The insurance sector is significantly disillusioned with traditional Rate Service Organizations (RSOs), as highlighted in Sure’s 2024 Digital Insurance Report. Insurers are spending upwards of $1 million annually on RSO services, with a mere fraction of that reflecting in satisfaction. The industry is up in arms over the excessive costs and low returns of these antiquated systems, which are not
The InsurTech industry is evolving, with artificial intelligence (AI) advancing as a game-changer in improving efficiency across claims processing and customer service. AI’s ability to swiftly analyze data, automate routine tasks, and predict outcomes is transforming the insurance landscape, eliminating much of the human error factor and significantly reducing the time consumers wait for claims decisions. Yet, this digital progression
In the bustling city-state of Singapore, the traditional avenues of purchasing insurance are rapidly giving way to digital platforms. This trend has been substantiated by a survey highlighting that an overwhelming 64% of Singaporeans have been acquiring travel insurance online, with the intention to continue in the future. The survey reveals that frequent travelers, those with the wanderlust to embark
Open, a front-runner in embedded insurance, is taking a significant step forward by acquiring SO-SURE, an innovator in mobile and content protection. This acquisition marks a pivotal moment in the UK InsurTech scene, highlighting Open’s drive to expand its market reach. The fusion of these two companies is poised to revolutionize the British insurance market and could also impact the
The MENA region’s life insurance sector is evolving rapidly, propelled by the adoption of new technologies. This shift toward digitalization caters to the demands for increased operational efficiency and an improved customer journey, aligning with the wider accessibility and affordability of advanced tech solutions. A landmark development in this evolution is the collaboration between Gen Re, a leading reinsurance corporation,
The insurance industry is on the brink of a digital transformation, and One Inc is leading the charge with innovative payment solutions. The recent investment by Nordic Capital, alongside Great Hill Partners, marks a new chapter in One Inc’s quest to modernize the way insurance transactions are processed. This article delves into the details of the partnership, the growth of
National Raisin Co., a significant player in the dried fruit industry, recently encountered serious legal challenges when the U.S. Equal Employment Opportunity Commission (EEOC) filed a lawsuit against the company. The suit accused the company of allowing a sexually hostile work environment to persist at its Fowler, California, facility. Female employees faced unwanted physical contact, verbal assaults, and demands for
Nuvo, an innovative B2B trade credit tech platform, has strategically teamed up with Allianz Trade, a global giant in trade credit insurance, to reshape the FinTech landscape in North America. This alliance aims to simplify B2B credit management by combining Nuvo’s digital excellence with Allianz Trade’s extensive risk management expertise. The collaboration is poised to revolutionize the way businesses extend
In an era steeped in technological innovation, Encova Insurance has made a strategic leap into the future by partnering with Guidewire to usher in a comprehensive overhaul of their operational infrastructure. The collaboration will pivot the regional property and casualty insurer from a traditional on-premise setup to an avant-garde Guidewire Cloud platform, positioning Encova at the forefront of digital efficiency
The insurance industry is progressively adopting artificial intelligence to enhance efficiency and elevate the customer service experience. A prime example of this evolution is the choice of ERV Nordic to utilize Simplifai’s AI Automation Platform. This strategic move is indicative of the growing trend in the sector to leverage cutting-edge technologies. The incorporation of such solutions into their operations portends
El Salvador’s trailblazing InsurTech enterprise Sostengo has recently secured a notable $3.8 million in funding, marking an important growth phase for the company. In a bold move, they are looking to allocate an additional $1 million for expanding their operations into the burgeoning U.S. market. The company stands out with an impressive 103% year-over-year growth in premium sales, a testament
In a groundbreaking move for the B2B financial landscape, Nuvo has announced a strategic integration with Allianz Trade. This partnership pivots on incorporating the insurance giant’s trade credit policies within Nuvo’s innovative platform, signaling a substantial leap forward for mutual customers and the broader market. The Advancement in Trade Credit Technology Nuvo and Allianz Trade Integration The collaboration between Nuvo
