechinsights.com/akur8-announces-platinum-sponsorship-of-2023-casualty-actuarial-society-cas-annual-meeting/

Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its Platinum sponsorship of the 2023 CAS Annual Meeting for the third year in a row.

05/10/2023

Reserv, a frontrunner in AI-powered insurance claims processing, has successfully concluded its Series A funding round, securing $20 million to enhance its generative AI tools for claims data analysis. https://www.insurtechinsights.com/ai-driven-insurtech-reserv-raises-20-million-is-series-a-led-by-altai-ventures-and-bain-capital-ventures

Reserv, a frontrunner in AI-powered insurance claims processing, has successfully concluded its Series A funding round, securing $20 million to enhance its generative AI tools for claims data analysis.

05/10/2023

wefox is stepping up its plans for profitable growth and global expansion with the appointment of Jonathan Wismer as its new Group Chief Financial Officer (CFO) effective 1 October 2023.
https://www.insurtechinsights.com/wefox-appoints-jonathan-wismar-as-group-chief-financial-officer/

wefox is stepping up its plans for profitable growth and global expansion with the appointment of Jonathan Wismer as its new Group Chief Financial Officer (CFO) effective 1 October 2023.

05/10/2023

With a passion for technology and 25 years in the fintech space, Teo Blidarus, CEO and Co-Founder of FintechOS, is on a mission to make financial innovation available to all companies globally. Insurtech Insights caught up with him to find out more.

With a passion for technology and 25 years in the fintech space, Teo Blidarus, CEO and Co-Founder of FintechOS, is on a mission to make financial innovation available to all companies globally. Insurtech Insights caught up with him to find out more.

04/10/2023

Leading insurance broker, WTW, has launched a new Specialised MGU, called Verita, that is strategically positioned to deliver tailor-made insurance solutions catering to real estate, hospitality and leisure.

Edward Chiang, President and CEO of Verita, explained: “Our commitment to industry specialisation will place Verita at the forefront of meeting the insurance product and service challenges of today’s evolving risk environment. Our mission is to provide clients with the right insurance tools to mitigate their risks, allowing them to focus on growing their businesses.”

Leading insurance broker, WTW, has launched a new Specialised MGU, called Verita, that is strategically positioned to deliver tailor-made insurance solutions catering to real estate, hospitality and leisure.

04/10/2023

Munich Re Green Tech Solutions has successfully completed the final certification of photovoltaic warranty insurance in collaboration with Sunova Solar Technology, a leading global energy solutions company specialising in the design and manufacturing of clean renewable energy components.

Speaking about the development, William Sheng 盛昊, CEO of both Thornova Solar and Sunova Solar Technology, explained: “This certification is one more validation of Sunova Solar as a Tier One manufacturer and a reliable partner for North American companies. We are proud to ensure this additional security for our customers as they tackle the world’s greatest risk: climate change.”

Munich Re Green Tech Solutions has successfully completed the final certification of photovoltaic warranty insurance in collaboration with Sunova Solar, a leading global energy solutions company specialising in the design and manufacturing of clean renewable energy components.

04/10/2023

EMPOWERING INSURANCE: ⚡ Don't miss our exclusive interview with Rebecca Zhang, Chief Partnership Officer for SCOR's Life and Health Business in South Asia. We unpick the merits of using actuary skills to boost success in other roles, and explore:

✅ The diversity of Asia's marketplace
✅ What new trends are shaping the region
✅ How the markets differ regarding regulation and data
✅ The critical success factors behind forging a great partnership

She says: "In my view, fostering a win-win mindset with our partners is absolutely crucial. This mindset serves as one of the most pivotal factors contributing to success."

https://www.insurtechinsights.com/empowering-insurance-rebecca-zhang-chief-partnership-officer-for-scors-life-and-health-business-in-south-asia/.

Like most leading insurance experts, SCOR’s Rebecca Zhang had an inadvertent journey into the insurance business. She talks to Insurtech Insights about why versatile and highly sought-after actuarial skills help to forge strong partnerships.

04/10/2023

Insurtech startup Allium Data, Inc., has announced the conclusion of its pre-seed funding round, amassing a US$750,000 in financial backing.

In a statement issued to the press, Michael Rost, CEO of Allium., said: “Parker Beauchamp is a bold, out-of-the-box thinker in the insurtech space. He has a background rooted as an independent insurance broker, and because of that, he understands the failures and opportunities inherent in the legacy systems and distribution better than anyone I know.”

