Industry News
Autonomous vehicle market expected to exceed $202 billion by 2030
16 March 2020
The autonomous vehicle service market, which has created plenty of liability questions for insurers, is expected to grow from $1.14 billion last year to $202.51 billion by 2030, according to a report by ResearchAndMarkets.com. The market is expected to post a compound annual growth rate (CAGR) of 60.1%.
Cyber insurance pricing ‘no longer a black box’
13 March 2020
Cyber insurance pricing in the small and middle market space is “no longer a black box,” according to ProWriters president Brian Thornton (pictured). As more carriers start to use technology like artificial intelligence (AI) and scanning tools to automate their underwriting of cyber risk, the policy rates and terms are becoming very dynamic.
How On-Demand Insurance Is Poised to Be the Next Big Thing
11 March 2020
Customers want simple, reliable, and recognizable products. They want to purchase something once and forget about it until they need it. A new concept called on-demand insurance is on the horizon of the insurance industry, thanks to big data, mobile computing, and millennial tastes. On-demand insurance is simply a different way to protect assets. It’s good for insurance professionals to learn about the product so they know which customers it would suit best. Consumers want to stay informed as well.
How AI will improve CX in insurance
10 March 2020
How can you deliver an experience that doesn’t leave customers running for the hills. By incorporating artificial intelligence into claims, inquiries, and other policy service processes, insurers can deliver more accurate information and streamline customer experiences. And as we look to 2020, we’ll see AI being used in completely new ways, transforming how insurers use AI across different channels – in context – to deliver experiences that make customers happy.
Guy Carpenter partners with Charles Taylor InsureTech
10 March 2020
Global risk and reinsurance specialist Guy Carpenter has partnered with Charles Taylor InsureTech as part of the company’s “future-proofing” program. The partnership involves the creation of a global, cloud-based document management solution (DMS) to supply Guy Carpenter with a single, global document depository, Charles Taylor InsureTech said.
Stay Tuned for Major Investments in Predictive Analytics and Artificial Intelligence
03 March 2020
More than two-thirds of insurance carriers will invest in predictive analytics and artificial intelligence over the next two years. Sixty percent of carriers will invest in automation, and more than half will invest in machine learning. The technological revolution in insurance isn’t just a thing of the future. It’s already here.
Previous industry news
Future Foundations: Talent, Tech and Data
28 February 2020
Insurers now more than ever need to be looking for solutions that will give them real strength for these three operational pillars. If they are strong, the organization will thrive. Together, these pillars management can make or break strategies and platforms for growth.
Why Germany Is Becoming a Global Hotspot for InsurTech Firms
25 February 2020
In 2019, Germany had already begun to position itself as the de facto hub for InsurTech firms, largely due to the uniquely collaborative nature and disruptive potential of InsurTech startups in the country, in combination with extreme interest from international investment firms.
4 Things Insurance Firms Can Do to Improve Efficiency, Data Use
20 February 2020
Digital transformation is making it possible for the insurance industry to engage customers with personalized interactions that lead to products and services tailored to their individual insurance needs.
Seeking All Sustainable-Insurtechs To Help To Take Action
11 February 2020
In 2015 the Swedish Occupational Pension Provider SPP concluded that as the Nordic Insurance market is on the way to be disrupted, the outcome of analysis has been clear. SPP needed to implement a new core platform, redefine its place in the ecosystem and be more accessible for partnerships.
Innovation: Top Down/Bottom Up
10 February 2020
From the internet of things (IoT), robotics process automation (RPA) and artificial intelligence (AI) to wearable technologies, telemedicine to augmented reality/virtual reality training (AR/VR), more than 1,500 insurtech companies are looking for ways to improve efficiency on multiple fronts by automating and speeding up processes.
The Role of Data and Analytics in Insurance Fraud Detection
06 February 2020
The rise of analytics presents a world of almost limitless potential for industries such as insurance where companies have long held a foundation of information. The industry at large has had a slow adoption of new Big Data analytics because of cost concerns, and regulation may be the limiting pressure of the future.
Claims: Beyond the ‘Moment of Truth’
06 February 2020
In insurance, claims remains the “moment of truth.” It represents the best single opportunity for an insurer to engage personally with its customer, satisfy the coverage promise and foster loyalty. Now it is benefiting in a big way from new and exciting technologies, and investors are eager to place bets on a new generation of entrepreneurs.
3 Keys to Better Collaboration
27 January 2020
The insurance industry is facing a flurry of challenges as consumer needs and expectations evolve with a new age. Although collaboration isn’t always common practice in the industry, it’s time that teams learn to work together.
A Self-Destructive Cycle in Insurance
23 January 2020
We are stuck in a self-destructive cycle because an industry-wide culture that rejects true innovation leads to a huge talent deficit that prevents innovation.
