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Tag: InsurTech


InsurTech

Aon study highlights key market differentiator in insurance sector

May 24, 2024

Via: Insurance Business

The latest Global Transaction Solutions Claims Study by Aon and Mergermarket emphasizes the importance of insurers’ claims handling in the transaction solutions insurance market. Despite a slowdown in M&A activity and representations and warranties (R&W) policy placement in 2023, Aon […]


Regulatory / Legal

July election to catalyse positive regulatory change in UK insurance industry: J.P. Morgan

May 23, 2024

Via: Reinsurance News

Analysts at J.P. Morgan highlight a potential positive of the July general election in the UK, stating that it could accelerate positive regulatory change that could ultimately support the country’s insurance industry. Although neither manifesto commitment from the two parties […]


Brokers

Axis Insurance Managers Acquires Canadian Broker Magnes Group

May 23, 2024

Via: Insurance Journal

Axis Insurance Managers Inc., the Vancouver, Canada-headquartered brokerage, announced it has acquired The Magnes Group Inc. Axis Insurance said it made its initial investment in Magnes in 2015. Financial details of the transaction were not disclosed. Founded in 1933, Magnes […]


News

Smart Choice Signs a Record Number of Independent Insurance Agencies

May 20, 2024

Via: Insurance Journal

Smart Choice® has signed a record number of independent insurance agencies in the first quarter of 2024 with 444 agencies partnering with the fastest growing insurance network in the nation. This number eclipses all historical first quarter results. In addition, […]


InsurTech

Paragon Insurance & Ascot Group partner to deliver client solutions

May 20, 2024

Via: Reinsurance News

National multi-line managing general agent (MGA), Paragon Insurance Holdings LLC, has entered into a partnership with Ascot Group, which is set to leverage both of the organisations strengths and capacities. In its first program partnership, Ascot will support Paragon’s public […]


InsurTech

Neptune Flood to enhance AI-driven flood insurance solutions with new acquisition

May 2, 2024

Via: Reinsurance News

Private flood insurance company Neptune Flood has acquired Charles River Data, a renowned Boston-based data science consulting group, marking a significant milestone in the company’s growth strategy. According to the announcement, this strategic move aims to bolster Neptune Flood’s Triton […]


InsurTech

Beat Capital Partners to Launch Credit Insurance Business, Naming Pike as CEO

April 16, 2024

Via: Insurance Journal

Beat Capital Partners, a London-based venture capital investor that focuses on the insurance industry, announced it is planning to launch a specialty and tech-enabled credit non-payment insurance underwriter. Called “Convergence,” the business is expected to underwrite through a Lloyd’s consortium, […]


Financial, Risk Management

Embedded Business Insurance Agency Coverdash Raises $13.5 Million

February 29, 2024

Via: Insurance Journal

Coverdash, which offers embedded commercial insurance technology with products for startups and small-to-medium businesses, announced $13.5 million in Series A funding. Coverdash’s technology package allows businesses such as payroll, payment, lending, human relations and website creators the ability to offer […]


InsurTech

European insurance industry accelerates digitalisation efforts amid recession concerns: ISG

February 20, 2024

Via: Reinsurance News

In response to the looming threat of recession, European insurance industry leaders are doubling down on their digitalisation initiatives to enhance customer experiences and streamline operations, according to a recent survey conducted by Information Services Group (ISG). The survey, titled […]


Regulatory / Legal

New York Department of Financial Services proposes insurance circular letter regarding use of artificial intelligence systems and external consumer data and information sources in insurance underwriting and pricing

February 13, 2024

Via: JD Supra

On January 17, 2024, The New York Department of Financial Services (“DFS”) issued a proposed insurance circular letter regarding insurers’ use of external consumer data and information sources (“ECDIS”) and artificial intelligence systems (“AIS”) in underwriting and pricing. In recognizing […]


Risk Management, Trends

Viewpoint: 5 Global Insurance Trends You Need to Know About in 2024

February 6, 2024

Via: Insurance Journal

In the insurance world, 2024 brings forth many challenges and transformative trends. From the escalating global risks, such as climate change and cyber threats, to the evolving role of insurers as societal safety nets, the industry is on the brink […]


InsurTech

Descartes launches cyber risk parametric solution in France

February 1, 2024

Via: Reinsurance News

Insurtech Descartes has announced the launch of Cyber Shutdown Cover, a parametric solution dedicated to cyber risk in France. This new solution demonstrates the firm’s ambition to gradually extend its scope to emerging risks beyond just natural hazards. “Our research […]


InsurTech

What’s happening with reinsurance tech?

January 12, 2024

Via: Insurance Business

Reinsurance tech firm Supercede has unveiled data highlighting trends in the reinsurance industry, particularly regarding the adoption of digital solutions, all of which are particularly relevant during the January 2024 reinsurance renewal period, a crucial time for the industry. The […]


Financial, Risk Management

Andreessen Horowitz Backs British Insurance Startup in $73M Funding Round

January 11, 2024

Via: Insurance Journal

U.S. venture capital firm Andreessen Horowitz has backed London-based insurance startup Hyperexponential in a $73 million funding round, the insurance software company said on Thursday. Founded in 2017, Hyperexponential provides insurance companies with mathematical modeling software, allowing them to price […]


InsurTech

People Moves: Stirk to Join Marsh as US Chief Growth Officer; Liberty Mutual Grows Cyber Team

January 4, 2024

Via: Insurance Journal

Marsh, a business of Marsh McLennan headquartered in New York, hired Andy Stirk as U.S. chief growth officer effective January 16. Stirk is based in New York. With 20 years of insurance industry experience, Stirk rejoins Marsh from Ascot Group, […]


Regulatory / Legal

Over $4.8bn in claims levelled against Vesttoo entities by bankruptcy creditors

December 18, 2023

Via: Artemis BM

It appears that, in aggregate, creditors to the bankruptcy of forged reinsurance letter of credit (LOC) linked insurtech Vesttoo have filed over $4.8 billion in claims against the company and its entities, which provides another signal of the ramifications of […]


InsurTech

Novidea launches insurance management platform in Southeast Asia

December 8, 2023

Via: Reinsurance News

Global insurtech Novidea has announced the launch of its insurance management platform in Southeast Asia to meet escalating demand for digital transformation in the region. With its open API architecture, Novidea enables brokers, agents, MGAs/MGUs, and carriers to modernise and […]


InsurTech

Applying GenAI can improve loss ratios and interaction across the market

December 8, 2023

Via: Reinsurance News

As GenerativeAI (GenAI) continues to expand across the insurance and reinsurance sector, Elad Tsur, Co-Founder and CEO of Planck, explained during a recent interview with Reinsurance News how the technology can play a key advantage in helping to reduce loss […]


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 […]