InsurTech leader Wefox has successfully secured a substantial investment of $55m from prominent financial institutions Deutsche Bank and UniCredit. This injection of funds will fuel Wefox’s plans for global expansion and intensify its efforts in mergers and acquisitions. With an innovative online platform offering a suite of insurance plans, Wefox has set itself apart in the competitive insurance market by
Ahoy! Insurance, a leading provider of boat insurance, has recently announced a strategic partnership with the American Sailing Association (ASA), marking a significant expansion of Ahoy’s reach in the US market. With over 12 million registered boaters in the country, this partnership will allow Ahoy! Insurance to offer its specialized insurance solutions to a wider audience of boating enthusiasts. ASA
Insurance startup Mulberri has made significant strides in the industry with the launch of its groundbreaking AI-powered Risk Assistant and the rollout of its embedded property and casualty platform. This innovative approach introduces a new era of insurance solutions by incorporating artificial intelligence and predictive algorithms into risk assessment and insurance procurement processes. The potential of embedded insurance solutions to
The insurance industry has traditionally been known for its slow adoption of technology and resistance to change. However, a wave of innovation has swept through the sector, led by insurtech companies in the Asia-Pacific region. These companies are revolutionizing the way insurance is bought, sold, and managed, leveraging the region’s high mobile penetration rates and tech-savvy population. This article explores
In today’s rapidly evolving insurance landscape, insurers must embrace Artificial Intelligence (AI) technology in order to successfully navigate the transformative trends shaping the industry. By harnessing the power of AI, insurers can overcome challenges faced by an aging claims workforce, rising loss costs, and increasing expenses. This article explores the importance of developing a comprehensive claims AI strategy and highlights
Tokio Marine Insurance has recently announced its strategic partnership with the Dubai Chamber of Digital Economy (DCDE) with the aim of bolstering the startup and business ecosystem in the United Arab Emirates (UAE). This collaboration is a significant step towards attracting global digital companies to Dubai and solidifying Tokio Marine Insurance as a pivotal global insurance entity in the region.
In the digital age, insurance companies face the challenge of efficiently processing large volumes of paperwork. Document scanning has become a crucial aspect of streamlining operations and expediting claims processing. Fortunately, there’s an alternative solution that combines efficiency and user-friendliness – implementing a Web SDK for document scanning directly through browsers. This article explores how implementing a Web SDK simplifies
Federato, a leading provider of underwriting solutions, has recently announced a groundbreaking partnership with Google Cloud. This strategic alliance aims to integrate advanced artificial intelligence (AI) capabilities into Federato’s RiskOps underwriting platform. By leveraging the power of AI, the partnership aims to revolutionize the way underwriters make decisions and enhance their ability to focus on price-competitive opportunities. Benefits of AI
The insurance industry has long relied on Excel as a go-to tool for pricing in both the insurance and reinsurance sectors. However, as market dynamics continue to evolve, it has become increasingly evident that Excel is no longer the optimal solution. This article examines the limitations of Excel as a pricing tool in the insurance sector and explores the pressing
Better Home & Finance Holding Company (NASDAQ:BETR, BETRW) has recently unveiled Better Insurance, a groundbreaking end-to-end, white-labeled solution that enables customers to purchase homeowners insurance through a fully online experience. Recognized as the leading digital homeownership company, Better Home & Finance is also the first fintech lender to achieve $100 billion in funded loans. This latest innovation is offered by
Layr, a leading Insurtech company focused on independent commercial insurance brokerages, recently announced the successful completion of its latest funding round, securing a significant investment of $10 million. This infusion of funds will further propel Layr’s mission to revolutionize the insurance tech landscape by bringing a digital and data-driven shift to the intricate manual workflows inherent in small business insurance.
The Travelers Companies, Inc. (NYSE: TRV) has recently announced its plans to acquire Corvus Insurance Holdings, Inc. for approximately $435 million. This strategic move will accelerate Travelers’ access to cutting-edge cyber capabilities in line with its long-term roadmap. The acquisition includes advanced underwriting algorithms, sophisticated cyber vulnerability scanning tools, and enhanced digital connectivity to customers and distribution partners. Importance of