Markd’s Beauchamp iterated, “Michael is a sharp, veteran insurance lawyer that discovered a remarkable opportunity to help agents, brokers, carriers, and insureds. His use of data, powered by today’s technologies, for the purpose of good is exciting to be a part of.”

Insurtech startup Allium Data, Inc., has announced the conclusion of its pre-seed funding round, amassing a US$750,000 in financial backing.

04/10/2023

insurtech leader Coalition, Inc. has announced a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs).

“Cyber attacks are increasing globally, and Japan, as one of the world’s largest economies, is especially at risk,” said Joshua Motta, Coalition’s Co-founder and CEO.

“Through our partnership with Coalition, we can offer cyber risk assessments and diagnostic services tailored for Japanese SMBs at a lower cost," said Tomoyuki Motoyama, Group Chief Digital Officer at MS&AD.

Cyber insurtech leader Coalition has announced a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs).

04/10/2023

Resilience, a leading cyber risk solution provider, has announced a substantial increase in its underwriting capacity, now extending up to US$12.1 million in cyber insurance coverage for clients in the UK and US.

Vishaal 'V8' Hariprasad Hariprasad, CEO and Co-Founder of Resilience, said: “When enterprises adopt a cyber resilience approach, they can withstand digital attacks without compromising their ability to deliver value. With this expanded capacity, we’re excited to have Rehan Hussain and Tom Ryan lead our major expansion efforts.”

Steve Watson, Managing Director UK Specialty Lines at RSA Insurance UAE, explained: “Resilience are leaders in this space, and with a shared focus on building client resiliency, we look forward to working closely with them to bring these solutions to brokers and customers.”

Magnus Heimann M.A., CUO of Accredited Europe, added: “We are delighted to begin this new partnership with Resilience and RSA. We look forward to supporting the partnership’s future ambitions in the cyber market.”

Resilience, a leading cyber risk solution provider, has announced a substantial increase in its underwriting capacity, now extending up to US$12.1 million in cyber insurance coverage for clients in the United Kingdom and the European Union.

04/10/2023

wefox Deutschland has been appointed as affinity insurance partner by WINDTRE, Italy’s leading telecommunications business.

Julian Teicke, CEO at wefox said: “Our partnership with WINDTRE is an endorsement of our distribution strategy and technology platform. Together we will be developing and delivering bespoke insurance products specifically for WINDTRE customers.”

Maurizio Sedita, Chief Commercial Officer at WINDTRE said: “This strategic partnership with wefox is a game changer for the insurance industry.

wefox, one of the world’s leading insurtech, has been appointed as affinity insurance partner by WINDTRE, Italy’s leading telecommunications business.

09/08/2021

Israeli insurtech startup Vesttoo announced on Sunday that it has completed a $6 million funding round led by Hanaco Ventures, just four months after raising $2 million.

The previous round in April was led by the Sure-Tech R&D partnership, with Vesttoo’s value increasing by about 80% over that period according to the company.

Vesttoo has developed technology in the field of risk management, which allows insurance companies and reinsurers to transfer their insurance risks to the capital market through the use of financial instruments for investment.

https://www.insurtechinsights.com/insurtech-startup-vesttoo-raises-6-million/?utm_source=Facebook

02/08/2021

Indian online insurance aggregator Policybazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.

In a report early this year, analysts at AB Bernstein estimated that PolicyBazaar.com commands 90% of share in the online insurance distribution market. The platform, which competes with Acko as well as Amazon in India, also sells loans, credit cards and mutual funds. The startup says it sells over a million policies a month.

“India has an under-penetrated insurance market. Within the under-penetrated landscape, digital distribution through web-aggregators like PolicyBazaar.com forms

01/07/2021

Insurance tech startup Bolttech on Thursday said it raised $180 million in a funding round, led by private investment firm Activant Capital Group, that valued it at more than $1 billion.

The New York and Singapore-based company’s online platform serves as a matchmaker between insurance companies, allowing them to offer customers products that may not be in their area of specialization.

