In a significant stride towards modernizing the insurance industry’s pricing strategies, Akur8, a leading insurance pricing and reserving platform utilizing Transparent Machine Learning (ML), has announced its partnership with Windward Risk Managers. Windward Risk Managers, which oversees Florida Peninsula Insurance, Edison Insurance, and the innovative Ovation Home Insurance Exchange, is set to leverage Akur8’s Core Platform to enhance its predictive
In an era where convenience and efficiency drive consumer choices, mortgage applicants often face the challenge of navigating complicated and disjointed processes. Imagine a world where obtaining a mortgage seamlessly integrates home insurance options, eliminating the need for separate, time-consuming searches and decisions. This is now becoming a reality thanks to the recent partnership between Blend, a digital banking platform,
As the insurance industry continues to seek ways to integrate advanced technologies into its risk assessment and underwriting processes, the partnership between Cytora and Gamma Risk has emerged as a pivotal development. The collaboration combines Cytora’s robust digital risk processing platform with Gamma Risk’s Perilfinder™, a sophisticated address-level risk assessment tool. Through this integration, insurers are expected to benefit from
Insurtech Insights Asia 2024 is set to become a pivotal moment for the insurance technology industry as it convenes at the Kerry Hotel on December 4th and 5th. With over 5,000 delegates expected to attend, the event is anticipated to be Asia’s largest insurance industry gathering, offering a vibrant platform for discussion, networking, and collaboration. This year, the conference will
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 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
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
