InsurTech

The cost of living crisis in the UK has contributed to a dramatic increase in insurance fraud, with a surge of 61% reported, according to the City of London Police's Insurance Fraud Enforcement Department (IFED).

ShipStation, a leading player in cloud-based ecommerce shipping solutions, has unveiled its shipment protection offering, ParcelGuard, for US merchants.

Federato, an innovative InsurTech firm, introduced as the insurance industry's premier RiskOps underwriting platform, disclosed today a successful $25m Series B fundraising round.

Digital transformations have spurred exponential profitability across various sectors including ridesharing, retail, banking, and travel. However, according to hyperexponential, despite being a data-rich sector, the insurance industry has been slower in achieving this level of growth.

As insurance firms continue to look towards the future, trust seems to be the key to unlock the full potential of companies. 

1Fort, an innovative cyber insurance automation platform, has recently achieved a significant financial milestone. The firm, which aims to streamline the cyber insurance procurement process for middle to large businesses and insurance brokers, has secured $2m in pre-seed funding.

As the insurance industry experiences a pivotal shift towards digitalisation, InsurTech leaders emphasise the importance of digital transformation not only to meet evolving customer expectations but also to enhance operational efficiency and foster innovation.

As insurers look to prioritise efficiency and automation, Ushur's Data Transformation Engine   is helping insurers automate data problems and deliver remarkable improvements in business metrics.

Volante Global, an international MGA & Lloyd’s Syndicate specialising in multi-class, multi-territory underwriting, has recently announced the debut of Volante Singapore.

Inigo Insurance, an expeditiously expanding Lloyd’s syndicate specialising in high-risk, high-capacity insurance and reinsurance lines, has announced a partnership with hyperexponential (hx), the creators of the Renew platform. hx is renowned for its platform, which has been widely adopted by several fast-growing specialty (re)insurers and MGAs.