Industry News

In the late 17th century, Edward Lloyd set up his famous coffee house in London's Tower Street, laying the groundwork for modern insurance. Fast forward almost 350 years and insurance, now a $6tn industry, has evolved drastically. However, specialty insurers today grapple with unprecedented challenges. This article will delve into these emerging issues and technological advancements driving industry transformation.

Augment, a newly launched reinsurance broker, has recently made waves with an inaugural investment of $100m.

Despite threats posed by the emergence of new technologies such as AI, global business leaders' focus on cyber risk seems to be waning.

Hourly.io, an ambitious startup aimed at revolutionising the workers' comp landscape for businesses employing hourly and mobile workers, has forged a strategic partnership with Nationwide, a prominent provider of insurance and financial services.

Prudential Financial, a leading global financial services leader, and Nayya, a pioneer in the benefits experience platform, have announced a strategic partnership. This alliance aims to utilise artificial intelligence and data science to enhance the decision-making process of employees regarding workplace benefits.

Early-stage venture capital firm, Distributed Ventures, has just made a big splash with the conclusion of its initial fund under the company's name. This firm, with its focus on InsurTech, FinTech, and HealthTech ventures, is making waves in the sector with its innovative approach to early-stage investments.

Certificial, creator of the Smart COI Network, pioneers in the field of business insurance monitoring, have confirmed the acquisition of $15m of funding led by Nyca Partners.

Akur8, the creator of next-generation insurance pricing solutions employing transparent machine learning, has teamed up with Canal Insurance Company, a leading commercial insurance provider.

Insurers are finding themselves on the cusp of an innovative overhaul, specifically with regard to the claims journey - a process historically plagued by complex systems and lack of transparency, but now being redefined by advancing technology and evolving customer expectations.

Simply Business, a Boston-based digital insurance firm catering to small businesses, has declared a new collaboration with Cerity, a leading provider of digital-first, direct-to-consumer workers' compensation insurance policies.