2020 Outlook for U.S., Americas
20 January 2020
The past decade’s low growth rates, lack of trust in institutions and declining policy sales are forcing insurers to redefine their value propositions to stay relevant for new generations of consumers. Optimizing costs while investing in the right technologies and talent are also top agenda items. The willingness to take bold action will separate the leaders from the laggards. It will also enable some insurers to convert significant opportunity today into significant value tomorrow.
P&C Insurance Is Losing Importance
08 January 2020
P&C insurance is becoming less important financially because the insured world is becoming safer. The safer the world, the less insurance people need to buy to protect them against losses. The less important any good or service is, the less valuable it becomes, and people will not pay as much for it. It is just simple economics.
North America Is Experiencing the Highest Rate of Insurance Technology Adoption
03 January 2020
The insurance technology (Insurtech) vendors aim to provide software that should simplify the decision-making process for clients. North America is reportedly experiencing the highest rate of Insurtech adoption because of how much customers in the area are spending on insurance-related products
Is Transformation Losing Steam?
02 January 2020
Technology adoption in personal lines has been has been fairly easy because of the early advent of personal auto data standards. Many insurers have staked their industry competitive advantage on data and analytics – Progressive comes to mind. Others have been early adopters of advanced payment technologies. So, is it time for transformational technology adoption to plateau or even dip in the personal lines segment?
How insurtechs using one platform are injecting innovation into insurance
30 December 2019
The ceiling for investment in the insurtech space hasn’t been reached yet. According to a recent report from QBE and Village Capital, the investment in the space came in at just US$140 million in 2011 and by 2018, it grew to US$4.9 billion. As the insurtech field keeps on growing, the report also noted that it is increasingly important for the industry to stay abreast of key trends.
Insurtechs on personalisation in the insurance sector
30 December 2019
Given the increasing prevalence of insurtechs in the insurance distribution network and the changing role of digital transformation in this sector, more and more insurers are embracing new technologies to.
How insurtechs using one platform are injecting innovation into insurance
30 December 2019
According to a recent report from QBE and Village Capital, which stated that investment in the space came in at just US$140 million in 2011 and by 2018, it grew to US$4.9 billion. As the insurtech field keeps on growing, the report also noted that it is increasingly important for the industry to stay abreast of key trends.
Program Underwriters Seek ‘New, New’ Spaces While Administrators Embrace Insurtech
30 December 2019
Fuelled by efficiencies introduced by insurtechs and underwriters’ interest in niche classes, the insurance program business has experienced impressive growth the last few years. But heavy interest is also forcing program administrators to think outside the box in order to stay competitive.
Insurers’ Imperative to Modernize
20 December 2019
McKinsey recently published a paper titled IT Modernization in insurance: Three paths to transformation, in which the report authors say: “Insurers too often treat systems transformations as IT projects rather than acknowledging them for what they are: overall business transformations.”
Automation Lets Compassion Scale
20 December 2019
By automating the mundane pieces of claims management, AI opens the door for a new model of “scalable compassion.”
Transformational technologies not losing steam in personal lines
20 December 2019
Many insurers have staked their industry competitive advantage on data and analytics – Progressive comes to mind. Others have been early adopters of advanced payment technologies – USAA is a great example. So, is it time for transformational technology adoption to plateau or even dip in the personal lines segment?
B2B PAYMENTS: Why Main Street SMBs Are A Greenfield For InsurTech
19 December 2019
Insurance industry’s continued reliance on paper and inefficient underwriting processes makes the market a prime target for technology disruptors. Hence the InsurTech arena has ballooned in recent years. As all aspects of individuals’ lives migrate online, from payments to dating, why shouldn’t the process of taking out an insurance policy do the same?
Insurtech in review: new and old players adapt to a changing landscape
15 December 2019
Early year studies from Deloitte and McKinsey cited 2019 as the year for insurance firms to embrace new partnerships and join in the tech revolution. While the past year has seen increased investment in insurtech and growing integration of tech macro-trends that have disrupted several industries, the greatest change in the insurance space May have been a change to the landscape, according to Seth Rachlin, executive vice president and insurance leader at Capgemini.
10 insurtech market predictions for 2020
09 December 2019
The insurtech industry has continued its growth trajectory in 2019, highlighted by surging valuations in the private market, emerging startups edging toward maturity and interesting M&A activity. Non-traditional insurers jumping into the game, budding international markets, and the threats of climate change are all major trends that deserve attention.
Claims management: low-code development saves money, time and improves experience.
17 December 2019 – Webinar
Consumers demand claims services that are fast, simple and intuitive, and failing to deliver could cost you. How do you make something as bureaucratic as claims management a breeze on the back-end, and a pleasant user experience on the front-end? You might be surprised to see what low-code development and a custom application can do for your bottom line.
Automation could yield more than $40 billion in savings to insurers
13 December 2019
North American insurers could save up to $44 billion through 2025 using technology to automate jobs or assist employees, according to estimates from Accenture Plc.
