Company News

Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, has expanded its capacity to underwrite companies with annual revenues of up to $1bn.

Akur8, a next-generation insurance pricing and reserving solution, has been selected by leading Spanish insurer Seguros Lagun Aro to streamline its insurance pricing process.

Onsurity, an Indian InsurTech startup that provides healthcare benefits to small and medium enterprises (SMEs), has raised an additional $21m in funding.

Cytora, a digital risk processing platform, has entered into a partnership with Mitiga Solutions, a provider of climate risk intelligence, to help insurers better assess and manage climate-related risks.

Sun Life US, a leading provider of insurance and employee benefits, has launched an enhanced claims integration system.

Ryan Specialty, a leading international specialty insurance firm, has announced that London-based underwriter Tom Daniels has joined LifeScienceRisk as managing director of LifeScienceRisk International.

Akur8, the machine learning-powered insurance pricing and reserving platform, has announced the closure of a $120m Series C funding round.

Health insurance plays a critical role in safeguarding individuals and families from the financial burdens of medical expenses, offering essential coverage and peace of mind during times of illness or injury. Traditionally, the industry relied on complex and rigid models, often burdened by lengthy paperwork, slow claims processing, and fragmented communication. However, the health insurance market is projected to reach a remarkable $2.38tn in gross written premiums by 2024, according to Statista. This comes amidst a significant shift towards digital platforms and telemedicine services.

On July 19, 2024, cybersecurity giant CrowdStrike issued a routine software update. However, this time things went terribly wrong. The update, which was meant to enhance security, ended up causing major disruptions across industries worldwide. The faulty software quickly wreaked havoc on IT systems reliant on Microsoft's operating system, with insurance firm Parametrix estimating $5.4bn in damages were done to Fortune 500 companies alone. Jeff Heine, Chief Revenue Officer of Novidea delved into why this calamity underscores the need for modern, sophisticated insurance management systems.

Optalitix, a specialist in insurance and finance software, has raised $3m in a follow-on fundraising round led by its existing investor, Calculus Capital.