The mounting challenge for the insurance industry to manage rising risks and sustain profitable growth is becoming increasingly evident. As new threats like natural disasters, cyberattacks, and economic volatility continue to escalate, there is growing concern about whether the protection gaps in insurance coverage will widen significantly by 2030.Bain & Company’s recent report underscores this alarming trend, noting that insurance
The recent certification of EIS OneSuite™ by the MACH Alliance stands as a groundbreaking development in the insurance industry.Recognized for its alignment with Microservices, API-first, Cloud-native, and Headless (MACH) principles, EIS OneSuite is setting new standards for innovation and transformation in insurance technology. This article delves into the advantages of adopting MACH principles, how EIS OneSuite harnesses these principles for
In the contemporary landscape of the auto insurance industry, technology has become a pivotal force driving efficiency, innovation, and transformation. Processes that once relied heavily on manual procedures are now increasingly automated, leading to enhanced speed and customer satisfaction.However, this technological revolution also unveils a host of complex legal and regulatory challenges that demand acute legal expertise. Navigating these challenges
The study underscores the critical need for traditional insurers and emerging insurtech companies to collaborate amid a landscape characterized by rising global investments in insurtech, totaling $3.2 billion in the first three quarters of the surveyed year alone. This synthesis of findings from a 2024 survey involving 25 industry representatives paints a detailed picture of the current state and future
In a recent development that highlights the growing integration of technology in traditional industries, Foliume, a company dedicated to automating insurance processes, has successfully secured $1 million in seed funding.The funding round was led by Belgium-based venture fund Pitchdrive and Wayra, the investment arm of Telefónica, with significant contributions from notable figures in insurance distribution and technology. This financial boost
The insurance industry is experiencing a transformative shift fueled by the integration of advanced technologies known as insurtech. Central to this revolution are Artificial Intelligence (AI) and the Internet of Things (IoT), which are redefining how auto insurance claims are processed.Insurtech encompasses a range of modern technologies including Machine Learning (ML), telematics, automation, and chatbots, all geared towards enhancing efficiency,
In an era where artificial intelligence (AI) is radically transforming various industries, FurtherAI has successfully secured $5 million in new funding. This capital injection comes from a funding round led by Nexus Venture Partners’ $700 million AI-dedicated fund, with contributions from Pioneer AI Fund, South Park Commons, Y Combinator, ConvergeVC, and Xceedence. This significant funding will enable FurtherAI to continue
Workplace injuries remain a significant concern for businesses, as employees can incur harm while performing various tasks. For instance, the United States Bureau of Labor Statistics reported millions of nonfatal workplace injuries annually, indicating the persistent risk of workplace accidents. These incidents range from traumatic injuries caused by machinery to repetitive-motion injuries such as carpal tunnel syndrome. To manage these
LGBTQ+ discrimination in the workplace is a persistent issue that affects the career choices and advancement opportunities of many individuals. Statistics show that a significant percentage of workers who identify as LGBTQ+ face workplace discrimination and, as a result, are forced to weigh this factor when choosing an employer. For instance, 18% of professionals in Brazil and a staggering 56%
Water damage remains a significant concern for home insurers, accounting for 24% of all property and casualty losses. The average claim for such damage can exceed $10,000, making it crucial for insurers to find effective preventative solutions. Addressing this issue head-on, Bolt, a leading insurtech company, has introduced the Bolt Prevention Technology. This innovative solution combines IoT-enabled water sensors with
Boating is a thrilling and serene pastime, offering unparalleled enjoyment on the water. However, it comes with significant financial risks due to potential accidents and liabilities. Understanding boat insurance coverage is crucial for mitigating these risks and ensuring a safe and enjoyable boating experience. This article explores the key insurance coverage types essential for boat owners, highlighting their importance in
Europe’s four largest reinsurers—Munich Re, Swiss Re, Hannover Re, and SCOR—reported robust financial results for 2025, marking the second consecutive year of strong performance. This comprehensive analysis delves into the key trends, challenges, and strategies that shaped their financial outcomes and presents an outlook for this year. The reinsurers’ ability to navigate market conditions, manage risks, and leverage strategic initiatives
