Insurtech Insights

"The differentiator comes in truly thinking and acting like a digital company... We're trying to increase the technology knowledge of our business people and increase the business knowledge of our technology people." Flashback to Kevin Strain, President and CEO of Sun Life, live on stage at Insurtech Insights Asia, 2023 in Hong Kong. Strain spoke about the mental shift needed to truly become a digital company. Leaders at Sun Life will be joining us as speakers at Insurtech Insights Asia 2024, including Manjit Singh, President of Sun Life and Bianca Ilibasic, Chief Operations Officer, Asia. Find out more here 👉 https://lnkd.in/gzAzjGF #insurtechinsights #hongkong #asia #insurance #digitaltransformation

EZLynx, a subsidiary of Applied, has been selected by Cold Creek Insurance Agency to provide its management system, along with the Tarmika commercial lines quoting tool, to establish a solid technological foundation for the agency's growth. Kerry Sexton, President at Cold Creek, commented:”We launched Cold Creek Insurance Agency in December 2023 with the aim of equipping our team with technology that would not only optimise their time but also offer our clients a seamless experience that ensures they return. The integration of EZLynx and Tarmika has been a tremendous time-saver, cutting down about two hours per ACORD form, which has set us up with efficiencies and a growth trajectory right from the start.” Michael Streit, President of EZLynx, concluded: “Time is the most valuable resource for any agency, particularly new ones, making it essential to optimise policy management and servicing workflows through technology. The integration between EZLynx and Tarmika allows Cold Creek Insurance Agency to stay within their daily workflows throughout each stage of the customer journey, saving crucial time during new business and remarketing processes, and supporting growth now and in the future.” Read the full story here 👉 https://lnkd.in/gUSMp-PC #InsurtechInsights #InsuranceNews #Partnerships

Insurance Padosi , an Indian insurtech startup, has announced that it has successfully raised $500,000 in a pre-seed funding round led by the global early-stage VC Antler. The round also saw involvement from prominent industry figures such as Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL. InsurancePadosi was founded in 2023 by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, and aims to simplify the insurance purchasing process for consumers. Vaibhav Kathju (middle), CEO, commented: “Our mission is to empower individuals with the right insurance coverage, ensuring they make informed decisions based on highly personalised recommendations. Backed by esteemed investors, we are poised to reshape the insurance landscape.” Read the full story here 👉 https://lnkd.in/g8KddEHF #InsurtechInsights #InsuranceNews

SageSure, the Managing General Underwriter, has announced a partnership with Markel that will see SageSure Expanded Markets distributing Markel’s insurance products. The distribution will occur initially in Louisiana, South Carolina, and Texas, whilst both companies plan to expand to additional states in the future. Dan Maloney, VP of Expanded Markets at SageSure, commented, “SageSure Expanded Markets is natural fit for a trusted insurance provider like Markel that shares our passion for innovation and expertly tailored products. We look forward to a lasting and rewarding collaboration, and we are excited for our producers to experience this insurance solution through our market-leading quoting and binding platform.” Jeff May, Executive Underwriting Officer at Markel, added, “We are excited to collaborate with SageSure and to be part of the continued growth of their Expanded Markets program. We admire their commitment to serving challenging markets and look forward to being a strategic and long-term insurance provider.” Read the full story here 👉 https://lnkd.in/ejstHHrH #InsurtechInsights #InsuranceNews #Partnerships

Redline Underwriting has launched a new comprehensive property facultative reinsurance solution aimed at Commercial and Industrial Property risks across Mexico, Central and South America, and the Caribbean. Adriana Cisneros (pictured), who has been appointed as Head of Underwriting, commented: “This journey has been remarkable, characterised by intensive strategy sessions, remote and on-site collaborations, strategic discussions, and meticulous planning phases—with a dedication that extended into many late-night efforts. “Reaching this milestone reflects the hard work of our team and highlights our dedication to fostering innovation for our reinsurance providers." Read the full story here 👉 https://lnkd.in/em2TsQwa #InsurtechInsights #InsuranceNews #Underwiting