Meet the insurtech: Pickle
13 December 2019
Home insurance startup Pickle is betting it can attract customers with better education on the value of home coverage, as statistics reveal about 60% of homeowners in the U.S are underinsured.
The State of IoT in Insurance – Automotive, Home, and Health
13 December 2019
Insurers are looking to leverage all of the digital customer data that is now available to them, including one new data source that some of the largest insurance enterprises claim are actively collecting: real-time data streams from the Internet of Things (IoT).
Research for AZ Blues plan show patients want digital offerings
11 December 2019
Patients appear willing to pay extra for digital healthcare services, but they aren’t ready to rate those encounters as better than a one-on-one encounter with a doctor. The results come from an October survey of 1,531 residents of Arizona, believed to be reflective of the general population. They study was aimed at evaluating consumer interest in digital offerings, as well as their overall priorities and preferences in care.
Robots in finance could wipe out some of its highest-paying jobs
09 December 2019
Robots have replaced thousands of routine jobs on Wall Street. Now, they’re coming for higher-ups.
10 insurtech market predictions for 2020
09 December 2019
Winners will emerge, consolidation will increase and the value of real-time data will skyrocket, according to XL Innovate partner.
3 Big Challenges on the Way to Nirvana
06 December 2019
To fulfill insurtech’s promise, insurers must get their heads around cognitive computing, big data and data exchange standards.
Three Potential Landmines For Insurtechs Becoming Full-Stack Insurance Companies
05 December 2019
As funding in the insurtech vertical continues to surge and the current crop of insurtech companies grows and matures, a common dilemma facing the successful companies is whether to move from being just an insurance producer
Insurance Technology is Transforming how Real-Time and Predictive Data are Captured and used to Develop Products
05 December 2019
Investments in the Insurtech industry have been increasing rapidly. They’ve grown from around $140 million in 2011 to about $4.9 billion as of 2018.
Risks, Opportunities in the Next Wave
04 December 2019
As insurance executives look out for the industry’s next wave, they will see a paradox of great risk and opportunity. The most serious threats — societal megatrends, disruptive technology advancements and intensifying competition from both new and traditional players — also hold the greatest potential for growth and transformation.
AI investment biggest among larger insurers
03 December 2019
Adoption of AI is highest among top-tier carriers, according to a LexisNexis survey of 300 executives at the top 100 U.S. insurers.
Increasing efficiency in flood insurance with digital
03 December 2019
In addition to the benefits such as speed and ease of use, appealing to the digital generation and increased transparency, digitizing flood insurance also has the ability to automate claims, add consistency to regulatory compliance and assist with fraud control.
Which Insurtech Distribution Model Gets It Right?
03 December 2019
Insurtech has become one of the fastest growing segments in fintech. McKinsey & Co. reported that over $10 billion has been invested in insurtech since 2012. Already there are over 2,500 insuretechs around the world, a number that will surely continue to climb.
Radical Prediction on Future Tech Leaders
02 December 2019
What makes a premier insurance technology provider? It includes a focus on delivering business value, a keen understanding of what customers will need over the coming years and a quick time to decision to deliver solutions.
Breakthroughs Finally Appearing in Claims
02 December 2019
Many claims folks have been stuck because of regulatory constraints, inflexible legacy systems and a perpetual cycle of reduced budgets. Until now.
Power of Accelerated Underwriting
02 December 2019
The industry has yet to tap the true potential of accelerated underwriting because the automation component has been missing.
5 Emerging Trends for Insurance in 2020
14 November 2019
Insurance companies have been taking early strides, somewhat in a migratory manner, to adapt to technology advances to help better run operations, improve underwriting and risk management, enhance customer offerings and services and profitably grow the business. Taking into account this early progress, we look to 2020 and several trends in the industry that have begun to take shape and will accelerate this coming year.
How P&C Can Use Crime Data Better
25 November 2019
For insurers that underwrite commercial properties, crime risk data can often be overlooked or under-prioritized in comparison with other hazard data. In the P&C industry, we’re often quick to note the insured or economic losses associated with catastrophes.
Uber licence loss to impact insurtech sector
25 November 2019
The loss of Uber’s licence to operate in London could have a damaging impact on insurtech firms that have developed products for the ride sharing market, according to data and analytics firm GlobalData.
A Maritime Metaphor for Change in P&C
19 November 2019
New digital technologies, increased competition and changing customer demands are forcing 61% of insurance carriers and financial services firms to move away from traditional business models, according to a recent global study of C-suite insurance and financial services executives. While we don’t need a study to tell us that digital disruption is real, what’s mind-boggling is what the other 39% of organizations are (or aren’t) doing about it.
Homeowners sector increasingly targeting insurtech efficiencies: AM Best
19 November 2019
Companies in the US homeowners market are increasingly relying on insurtech to boost efficiency and agility in the face of challenging market dynamics, according to analysts at AM Best. Analysts observed that effective use of technology in this sector has helped to lower transaction costs and expand access to customers.
Future of Claims Intake for Insurance?