Insurance providers spend billions of dollars a year on advertising to bring in customers, some of whom may want financial products not in the providers portfolio, Rob Schimek, bolttech’s group chief executive officer, pointed out.

https://www.insurtechinsights.com/insurtech-startup-bolttech-raises-180-million-valuing-firm-at-more-than-1b/?utm_source=Facebook

Insurance tech startup bolttech on Thursday said it raised $180 million in a funding round, led by private investment firm Activant Capital...

29/06/2021

Pathpoint, a digital excess and surplus lines insurance brokerage, reported that it has raised $30 million in funding.

Launched in late 2020, Pathpoint offers retail agents P&C and professional lines products from 10 top-rated carriers through the company’s online platform. Pathpoint combines world-class technology with the service capabilities of a full-service brokerage, a first for the E&S industry.

“More and more business has been conducted through the E&S market in recent years, yet it’s one of the key segments of commercial insurance that has not been effectively digitized in any meaningful way,” said Alex Bargmann, Co-Founder and CEO of Pathpoint.“

https://www.insurtechinsights.com/digital-es-broker-pathpoint-raises-30-million/?utm_source=Facebook

Pathpoint, a digital excess and surplus lines insurance brokerage, reported that it has raised $30 million in funding...

28/06/2021

You can add another item to consumers’ pandemic shopping list: life insurance.

The number of life insurance policies sold jumped 11% in the first quarter from the same time a year ago, according to the industry research firm LIMRA.

“We’re actually seeing one of the strongest growth segments is millennials,” said Roger Crandall, CEO at MassMutual. In fact, 45% of millennials say they are more likely to buy life insurance because of COVID-19, according to LIMRA.

https://www.insurtechinsights.com/more-young-people-are-buying-life-insurance-because-of-covid-19/?utm_source=Facebook

28/06/2021

Re/insurance broker Aon has decided to extend its strategic alliance with zesty.ai, a tech firm that uses artificial intelligence to assess climate and non-catastrophe risk, following the approval of a new wildfire risk model in California.

Attila Toth, Founder and CEO of Zesty.ai, commented: “A deep understanding of every property is key to an equitable and stable insurance market.“

“As the need to better measure climate risk increases, we are constantly refining our models and developing new ones and working with Aon greatly accelerates the adoption of these data-driven solutions.”

https://www.insurtechinsights.com/aon-and-zesty-ai-gain-approval-for-ai-wildfire-model-in-california/?utm_source=Facebook

28/06/2021

Like major companies across the U.S., Nationwide executives in the early part of 2021 were discussing the process of repatriating some work-from-home employees to the office as the COVID-19 pandemic receded. That’s when inspiration struck.

As they were granting more of their employees the ability to permanently work remotely, Nationwide leaders realized that a similar shift was happening around the country, and that these employees — who were also consumers and policyholders — were going to have new insurance needs.

“We had this ‘a-ha’ moment where we realized that we have about two thirds of our staff that are going to be permanently working at home, and that there’s an opportunity to think about how to build a solution for folks who are going through the same thing,” says Elizabeth R., president of personal lines P&C for Nationwide.

https://www.insurtechinsights.com/nationwide-betting-home-work-will-prove-value-of-digital-innovations/?utm_source=Facebook

Like major companies across the U.S., Nationwide executives in the early part of 2021 were discussing the process of repatriating some...2

24/06/2021

Nationwide's new “Work From Home Insurance” is a package of auto, home/renters, and identity theft coverage options.

The offering will be available in more than 30 states across the country this summer with plans to include additional states and coverages in the future.

This first-of-its-kind Work From Home Insurance bundle is part of Nationwide’s commitment to developing protections for unique moments and situations in a customer’s life and providing them through an end-to-end digital experience.” – Elizabeth R., Nationwide’s president of Personal Lines Property & Casualty.

https://www.insurtechinsights.com/work-from-home-insurance-by-nationwide/?utm_source=Facebook

Nationwide has introduced a new package of coverage geared for those who are spending a lot more time at home these days...

24/06/2021

Allstate Corp. wants to buy more independent insurance agencies this year to build the business it acquired with its purchase of National General, Allstate Chief Executive Tom Wilson told Reuters on Wednesday.

“There’s no future in that – no need for a human modem anymore,” Wilson said. Allstate’s strategy is to supply agents with customer data via computer to enable “a real conversation,” he said.

