Sector Updates

Ryan Specialty, a leading international specialty insurance firm, has announced that London-based underwriter Tom Daniels has joined LifeScienceRisk as managing director of LifeScienceRisk International.

Akur8, the machine learning-powered insurance pricing and reserving platform, has announced the closure of a $120m Series C funding round.

Health insurance plays a critical role in safeguarding individuals and families from the financial burdens of medical expenses, offering essential coverage and peace of mind during times of illness or injury. Traditionally, the industry relied on complex and rigid models, often burdened by lengthy paperwork, slow claims processing, and fragmented communication. However, the health insurance market is projected to reach a remarkable $2.38tn in gross written premiums by 2024, according to Statista. This comes amidst a significant shift towards digital platforms and telemedicine services.

Ledgebrook, the rapidly growing InsurTech firm, has successfully closed a $17m Series B funding round.

Nirvana, a pioneering health tech company, today announced a significant boost to its mission of bringing transparency to health insurance processes.

Heritage Insurance, a leading property and casualty insurance holding company based in Tampa, Florida, has teamed up with Akur8, known for its next-generation insurance pricing solutions powered by transparent machine learning.

PropEco, a Glasgow-based tech company, recently secured a seed investment of £275,000. The company is known for its advanced technology platform that evaluates the long-term value and viability of properties with an innovative approach.

Mylo, a leader in the InsurTech industry, and Fayr, an innovative mobile application aiding divorced parents, have formed a strategic partnership.

On July 19, 2024, cybersecurity giant CrowdStrike issued a routine software update. However, this time things went terribly wrong. The update, which was meant to enhance security, ended up causing major disruptions across industries worldwide. The faulty software quickly wreaked havoc on IT systems reliant on Microsoft's operating system, with insurance firm Parametrix estimating $5.4bn in damages were done to Fortune 500 companies alone. Jeff Heine, Chief Revenue Officer of Novidea delved into why this calamity underscores the need for modern, sophisticated insurance management systems.

Optalitix, a specialist in insurance and finance software, has raised $3m in a follow-on fundraising round led by its existing investor, Calculus Capital.