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Tag: InsurTech


InsurTech

Generative AI expected to impact many different insurance lines: Aon

November 22, 2023

Via: Reinsurance News

The insurance market’s overall understanding of generative AI-related risk is still within it’s early stages, but this developing form of the technology is expected to impact many different lines within the sector, such as Technology Errors and Omissions / Cyber, […]


InsurTech

Cytora and Veridion partner to redefine digital risk processing with AI-powered insights

November 16, 2023

Via: Reinsurance News

Cytora, an AI-powered digital risk processing platform, has entered into a strategic partnership with Veridion, a leading provider of AI-powered business data and market intelligence. This collaboration aims to reshape the landscape of commercial insurance underwriting by integrating Veridion’s comprehensive […]


InsurTech

What is the biggest impact insurtech has had on insurance?

November 10, 2023

Via: Insurance Business

From accelerator, to liberator, to equalizer, a variety of attendees at Insuretech Connect’s November conference believed that insurtech has had a role to play in re-shaping the insurance industry, though perhaps not necessarily in the disruptive guise that was originally […]


Regulatory / Legal

Vesttoo says value can be recovered as it & creditors object to US Trustee move

November 8, 2023

Via: Artemis BM

Vesttoo is now insisting that there is value recoverable in some reinsurance transactions that were “bona fide”, while at the same time both Vesttoo as the debtor and the creditor committee in the Chapter 11 bankruptcy case, have objected to […]


InsurTech

Three trends influencing a shift in insurtech

November 2, 2023

Via: Insurance Business

The insurance industry has undergone a profound transformation thanks to technology. Innovative digital solutions continue to overhaul inefficiencies and outdated processes, but three trends will influence how the insurtech sector will evolve, one CEO told Insurance Business. According to Jason […]


InsurTech

Insurtech Hippo Lays Off 20% of Employees

October 30, 2023

Via: Insurance Journal

Insurtech Hippo Holdings said it has “initiated an organizational realignment” by laying off about 120 employees, or 20% of its workforce. The company said in a filing with the U.S. Securities and Exchange Commission on Oct. 26 that it expects […]


InsurTech

Hurricane Otis “insurable” loss estimated $10bn to $15bn by CoreLogic

October 27, 2023

Via: Artemis BM

Risk analytics and modelling firm CoreLogic has estimated that the “insurable” loss from hurricane Otis’ category 5 winds onslaught in the Acapulco and surrounding region of Mexico is in the range of $10 billion to as much as $15 billion. […]


InsurTech

Insurtech Startup QuoteWell Comes Out of Stealth With $15M in Series A Funding

October 25, 2023

Via: Insurance Journal

Tech-enabled commercial insurance wholesale brokerage QuoteWell announced its public launch to serve independent retail agents. Founded in 2021, the insurtech said it “helps agents who are often overlooked and given poor customer service due to low premiums associated with their […]


InsurTech

Howden launches Climate Parametrics practice

October 17, 2023

Via: Reinsurance News

Howden has announced the creation of Howden Climate Parametrics, a global practice that “brings together (re)insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate de-risking capabilities across industries, financial markets, and […]


InsurTech

Insurtech Reserv raises $20m Series A round to accelerate growth

October 5, 2023

Via: Reinsurance News

Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain […]


InsurTech

Loadsure partners with WeatherOptics to enhance freight insurance with weather intelligence

September 28, 2023

Via: Reinsurance News

Loadsure, a prominent Insurtech MGA (Managing General Agent), has forged a strategic partnership with WeatherOptics, a leading weather intelligence platform. The collaboration aims to integrate weather intelligence into Loadsure’s risk calculations, bolstering their freight insurance capabilities. Loadsure is known for […]


InsurTech

Generative AI fuels ‘quantum leap’ in insurance technology innovation

September 22, 2023

Via: Insurance Business

The advent of generative artificial intelligence (AI) has not only transformed the insurance industry’s view on artificial intelligence and machine learning (ML), but it’s also become a driving force for insurtechs to speed up their innovation and develop increasingly adaptive […]


News, Regulatory / Legal

Vesttoo seeks to recover $200m+ from co-founders Bertele & Lifshitz

September 18, 2023

Via: Artemis BM

Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, […]


InsurTech

CAPE Analytics expands hail intelligence suite to revolutionise property-level hail risk assessment

September 7, 2023

Via: Reinsurance News

CAPE Analytics, a frontrunner in AI-powered property intelligence, has unveiled an enhanced hail product suite designed to equip property insurers with an all-encompassing toolkit for evaluating and pricing property-level hail risk. Hail has emerged as a growing peril, with annual […]


InsurTech

LM Re, XS Global & Safehub launch world’s first sensor-based reinsurance treaty for earthquake risk

September 5, 2023

Via: Reinsurance News

Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, MGA XS Global, and technology provider Safehub, have launched the world’s first sensor-based, parametric reinsurance treaty for earthquake risk. According to the announcement, this treaty marks a new era […]


InsurTech

Beazley introduces parametric tornado disaster benefit insurance

August 31, 2023

Via: Reinsurance News

Specialty insurer Beazley has introduced the first admitted parametric tornado disaster benefit insurance for homeowners, in partnership with Sola Technologies and Spinnaker Insurance Company. The innovative Tornado Crisis product leverages National Weather Service (NWS) data to automatically initiate a fast […]


InsurTech

Insurtech innovations set to reshape insurance industry: Waterstreet Study

August 25, 2023

Via: Reinsurance News

In a study involving hundreds of prominent insurance leaders, Waterstreet has revealed a compelling vision of the future of insurance, shedding light on the transformative impact of insurtech innovations, artificial intelligence (AI), machine learning, and blockchain on the industry landscape. […]


Regulatory / Legal

Vesttoo gets court approval to pay staff, but no exit payments for founders

August 25, 2023

Via: Artemis BM

During its bankruptcy case, beleaguered insurtech Vesttoo has been approved by the court to continue paying its staff, including certain employee benefits and expenses, but at a hearing this week the US Trustee balked at the suggestion terminated staff and […]


InsurTech

New funding for insurtech falls – report

August 4, 2023

Via: Insurance Business

According to the latest Global InsurTech Report from Gallagher Re, new funding for the insurtech sector decreased to $916.71 million in the second quarter of 2023. This represents a decline of 34% from the previous quarter’s total of $1.39 billion. […]


InsurTech

Generative AI in insurance to take off within 12-18 months: expert

August 3, 2023

Via: Insurance Business

The adoption of generative artificial intelligence (AI) like ChatGPT is projected to take off across the insurance landscape, with one expert putting the timeline at 12 to 18 months. Vikas Bhalla, executive vice president and head of insurance at data […]