FinTech News

Insuritas, a prominent embedded insurance provider for financial institutions, has partnered with Recoop Disaster Insurance, a company that offers multi-peril disaster insurance coverage.

Insuritas partners with Recoop to enhance financial institutions’ disaster insurance offerings

Insuritas, a prominent embedded insurance provider for financial institutions, has partnered with Recoop Disaster Insurance, a company that offers multi-peril disaster insurance coverage.
Often seen as an industry lambasted for a lack of change, the insurance sector has opened its eyes to a swathe of potential innovative technologies that could revolutionise the sector throughout 2024. At the height of this movement, the principle of automated underwriting emerged as the industry’s great fascination, with many touting it as a potential silver bullet.

What is the future of insurance underwriting?

Often seen as an industry lambasted for a lack of change, the insurance sector has opened its eyes to a swathe of potential innovative...
Ushur, a leader in AI-powered Customer Experience Automation (CXA), has announced the launch of its new end-to-end solution designed specifically for insurance carriers offering group and worksite benefits.

Ushur enhances customer experience with new end-to-end solution for insurance carriers

Ushur, a leader in AI-powered Customer Experience Automation (CXA), has announced the launch of its new end-to-end solution designed specifically for insurance carriers offering group and worksite benefits.
RT Specialty, a leading wholesale distributor of specialty insurance products and services, has announced several leadership team appointments effective October 1, 2024.

RT Specialty announces swathe of leadership team appointments

RT Specialty, a leading wholesale distributor of specialty insurance products and services, has announced several leadership team appointments effective October 1, 2024.
RT Specialty, a leading wholesale distributor of specialty insurance products and services, has announced several leadership team appointments effective October 1, 2024.

Xceedance strengthens personal lines underwriting with acquisition of Millennium Information Services

Xceedance, a global provider of consulting, technology, operations support, and data solutions, has acquired Millennium Information Services to accelerate its expansion in the personal lines sector. 
Axis Insurance Managers Inc., an award-winning Canadian brokerage firm, has announced its acquisition of O'Neill Group, one of British Columbia's leading employee group benefits, life insurance, and wealth advisory firms.

Axis Insurance acquires O’Neill Group to expand wealth and benefits services

Axis Insurance Managers Inc., an award-winning Canadian brokerage firm, has announced its acquisition of O'Neill Group, one of British Columbia's leading employee group benefits, life insurance, and wealth advisory firms.
Responding to governance events, like audits, investigations and e-discovery, in the era of unified communications and collaboration (UCC) is hard. IT stakeholders, such as those responsible for compliance archive storage and architecture, responding to search requests from compliance and legal, are overwhelmed by the volume and complexity of today’s modern communications and by the constraints of heritage archiving investments. Unfortunately for those involved, both on the IT and compliance/legal side, search and discovery might consist of a “best guess” effort making it challenging to identify risk or wrongdoing, form a judgment on the merits of a case and at its worse, suffer fines, sanctions, negative verdicts and damage to the organization’s brand and reputation. The volume of communications for today’s organizations come in the form of textual communications like email, chat, SMS, documents, voice communications and even visual communications like whiteboards or video. In a large organization, with thousands of employees working across multiple communications platforms, content growth can be exponential. UCC content is also complex. Textual content like chat and email can be embedded with emojis, reactions, images, memes, file attachments and more. All of this needs to be searched and analyzed for potential risk and signals of intent during a digital conversation as rogue users can look to obfuscate their communications behind these tools. Users today often context switch between multiple applications during a conversation. What starts out as a virtual meeting can segue to SMS, a phone call, an email or other forms of communication. In addition, chat conversations can be persistent and take place over days, weeks, months, even years, making it very difficult to encapsulate conversation patterns, relationships, intent and more. Finally, adding to the complexity level, UCC platforms are increasingly meshed, meaning they provide the ability to switch to a different modality (voice, video, etc.) or even a different platform for doing so. How can compliance IT teams keep up? Legacy approaches to managing regulated data - such as email and voice archives - are struggling to adapt to today’s modern communication requirements. These archive systems can serve as containers for regulated information to be safeguarded and locked away, but with enormous and numerous trade offs. These include redundant costs, loss of productivity, and increasing complexity, as they grapple to meet the constant evolution of changing UCC platforms and their continual improvements and feature additions. Responding to governance events can also mean that compliance IT stakeholders must pivot between these archive silos, conducting multiple search attempts and results and manually assembling a case or data investigation set. In addition, legacy systems lack the capability to capture and retain communications with full context across all UCC modalities, making it very difficult for compliance, legal and risk teams to piece together a digital conversation that as mentioned, can encompass text, voice and visual communications. Keyword search, the historical and primary means of navigating archived email conversations, is inadequate as a standalone capability in the face of today’s volume and complexity challenges, making it challenging to respond to external and internal requests for information. All of this is compounded by constrained time frames, such as when dictated by a judge’s or regulatory body’s order. UnifiedComms_Laptop In response to this, Theta Lake has developed Unified Search, Discovery and Replay. With it, organizations can: Efficiently aggregate all of the necessary data, across different modalities, meshed environments and timelines providing a complete “big picture” Deliver a unified view of a user across their various digital identities, to eliminate gaps during investigations Identify conversation patterns and outliers/suspicious patterns in communications to enable further drill down Review associated documents and access patterns and histories associated with communications investigations Theta Lake Unified Search, Discovery and Replay uses a variety of technologies, including Generative AI, visualizations, dashboards and digital identity mapping along with rapid and accurate keyword search to help organizations produce the necessary records and search results, without over collecting data to help compliance, legal and risk management teams respond quickly to governance events.

