Tag: InsurTech

November 22, 2023

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, […]

November 16, 2023

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 […]

November 10, 2023

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 […]

November 8, 2023

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 […]

November 2, 2023

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 Innovative digital solutions continue to overhaul inefficiencies and outdated processes, but three trends will influence how the insurtech sector will evolve, one CEO told Insurance Business.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 […]

October 30, 2023

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 […]

October 27, 2023

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. […]

October 25, 2023

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 […]

October 17, 2023

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 […]

October 5, 2023

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 […]

September 28, 2023

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 […]

September 22, 2023

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 […]

September 18, 2023

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, […]

September 7, 2023

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 […]

September 5, 2023

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 […]

August 31, 2023

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 […]

August 25, 2023

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. […]

August 25, 2023

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 […]

August 4, 2023

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. […]

August 3, 2023

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 […]