Allianz partners with US insurtech Praedicat Allianz Global Corporate & Specialty (AGCS), the corporate insurance carrier of Germany’s Allianz, is working with insurtech Praedicat to better predict the key catastrophe liability risks of the future. By combining Praedicat’s forward-looking predictive modelling approach with AGCS’ underwriting processes and extensive liability risk portfolio analysis, the companies aim to identify the next generation of catastrophe liability risks for business customers far earlier than under current methods, according to a press release.
InsurTech: How 300-day-old startups and 300-year-old insurers can bring out the best in one another In my previous two blogs I examined some specific technologies and topics (like IoT and Analytics, or P2P Insurance) from an InsurTech perspective. But today I’m going to focus on something of fundamental relevance to the whole InsurTech space: how startups and insurers can learn to collaborate more effectively – and reap the mutual benefits. 86% of insurers (globally) believe they must innovate at an increasingly rapid pace simply to retain a competitive edge, according to Accenture’s Insurance Technology Vision 2017 report. Whilst some of that disruptive pressure is undeniably coming from InsurTechs, most traditional insurers still perceive their existing competitors as posing the greatest risk of disruption. And so there’s a growing recognition among insurers that the InsurTech movement represents more of an opportunity than a threat, and that they should be working more closely with these technology-driven startups.
Clover Health Tops $1 Billion Value With Alphabet Backing Clover Health, an insurance startup using data science for preventative health care, has become Silicon Valley’s newest, and a rather reluctant, unicorn. Alphabet Inc.’s venture arm GV and other investors have put $130 million into the San Francisco-based company, valuing it at $1.2 billion, according to people familiar with the matter. Startups worth more than $1 billion on paper are known as unicorns. The funding round closed Wednesday.
Don’t call us disruptors – Insureon CEO The boss of one of the most successful companies shaking up the insurance industry says traditional agents and brokers have nothing to fear from the powerful new wave of insurtechs. “I don’t believe traditional agents or brokers should fear us,” Insureon CEO Ted Devine tells Insurance Business. “This is why we hate the term ‘disruptor’ when people describe us. Agents and brokers will be the dominant channel to deliver small commercial insurance for years and years.
Startupbootcamp InsurTech graduate, CBien, raises €8 million CBien, the leading European digital asset management platform located in Paris, Nantes and Hamburg, has raised €8 million from its existing shareholders MAIF, MACIF and 5M Ventures. This second fundraising round confirms investors’ confidence in the French startup. The funds will be used to finance CBien’s visibility in France, its international expansion, the integration of key insurance offerings and processes (on demand insurance, claims management…) and the development of new technologies for asset referencing and management.
Insuretech In China: Revolutionizing The Insurance Industry: Part II: Insuretech Makes Gains Insurtech is revolutionizing the insurance industry by bringing disruptive products and services to a market that is fast adopting, and increasingly moving toward, an online ecosystem. The market is also seeing a surge in the number of people who are aware of and are starting to understand the benefits of insurance. The China Insurance Regulatory Commission is supporting these gains by fostering a favorable regulatory environment for insuretech
20 insurance innovators to know t’s an exciting time for insurance. Startup activity and investment — $1.7 billion in 2016, according to CB Insights — are at an all-time high as the growing cohort of “insurtechs” targets legacy processes for digital reinvention. On the carrier side, visionary executives are spearheading internal efforts to emulate those companies’ abilities to ideate, iterate and execute on a 21st-century timeline. Over the past several months, Digital Insurance consulted with experts across the industry to assemble this list of 20 innovators who are truly leading insurance into a new era defined by digital efficiencies and effectiveness.
Cover Story: Insurtech to reshape industry The insurance industry, which has mainly used agents and banks to distribute its products for more than a century, is set to change in the next five years. The growing adoption of insurance technology (insurtech) will not only result in greater transparency for the industry but also better customer experience and more innovative products. The growth of insurtech, a subsector of financial technology (fintech), has been made possible with the digital revolution. Start-ups are using the advancements in technology to change how consumers learn about and buy insurance.
Insurtech Startup Lemonade Now Available in California Lemonade, a new spin on providing insurance, has announced it has received regulatory approval in California and is now available for homeowners to purchase insurance online. The Insurtech firm is now operating in three states including New York and Illinois. Lemonade said that launching in both New York and California within a few months was “unheard of”. As a tech company, Lemonade says that launching in the tech capital of the world is “huge”.
Could autonomous technology make car insurance more expensive? Between an increasing number of airbags, high-strength structural materials and driver assistance technology, overall vehicle safety has increased exponentially during the past few years alone. Government standards are the primary driving force behind this trend, but so too is the race for automation, as car companies work on building self-driving cars as well as consumer trust in them.