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InsurTech

Allianz Acquires iptiQ’s European P&C Business From Swiss Re
FinTech Insurance
Allianz Acquires iptiQ’s European P&C Business From Swiss Re

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

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Is Insurtech Funding Stabilizing and Poised for Growth in 2024?
FinTech Insurance
Is Insurtech Funding Stabilizing and Poised for Growth in 2024?

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

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Will Allianz Direct’s Acquisition of iptiQ Boost Its European Market?
FinTech Insurance
Will Allianz Direct’s Acquisition of iptiQ Boost Its European Market?

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

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Why Are Insurers Choosing Sophisticated Pricing Over Transparency?
FinTech Insurance
Why Are Insurers Choosing Sophisticated Pricing Over Transparency?

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

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Insurers Target AI and Modern Systems Amid Compliance Struggles
FinTech Insurance
Insurers Target AI and Modern Systems Amid Compliance Struggles

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

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SchemeServe and Addresscloud Partner to Enhance Property Insurance Accuracy
FinTech Insurance
SchemeServe and Addresscloud Partner to Enhance Property Insurance Accuracy

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

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Delos Secures $9M to Revolutionize Wildfire Insurance with Tech
FinTech Insurance
Delos Secures $9M to Revolutionize Wildfire Insurance with Tech

Delos Insurance Solutions, a specialized property insurance MGA based in San Francisco, has successfully secured a significant $9 million in a Series A funding round aimed at addressing wildfire risk, particularly in high-risk areas. Leading the funding initiative was HSBC Asset Management, with substantial contributions from IA Capital Group, Blue Bear Capital, Generation Space, alongside several angel investors. Founded in

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How Can SchemeServe and Addresscloud Transform Property Insurance?
FinTech Insurance
How Can SchemeServe and Addresscloud Transform Property Insurance?

The emergence of technology in the insurance sector has consistently pushed the boundaries of traditional practices, aiming for more accurate, data-driven solutions. Recently, SchemeServe, a leading provider of cloud-based insurance software, forged a partnership with Addresscloud, renowned for its advanced geographic risk assessment tools. This strategic collaboration aims to profoundly transform property scheme insurance by integrating Addresscloud’s geolocation, peril, and

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Vertafore Acquires Surefyre to Enhance MGA Efficiency and Innovation
FinTech Insurance
Vertafore Acquires Surefyre to Enhance MGA Efficiency and Innovation

Vertafore, a leading provider of insurance technology, has acquired Surefyre, an advanced submission and underwriting platform designed to support Managing General Agents (MGAs) and wholesalers. This strategic acquisition enhances Vertafore’s existing MGA ecosystem through Surefyre’s AI-enabled, low-code/no-code technology. By integrating these cutting-edge tools, Vertafore aims to significantly improve the efficiency and speed of the quoting process, offering MGAs a modern

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How Can Companies Simplify Entry Into the P&C Insurance Market?
FinTech Insurance
How Can Companies Simplify Entry Into the P&C Insurance Market?

Bindable, an InsurTech firm acclaimed for its alternative distribution technology, has introduced an innovative virtual agency model to streamline the establishment of property and casualty (P&C) insurance agencies for various businesses. This model specifically targets the growing interest from organizations in adjacent industries that seek to incorporate insurance services into their existing offerings. Bindable’s new solution empowers these companies to

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Pro Global Enhances Digital Services with Propel Automation Integration
FinTech Insurance
Pro Global Enhances Digital Services with Propel Automation Integration

Pro Global, a respected advisor in the specialist insurance sector, has significantly enhanced its Digital Services under the leadership of Kristy Lovegrove, Group Head of Technology. This strategic development aims to meet the rising demand for automation and technology-driven efficiencies within the global re/insurance market. As the industry faces increasing cost pressures and a rapidly evolving technological landscape, Pro Global’s

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Can ResQ Machine-Led Reserving Transform Insurance Financial Reporting?
FinTech Insurance
Can ResQ Machine-Led Reserving Transform Insurance Financial Reporting?

In the ever-evolving landscape of the insurance industry, one of the most enduring and significant challenges has been the high costs and infrequency associated with financial reporting analyses. Addressing this issue, WTW, a global advisory, broking, and solutions company, has launched ResQ Machine-led Reserving, promising to revolutionize how insurers and reinsurers handle financial reporting and reserving processes. This advanced product

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