InsurTech leader Qoala has recently raised $47 million in a Series C funding round led by PayPal Ventures. This new financial boost escalates Qoala’s market value and further solidifies its ambitions to reshape the Southeast Asian insurance landscape. The investment round drew participants from various financial sectors, including MassMutual Ventures and MUFG Innovation Partners, reflecting Qoala’s strong appeal to global
Akur8, an innovator in transparent AI for insurance pricing, has entered a key strategic partnership with the PZU Group’s Baltic operations. Akur8’s prowess lies in enhancing pricing processes for non-life insurance using state-of-the-art technology. On the other hand, PZU Group boasts a robust footprint not only in its home nation, Poland, but also across the Baltic states of Lithuania, Latvia,
The UFC has reached a milestone with a $335 million settlement in a class-action lawsuit stemming from claims of unfair pay and anti-competitive behavior. Originating between 2014 and 2015, the suit contended that the UFC engaged in monopolistic actions to suppress fighters’ earnings and restrict their competitive opportunities. This substantial settlement, unprecedented in sports antitrust litigation, promises to restructure how
Duck Creek Technologies is revolutionizing the North American insurance industry with its latest innovation, Duck Creek Payments. This modern payment solution, delivered through a cloud-based SaaS platform, is tailored to significantly refine the processing of insurance transactions such as premium collections and disbursements for claims. By leveraging this technology, insurers can anticipate a notable enhancement in their digital payment capabilities,
Artificial intelligence (AI) is massively overhauling the insurance industry, fundamentally shifting risk models and underwriting processes. AI’s data-driven capabilities and automation are changing the landscape, increasing efficiency but also introducing new risks. This shift is revolutionizing traditional insurance models, demanding a nuanced approach to risk assessment and policy development. In this article, we delve into AI’s multi-faceted impact on the
The insurance landscape is poised for a transformation as generative artificial intelligence (AI) starts to reshape industries. Known for its ability to mimic human-like creativity and solve complex issues, generative AI is set to redefine what were once considered exclusively human abilities. Munich Re Group, a leading force in the global insurance arena, is embracing this innovation not as a
EIS is revolutionizing the insurance claims sector with the introduction of ClaimSmart™, a groundbreaking cloud-based platform. By harnessing artificial intelligence (AI) and machine learning (ML), ClaimSmart™ is set to dramatically improve the efficiency of claims handling. This pioneering solution looks to significantly cut costs associated with claims processing while simultaneously enhancing the customer experience. ClaimSmart™ embodies the digital transformation within
Zurich Insurance’s latest strategic move involves a partnership with travel services expert Klook, aimed at improving the travel experience for those who face the common challenge of flight delays. Together, they’ve introduced FlyEasy, an innovative response to minimize the hassle of such interruptions. FlyEasy is thoughtfully designed to provide prompt support to travelers when flights do not adhere to their
The innovative alliance between insurtech leader Qover and fintech trailblazer Yonder is redefining travel insurance. Taking a modern approach, they aim to merge travel insurance seamlessly with today’s lifestyle needs. Qover contributes its sophisticated embedded insurance capabilities, while Yonder infuses its lifestyle-tailored credit card with versatile rewards. Their collaboration is crafting a new standard in the industry, designed to make
The insurance sector is on the cusp of profound change, driven by a collaboration between cloud technology firm Insurity and the avant-garde Insurtech entity – OIP Robotics (OIPR). This partnership is set to revolutionize property and casualty (P&C) insurance through the power of artificial intelligence (AI). Their shared goal is to overhaul the way insurance data is processed by leveraging
Embedded insurance is not just a fleeting trend, it’s a game-changer in the way insurance is distributed and consumed. Its main appeal lies in its ability to integrate insurance coverage organically into the purchase of a product or service. This eliminates the need for the customer to seek out insurance separately and go through a potentially cumbersome process. Amidst buying
The U.S. Equal Employment Opportunity Commission (EEOC) recently intervened in a serious case of alleged workplace discrimination involving retail giant Dillard’s Inc. Charges of racial and pregnancy bias were leveled against the company, leading to a significant EEOC investigation. In a demonstration of commitment to justice and fair treatment in the workplace, the outcome was a $70,000 settlement. This payout,
