Allianz S.p.A. has taken a significant step in the Italian insurance sector by acquiring Tua Assicurazioni S.p.A. With a purchase price set at €280 million, Allianz not only broadens its financial spectrum but also incorporates an impressive network of about 500 agents. This move is expected to enhance Allianz’s market share in the Property and Casualty sector by 1%. The
RT Specialty, a branch of Ryan Specialty, is enhancing its digital strategy to cater to the growing need for cyber insurance through its RT Connector platform. This strategic extension represents a significant step in digitizing specialty insurance, combining the necessity for effective cyber insurance with the convenience customers expect. Originally a platform for expediting bindable E&S solutions, RT Connector now
Swedbank is making a significant leap forward in the Baltic banking industry by incorporating Akur8’s innovative solutions into its insurance pricing strategies. This venture harnesses the power of advanced analytics and Transparent AI from Akur8’s state-of-the-art platform to optimize Swedbank’s insurance pricing models. The goal of this alliance is to boost the bank’s operational efficiency while simultaneously improving the precision
Japan’s insurance sector is on the cusp of a dramatic transformation, as Smartpay, a dynamic fintech player, joins forces with insurance titan Chubb. Their partnership marks a pivotal move toward a digitized insurance landscape, crafted to cater to the specific demands of Japanese consumers. This collaboration aims to integrate insurance services into daily transactions, demonstrating a keen understanding of the
Concirrus has taken a giant leap in insurtech with the advanced Quest platform’s marine insurance data model, integrating vast amounts of global marine hull claims data. This breakthrough assists insurers in enhancing their underwriting accuracy. Crafted with insights from leading actuaries and top marine insurers, the model upholds industry standards and empowers insurers to compare and benchmark with superior precision.
Privilege Underwriters, Inc. (PUI) and the PURE Group of Insurance Companies are embarking on an ambitious initiative to reinforce their promise for growth and enduring success by reinvigorating their top executive team. Reflecting a strategic move to fortify their stance in the industry, these pivotal leadership changes have been carefully orchestrated to mirror the organization’s long-term objectives. Through this recalibration
Akur8 is catalysing transformative change in insurance pricing, and Swedbank is leading the charge by embracing this state-of-the-art technology. Akur8’s platform revolutionizes the traditional process with a machine learning approach that emphasizes transparency. This empowers Swedbank’s pricing teams to build automated, highly predictive risk models with agility, propelling new insurance products to the market swiftly. This strategic move demonstrates Swedbank’s
Concirrus has introduced a groundbreaking AI-powered model for the marine insurance hull market, designed to enhance accuracy in risk evaluation and underwriting processes. Traditional approaches usually miss the mark in deciphering the complexity of market dynamics and associated risks. The Quest platform, offered by Concirrus, fills this lacuna with its cutting-edge ability to incorporate various actuarial models, thereby redefining the
In today’s digital landscape, businesses face unprecedented cyber threats, driving the need for innovative insurance solutions. Resilience has risen to the challenge, revolutionizing Technology Errors & Omissions (E&O) insurance. Going beyond their cyber insurance roots, they’ve redefined tech liability protection. Their service is specially designed for U.S. companies of varied sizes, providing a necessary shield in this high-stakes environment. Resilience
In today’s tech-driven world, businesses are increasingly dependent on artificial intelligence (AI) services, making disruptions a significant concern. Recognizing the potential operational and financial fallout from such service outages, Parametrix, an innovative coverholder at Lloyd’s, has expanded its insurance and monitoring solutions. Its services now encompass real-time tracking of leading AI platforms, including OpenAI’s ChatGPT, Google Cloud, and AWS, ensuring
The insurance sector stands on the cusp of a major shift driven by technological advancements. As they upgrade outdated systems and incorporate innovative tech, insurers are zeroing in on the critical aspect of pricing. This focus is due to the impact that accurate pricing can have on improving their loss ratio—which accounts for losses and expenses compared to premiums earned.
At Wefox, a major leadership change is taking place that could reshape the InsurTech landscape. Co-founder Julian Teicke is stepping away from his executive duties to become the non-executive President and Vice Chair of the company’s Board of Directors. This move reflects the dynamic nature of digital innovation in the insurance sector and opens up new possibilities for Wefox. Taking
