Risk management has always been at the heart of the insurance industry. Insurers have been experts in measuring and mitigating risks, providing financial protection to individuals and businesses in case the worst-case scenario occurs. However, with the rapid pace of technological change, traditional risk management methods may no longer be sufficient to address new and emerging risks. As such, the
“The resilient insurance sector demonstrates its importance in the fight against climate change,” says Rory Yates from EIS. As the world faces unprecedented economic uncertainty and environmental challenges, the insurance industry is proving to be resilient and increasingly vital in the fight against climate change. EIS Group, the company behind a cloud-native, API-first digital insurance platform, is empowering insurers to
In recent years, severe weather events have become increasingly frequent, causing significant loss of life and property damage. Insurance companies are tasked with responding quickly and efficiently to weather-related claims. It is essential for them to gather information on the size, scope, extent, and potential impacts of severe weather events so that they can respond promptly. To that end, Amica
Insurance technology provider AdvantageGo and insurtech solutions provider Zywave have announced a new strategic alliance aimed at improving underwriter decision-making. The focus of the alliance is on integrating Zywave’s ClarionDoor and AdvantageGo’s Underwriting Workbench. With a rapidly changing insurance landscape, the integration is timely and necessary. Today, insurance customers demand speed, accuracy, and transparency in the underwriting process. By combining
Natural disasters have been wreaking havoc worldwide, causing billions of dollars in property damage. The insurance industry, meanwhile, has been feeling the strain of increased claims due to the rising frequency and severity of natural disasters. Swiss Re, a leading reinsurer, has released a report detailing the impact of natural disasters on the global economy and insurance industry in 2021.
Munich Re Life US and insurtech platform Paperless Solutions Group (PSG) have teamed up to develop a new combined risk assessment and e-application solution for life insurance carriers. The new platform is set to transform the life insurance industry by allowing insurers to underwrite new policies with greater accuracy, speed, and scalability than ever before. Features of the combined solution
Munich Re and Paperless Solutions Group have teamed up to create a new risk assessment and e-application solution. Munich Re Life US and Paperless Solutions Group (PSG), an insurtech company, have come together to create a new combined risk assessment and e-application solution for the life insurance industry. According to a statement from Munich Re, the solution brings together the
In the latest news from the world of insurance technology, Kin, a leading provider of direct-to-consumer home insurance, has raised an additional $15 million in Series D funding. This brings the total amount of investment raised by the company in the current round to $109 million. The latest funding came from a range of investors, including Geodesic Capital, QED Investors,
Fairmatic, the insurtech company powered by AI, has secured $46 million in funding for its fleet insurance products that incentivize safer driving. Leading the round was Battery Ventures, with the participation of current investors and Bridge Bank. This funding follows Fairmatic’s oversubscribed Series A six months ago and brings the company’s total financing to $88 million. The funding round was
The demand for personal insurance is steadily rising, as individuals aim to safeguard their homes, automobiles, and other valuable possessions by purchasing insurance policies. Consequently, businesses have responded by offering a plethora of personal insurance products. VIU by HUB, an embedded broker platform, is pioneering the personal insurance industry with its innovative omnichannel strategy. Recently, the company has partnered with
The insurance industry is undergoing a period of profound change, as companies strive to remain competitive and remain relevant in an ever-evolving market. To remain competitive, insurers must be able to adapt and alter their data models to accommodate the changing needs of customers and markets. Doing so can lead to a number of benefits including, access to more accurate
The fourth quarter of this year was a big success for Lemonade, with in-force premium rising to an incredible $625 million. This figure is a whopping 64% higher than the same period last year, indicating that the demand for Lemonade’s innovative insurance products is increasing significantly. In addition to this, net losses decreased from $91 million in the fourth quarter
