big data News

Octo Telematics to Buy Usage-Based Insurance Assets of Willis Towers Watson; Partnership Announced

Octo Telematics, the London-based provider of telematics for the auto insurance industry, announced it will acquire the usage-based insurance (UBI) assets of Willis Towers Watson and will create a partnership with the broker to develop insurance products. These UBI assets …

Japan Readies Strategy for Drones, Autonomous Vehicles

Japan aims to finalize on June 9 plans to allow package delivery by drone sometime from 2020 and the commercialization of self-driving trucks by 2022, as it scrambles to breathe new life into its corporate sector, sources told Reuters. The …

Zurich Insurance Deploys Robots for Personal Injury Claims Handling

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding …

AXA Taps Telefonica’s Benjamins as CDO, Head of Data Innovation Lab

AXA has appointed Richard Benjamins as chief data officer (CDO) of the AXA Group and head of the Data Innovation Lab (DIL), effective May 2. Benjamins will report to Benoît Claveranne, chief transformation officer (CTO) and a member of the …

W.R. Berkley, Tokio Marine Lead Weather Analytics $17 Million Series B Funding

Weather Analytics, a provider of weather and predictive risk software for the insurance industry, reported that global insurers Tokio Marine HCC and W. R. Berkley Corp. together have funded a $17 million Series B financing round. With the new capital, …

China’s Fintech Investments in 2017 May Exceed 2016’s Record $10B: Accenture

Chinese financial-technology investments this year may exceed 2016’s record $10 billion as companies continue to raise funds for expansion and big banks grow their digital services, according to Accenture Plc. The country’s financial-services giants will probably ramp up investments in …

Re/Insurers Can Help Bridge Protection Gap with Technology: GA Report

Digital technologies can be harnessed by the re/insurance industry to narrow insurance protection gaps in developing and emerging markets, thereby improving societal resilience after natural disasters, according to a report published by the Geneva Association. However, the protection gap problem …

Tech Firms Collecting Data: How Much Do Consumers Know or Care?

Nearly every technology startup wants the same thing: more data. But in the rush to collect all manner of information about customers, tensions are rising in Silicon Valley over whether such practices amount to a form of surveillance that customers …

Is Soft Market Bottoming? A.M. Best Points to Some Promising Signs

Some observers believe the bottom of the reinsurance market may be in sight because brokers are having greater difficulty filling out underpriced programs and further concessions in terms are difficult to obtain, according to a report published by A.M. Best. …

Insurtech Startups Attract Growing List of Traditional Insurer Partners

Listening to Andrew Rear talk about insurers, you wouldn’t think he works for one that’s been around for 136 years. The 46-year-old head of Munich Re’s Digital Partners unit has said the industry is “one of the last bastions of …