InsurTech

Traditionally, manufacturers have relied on dedicated handheld barcode scanners for inventory management, asset tracking, and supply chain operations. However, the advent of smartphone technology is transforming this practice. Modern smartphones can now accurately scan barcodes, QR codes, and other machine-readable symbols, tasks previously managed by specialised hardware. This shift is primarily driven by the need to optimise costs and operational efficiency, leveraging the ubiquity and versatility of mobile devices.

P&C and health pricing teams operate in a dynamic environment. They need to ensure that their current pricing strategy is not only appropriate for their policyholders but also accurately aligned with the evolving competitive and regulatory landscape. In reality, pricing executives act as insurance portfolio managers, constantly monitoring margins, loss ratios, and GWP to align with both the insurer's overall strategy and market competition. Recent regulations such as the UK's Customer Duty, also highlight the necessity for real-time identification of risk outliers within portfolios and the ability to explain these outliers to regulators, making this capability a regulatory requirement.

Juno, the first company in the U.S. to provide child disability insurance, has announced the successful closure of an $8.5m Series A funding round.

Embroker, the digital insurance company simplifying the insurance buying experience for businesses, has unveiled its specialised coverage program designed for real estate agents and brokers.

Five Sigma, a prominent AI claims management software company, has introduced the insurance industry’s first AI-powered Insurance Adjustment Agent, Clive™.

Insurity has partnered with Glia to launch a new platform designed to modernise and improve the way insurance carriers and MGAs interact with policyholders and agents.

Allianz Partners, a world leader in assistance services, has been appointed by the Paris 2024 Organising Committee for the Olympic and Paralympic Games to provide medical assistance and repatriation during the event.

Gradient AI, an independent provider of artificial intelligence (AI) solutions for the insurance industry, has successfully raised $36m.

Priceline, the iconic innovator of online travel, and Cover Genius, the InsurTech for embedded protection, have announced a new North American partnership to introduce enhanced travel protection for flights, hotels, rental cars, and packages booked with Priceline.

Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), has announced that Rob Cole has joined the company as chief actuarial officer.