18 November 2019
The benefits of advanced claims intake for commercial insurance can seem obscure, cloaked in a mix of digital hype and theory. It’s not surprising that until recently it’s been hard to win buy-in from business leaders to move toward optimizing claims intake. But consider this concrete idea: What if you could ask fewer but better questions during the claims intake process? What if you could continually reduce the number of questions, and achieve greater accuracy?
5 Emerging Trends for Insurance in 2020
05 November 2019
When it comes to implementing new technology, the insurance industry is rarely considered an early adopter. However, insurance companies have been taking early strides, somewhat in a migratory manner, to adapt to technology advances to help better run operations, improve underwriting and risk management, enhance customer offerings and services and profitably grow the business. Taking into account this early progress, we look to 2020 and several trends in the industry that have begun to take shape and will accelerate this coming year.
Insurtech, trust and using data for good
13 November 2019
Greater use of data raises questions about trust. Are policyholders willing to give more data? Would they do so only if it could result in lower premiums? If so, what will be the penalty for other policyholders, as average premiums must – all other things being equal – remain constant?
How Insurtech Innovation Can Digitally Transform the Travel Sector in Nigeria
06 November 2019
Insurtech players are lining up to offer innovative digital services designed to improve the policyholder experience and drive loyalty. According to the World Economic Forum (WEF), the aviation, travel and tourism industry has been “at the forefront of digital disruption” for several years. Yet its research suggests that the sector should “brace itself” for yet another wave of transformation.
Company News
Swiss Re announces a strategic alliance with Microsoft
12 March 2020
Through this alliance Swiss Re would create a Digital Market Center using Microsoft’s data analytics and artificial intelligence capabilities to transform how risks are predicted, managed and insured. Microsoft to support Swiss Re in developing go-to-market strategies for new risk management solutions and insurance products based on data insights
The Digital Market Center’s initial focus will be on connected vehicles and mobility, Industry 4.0 and natural catastrophe resilience.
Cathay Financial Joins Plug and Play’s Insurance Technology Program in Singapore
12 March 2020
Cathay Financial has reportedly decided to join Plug and Play Singapore’s insurance technology (Insurtech) program. Both parties are planning to extend their partnership by working cooperatively with promising startups that are developing products and services for the financial services and health industry. Cathay Financial and Plug and Play began working together in 2017.
Shift Technology’s Force Add-on for ClaimCenter Now Available in Guidewire Marketplace
12 March 2020
Shift Technology, a provider of AI‑native fraud detection and claims automation solutions for the global insurance industry, and Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that Shift’s Force add-on for ClaimCenter, created using the Guidewire DevConnect developer environment, is now available in the Guidewire Marketplace.
Finantix acquires a Swiss AI and data science company dedicated to wealth management and insurance
11 March 2020
The acquisition will strengthen Finantix’s award-winning platform by augmenting it with InCube’s AI, robotics, and cognitive technologies, further expand Finantix’s presence in the Swiss and global wealth management and insurance markets and Broaden market access for InCube’s AI-driven products and solutions.
Zurich UK Teams Up With Carpe Data to Combat Fraud & Increase Claims Efficiency
10 March 2020
Zurich UK, a company that provides a suite of general insurance and life insurance products to retail and corporate customers, announced on Tuesday it is now working with U.S. data group Carpe Data to improve claims processing efficiency and fight fraud.
Instanda Raises $19.5 Million in Series A Funding Round
10 March 2020
Instanda, a customer and policy management platform for the insurance industry, has raised $19.5 million in a Series A fundraising round. Instanda says it is “converting the lethargic back office” to an agile middle and front office with low upfront costs. The platform enables existing insurers to “overcome the drawbacks of legacy IT systems and new ventures to embrace the entirety of benefits afforded by digital transformation.”
German Insurtech omni:us Secures $13 Million Through Series A Investment Round Led By CommerzVentures
08 March 2020
Germany-based insurtech omni:us recently announced it secured $13 million through its Series A investment round, which was led by CommerzVentures with participation from Viola FinTech and Uniqa Ventures. The investment round notably comes just a few months after omni: us received a €1.6 million grant from the EU Commission’s European Innovation Council. The funding will be used to accelerate omni: us’ US expansion.
Insurance Underwriter Managing Agency Partners Limited Integrates with Insurtech ClauseMatch
28 February 2020
ClauseMatch, an Insurtech that was part of the inaugural Barclays accelerator programme, has integrated with Managing Agency Partners Limited (MAP), an underwriting agency in the Lloyd’s of London insurance market.
Previous company news
Digital Transformation: Capital One to Close 37 Physical Bank Locations to Keep Up with Changing Consumer Behavior
01 March 2020
Capital One Financial Corporation (COF), a major US based bank holding company focused on offering credit cards, auto loans, banking, and savings accounts, is preparing to close down 37 of its physical branch locations across the country.
