The insurance industry is currently experiencing a significant transformation driven by the need to integrate disparate systems and streamline operations. The introduction of integration accelerators, specialized tools designed to connect various core systems within insurance organizations, is at the forefront of this change. These tools play a crucial role in optimizing workflows and promoting seamless collaboration across departments. The impact
The new EU AI Act introduces comprehensive regulations impacting the deployment of artificial intelligence tools across various sectors, with human resources in global mobility being significantly affected. Addressing compliance considerations, the act categorizes AI applications into four distinct risk levels: unacceptable, high, limited, and minimal. This categorization aims to balance the innovations AI brings with the necessary safeguards to protect
The transformation of small business insurance is taking another significant leap forward with Next Insurance obtaining $265 million in strategic investment from insurance industry giants Allstate and Allianz X. This strategic infusion of capital promises to amplify Next’s product offerings, strengthen its digital platform, and expand its market reach. With the collaboration set to benefit from Allstate’s established distribution network
In a move set to revolutionize digital payments in the insurance sector, Checkout.com, a leading digital payments provider, has joined forces with Sure, an insurance technology pioneer. The collaboration aims to streamline digital payment experiences for insurance consumers and enhance payments performance. Leveraging Checkout.com’s advanced payment solutions, Sure can now accommodate credit and debit card transactions and efficiently manage recurring
Aon, a global leader in professional services, recently signed an agreement to acquire UK-based insurance broker Griffiths & Armour, a move poised to bring significant benefits to clients. This acquisition, which is still subject to regulatory approval and is expected to be completed by the first quarter of 2025, aims to significantly enhance Aon’s presence in the UK and Ireland.
In a significant move that underscores the shifting dynamics in the European insurance market, Swiss Re has agreed to sell iptiQ’s European property and casualty (P&C) business to Allianz Direct, an online insurer that is part of the Allianz Group. This deal aligns with Swiss Re’s strategic decision to withdraw from iptiQ, allowing Allianz Direct to take over the risk
Venture capital funding in insurance technology start-ups, or insurtech, is poised to stabilize and reach $4.2 billion by the end of 2024, reflecting financial levels similar to those seen in 2018 and 2023. During the first three quarters of 2024, the sector secured $3.2 billion, which is 7% less than in 2023. Despite this decrease, the overall trend suggests a
The state of global insurtech funding by the end of the third quarter of 2024 reveals a nuanced picture of growth, challenges, and opportunities in the insurance technology landscape. Insurtech, which refers to employing innovative technology to enhance and disrupt traditional insurance services, has been a focal point for investment and development. By the end of Q3 2024, the sector
In a significant strategic shift, Swiss Re, a global reinsurance giant, has announced the sale of its iptiQ European Property & Casualty (P&C) business to Allianz Direct, the digital division of Allianz Group. This decision is part of Swiss Re’s broader strategy to streamline its operations and focus on its core strength in reinsurance. The decision was made following a
Insurers in the UK, Poland, and Greece are shifting away from transparent pricing models in favor of advanced, less transparent pricing strategies to enhance their financial performance. By adopting sophisticated tools like machine learning and price optimization algorithms, insurers aim to cut loss ratios and boost profitability, often outperforming market averages. These advanced models not only improve combined ratios by
The 2024 Earnix Industry Trends Report reveals that, despite an ambitious plan by 70% of insurers to deploy predictive AI models within the next two years, fewer than 30% have managed to fully implement AI technologies to date, reflecting the significant challenges involved in transitioning from traditional to advanced systems. The slow progress underscores the ongoing difficulties faced by the
SchemeServe, a UK-based cloud provider of insurance software, has formed a groundbreaking data partnership with Addresscloud. This collaboration aims to advance data-driven decision-making for insurers by enhancing their ability to deliver precise, data-backed premiums for individual properties. The core goal is to boost property scheme insurers’ capacity to make informed, granular risk assessments and pricing decisions, leveraging the power of
