The insurance industry is undergoing a revolution, thanks to InsurTech startups that are challenging traditional business models and reshaping the future of the industry. With the adoption of technologies like artificial intelligence, big data analytics, blockchain, and the Internet of Things (IoT), InsurTech is revolutionizing the way insurance companies operate. InsurTech Technologies InsurTech encompasses a wide range of technologies that
Akur8, a leading insurtech company, has achieved a significant milestone with the release of their latest research paper titled “Derivative Lasso: Credibility-Based Signal Fitting for GLMs.” This paper addresses a longstanding challenge faced by actuaries – finding the right balance between transparency and complexity when developing Generalized Linear Models (GLMs) for risk assessment. In this article, we will explore the
In today’s rapidly evolving technological landscape, the insurance industry faces numerous challenges that affect the ability of underwriters and reinsurers to effectively underwrite risks and adapt swiftly and accurately to changing market dynamics. This article explores the significance of technological adaptation, the challenges faced by underwriters and reinsurers, the competitive edge gained through decision intelligence software, collaboration needs in the
With the advent of technology, the insurance industry is undergoing a transformative shift. Insurtech, the use of innovative technologies to upgrade and optimize various processes in the insurance value chain, has emerged as a game-changer in the industry. The global insurtech market, valued at $8.6 billion in 2023, is projected to reach an astounding $34.7 billion by the end of
Root, a local insurtech start-up, has recently announced its strategic partnership with Connect by Admiral, a subsidiary of Admiral Group, one of the leading insurers in the UK. This partnership marks a significant milestone for Root as it expands its reach and brings embedded insurance solutions to businesses across the country through Connect’s innovative API-first platform. Connect by Admiral At
In the dynamic and ever-changing world of automobiles, having reliable auto insurance is crucial to providing financial security. While meeting the minimum state requirements is important, it is equally vital to protect yourself, your passengers, and your vehicle. This comprehensive guide will walk you through the various aspects of auto insurance, helping you identify your protection needs and find the
Novidea, a leading player in the InsurTech sector, has announced the release of a significant update aimed at further enhancing its acclaimed insurance management platform. With a commitment to providing innovative solutions for the insurance industry, Novidea’s latest version introduces a myriad of enhancements that will revolutionize the way insurance professionals streamline their operations and deliver superior customer experiences. Overview
Travelers, a leading insurance provider, has made a strategic move in the cyber insurance domain with the acquisition of Corvus, an innovative InsurTech firm specializing in cyber insurance underwriting. The acquisition, valued at approximately $435 million, aims to enhance Travelers’ capabilities in this rapidly evolving sector. Strategic Play by Travelers With the cyber insurance market expanding and evolving at an
Personal property insurance is a crucial component of homeowners, renters, or condo policies, assuring the replacement of your belongings in the event of theft, damage, or destruction. Understanding the different types of coverage, assessing the value of your personal property, and considering various coverage details and limitations is vital to making informed decisions that safeguard your financial well-being. Replacement Coverage
In an exciting announcement, Lemonade, the insurtech disrupter, revealed that it has reached a significant milestone by welcoming its two millionth customer. This achievement marks a remarkable growth trajectory for the company and demonstrates its ability to challenge traditional insurance models. Let’s delve into the key factors that have fueled Lemonade’s rapid expansion and profitability. Rapid Growth in Customer Acquisition
Pet insurance has emerged as one of the fastest-growing insurance segments in the United States, presenting employers and employees with a unique opportunity to enjoy significant benefits. In a society where pets are increasingly considered part of the family, having insurance that covers their medical needs can provide pet owners with unparalleled peace of mind. Peace of mind with pet
Nordnet, the pan-Nordic digital platform for savings and investments, has extended its partnership with Lumera to introduce an all-digital, low-fee product offering for the Finnish Savings and Investment Policy (SIP) account. This expansion of their business partnership now spans across four Nordic countries, enabling Nordnet to reach a wider audience with its insurance savings solution. Background Leveraging the Lumera platform,
