InsurTech and innovation

Flood insurtech Neptune switches CEO and chairman roles

Neptune Flood has announced its CEO and chairman are switching roles, with Trevor Burgess assuming the role of CEO and Jim Albert taking on the role of chairman.

Insurtech Duck Creek attracts $120mn funding

Duck Creek Technologies has secured a total investment of $120mn from a panel of four backers in its latest funding round.

London-based Cuvva raises £15mn Series A funding

The London-based insurance startup Cuvva has raised a £15mn Series A from RTP Global, Breega and Digital Horizon.

Google and Deloitte launch commercial property underwriting tool

Google Cloud and ‘big four’ accounting firm Deloitte have partnered to develop a platform to show underwriters data on “virtually any” commercial property in the world.

Swiss Re Corporate Solutions unveils international property policy standard

Swiss Re Corporate Solutions has launched a tool to generate standard master and local wording for all property policies around the world.

Munich Re-reinsured Vouch raises further $45mn to fuel US expansion

Vouch Insurance, an insurtech offering Munich Re-backed business insurance policies for start-ups, has raised $45mn in a Series B investment and announced its launch in California.

Aon acquires insurtech CoverWallet

Aon has agreed to acquire commercial insurtech CoverWallet in a bid to target the rapidly growing small-to-medium sized enterprise (SME) market via digital distribution.

CyberCube raises $35mn in Series B round

Insurtech CyberCube has secured $35mn in its latest funding round, led by Hudson Structured Capital Management (HSCM Bermuda) and ForgePoint Capital.

Lemonade postpones IPO: report

Owners of New York-based insurtech Lemonade have put on hold plans to list the carrier’s stock, after the initial public offering of Softbank-backed stablemate WeWork fell apart in September.

NFP among investors in DataCubes $15.2mn Series B round

Insurtech DataCubes has raised $15.2mn to help grow its team and accelerate its research and development.

Allianz partners with Microsoft to launch open source insurance software

German giant Allianz has partnered with computing premier Microsoft to roll out cloud-based “plug-and-play” software designed to help insurance providers with portfolio management.

Lloyd’s will be rife with ‘holy grail’ intangible products in 30 years: TMK’s Hoad

The Lloyd’s market will be “rife” with products that will close the growing insurance gap between tangible and intangible risks in three decades’ time, Tokio Marine Kiln’s head of innovation Tom Hoad has said.

Swiss Re-backed Zego awarded Gibraltar licence in UK insurtech first

Gig economy-focused Zego has become the first UK insurtech to be granted an insurance licence, allowing the tech firm to build and sell its own products.

Global insurtech funding down 13% in October: KBW

Insurtech transaction funding stood at $511.3mn in October 2019, down from $587.4mn this time last year, reflecting a year-on-year slowdown of transactions, according to analysts at Keefe, Bruyette & Woods.

Insurtech MGA AllDigital Specialty adds Micheals from Hiscox

Blockchain and AI-driven start-up AllDigital Specialty has hired Eric Micheals from Hiscox USA as CUO and COO as it builds out a twin-track offering as an MGA and technology as a service (TaaS) provider, The Insurer can reveal.

Hyperion X’s Flandro calls on Lloyd’s to modernize market with trading index

Hyperion X’s managing director of analytics, David Flandro, has called on Lloyd’s to pool syndicates’ data and create digital trading indices to enable more efficient risk transfer.

Hamilton to leverage technology across underwriting platform

Two Sigma-backed Hamilton Insurance Group is looking to apply greater technology and data science to underwriting across its platform, according to recently appointed CFO Tony Ursano.

Lemonade challenges Deutsche Telekom over magenta trademark

Frankfurt-listed telecommunications giant Deutsche Telekom (DT) and New York-based insurtech Lemonade are engulfed in a legal battle over the colour pink.

Ensurance adds underwriting duo

Construction and engineering MGA, and Lloyd’s coverholder, Ensurance has expanded its underwriting team with the addition of Brad Green as senior underwriter and Courtney Varney as underwriting assistant.

Travelers turns to AI to speed policy issue

US insurer Travelers has partnered with analytics firm Groundspeed to increase the efficiency of writing new and renewal business in its Business Insurance segment using artificial intelligence (AI).

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