“What about your 16-year-old? Is your son or daughter at college actually driving the car?’ You can have a different kind of conversation. That’s what we’re trying to do.”

https://www.insurtechinsights.com/allstate-ceo-strategy-more-independent-agents-but-no-more-human-modems/?utm_source=Facebook

23/06/2021

Paris-based insurtech Hoggo has raised €11 million in a Series A funding round led by Partech with the participation of its existing investor GFC.

“SMEs and employers are overwhelmed with time-consuming administrative tasks that prevent them from focusing on developing their business,” comments Hoggo co-founder and CEO Anna Rossin.

“We created Hoggo to save them time and free their minds while ensuring they pay the optimal price for their insurance.”

https://www.insurtechinsights.com/french-insurtech-hoggo-raises-e11-million/?utm_source=Facebook

23/06/2021

Having secured its $2.1m seed funding round in January this year, Nayms brings in a new cohort of investors who have subscribed to a future listing of the project’s native token, NAYM.

Nayms CEO, Dan Roberts, said: “We were lucky enough to have such an oversubscribed round, allowing us to be highly selective with whom we brought into the project.“

“The additional expertise across capital markets, legal and compliance, token economics and community building will continue to help us support the growing insurance movement within the digital asset space.”

https://www.insurtechinsights.com/nayms-secures-an-additional-6m-for-future-naym-token/?utm_source=Facebook

Having secured its $2.1m seed funding round in January this year, Nayms brings in a new cohort of investors who have subscribed to...

23/06/2021

Reports from Bloomberg highlight how the proposed $30 billion merger of insurance brokerage giants Aon and Willis Towers Watson (WTW) would create the world’s largest outsourced investment management firm.

According to Bloomberg, Aon and Willis Towers Watson are global leaders in the emerging market for outsourced Chief Investment Officers (OCIOs), which is an expanding segment of the retirement money manager market.

By merging, the combined company would overtake Marsh McLennan’s Mercer unit to establish the world’s largest OCIO provider, with 10% control of that market and $300 billion of assets under management, says Bloomberg, citing industry estimates.

https://www.insurtechinsights.com/combined-aon-wtw-would-be-worlds-largest-outsourced-investment-firm/?utm_source=Facebook

22/06/2021

Honeycomb Insurance (fka Agilius) seeks to disrupt the $22B market multi-family property market by delivering a simple, efficient, and transparent experience for buildings and communities.

“It’s mind-blowing that personal lines have advanced so much, and commercial is stuck in the past,” comments Itai Ben-Zaken, co-founder and CEO, Honeycomb.

“Insureds purchasing HOA insurance shouldn’t have to deal with manual forms, long underwriting reviews, weeks of waiting, or documents being passed from customer to broker to underwriter and back for every change. That’s where we are changing things.“

https://www.insurtechinsights.com/honeycomb-launches-in-north-america-with-3m-funding/?utm_source=Facebook

22/06/2021

Generali has agreed to buy rival AXA's insurance assets in Malaysia for a consideration of RM 1,290m (€262m) in a key strategic push into the region.

The acquisitions will position Generali as one of the top insurers in the Malaysian market, creating the second P&C insurer by market share and entering the country’s life insurance sector.We have ambitions to further transform and strengthen our business in this important market .”

Jaime Anchustegui Melgarejo, CEO international, Generali Group, said: “The transactions are fully aligned with Generali’s strategy to strengthen its leadership position in high potential markets, like Malaysia, which represents a very attractive opportunity as it is home to a growing middle-class population and with an insurance pe*******on rate that is still relatively low compared to other more mature markets in the Asian region.”

https://www.insurtechinsights.com/generali-to-buy-rival-axa-malaysia-insurers-in-transforming-strategic-move/?utm_source=Facebook

22/06/2021

Commercial motor insurance provider Zego has introduced a robust workplace policy to support Trans and Non-Binary employees, outlining the company’s clear position and commitment to supporting Trans and Non-Binary employees.

Kingsley Macey, Chief People Officer at Zego, said: “This policy enshrines our inclusive beliefs and commitment to the trans and non-binary community and is an important milestone in the company’s history.“

“We are very pleased to be one of the few companies to offer such a policy and we will be working very closely with our employees behind the scenes to ensure that they are all fully up to speed on the policy.“

https://www.insurtechinsights.com/zego-launches-trans-and-non-binary-workplace-policy/?utm_source=Facebook

Commercial motor insurance provider Zego has introduced a robust workplace policy to support Trans and Non-Binary employees...