In a significant move that underscores the growing importance of precise climate risk evaluation, Cytora, a digital risk processing platform, has announced a partnership with Mitiga Solutions, a prominent provider of climate risk intelligence. This collaboration aims to enhance the capabilities of insurers in assessing and managing climate-related risks more accurately, focusing primarily on extreme weather conditions such as flooding,
Onsurity, an Indian InsurTech startup specializing in digital healthcare and insurance solutions for small and medium enterprises (SMEs), has made significant strides since its inception in 2020. Co-founded by Kulin Shah (COO) and Yogesh Agarwal (CEO), the company has been making waves in the market with its recent fundraising success. Recent Funding Milestone Recently, Onsurity secured an additional $21 million
In a recent lawsuit that has garnered significant attention, the U.S. Equal Employment Opportunity Commission (EEOC) has put a spotlight on the obligations of employers under the Americans with Disabilities Act (ADA). The case involves PACE Southeast Michigan, an adult care organization, accused of violating the ADA by terminating employees unable to return after Family and Medical Leave Act (FMLA)
Akur8, a pioneer in machine learning-powered insurance pricing and reserving, recently secured $120 million in a Series C funding round. This substantial financial milestone underscores the company’s commitment to revolutionizing the insurance sector through cutting-edge technology. The funding not only highlights the investors’ confidence in Akur8’s platform but also paves the way for significant advancements in product innovation and market
The health insurance industry is undergoing a substantial transformation, driven mainly by the rise of InsurTech solutions. These technological advancements aim to alleviate long-standing inefficiencies and enhance consumer experiences, creating a more dynamic and responsive marketplace. Evolution of Health Insurance Traditional Challenges Historically, the health insurance sector has been plagued by cumbersome, paper-based processes and slow communication methods. These outdated
In recent years, Akur8 has emerged as a trailblazer in the InsurTech landscape. Established in 2019, this French insurance technology company is on a mission to transform the non-life insurance sector with its cutting-edge AI-powered platform. Akur8’s strides in innovation have been matched by significant financial achievements and strategic growth, positioning it as a leader in the industry. At its
The Family and Medical Leave Act (FMLA) serves as a cornerstone of employee rights in the United States, providing job-protected, unpaid leave for specified family and medical reasons. While most employers understand that outright denial of FMLA leave violates the law, a recent court case has expanded the definition of what constitutes interference with these rights. This landmark ruling has
Blockchain technology is gaining traction across diverse industries, and one of the most promising sectors is medical insurance claims processing. This market is primed for transformation as blockchain applications offer solutions to current inefficiencies, such as fraud, data security, and processing delays. Market Forecast Summary The market for blockchain applications in medical insurance claims processing is forecasted to grow significantly
The landscape of SME insurance is undergoing a significant transformation, thanks to a strategic partnership between WTW, a global advisory, broking, and solutions company, and Kayna, an innovative insurance infrastructure platform. This collaboration is set to reshape the way insurance solutions are delivered to small and medium-sized enterprises (SMEs) in the United Kingdom and the United States, making tailored insurance
Optalitix, a software specialist in the insurance and finance sectors, recently secured $3 million in a follow-on fundraising round. This significant financial boost was led by Calculus Capital and included participation from 24 Haymarket among other investors. The newly acquired funds will be directed towards advancing product innovation and accelerating the company’s expansion initiatives. Unpacking the $3M Funding Round The
Trupanion, a leading provider of medical insurance for cats and dogs, has made a significant mark by expanding its operations to Continental Europe with the official launch of pet insurance services in Germany and Switzerland. This strategic move highlights the company’s commitment to international growth and its intention to capture a substantial share of the European pet insurance market. With
On July 19, 2024, cybersecurity giant CrowdStrike experienced a significant failure with a routine software update intended to enhance security measures. Instead, the update sent shockwaves through various industries, leading to widespread IT disruptions, particularly affecting systems tied to Microsoft’s operating system. Insurance firm Parametrix evaluated the damages to Fortune 500 companies alone at a staggering $5.4 billion. This incident
