19th - 30th June 2017
Created for Peakbound Holdings Pty Limited
by Andrew Davis | email@example.com
Gryphon Group Holdings Limited, an InsurTech start-up, has raised £180 million (US$229 million) in funding as it looks to develop an insurance challenger designed to capitalise on substantial growth potential in the UK insurance market. The new company will have a focus on life, critical illness, and income protection insurance, and by utilising advanced digital and cloud-based technology it aims to protect more families across the UK by focusing on customer and advisor needs.
Lemonade, an insurance company powered by artificial intelligence, has published survey results indicating it has overtaken Allstate, GEICO, Farmers, Liberty Mutual, Progressive, State Farm, USAA and all other legacy insurers amongst first-time buyers of renters insurance in New York state.
Talanx is investing in and cooperating with start-ups in order to drive digitisation and enable profitable growth. Talanx, which operates brands like HDI, Targo insurers and Hannover Re is currently using pilot projects to review cooperation with two start-ups.
In spite of premiums accounting for 7% of US GDP, the operational expertise required to launch a venture in the insurance space remains far higher than that required for other applied technology platforms. The insurance industry in general has bought itself time with huge economies of scale and massive balance sheets due to the favorable quirks of their accounting treatment and business models. Lately, insurers have begun to use their balance sheets to fund corporate venture arms to lead the charge on funding potential disrupters.
Clark, a German insurance robo-advisor, has inked a deal with mobile bank N26. Clark says its Bancassurance-API will help customers of N26 “to better understand their current tariffs and improve their insurance situation”.
PwC says insurers' perception of InsurTech has changed over the last year. More than half of insurers (56%) are worried that up to 20% of their revenue is at risk to InsurTech start-ups, according to PwC’s 2017 Global Fintech survey.
Aon wants to build a bridge with all of Victoria’s innovation hubs and use it as an opportunity to collaborate and address the emerging insurance and risk management challenges for progressive technology startups.