Verisk is launching life insurance analytics platform with SCOR
01 March 2020
Verisk is launching its new analytics platform for automated underwriting of life insurance in collaboration with SCOR, a Tier 1 global reinsurer. The platform is designed to help improve the life insurance buying experience for consumers and support insurers’ digital transformation.
The key to insurance innovation? Peace of mind on a 24/7 basis
28 February 2020
Generali is convinced that innovation is an opportunity to guide the process of change as a leader of the insurance industry. Therefore, innovation and digital transformation are key pillars in the strategy of Europe’s third largest insurer. This reflects in different approaches and a range of activities, both internally and externally.
InsurTech startup Digital Risks raises £10.4 million
26 February 2020
The insurtech offers industry leading, flexible, customisable subscription based insurance cover that’s designed to meet the needs of small and medium sized businesses, and the new and emerging threats they face.
ClaimVantage partners with The Claim Lab to enhance data driven claim management
25 February 2020
The integration between the ClaimVantage Claims solution and The Claim Lab platform provides claim professionals with additional risk management capabilities. The information gathered at intake is scored based on several factors, with the claim score automatically generating before returning to the claim file, creating next step actions for claim professionals to take. Psychosocial assessments are also available to refine ongoing claims management.
London’s Concirrus raises $20 million to expand insurtech platform for auto and marine industries
17 February 2020
Concirrus, a London based insurtech startup, has closed a $20 million Series B funding round led by AlbionVC. The company will use the new funding to expand its predictive analytics platform, geared toward the automotive and marine insurance sectors.
UK insurtech Carrot is facing criticism over its tech and data collection practices
16 February 2020
The UK-based insurtech leverages user data from telematics with the aim to reward users for good behavior — but its facing criticism from users about the app being faulty, per the BBC.
Commercial Insurtech Bold Penguin Adds Auto Insurance to Exchange
06 February 2020
Bold Penguin, a U.S. based commercial insurtech firm, recently announced it has added commercial auto insurance to its insurance platform. According to Bold Penguin, the new capability will allow business use auto insurance to be quoted with other insurance coverage in a bundle.
Plug and Play Forms New Insurtech Partnership With Society of Actuaries
16 February 2020
The Society of Actuaries (SOA) announced last week it has formed a partnership with Silicon Valley accelerator, Plug and Play. The duo is reportedly joining forces to exchange “knowledge and ideas” that will benefit both the insurance and consumers.
Boost Insurance Secures funding to Expand Infrastructure-As-A-Service Platform
16 February 2020
Boost Insurance recently announced it secured $14 million led co-led by Coatue and Graycoft to expand its infrastructure-as-a-service (IaaS) platform. The investment brings Boost’s total funding to $17 million.
Blue Cross Launches New Services to Help Users Customize Travel Insurance Plans
16 February 2020
Hong Kong-headquartered Blue Cross, is set to introduce its Travel Smart MultiTrip Insurance Package, which will allow clients to customize their travel insurance plans. The company has also introduced the Flight Delay Cash Allowance Extension.
Goodcover launches into the fast-moving insurtech space.
06 February 2020
Y Combinator -backed Goodcover is launching today to take on the likes of big insurance, as well as insurance startups like Lemonade, Jetty, Hippo and Zebra.
Santam partners with insurtech JaSure
06 February 2020
Short-term insurer Santam has invested and partnered with on-demand insurtech JaSure. The insurtech company offers digital, on-demand insurance to clients, effectively allowing them to choose what they want to insure and when to do so.
Western Mutual partners with Cape Analytics
23 December 2019
Western Mutual Insurance Group has signed on with Cape Analytics with a goal of improving underwriting, risk selection and customer experience.
Insurtech Investments and Valuations Soar Even As Some Startups Fail Fast
31 January 2020
Insurtech investments reached an historic high in 2019 but last year also capped a three-year period where a good number of Insurtech startups called it quits. According to a new briefing on the sector from Willis Towers Watson, dozens of tech startups have quietly closed up shop.
Saga joins Hastings in revealing claims inflation challenge
28 January 2020
Saga today revealed overall claims inflation is running at around 7%, as costs in third-party damage and theft continue to rise. This was higher than its overall long-term expectation of 5% claims inflation, Saga said today in a trading update.
IMS brings usage-based insurance platform into the US and Canada
23 January 2020
IMS, a subsidiary of Trak Global Group (TGG), has made a usage-based insurance (UBI) platform for auto insurance available in both the US and Canada
Specialist MGA CFC Acquires London Insurtech Firm, ThreatInformer
23 January 2020
CFC, the specialist managing general agent, announced it has acquired the London-based insurtech firm, ThreatInformer. Leveraging a combination of artificial intelligence and machine learning, ThreatInformer’s data enrichment technology helps insurance companies better understand their customers’ exposures by compiling readily-available information about their risk profile from a variety of external sources, said the statement.
