Sector Updates

Lumera, a leading InsurTech company dedicated to the digital transformation of the European life and pensions industry, has entered into an agreement to acquire ITM, as part of its international growth strategy.

Novidea, the creator of the cloud-based, data-driven enterprise insurance management platform, has announced the strategic acquisition of Docomotion, an automated document generation technology provider.

Uk-based firm MPowered Mortgages has reported that its AI-powered chatbot now solves 60% of broker enquiries.

German InsurTech startup Feather, which aims to simplify health insurance for expatriates, has successfully raised €6m.

SiriusPoint Ltd., a global specialty insurer and reinsurer, and Euclid Security Programs LLC, a boutique managing general underwriter (MGU) specialising in security industry risks, have announced a new strategic partnership.

Wefox, the German insurance startup, is set to replace CEO Mark Hartigan by the end of the year.

Cargo theft is soaring, with no sign of decline in sight. In 2023 alone, the U.S. faced losses of $130m due to cargo theft, and experts suspect the actual figure to be even higher. Fraudsters are becoming increasingly innovative in their methods, now exploiting the freight bidding process on load boards to secure loads, among other scams.

For medium-to-large businesses, developing new applications can come with a swathe of new challenges. One key issue revolves around creating workflows for dozens of business applications - and the difficulties that can involve for firms without serious coding expertise. When a leading US insurance business faced this issue, Symfa stepped in to build a micro low-code platform to help insurance business users change business logic fast and easily.

Allica Bank, a UK-based bank specialising in supporting established SMEs, has entered into a partnership with Westcor Internationa to launch their Perfect Title insurance product across its commercial mortgage range starting from 1st July 2024.

Raincoat, a startup based in Puerto Rico, has received a significant financial boost with a $150k award from Google.