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InsurTech

Are Global Commercial Insurance Rates Finally Stabilizing?
FinTech Insurance
Are Global Commercial Insurance Rates Finally Stabilizing?

The Global Insurance Market Index, published today by Marsh, revealed that global commercial insurance rates experienced their first decline in seven years. In the third quarter of 2024, rates dropped by 1%, marking the first decrease since Q3 2017. This decline indicates a continuation of the moderating rate trend observed in recent quarters. The key factors driving this trend include

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Advancing Automation: From RPA Bots to Intelligent AI Agents at USI Insurance
Robotic Process Automation In IT
Advancing Automation: From RPA Bots to Intelligent AI Agents at USI Insurance

In the rapidly evolving landscape of automation and artificial intelligence, businesses are constantly striving to keep pace with technological advancements. At UiPath’s annual conference, Craig Le Clair, Vice President and Principal Analyst at Forrester, presented a compelling analogy, comparing the development of robotic process automation (RPA) bots to human evolution. He likened RPA bots to Neanderthals and AI agents to

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How Does ResQ ML Transform P&C Insurance Reserving Practices?
FinTech Insurance
How Does ResQ ML Transform P&C Insurance Reserving Practices?

WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, has recently launched ResQ Machine-led Reserving, an innovative technology poised to revolutionize the insurance and reinsurance reserving practices within the Property and Casualty (P&C) sector. For decades, the industry has grappled with expensive, infrequent, and low-granularity analyses, which have often hampered the efficiency and accuracy of financial reporting. With

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Best Insurance Launches AI-Led WhatsApp Service for Easy ASU Policies
FinTech Insurance
Best Insurance Launches AI-Led WhatsApp Service for Easy ASU Policies

Best Insurance has introduced an innovative AI-led WhatsApp service that allows customers to purchase insurance policies directly through the popular messaging platform. The service initially supports Accident, Sickness, and Unemployment (ASU) insurance, aiming to meet the growing demand for more convenient and flexible insurance solutions. This development is particularly geared towards younger customers, who increasingly expect seamless user experiences with

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Prudential and 123Seguro Team Up to Expand Insurance in Latin America
FinTech Insurance
Prudential and 123Seguro Team Up to Expand Insurance in Latin America

Prudential Financial, Inc. has joined forces with 123Seguro, a leading online insurance platform in Latin America, to broaden their insurance offerings, particularly in Brazil and Mexico. This partnership is set to significantly influence the accident & health, life, and ancillary insurance markets within these countries. Considering that less than 20% of the population in these nations currently hold life insurance

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How Will Liberty Mutual Enhance Insurance for Jaguar Land Rover Buyers?
FinTech Insurance
How Will Liberty Mutual Enhance Insurance for Jaguar Land Rover Buyers?

In a significant development within the auto insurance market, Liberty Mutual and Jaguar Land Rover North America (JLR) have partnered to introduce bespoke auto insurance solutions for JLR vehicle owners across the United States. This collaboration aims to seamlessly integrate tailored insurance offerings into the car buying process, enhancing the overall ownership experience for JLR customers. Enhanced Customer Experience The

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Lee Shavel Joins FACI to Drive Forward-Looking Strategies in Insurance
FinTech Insurance
Lee Shavel Joins FACI to Drive Forward-Looking Strategies in Insurance

Verisk’s President and CEO, Lee Shavel, has been appointed to the Federal Advisory Committee on Insurance (FACI), a move that underscores his pivotal role in the insurance industry. Shavel, well-known for his leadership and strategic vision at Verisk, now has an additional platform to influence industry policy. Under his guidance, Verisk has effectively embraced a client-centric strategy, cultivated strong partnerships,

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Igloo Launches D2C Insurance Platform in Indonesia for Digital Users
FinTech Insurance
Igloo Launches D2C Insurance Platform in Indonesia for Digital Users

Igloo, a well-known InsurTech firm, has announced the launch of its direct-to-consumer (D2C) insurance platform, igloo.co.id, in Indonesia, marking a significant expansion for the company within Southeast Asia. This new venture is strategically designed to address the key barriers to insurance adoption in Indonesia by offering affordable and easily accessible microinsurance products. Igloo aims to cater to the rising digital

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What Impact Will Tim Benson Have as Chubb’s Multinational Insurance Leader?
FinTech Insurance
What Impact Will Tim Benson Have as Chubb’s Multinational Insurance Leader?

Chubb, a global leader in property and casualty insurance, has recently appointed Tim Benson as its new executive vice president and multinational insurance leader, effective October 30. Benson will be tasked with overseeing the strategy, product development, and business operations of Chubb’s multinational insurance segment. His responsibilities further extend to managing underwriting operations, profit and loss performance, and coordinating North

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Aurora Insurance Secures Seed Funding to Revolutionize Commercial Sector
FinTech Insurance
Aurora Insurance Secures Seed Funding to Revolutionize Commercial Sector

Aurora Insurance, a London-based digital insurance platform, has announced the successful acquisition of seed funding from QBE Ventures to advance its digital commercial insurance solutions. Aurora employs innovative technologies such as algorithmic trading and artificial intelligence (AI) to optimize workflows, enhance risk assessment capabilities, and boost operational efficiency. By seamlessly integrating into existing ecosystems, the platform empowers insurers and brokers

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How Will Pivix and Canopius Transform Small Commercial Insurance?
FinTech Insurance
How Will Pivix and Canopius Transform Small Commercial Insurance?

In a noteworthy development within the insurance sector, Pivix Specialty Insurance Services has partnered with Canopius US Insurance to enhance the accessibility and efficiency of commercial property insurance for wholesale brokers, with a strong focus on those managing smaller commercial accounts. This collaboration aims to streamline insurance solutions, addressing the growing demand in the market and providing much-needed support to

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MedScreen+ Transforms Underwriting with AI and OCR Technologies
FinTech Insurance
MedScreen+ Transforms Underwriting with AI and OCR Technologies

Prudential Hong Kong, in partnership with the Reinsurance Group of America (RGA), has launched MedScreen+, a groundbreaking digital underwriting tool designed to modernize the underwriting process through the use of advanced optical character recognition (OCR) and artificial intelligence (AI) technologies. This revolutionary tool can swiftly analyze over 160 types of medical tests, including blood tests, ultrasounds, and X-rays, which significantly

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