Sector Updates

In the fast-evolving world of insurance, loss reserving and policy pricing have long been treated as separate entities within operational frameworks. These two critical functions, when isolated, often lead to inefficiencies, inconsistent assumptions, and sluggish reactions to market shifts. Such disconnects can erode an insurer’s profitability and weaken its competitive edge, according to Akur8. 

SiriusPoint has unveiled a new strategic partnership with Holmes Murphy, one of the largest independent insurance brokerages in the US.

TheGuarantors has acquired insurance verification technology developed by Covie, a Y Combinator-backed firm, to bolster its Zero-Gap Renters Insurance solution.

The insurance sector is undergoing a significant transformation, driven by cutting-edge automation technologies and evolving customer expectations. Over recent years, innovations such as artificial intelligence (AI) and intelligent process automation have drastically improved insurers' ability to process claims, streamline operations, and enhance customer interactions.

EagleView, a leading provider of drone and asset intelligence for the insurance industry, has expanded its drone technology offerings to provide insurance carriers with more comprehensive property inspections, analysis reports, and repair estimates.

When analysts begin working in pricing, their first instinct is often to dive straight into modelling. Generalised Linear Models (GLMs) are a standard approach, commonly taught as the foundation for pricing models. It is easy to get caught up in testing different variables, applying transformations, and searching for interactions. However, focusing solely on model mechanics can cause analysts to overlook fundamental limitations, according to Quantee. 

Edenred Payment Solutions, a UK-based e-money institution, has launched a new Virtual Card Number product designed to help insurance companies speed up claims payments.

Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has announced that OIP Insurtech has become a System Integrator (SI) partner. This...

Artio, a climate-focused insurance provider, has launched a data-driven early-stage carbon credit delivery insurance product with support from leading insurers Tokio Marine HCC International (TMHCCI), Markel, and Apollo.

Kennedys IQ, the client-facing technology division of global law firm Kennedys, has introduced SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution for the insurance sector.