Sector Updates

Artio, a climate InsurTech startup based in London, has successfully secured £550k in funding to revolutionise insurance solutions for early-stage carbon removal projects.

In the insurance sector, streamlined integration of systems is critical for optimising workflows, advancing risk management, and fostering seamless collaboration across departments. Despite the wide availability of various systems, insurers often face significant challenges in ensuring these technologies work together effectively. Risk Control Technologies explains why an integration accelerator can play a key role by making it easier and faster to connect essential functions like Loss Control, Underwriting, and IT, bringing measurable benefits to each.

Pacific Life Re, a global reinsurance provider, has partnered with Kakao Pay to deliver digital life insurance solutions to consumers in South Korea.

Hub International Limited (Hub) has acquired Western Growers Insurance Services (WGIS) to strengthen its service offerings in the agribusiness sector.

Next Insurance, a US-based InsurTech firm, has partnered with insurance giants Allstate and Allianz which includes a $265m strategic investment from both Allstate and Allianz X, the venture arm of Allianz.

Insurers face increasing pressure for transparent pricing, with calls for clarity and justification of premiums coming from management, agents, and customers alike. Transparency offers assurance and supports regulatory compliance. However, many insurers are now shifting towards data-driven pricing models that emphasise performance, customisation, and profitability over traditional transparency. Dynamic insurance pricing software provider Quantee explores the key reasons behind this evolving approach.

Swiss Re, a global reinsurance leader based in Switzerland, has announced the sale of its iptiQ European P&C business to Allianz Direct, the pan-European digital insurer of Allianz Group.

SchemeServe, a UK-based cloud provider of insurance software, has announced a new data partnership with Addresscloud to improve insurers’ capacity to deliver more accurate, data-backed premiums for individual properties.

Stere, Inc., a leading InsurTech platform, and EPIC Insurance Brokers & Consultants (EPIC) have partnered to transform the insurance experience for small businesses by offering a streamlined, digital insurance solution.

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the appointment of Nathan Adams as its new chief people officer.