Root Inc.has announced it is partnering with Goosehead Insurance Agency, a rapidly growing personal lines agency, aiming to redefine the agent experience. The partnership is a key step towards a mutual goal of enhancing the insurance process for agents and clients through cutting-edge technology. Root’s simple and fast quote delivery tool will be paired with Goosehead’s proprietary Quote to Issue platform, ensuring agents are guided through the entire process twice as fast as before. Jason Shapiro, SVP of Business Development at Root, commented: "Root and Goosehead identified a unique opportunity to leverage our combined technological strengths to make the insurance-buying process more efficient. This partnership focuses on creating a fast, easy quoting experience for agents while delivering a great insurance product at a competitive price for clients.” Brian Pattillo, Executive Vice President of Goosehead, added: "This partnership with Root represents a significant advancement in our mission to deliver the best possible experience for our clients and agents. By integrating Root policies into our platform, we’re not only using technology to streamline the process for our agents but also ensuring our clients receive a top-tier product at a great price.” Read the full story here 👉 https://bit.ly/4e3xZRL #InsurtechInsights #InsuranceNews

Omio, a travel platform for booking trains, planes, buses and ferries, has announced the expansion of its product Omio Flex, which provides the ability to cancel journey tickets. Companjon will serve as the risk carrier. Omio Flex will now provide ticket holders with the opportunity to cancel their journeys for any reason up to two hours before departure. In such instances, the customer will receive a reimbursement of up to 80% of the purchased fare. Veronica Diquattro, Omio President of B2C, Europe, commented: “At Omio, our goal is to offer seamless, convenient, and multimodal travel experiences to people worldwide. Our collaboration with Campanjon marks a major achievement as we focus on providing unmatched flexibility and convenience to our customers. Looking ahead, we plan to work closely with Companjon to improve Omio Flex by leveraging their advanced technology and valuable data insights to address the evolving demands of our users.” Matthias Naumann, Companjon CEO, added: “We are delighted to be Omio’s trusted partner in helping enhance their customer experience internationally, by enabling full flexibility with our unmatched Cancel For ANY Reason solution. Omio Flex aligns with customer expectations and raises the standard of transportation services overall. We applaud Omio for their customer-centricity and look forward to our continued collaboration on Omio Flex, including the personalization of journey protection for every Omio user around the world.” Read the full story here 👉 https://lnkd.in/dAmdeRus #InsurtechInsights #InsuranceNews

General Motors Insurance has officially expanded its car insurance offerings to Georgia, continuing its rapid growth across the United States. The news follows on from the company’s rebranding of its OnStar Insurance brand to General Motors Insurance in January this year. The decision followed a shift in strategy from an agency model to a full-stack carrier, with the insurance unit now being wholly owned by GM Financial. During the first half of 2024, GM National Insurance Company reported $6.8 million in written premiums across five states. Despite this growth, the carrier faced a net underwriting loss of $26.8 million, attributed to $7.9 million in losses and loss adjustment expenses, as well as $22.3 million in other underwriting costs. General Motors Insurance is led by Chair and CEO, Mary Barra. Read the full story here 👉 https://lnkd.in/e3Cuf-dk #insurtechinsights #generalmotors #insurance #georgia

Flashback to Insurtech Insights Run Club in New York earlier this year - part of Insurtech Insights USA 2024. Sponsored by bolttech and led by bolttech's Group CEO, Rob Schimek and Insurtech Insight's Rory Pyke, the early morning run around Central Park has become a tradition - and is one of the most popular extra curricular activities of the conference. #insurtechinsights #runclub #newyork #insurtech #insurance Dinh Lai

A recent AM Best report has found that the shift towards International Financial Reporting Standards (IFRS) 17 marks a significant transformation in financial reporting, especially within the reinsurance market. This change has created the need for a new approach to performance analysis. In its special report titled “IFRS 17 — Economic View Adds Complexity to Reinsurers’ Financial Statements,” AM Best delves into the global reinsurance industry as part of its coverage leading up to the Rendez-Vous de Septembre in Monte Carlo. This report is among several that AM Best will release throughout August and September, including rankings of the top reinsurance groups and detailed examinations of insurance-linked securities, Lloyd’s, and various reinsurance markets. Although overall profitability isn’t expected to change significantly under IFRS 17, the timing of earnings recognition may vary, especially for life reinsurers. Daniel Hofmeister, CFA, FRM, CAIA, CPCU, Associate Director at AM Best, commented: “Under the new standard, the expectation is that as the insurance service is provided over time, earnings will be recognised in the income statement, which is expected to produce a more stable earnings trend that is more representative of an underlying run rate." Read the full story here 👉 https://lnkd.in/dyd9g7Yh #InsurtechInsights #InsuranceNews #IFRS17