Sector Updates

ReSource Pro, which providers business process solutions for the insurance industry, has acquired Boston-based towerIQ, a property and casualty (P&C) insurance focused technology platform.

Amwins, a global distributor of specialty insurance products and services, has partnered with FusionMGA to provide retail brokers with access to cyber security solutions.

The roll-out of Tesla’s data insurance product is well underway in the US, promising its safe-driving customers up to 60% off their premiums, and freedom from being judged by conventional underwriting factors such as age and gender. But what will the impact on the rest of the market be? And will the venture last?

Spot, a startup offering on-demand injury insurance in the US, has raised $33m in funding comprising $25m in equity and $8m in debt.

OKO, a Mali-based InsurTech which aims to promote economic resilience to farmers in emerging markets, has raised $500,000 in a seed extension round.

Qatar-based insurance organisation QIC Global has partnered with hyperexponential, a SaaS pricing platform for insurers. Within the first 100 days of using the technology, QIC Global has experienced a four-times reduction in time to adjust models.

Thai Life Insurance is reportedly targeting a capital raise of $1bn through an initial public offering (IPO) in Thailand.

Wejo Group Limited, a provider of cloud and software solutions for connected, electric and autonomous vehicle data, has teamed up with Ford Motor Company in Europe to leverage connected vehicle data in insurance.

Stoïk, a cyber InsurTech for small to medium-sized enterprises (SMEs), has raised €11m in Series A funding.

According to hyperexponential, 80% of actuarial time is not spent on actuarial work. What can insurers do to free up more time and get the best out of their teams?