17th - 28th July 2017
Created for Peakbound Holdings Pty Limited
by Andrew Davis | firstname.lastname@example.org
CEO of AIA, Damien Mu makes what may seem, at first pass, a somewhat startling admission for a senior insurance executive: he’s not sure exactly what’s covered by his own various personal insurance policies.
SURE, the company that has created episodic insurance, introduces instant mobile insurance that helps you insure a much needed vacation, your wedding, or just time with your pets. With insurtech quickly expanding, our ideas of what can be insured are growing as well, and SURE is in the front lines of changing how we insure.
While insurtech is one of the fastest-growing and most-discussed areas of fintech, most innovation has taken place on the consumer-facing and distribution side. Now, however, back offices are beginning to benefit, according to a study from Startupbootcamp InsurTech and PwC to be published today.
ICT will award one $1,000 scholarship during the 2017-2018 school year to a college student who plans to work in the insurance agency upon graduation. Applicants for the scholarship must write a 1,500-word essay about the impact of technology on insurance agencies over the next five years.
Startup Zego has raised just over £1 million in seed funding from investors, including LocalGlobe, with FTSE 100 company Aviva, for an “insurtech” product for gig economy delivery drivers.
Starr Companies, led by former AIG chairman and CEO Maurice R. Greenberg, has announced a partnership with insurtech company CoverWallet to create new insurance products optimized for the online channel.
Application of InsurTech to re/insurance has seen a considerable shift this year, moving out of its fledgling stages of development into what could be considered an intermediate level of adaptation to technology and AI, Startupbootcamp InsurTech said in its latest tech trends report after gathering data from 633 start-ups.
Experts say there is already potential for significant disruption by InsurTech in the personal lines market. Brokers have been warned their traditional role in the market is set to change because of InsurTech and emerging technologies.
Insurance giant IAG has lured a News Corp product and digital executive to become its new chief digital officer, following the dissolution of the firm's digital division.
The emerging insurance tech (“insurtech”) industry is growing at breakneck speed. While in 2011 insurtech startups received $140 million in funding from 28 total deals, investment increased more than tenfold in 2016, with investors pouring nearly $1.7 billion into 173 deals.
Brolly, an AI-driven insurtech app, has raised £1m in seed funding in a round led by U.S.-based venture fund Valar Ventures, which also included Pi Labs, Young Gun-founded Entrepreneur First via its £40m-backed Enterprise Capital Fund, and a host of high profile angel investors.
Brolly gets some lolly, along with other fintech and insurtech startups with an artificial-intelligence focus.
Goodbye salespeople and form-filling, hello blockchain, artificial intelligence and peer-to-peer. Insurtech is changing the face of insurance. For hundreds of years, the insurance industry has been inert. Its processes and products worked; it simply didn’t need to change. Insurtech is changing that.
The rise of insurtech is impossible to ignore. New players are popping up everywhere casting lines of innovation into the insurance space. They won’t all survive, but the ones that do are starting to thrive.