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Insurtech is a merging of ‘insurance’ and ‘tech’ and a relatively new concept, but when was the term coined? You would be hard-pressed to pinpoint this to a specific place and time as, much like the process of evolution, the emergence and rise of insurtech has been gradual, but the term has been in use for around a decade. Similarly to fintech – new technology that seeks to improve and automate the use of financial services – insurtech essentially leverages technology to improve efficiency and drive advancement within the insurance industry. So what prompted the insurtech revolution? Will Insurtech Disrupt…
As the CEO of Insurtech Australia since May 2019 – and one of the organization founders – Rita Yates is extremely apt to identify which areas of the insurance industry benefitted most from integrating insurtech solutions in 2020. In Australia, Insurtech is a rapidly evolving space, particularly with the virtual shake-up that occurred as a result of remote working requirements brought about by the pandemic. 2020 has seen insurtech continue to grow in Australia as company resources are increasingly focused on digital transformation. “There are two segments that stand out for me.” She shares, “The first is the claims process,…
The insurtech sector raised $1.9 billion in VC funding during Q3 2020, a 69% increase over Q2 and its biggest quarterly total since Q4 2017. Health and life insurtech companies continued to drive a significant share of deal value, accounting for roughly half of the total invested capital. Several startups hit unicorn status as the pandemic accelerated a shift to digital insurance sales, according to our Q3 installment of Emerging Tech Research on the insurtech sector. Yet 2020 is on pace to fall well below 2019’s dealmaking activity, and deal sizes have decreased markedly. Other takeaways from the report: Late-stage…
Individuals Recognized for Driving Change through Collaboration, Sustainability & Inclusion, and Global Ecosystem-Building ACORD, the global standards-setting body for the insurance industry, today announced its annual InsurTech Leaders list. This year’s leaders are presented in conjunction with Alchemy Crew, whose co-founder & CEO Sabine VanderLinden has herself been a perennial member of ACORD’s list. Every year, ACORD evaluates vision, execution, and outcomes to identify the leaders with the greatest current and future ability to change the industry through InsurTech. The 2020 list is expanded to recognize leaders who are driving change in three key focus areas: collaboration, sustainability & inclusion,…
Insurers could distribute coverage through technology firms that adopt the managing general agent model, a Montreal expert for a venture capital fund observes. We are seeing some technology startups are adopting the MGA model and partnering with a carrier or reinsurer to distribute their product,” said Corey Wick of InsureTech Trends. Newer tech-driven MGAs are partnering with brokers to give those brokers access to faster policy distribution. We are seeing that in life and health. I could see that on both property and casualty side, especially with products that might not be easy to underwrite fast enough digitally. How is technology…
A Spotlight interview with Nikolaus Sühr from Kasko to find out how their ‘Insurtech-as-a-Service’ is gaining traction, along with learning what’s on their agenda for 2019. The London-based startup, which is now nearing its 4th birthday, boasts more than 700 distribution partners and 15 insurance partners spanning 5 countries – and we expect this to only snowball in the coming years. Hi Nikolaus, could you tell us a little about yourself and Kasko? I’m 34-years-old, happily married man with no children yet. I come from an insurance family – even at the age of ten I found myself scanning through…
Interview with Davis Hake, co-founder and head of engagement for new cyber insurtech startup, Arceo. Launched at the beginning of 2019, the startup is looking to bridge the gap between cyber insurance and cybersecurity with the help of advanced risk analytics. Hi Davis, could you tell us a little about yourself and what Arceo does? Arceo enables insurance carriers and brokers to grow their cyber insurance line of business by enabling them to manage cyber insurance at scale. We deliver better risk data and a more automated process for policy management. With Arceo, they can quote policy faster, with more…
Interview with Niall Barton, who sits at the helm of Wrisk, a personal insurance platform aiming to rethink the policy purchase, management and claims processes. Launched late 2015, the budding insurtech made headlines last month after it successfully secured £750,000 through its third equity crowdfunding campaign on Seedrs. Hi Niall, can you tell us about yourself and what your company does? I’ve worked in the insurance sector for my whole career. Seen it from almost every angle. Start-ups to Marsh/Berkshire Hathaway; underwriting to broking; Personal Lines to ILS fund. And I enjoy the balance of pushing change, while respecting the…
We had the pleasure of talking to Hilario Itriago, the ex-RSA veteran who elevated the insurer’s LatAm branch before co-founding and leading specialist insurtech incubator Bullfrog Ventures. Midway through 2019, Bullfrog announced it had been acquired by global idea-to-exit consulting firm, Rokk3r, off the back of which it created a new division, Rokk3r Insurtech, geared at addressing various digital transformation projects in the industry. Hi there, can you tell us about yourself and what your company does? My name is Hilario Itriago and I am the Managing Director of Rokk3r Insurtech, a division of Rokk3r Inc. focused on the development…
For this week’s Spotlight we share the hard work of Heidelberg-based insurtech, Getsafe, who are using a combination of tech and AI to help customers buy and manage insurance entirely from their smartphone. Targeting the underserved millennial generation, Getsafe garnered a lot of attention last month after picking up $17M in Series A funding to fuel its European expansion. Hi there, can you tell us about yourself and what your company does? I am challenging one of the largest industries in the world – as the founder and CEO of Getsafe. Getsafe is a digital insurance provider, market leader for…