Guaranteed Asset Protection (GAP) insurance, designed to cover the financial gap between the amount an insurance company pays out when a car is written off and the amount the buyer still owes, has become a contentious issue between the Financial Conduct Authority (FCA) and the motor finance industry. This insurance aims to protect buyers, particularly those purchasing new cars, from
Micro-insurance platforms are innovative solutions designed to offer affordable coverage to underserved, low-income populations. These platforms aim to bridge the gap between economic vulnerability and financial security by providing micro-insurance policies that cover risks such as health issues, accidents, crop failures, and natural disasters at costs affordable even to economically disadvantaged individuals. The traditional view of insurance as a luxury
In a significant move, Optalitix, a leading insurtech provider specializing in insurance underwriting software, has entered into a strategic collaboration with PwC, a global professional services firm, to revolutionize insurance pricing. This partnership is aimed at enhancing the implementation, support, and adoption of Optalitix Quote, a sophisticated underwriting and pricing platform tailored primarily for insurers operating within Lloyd’s and the
In an era where the landscape of technology and business is ever-evolving, organizations need to adapt and bring on board individuals who can steer them through transformative periods. One such transition is currently happening at Atec Group, an innovative insurance distribution and growth platform, where they have appointed Steve Woodford as their new Chief Technology Officer (CTO). This significant change
Embedded insurance is emerging as a transformative force in India’s insurtech sector, offering a promising solution to the country’s significant insurance coverage gap. This innovative model integrates insurance products with non-insurance services, providing coverage at the point of sale and leveraging technologies like APIs for instant policy issuance. The potential of embedded insurance to bridge the insurance gap, particularly in
Mahindra Finance and Magma HDI General Insurance have taken a significant step to bolster financial access across India by forming a new partnership. With Mahindra Finance being a leading non-banking financial company (NBFC) and Magma HDI a key player in the general insurance sector, this collaboration seems promising for widening financial inclusivity. This corporate agency agreement will enable Magma HDI
The insurance industry is undergoing a significant transformation, driven by the integration of advanced technologies and the shift toward personalized, real-time solutions. This new model, known as Insurance-as-a-Platform (IaaP), is set to redefine how insurance products are created, managed, and delivered, offering unprecedented flexibility and customization to meet individual customer needs. Through this innovative approach, insurance providers are better equipped
Imagine a world where your insurance experience is not marred by delays and complexities but is streamlined and optimized thanks to cutting-edge technologies like artificial intelligence and machine learning. This could soon become a reality due to the newly announced strategic partnership between Sun Life Global Solutions (SLGS) and the Indian Institute of Technology (IIT) Indore. The collaboration between these
In the evolving landscape of dental insurance, artificial intelligence (AI) has emerged as a transformative force, revolutionizing traditional processes to create more efficient, accurate, and tailored plans. Carrier companies are leveraging AI to automate manual tasks, enabling quick data processing and insightful analysis, ultimately enhancing policy development and implementation. This shift toward automation is significantly reshaping how dental insurance plans
In a significant move that could reshape the landscape of annuity and life insurance distribution, Luma Financial Technologies has partnered with Advantage Insurance Network (AIN) to integrate cutting-edge technology into the annuity and life insurance management processes. By incorporating Luma’s advanced structured products and insurance solutions into AIN’s proprietary AIN Essentials platform, this partnership promises to revolutionize how AIN Affiliates
Artificial Intelligence (AI) is transforming the fields of risk assessment and underwriting, particularly within industries like insurance, banking, and healthcare. These sectors rely heavily on accurate and timely decision-making, and AI technologies are significantly enhancing these processes by making them faster, more accurate, and efficient. The key areas in which AI impacts these industries include speeding up decision-making, improving accuracy,
Berkshire Hathaway Specialty Insurance (BHSI), a premier provider of insurance solutions in executive and professional lines, has recently announced significant leadership changes in its UK operations, signaling a strategic shift likely to influence the financial lines market. The new appointments see Andrew Hopper becoming the head of financial institutions, UK, and Chris Nixon being promoted to underwriting manager, executive &