Insurtech Firm CyberCube Calls on Insurers to Set Global Cyber-Security Standards
22 January 2020
CyberCube, an insurtech focused on cyber risk analytics, is calling on the insurance industry to set global cyber-security standards as the world digitizes.
Virtual Auto Insurance Agency Insurify Raises $23M; Will Expand Into Home, Renters, Life
16 January 2020
Digital auto insurance comparison agency Insurify announced it is expanding into home, renters and life insurance comparison. To help drive its expansion, the Cambridge, Mass.-based company said it has raised $23 million in Series A funding, led by MTech Capital and Viola FinTech, with participation from Nationwide, Hearst Ventures, and MassMutual Ventures.
U.K. Insurtech Startup battleface Receives Investment from Fintech Ventures Fund
16 January 2020
Insurtech startup battleface Inc., a U.K. firm that provides travel insurance products for unconventional travelers worldwide, announced it has successfully closed its seed financing round with backing from leading strategic and venture capital investors.
ZhongAn unveils cutting-edge insurtech offerings in Asia and Belt and Road Countries
27 December 2019
Technology export to Asia and Belt and Road countries is going to be one of the main thrusts for digital insurer ZhongAn in the next few years
Sapiens acquires German-based Insurtech sum.cumo
07 January 2020
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that it has acquired sum.cumo, the German-based technology provider that offers disruptive, digital, innovative and consumer-centric solutions mainly to the insurance sector.
Bold Penguin to acquire xagent, an Excess and Surplus Brokerage Tech Platform
07 January 2020
Bold Penguin, a commercial insurance technology (Insurtech) firm, is reportedly set to acquire xagent, an excess and surplus brokerage tech solution provider, so that it’s able to scale its services being offered to insurance carriers, brokers and agents.
Solidarity Bahrain launches New Core Insurance System
06 January 2020
Solidarity Bahrain, one of Bahrain’s largest insurance service providers and a subsidiary of Solidarity Group Holding, has reportedly launched its newly developed core insurance system, TCS BaNCS.
Chilean Insurtech Jooycar Plans to launch in the U.S. in 2020
29 December 2019
Jooycar, a Chilean insurtech that is seeking to disrupt the auto insurance and telematics space in Latin America, is reportedly set to launch in the U.S. this upcoming year. According to Contxto, Jooycar is looking to expand its customized car insurance service to the U.S. by the second half of 2020.
Western Mutual partners with Cape Analytics
23 December 2020
Western Mutual Insurance Group has signed on with Cape Analytics with a goal of improving underwriting, risk selection and customer experience.
Zurich Partners with Insurtech Vindati on Motor Truck Cargo Program
17 December 2019
Zurich and insurtech managing general underwriter Vindati have launched a new stand-alone Motor Truck Cargo (MTC) program now available to for hire common and contract truckers.
Hartford Insurtech Hub launches life, annuity program
02 December 2019
The Hartford InsurTech Hub, a three-year-old insurtech acceleration program, is kicking off a “2.0” version focused on life, annuity, retirement, long-term care and benefits insurtechs.
MCE teams up with InsurTech start-up Inzura to launch new app
04 December 2019
InsurTech Futures: Motorbike specialist says app will automate the customer onboarding process, enabling it to process higher customer numbers faster and at a lower cost.
Chinese insurance giant Ping An morphs into a tech company
03 December 2019
Just 31 years after it was founded in China’s southern city of Shenzhen, Ping An Insurance (Group) Co. has grown into the world’s second-largest insurer by market value after Berkshire Hathaway Inc.
Allianz Insurance Announces New Partnership With Insurtech Dinghy
02 December 2019
Allianz Insurance announced on Monday it has formed a new partnership with on-demand insurtech startup Dinghy to provide business insurance to the freelance market.
Aon set to acquire SME insurtech platform CoverWallet
20 November 2019
Global re/insurance brokerage Aon has announced that it has entered into an agreement to acquire CoverWallet, a digital insurance platform for small to medium-sized businesses (SMEs).
CyberCube Secures $35mn in Series B Raise to Accelerate Market-leading Cyber Risk Analytics for the Insurance Industry
19 November 2019
CyberCube Analytics, the market-leading cyber risk analytics company for the insurance industry, has finalized a Series B funding to power the next phase of its growth. CyberCube delivers software-as-a-service for cyber aggregation modeling and individual risk underwriting and has rapidly onboarded some of the world’s largest and most sophisticated insurance and reinsurance entities to enable faster, data- driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting.
Duck Creek partnership targets telematic solutions for P&C insurers
15 November 2019
Duck Creek Technologies, a global provider of P&C industry insurance software, is partnering with mobile telematics and analytics firm Cambridge Mobile Telematics. The partnership is aimed at allowing Duck Creek’s customers to rapidly deploy mobile telematics-based business strategies into their business.
Gig-economy insurtech becomes first UK disruptor awarded insurance licence
12 November 2019
Zego has become the first ever UK insurtech to be awarded its own insurance licence, allowing it to build and sell its own products. Zego will still work in tandem with its growing network of insurer partners, but the licence will enable the company to innovate with new policies and analyse and implement product changes in less than 24 hours.
