Sector Updates

Tradition is something to be honoured, but not at the expense of progress. In recent years insurance carriers have moved away from paper forms, and instead implemented digitalisation throughout their product. But there is more to come. In particular, the digital transformation of underwriting still remains a key headache.

Navigating the insurance claim process often comes during challenging times for customers. Following an accident, emergency, or even a natural calamity, individuals typically feel apprehensive and uncertain. This anxiety can be exacerbated if the claim experience further contributes to their distress, whether it's due to the damage to their possessions or physical injuries.

Youi, a prominent Australian insurance company under the Outsurance Group umbrella, has decided not to renew its aggregate reinsurance for the 2024 financial year, due to the current hard market conditions.

For many insurers, providing a satisfactory customer experience is at the forefront of their ambitions. One such InsurTech is Usher, who prides themselves on their industry-leading solution, Customer Experience Automation (CXA) platform. But why is this solution so groundbreaking? And can it be the silver bullet many carriers need?

Bold Penguin has joined forces with Next Insurance, to offer users unparalleled access to Next's general and professional liability products.

NFP, a prominent insurance broker, has announced its newest venture, Totalis Program Underwriters, a distinguished brand tailored for its specialty programme sector.

Everest Insurance, renowned for its global underwriting leadership, has unveiled a comprehensive business travel accident insurance solution.

Within the realms of specialty and commercial insurance, there's a heightened focus on precision. These particular markets demand more than just the usual numerical analysis when it comes to policy pricing. For them, pricing is not only a combination of art and science but also a strategic influencer. As the world embraces digital advancements, those who manage to break free from traditional practices dominate the industry.

Arthur J. Gallagher & Co has snapped up Hartley Cylke Pacific Insurance Services, a San Diego-based retail insurance broker.

Global InsurTech Roadzen has completed a business combination with SPAC Vahanna Tech Edge Acquisition I Corp, and will now start trading on Nasdaq with a $683M equity value.