Pouch Insurance unleashes multilingual AI tool

Pouch Insurance, leveraging the capabilities of the INSTANDA no-code insurance platform, has introduced a pioneering AI assistant named 'Goodie'.
Xceedance bolsters inspection capabilities with Millennium Information Services acquisition

Xceedance bolsters inspection capabilities with Millennium Information Services acquisition

Xceedance, a global leader in insurance-focused consulting, technology, operations support, and data solutions, has acquired Millennium Information Services, a major player in property inspection and data analytics in the US.
Narayana One Health, a health and wellness platform in India, has partnered with dacadoo, a global digital health technology provider, to promote better health outcomes for users by providing personalised, data-driven insights.

Narayana One Health partners with dacadoo to launch digital health score for personalised wellness

Narayana One Health, a health and wellness platform in India, has partnered with dacadoo, a global digital health technology provider, to promote better health...
Sompo, a prominent global provider of commercial and consumer property and casualty (re)insurance, has launched a new national marine insurance proposition tailored for the United Kingdom.

Sompo launches national marine insurance product for the UK market

Sompo, a prominent global provider of commercial and consumer property and casualty (re)insurance, has launched a new national marine insurance proposition tailored for the United Kingdom.
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Kin Insurance, a US InsurTech focused on homeowners coverage in catastrophe-exposed regions, has secured $335m in its largest catastrophe bond transaction to date.

Kin Insurance lands $335m bond to bolster US storm protection

Kin Insurance, a US InsurTech focused on homeowners coverage in catastrophe-exposed regions, has secured $335m in its largest catastrophe bond transaction to date. The raise...
Allianz Commercial will transfer its standalone cyber insurance portfolio to Coalition as part of a long-term partnership to consolidate the global cyber insurance market. 

Allianz and Coalition form exclusive cyber insurance alliance

Allianz Commercial will transfer its standalone cyber insurance portfolio to Coalition as part of a long-term partnership to consolidate the global cyber insurance market.  The...
InsurTech firm Corgi has reached unicorn status after raising $160m in Series B funding at a $1.3bn valuation.

Corgi hits unicorn status after $160m Series B

InsurTech firm Corgi has reached unicorn status after raising $160m in Series B funding at a $1.3bn valuation. The round brings Corgi’s total funding to...

Pit secures $16m led by Andreessen Horowitz

Pit, a Swedish AI startup developing custom enterprise software, has emerged from stealth with $16m in seed funding led by Andreessen Horowitz, as it...
Insurance has always depended on timing. Risk is captured at a specific moment, translated into a price, and expected to remain broadly stable until the next review. For much of the industry’s history, that assumption has held. Risk moved, but not so quickly that it escaped the frame of underwriting.

How real-time risk visibility is reshaping the insurance lifecycle

Insurance has always depended on timing. Risk is captured at a specific moment, translated into a price, and expected to remain broadly stable until...
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