Sector Updates

Data migration is a major challenge for insurance firms, often leading to cost overruns and delays. According to Gartner, 83% of data migration projects either fail or exceed budgets and timelines. This poses significant risks for insurers, including compliance issues, operational disruptions, and financial losses. However, ChainThat offers a smarter approach. Its insurance-specific policy lifecycle migration framework is designed for agility, reliability, and security.

Novidea, an InsurTech firm specialising in cloud-based insurance management solutions, has appointed Oren Leshem as vice president of sales for the Asia-Pacific (APAC) and Middle East & North Africa (MENA) regions.

Managing general agents (MGAs) have become vital intermediaries in the insurance industry, offering specialised products that traditional insurers may shy away from due to complexity or niche demand. They bridge the gap between insurers and policyholders, focusing on hard-to-place risks and providing tailored solutions that would otherwise be difficult to obtain. Earnix, a firm which works alongside some of the world's largest insurers, delves into the growing role of MGAs in the market. 

ZestyAI, a leader in AI-driven risk models for the insurance industry, has partnered with EarthDaily Analytics to enhance risk modelling and property insights for insurers.

Peak Reinsurance Company Limited has been granted approval by the International Financial Services Centres Authority (IFSCA) to establish a reinsurance branch in India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).

Guidewire, a leading provider of cloud-based software for insurers, has announced plans to acquire Quantee, a Poland-based InsurTech specialising in dynamic pricing software.

Insurity, a leading provider of cloud-based software solutions for insurance carriers, brokers, and managing general agents (MGAs), has partnered with Glia to improve digital communication for...

Belgium-based document processing service provider, Input For You, has partnered with Netcall, a leading provider of AI-powered automation and customer engagement solutions, to enhance the speed and accuracy of document handling in the insurance sector.

SavvyMoney, a provider of financial wellness tools and personalised loan offerings, has announced a new integration with TruStage to streamline loan application processes for financial institutions and their consumers by embedding insurance options into the system. 

Expert.ai, a leading provider of artificial intelligence (AI) enterprise solutions, has introduced its latest innovation, the EidenAI Suite to enhance claims management, improve policy personalisation, and strengthen fraud prevention.