Tag: Insurance

Amsterdam-based CarePay International, a health insurance platform dedicated to making healthcare more affordable and accessible, has announced it has raised €10m in funding.

Roots Automation, a leading provider of AI-powered solutions for the insurance industry, has announced the successful close of a $22.2m Series B funding round.

IS2, a leading provider of digital distribution platform (DDP) solutions, has launched its latest API-enabled hosted pricing solution, aimed at transforming distribution for commercial insurers and Managing General Agents (MGAs).

Go.Compare has announced that it will integrate Optalitix’s distinctive motor and home insurance pricing solution, supported by Quantee, into its platform for insurers.

Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, has expanded its capacity to underwrite companies with annual revenues of up to $1bn.

Akur8, a next-generation insurance pricing and reserving solution, has been selected by leading Spanish insurer Seguros Lagun Aro to streamline its insurance pricing process.

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.

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.

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.