Insurtech Insights

EPIC Insurance Brokers & Consultants has completed the acquisition of US-based Century Insurance Group, LLC for an undisclosed sum. The acquisition of Oregon-based Century will enhance EPIC’s presence in the Pacific Northwest and will allow Century to utilise EPIC’s specialised services and technology-driven solutions. Chris Rosch, CIC, said: “EPIC’s client-first approach and extensive resources made this partnership an easy choice. With EPIC’s support, we can continue our mission to be deeply ingrained in the challenges our clients face while leveraging expanded resources to help them manage risk and meet their needs. This exciting partnership provides our team with additional growth opportunities in the region.” KJ Wagner, EPIC West Region President, added: “The Century team has a decades-long track record of success, and we are thrilled to provide the tools to help them continue the momentum they have already established. We’re extremely optimistic about furthering EPIC’s growth strategy in the region and beyond.” Read the full story here 👉 https://lnkd.in/e6JpBub4 #InsurtechInsights #InsuranceNews #Acquisitions

Priceline, a pioneer in online travel services, has teamed up with Cover Genius, a leading insurtech provider, to roll out advanced travel protection solutions across North America. “We’re excited to collaborate with Priceline to bring our customer-centric protection to their travellers,” said Angus McDonald, CEO and Co-founder of Cover Genius. The platform features a unified API for multiple insurance lines, AI-driven policy recommendations tailored to individual customers, robust UI testing for optimised user experience, and a wide array of products including Cancel For Any Reason (CFAR) coverage, available across all 50 US states and over 60 countries. “Our partnership with Cover Genius reinforces our commitment to revolutionise travel through pioneering technology,” said Lucy Bueti, Vice President, Rental Car and Ancillary Products at Priceline. Read the full story here: 👉 https://lnkd.in/euGWA7ZV #insurtechinsights #insurance #partnerships #embedded

Mang-Git Ng, Founder and CEO of Anvil - Document SDK, speaks to Sam Davies, Global Partnerships Manager, at Insurtech Insights USA 2024 in New York last month, about the potential for industry-changing innovations. "Our goal down the road is to enable the world where you can effectively build new online experiences simply by uploading a PDF." #insurtechinsights #insurance #insurtech #innovation

Ushur, an insurtech specialising in AI-powered customer experience automation, has announced the launch of a new pre-built automation solution. The new product aims to reduce turnaround times and improve onboarding communications for insurance carriers, health plans, and financial services companies. Yvonne Daugherty, Global Head of Industries for Ushur, commented: “In group benefits and worksite benefits, there is a big opportunity to enhance and expedite the process of onboarding employer groups. The current process is friction-filled, manual and inefficient. With Ushur’s new AI-first automated solution for multichannel communications, document processing, and information gathering, carriers, group benefit administrators, and benefits brokers all experience substantial improvement in the onboarding journeys while realising operational efficiencies across the board.” Read the full story here 👉 https://lnkd.in/exFShWvj #InsurtechInsights #InsuranceNews #ProductLaunch #CustomerExperience

London-based insurtech Cuvva, reached profitability in 2023. The startup, which offers short term car insurance, has shared its financial results for 2023, ending the year with a profit for the first time. According to reports, during the reporting period (March 1 2023 to December 31 2023), the MGA generated £18.6 million in revenue, a 32% increase compared to the prior 12 months. Profit after tax was £2.5 million, compared to a loss of £4.8 million in the prior period. For the year ending February 28 2022, Cuvva reported a loss of £10.1 million. Cuvva is led by CEO Freddy Macnamara Read the full story here: https://lnkd.in/e55qVeh6 #insurtechinsights #insurtech #telematics #insurance #profitability

Allianz announced on Wednesday that it plans to buy a majority stake in Singapore’s Income Insurance for around $1.6 billion, as it seeks to strengthen its position in Asia. The deal comes as Singapore’s insurance sector is experiencing a period of consolidation and increased deal activity. Allianz stated it would offer SGD 40.58 per share for a transaction value of SGD 2.2 billion (USD 1.64 billion). This equates to USD 30.4 per share, with a value of USD 1.23 billion. Allianz stated that this acquisition would make it Asia’s fourth-largest insurer, up from ninth previously. Read the full story here 👉 https://lnkd.in/e9Qktv4m #InsurtechInsights #InsuranceNews #Singapore

The increasing prevalence of cyber warfare and nation-state attacks pose significant risks in 2024 and policies must evolve to address these issues, according to a new industry report by Flow. The Cyber Insurance Mid-Year State of the Market Report reveals that Increased competition has softened the market, lowering rates and expanding policy offerings compared to the tougher times of 2020-2022, but that cyber warfare is an escalating threat. Speaking to Insurtech Insights, David D., Head of Insurance for Flow, said: “This critical coverage is important but does not carry the same weight across all industries. Government and other critical infrastructure clients, along with Fortune 500 organisations, will be at a heightened risk for these attacks compared to everyday businesses." Read the full report here: 👉  https://lnkd.in/g9XmV7Dm #insurtechinsights #cyberinsurance #cyberwarfare #cybersecurity #insurance

Cytora, the leading digital risk processing company, has announced it is partnering with Gamma Risk, a global provider of location intelligence systems and service. The integration of Gamma Risk’s Perilfinder™ within Cytora’s leading underwriting productivity tool will provide insurers with enhanced tools to enable risk evaluation and management. Juan de Castro, COO at Cytora, said: “Incorporating Gamma Risk’s Perilfinder™ into our platform is a significant milestone for Cytora. This integration will enable insurers to perform more accurate risk evaluations and make better-informed decisions, thereby enhancing their competitive edge.” Richard Garry, CCO at Gamma Risk, added: "Collaborating with a forward-thinking company like Cytora allows us to be at the forefront of industry advancements. Through Perilfinder™, we aim to streamline processes, enhance service delivery, and enable growth." Read the full story here 👉 https://lnkd.in/g9xqTwQc #InsurtechInsights #InsuranceNews

Margeaux Giles, Founder and CEO of IRYS Insurtech, talks about a moment in her career that could have pivoted very differently, if she had pressed 'Send' on an email, during the Women's Leadership Congress panel at Insurtech Insights USA 2024 in New York last month. She says: "So I know in my soul, had I sent that email that opportunity would not have come my way." #insurtechinsights #leadership #insurance #career

Insurity, a leading provider of cloud software for insurance carriers, brokers, and managing general agents (MGAs), has announced the launch of the Insurity Interaction Platform, powered by Glia. The cloud-native platform is set to transform interactions with policyholders and agents across multiple channels, offering a seamless digital experience. Daniel Michaeli, Chief Executive Officer at Glia said: “Our collaboration brings advanced digital interaction capabilities to the insurance industry, enabling carriers and MGAs to interact with their customers and agents more effectively and efficiently." “We are thrilled to introduce the Insurity Interaction Platform, powered by Glia, which will revolutionise how carriers and MGAs connect with their policyholders and agents,” said Sylvester Mathis, III, Chief Insurance Officer at Insurity. #insurtechinsights #partnerships #insurtech #technology #launch