ADNIC partners with Addenda Technologies to bring fresh innovation to the motor claims recovery process
11 November 2019
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, has partnered with Addenda Technologies, a blockchain technology start-up and DIFC FinTech Hive member, to bring new innovation to the claims process.
Axis Capital Invests In Health Insurtech Firm Healthcarecom
07 November 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has invested in health insurance-technology firm HealthCare.com.
Nationwide partners with insurtech on commercial risk assessments
07 November 2019
Nationwide Mutual Insurance Co. has signed a three-year contract with Betterview Marketplace Inc. to use the insurtech firm’s roof analytics platform for commercial property renewals, the companies announced Thursday. The insurtech uses aerial images and machine learning technology to evaluate roof conditions, property characteristics and building size to develop risk scores for insured properties.
Root Insurance Company Launches New Renters Insurance
07 November 2019
As with auto insurance before, Root is disrupting the industry with its proprietary data-driven platform and ability to react to consumer behavior to offer personal and property liability coverage based on real customer needs. This allows Root to take commissions and complications out of the process, with a simple application that takes less than 60 seconds and a streamlined claims process using Root’s website or app.
Bold Penguin Partners With Entrepreneurcom
06 November 2019
Bold Penguin, a rapidly growing commercial insurance technology provider, has partnered with Entrepreneur Media Inc, the media company behind Entrepreneur Magazine and Entrepreneur.com. For the 10MM+ business owners who visit the popular website each month, this partnership enables direct access to infrastructure provided by Bold Penguin to quickly connect them with commercial insurance offerings.
San Francisco based Insuretech Koverai Raises 15 Mn
04 November 2019
San Francisco-based Kover.ai has recently closed a $1.5 million Seed round led by West Loop Venture, with participation from Afore Capital and Techstars Venture. The startup, which is one of the nine companies that came out of the 2019 MetLife Digital Accelerator Powered by Techstars, allows third parties to build and distribute blockchain-based insurance products, “bypassing the need to involve any insurance company.”
Samsung SDS Pilots Blockchain For Medical Claims
01 November 2019
Samsung SDS, an IT solution developer partially owned by the South Korean tech conglomerate, is expecting to roll out a blockchain-based medical claims processing system this month. The network being rolled out aims to simplify a now complex process, in which a patient gets a receipt for services rendered and submits the documents to the insurance company, which must then verify their accuracy before claims are paid.
Events
Europe’s Largest Insurtech Conference
17 March 2020 – 18 March 2020 – London
Europe’s largest insurtech conference will address issues like challenges of the market, sharpening your proposition and identify what parts of the insurance value chain are ripe for innovation.
Insurance Innovators USA 2020
30 March 2020 – 31 March 2020 – Nashville, USA
Insurance Innovators: USA will bring together key stakeholders from across the full spectrum of the American insurance industry; from traditional carriers and insurtech disruptors, to investors and solution providers. This event is a one-stop shop to make those all-important connections and gather information on the latest trends and innovations.
Auto Insurance USA
16 April 2020 – 17 April 2020 – Chicago, USA
Shape the Future of Auto Insurance. Operationalize your telematics strategies. Deliver safe, personalized products. Control claims lifecycles; FNOL and beyond.
Insurance AI and Innovative Tech USA 2020
12 May 2020 – 13 May 2020 – Chicago, USA
Shape the Future of Auto Insurance. Operationalize your telematics strategies. Deliver safe, personalized products. Control claims lifecycles; FNOL and beyond.
Previous events
Digital Insurance 2020
03 March 2020 – 04 March 2020 – Bayerpost, Germany
From implementing strategic innovation and harnessing the power of new data, to revolutionising the customer experience and effectively integrating new technologies, this event will equip you with the knowledge and skills needed to fully capitalise on all things digital. Shake off those legacy cobwebs, get inspired by our stellar speakers and embrace the future of insurance.
The Customer Experience Exchange for Banking, Financial Services & Insurance
25 February 2020 – 26 February 2020 – London
The Customer Experience Exchange for Banking, Financial Services & Insurance is an exclusive invitation-only forum, where senior CX executives from across the UK will meet to gain insight into the most innovative and forward-thinking companies in BFSI and to discover how to be a true leader in customer loyalty and retention. Request an invitation.
Global Insurtech Summit
02 March 2020 – 06 March 2020 – London
Sixteen of the world’s most innovative startup and scale-up companies, that offer solutions in InsurTech will be invited to give a live demo at the Summit. For the chosen companies, the event offers an unparalleled opportunity to present to a senior decision-making audience that is actively interested in finding out about your solution.
Finovate – Europe
11 February 2020 – 13 February 2020 – Berlin
See the best of the Europe’s fintech through unique, short-form demos. Hear expert speakers on the future of digital, open banking, tech, payments, financial crime and insurance.
