The global insurtech (insurance technology) industry has been experiencing significant growth in recent years. As emerging technologies continue to disrupt traditional insurance models, the demand for innovative insurtech products and services has been on the rise. This report aims to provide a comprehensive overview of the market, focusing on key segments, their growth rates, and market sizes. Additionally, it will
Novidea, a leading insurance technology provider, has recently announced the launch of its cutting-edge insurance platform in Southeast Asia. With a focus on Hong Kong and Singapore, this expansion aims to fill the technology gap that exists for global brokers and carriers in the region. As the demand for cloud-based insurance management platforms continues to rise, Novidea’s entry into Southeast
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, is thrilled to announce the addition of Darryl Siry as its new Chief Operating and Technology Officer. With his wealth of experience in technology transformation and execution, Siry is expected to drive Cover Whale’s continued growth and enhance its technological capabilities. This appointment marks an important
Cadence Bank, a leading regional bank in the Southeast, has recently closed the sale of its insurance operations, Cadence Insurance, Inc., to Arthur J. Gallagher & Co. The transaction, valued at $904 million in cash, is a significant move for Cadence Bank as it seeks to reinvest the capital into further growing its core banking business. The sale represents a
As the generative AI market continues to skyrocket, with a projected worth of $1.3 trillion in the next decade, insurance companies find themselves at a critical juncture. Recent technological breakthroughs in generative AI herald a potential transformation in the insurance industry. This article explores the immense possibilities, market projections, and the risks associated with the adoption of generative AI. Additionally,
The insurance industry has witnessed a rapid transformation over the past decade, driven by advancements in technology and changing consumer demands. Recognizing the need for collaboration and innovation, members from several leading insurtech companies have recently announced the launch of the InsurTech Coalition. This novel trade organization is dedicated to shaping the future of insurance both ethically and inclusively. With
Slide Insurance, the full-stack homeowners insurtech focused on writing business in Florida currently, is making significant strides in expanding its presence in the market. The company has announced the launch of an admitted H06 condominium insurance policy, adding to its existing offerings. This expansion aims to provide condo owners and agents with comprehensive coverage options tailored to their specific needs.
NowCerts, a leading agency management platform, has announced a strategic partnership with Input 1, a digital payments solution provider, to introduce an integrated payments system. This partnership comes in response to the growing demand for digital payment options within the insurance industry. By combining NowCerts’ expertise in agency management with Input 1’s prowess in digital payments, the partnership aims to
Measured Analytics and Insurance, a leading provider of comprehensive cyber insurance solutions, has recently achieved the coveted Amazon Web Services (AWS) Cyber Insurance Competency. This recognition highlights Measured’s dedication to fortifying cyber resilience for small and medium-sized enterprises (SMEs) by providing enhanced security and affordable insurance options. Through a simplified customer experience and the integration of AI-driven risk assessment, Measured
In a rapidly digitizing world, insurance agencies need to adapt and provide efficient services that meet customer demands. NowCerts, a leading agency management system, has partnered with Input 1 to offer an integrated payments solution, enabling NowCerts’ agents and users to expand their service offerings and accept digital payments via credit, debit, and ACH. This partnership comes at a time
InsurTech NY, the largest InsurTech community in North America, recently completed its fourth growth-stage InsurTech accelerator cohort. As the demand for innovative solutions in the insurance industry continues to grow, InsurTech NY plays a crucial role in supporting startups and fostering their development. Selection Process Out of a remarkable pool of over 155 applicants hailing from 20 countries around the
The insurance industry is currently undergoing a profound transformation, characterized by disruptive technologies and innovative ideas that challenge traditional business models and reshape the status quo. Telematics, data science, and advanced technology have revolutionized risk assessment and customer interaction in the insurance sector, ushering in a new era of possibilities. The Emergence of InsurTech Coalition In response to these transformative
