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Global InsurTech investment surpasses $1 billion in Q3: Gallagher Re
2nd November 2023
According to Gallagher Re's latest Global InsurTech Report, new funding for the global InsurTech sector hit $1.1 billion in Q3 of 2023. As per the reinsurance broker's report, this was mainly driven by a 25.5% quarter-on-quarter surge in P&C InsurTech investment. Gallagher noted that this rise occurred even as average deal size ... Read the full article
“Exceptional results” validate the Israeli InsurTech Accelerator program effectiveness: CEO Bendelak
30th October 2023
The Israeli InsurTech Accelerator program has reported “remarkable results” driving innovation and growth within the country’s start-up industry, InsurTech Israel has stated. Since its inception over two years ago, the program has contributed significantly to the evolving landscape of InsurTech in Israel. The country’s capital, Tel Aviv, has become a vibrant ... Read the full article
Lloyd’s syndicate HRP partners with insurtech Optalitix to transform underwriting
20th October 2023
Hampden Risk Partners (HRP), a Lloyd's syndicate primarily supported by Hampden Agencies, has successfully implemented Optalitix Quote, the underwriting workbench to transform underwriting. The workbench, created by insurtech Opalitix, a specialist data analytics solutions provider, aims to drive the profitability and strategic growth of the business. It allows underwriters to embed ... Read the full article
Insurtech Reserv raises $20m Series A round to accelerate growth
5th October 2023
Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from AXIS Capital, Arch Capital Group, ... Read the full article
Insurtech Allium Data secures $750k funding from Markd
5th October 2023
Insurtech startup Allium Data, Inc., has secured a pre-seed funding round of $750,000 from Markd, an insurance/insurtech-focused venture capital firm. The firm intends to use the funds to accelerate its growth and go-to-market strategy for all platform products. Established in 2022, the company has several products currently in market. The ... Read the full article
Insurtech Artificial Labs and Tier 2 Consulting announce partnership
2nd October 2023
UK-based insurtech, Artificial Labs, and Tier 2 Consulting, renowned for its expertise in agile software development, have joined forces to revolutionise insurance solutions with automated underwriting technology. According to the announcement, this alliance promises cutting-edge solutions and transformative advancements for insurance providers and policyholders alike. With over two decades of experience in ... Read the full article
Insurtech Quility appoints new CFO & CIO
25th September 2023
Insurtech firm Quility has bolstered its leadership team with the appointment of Jennifer Yaross as Chief Financial Officer, as well as the promotion of Danielle Conklin to the role of Chief Information Officer. Yaross joins the company after a 15-year tenure at Nationwide Mutual Insurance Company, where she held ... Read the full article
Baoba Insurtech partners with Continental Assist for parametric solutions in LATAM
22nd September 2023
Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market. The insurtech is a comprehensive platform for parametric insurance infrastructure, which enables insurers to Create, Launch, and Operate parametric policies effortlessly ... Read the full article
AI-insurtech DGTAL secures funding of €3 million
8th September 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has secured strategic funding of €3m to facilitate the scaling of its pathbreaking technology. 1750 Ventures, the venture capital arm of German VGH Versicherungen, has entered the deal as anchor investor along with Gossmann & ... Read the full article
Dozen insurtechs to join Lloyd’s Lab new Asia Pacific climate, cyber and sustainability cohort
7th September 2023
Re/insurance marketplace Lloyd’s has announced the 12 insurtech firms set to join the 11th cohort of its innovation hub, the Lloyd’s Lab, which will focus on climate, cyber and sustainability in Asia Pacific. The new theme introduced this year will focus on developing solutions to some of the biggest risks faced ... Read the full article
Irys Insurtech completes $3.5m seed funding round led by Markd
1st September 2023
Irys Insurtech, Inc. has announced the closing of a seed funding round of $3.5 million, signalling its entrance into a market it says is dominated by stagnant legacy agency management systems. Venture capital firm, Markd, which has a keen interest in groundbreaking insurtech innovations, led the funding round. Established in 2021, Irys is ... Read the full article
Insurtech innovations set to reshape insurance industry: Waterstreet Study
25th August 2023
In a study involving hundreds of prominent insurance leaders, Waterstreet has revealed a compelling vision of the future of insurance, shedding light on the transformative impact of insurtech innovations, artificial intelligence (AI), machine learning, and blockchain on the industry landscape. Survey participants overwhelmingly foresee insurtech startups as the driving force behind ... Read the full article
Bermuda’s BMA & Aon’s White Rock to jointly pursue insurtech Vesttoo in court
18th August 2023
The Bermuda Monetary Authority (BMA) and White Rock (SAC) Ltd., insurance and reinsurance broker Aon's segregated accounts and transformer vehicle, have launched action in the Supreme Court of Bermuda to pursue "maximum recovery" for re/insureds impacted by the alleged fraud linked to Vesttoo reinsurance deals. A statement released today by the ... Read the full article
Insurtech Quility gets ‘significant’ investment from F&G
11th August 2023
Insurtech company, Quility, has received a significant investment from F&G Annuities & Life, Inc. ("F&G") for a minority stake in Quility. F&G is a provider of insurance solutions, the company serves retail annuity and life insurance customers and institutional clients. Brandon Ellison, Co-founder and CEO of Quility, commented, "F&G's investment will expedite ... Read the full article
InsurTech sector sees shift in investment focus as (re)insurers lead Q2 funding: Gallagher Re
3rd August 2023
The global InsurTech sector witnessed a substantial decline in new funding during the second quarter of 2023, amounting to $916.71 million, marking a 34.0% drop from the impressive $1.39 billion recorded in the preceding quarter, according to the latest findings unveiled by reinsurer Gallagher Re. This dip has pushed the quarterly ... Read the full article