FinTech & InsurTech Digital Congress
19 November 2019 – 20 November 2019 – Warsaw
Fintech & Insurtech Digital Congress will help you learn what drives the industries and what the trends are in the development of technology in the financial and insurance sectors, the FinTech & InsurTech Digital Congress event is the key congress on the map of branch events.
Dia Munich 2019
20 November 2019 – 21 November 2019 – Munich
Join the largest ‘must See’ Insurtech Festival where insurance pioneers froma all continents connect and get inspired
Connected Insurance USA
20 November 2019 – 21 November 2019 – Chicago
Connected Insurance USA is hosting four conferences in one – providing organizations with the necessary strategies to transform each core pillar of Product Development, Innovative Tech, Customer Engagement and Cyber Insurance, as one.
InsureTech Connect
September 23-25, 2019 – Conference/Showcase
InsureTech Connect is the world’s largest insurtech event — offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors and insurance industry incumbents from across the globe.
InsurTech Rising International
October 08-09, 2019 – Conference/Showcase
The global gathering for the InsurTech industry. 450+ InsurTech entrepreneurs, incumbents and investors from across the world driving the insurance digital revolution.
FinTech + – October 1-2, Zurich
October 1 – 2, 2018 – InsurTech, Conference/ Showcase
FinTech+, the Swiss Global Marketplace, is Switzerland’s largest and most International FinTech event. FinTech+ brings together FinTech leaders from around the world in Zurich, offering a global marketplace for wealth management, insurance and social finance anchored in Switzerland.
InsurTech Connect – October 2-3, Las Vegas
October 2-3, 2018 – InsurTech, Conference/ Showcase
InsureTech Connect is the world’s largest InsurTech event — offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry incumbents from across the globe.
Reports
Agility is the Key to Successful, AI-Powered Innovation in Insurance
17 February 2020
Advances in technology are pushing the boundaries of what insurance sector players can understand about their clients and, as a result, refining the products that are more customer-friendly, are more personalized and faster and more accurate in claims processes that are transforming client’s insurance experience. How carriers make the most of this latest period of innovation and sector change will inevitably determine their competitive success.
2019/2020 P&C Insurance Advanced Analytics Survey Report (North America)
28 January 2020
Many North American P&C insurers have indicated they have big aspirations when it comes to using advanced analytics to improve their businesses. By their own admission, most are falling short of those aspirations right now.
Connected Auto Insurance Report 2020
20 January 2020
The automotive sector is on the cusp of a huge wave of change with technological frontier disrupting the sector and multiple innovations that are already making their mark on how – and what – we drive. Using our survey of more than 1,200 respondents from across the insurance space and its supporting industries, including more than 500 insurers and reinsurers, we were able to break down the various sectors with detailed data in automotive, home, health, life and commercial verticals.
How Insurance Leaders will allocate 2020 budgets?
12 October 2019
Insurance Nexus surveyed over 250 C-suite executives and senior insurance leaders
to understand their goals, priorities and the solutions they are looking for.
Previous Reports
5 Ways the Cloud is Creating Business Value for Insurers
03 October 2019
Customers want intuitively simple solutions. Insurers have figured out that the best way to deliver these is with the cloud. The right combination of cloud services can also result in new business models, promote new value propositions and enable new revenue streams. The success of the InsurTech sector is providing insurers with unprecedented innovation and is thriving almost entirely on cloud-based architectures.
World InsurTech Report 2019
01 October 2019
The World InsurTech Report (WITR) 2019 from Capgemini and Efma explores the Insurance marketplace of the future and offers insights into how established insurers and InsurTechs can remain competitive in a dynamic business environment.
Quarterly InsurTech Q4 Briefing – Willis Towers Watson/ CB Insights
Willis Re
2018 Following another year of record investment, this in-depth report highlights a full year’s worth of 2017 InsurTech activity. By investing heavily in start-ups and technology, (re)insurance companies sent a message to potential disruptive outsiders and assumed a semblance of control over the InsurTech revolution.
The Future of InsurTech in Germany: InsurTech Radar 2017 – Oliver Wyman
Oliver Wyman
The German InsurTech market continues to develop very dynamically. One can rightfully speak of a start-up boom. But how sustainable is it? We applied the tried and tested InsurTech Radar methodology to evaluate the developments and compare the results to those obtained in 2016. With this, our InsurTech Radar provides orientation for all players in the insurance market.
2018 InsurTech Impact 25 – Oxbox Partners
Oxbox Partners
There are many InsurTech lists and landscape infographics. What really matters is identifying the winners. Members of Oxbow Partners InsurTech Impact 25 have achieved revenue growth and have a technology-led proposition that can transform incumbents or the insurance industry as a whole.
InsurTech sector quarterly update, Q3 July 2017
Insure Tech News
With the help of Venture Scanner data, InsurTechNews is now able to offer you a quarterly update on the state of the InsurTech sector.