Latest InsurTech Headlines
All the headlines from our InsurTech Topic Page, ordered by recency.
EV Startup Fisker Files for Bankruptcy, Aims to Sell Assets
Jun 18 2024 // Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up...
Thanks to AI, Industry Will Soon See Big Jump in Parametric Insurance, Consultant Says
Jun 18 2024 // Insurance agents must now embrace the use of artificial intelligence, but they won’t be replaced by it. And the use of parametric policies will soon increase sharply across property insurance lines because that...
Where the AI Risks Are: Swiss Re’s Top 10 Ranking by Industry
Jun 17 2024 // The insurance industry came in sixth in a ranking of 10 major industries based on current AI risk, and seventh based on future risk, with healthcare replacing IT as the most exposed sector in the next 10 years. The...
Mubadala Proposal to Sell Insurtech Startup Wefox Opposed by Founders
Jun 14 2024 // Mubadala Investment Co. has proposed selling troubled insurance tech startup Wefox Holding AG to UK insurance broker Ardonagh Group Ltd. in a deal opposed by the German firm’s founders. The Abu Dhabi sovereign wealth...
SEC Charges AI-Based Startup With ‘Old School Fraud Using New School Buzzwords’
Jun 14 2024 // The Securities and Exchange Commission (SEC) this week charged Ilit Raz, CEO and founder of the failed artificial intelligence recruitment startup Joonko, with defrauding investors of at least $21 million. According to the...
Survey: US Business Owners Seek More Insurance Coverage as AI, Election Risks Loom
Jun 13 2024 // Artificial intelligence and U.S. election have emerged as significant risks to businesses this year with an overwhelming 80% of owners worried their insurance will not cover a specific loss, a survey by insurance brokerage...
Reaching for the Clouds? Expect Some Turbulence: 3 Barriers to Adopting Cloud-Native Insurtech and 5 Best Practices to Ease the Transition
Jun 13 2024 // This post is part of a series sponsored by AgentSync. Nothing good comes easy, right? Turns out, overhauling your outdated technology in favor of more modern, cloud-native systems is no exception. In today’s digital...
Viewpoint: Why Insurers Should Have Confidence in Machine Learning Capability
Jun 12 2024 // Executive Summary: While insurance leaders plan to use machine learning capability in their pricing and underwriting processes, only a small proportion actually have embraced the technology. They need to take the next step...
10 Things You Could Be Spending Money On Instead of Maintaining Legacy Insurance Technology
Jun 11 2024 // This post is part of a series sponsored by AgentSync. The cost of legacy technology In 2023, companies in the financial services industry spent an average of 15 percent of their revenue on technology. Not only is that up...
Growing Reliance on Big Tech for AI Carries New Risks, Banks Say
Jun 7 2024 // The boom in artificial intelligence will increase banks’ dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said. Excitement around using artificial intelligence (AI)...
Markets/Coverages: MGA Nirvana Renews Media, Tech & Cyber Binder With Increased Media Liability Line
Jun 7 2024 // Nirvana, the London-based managing general agent and Lloyd’s coverholder, announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £/$/€10 million...
Tech Update: USI’s Tech-Enabled Risk Control Platform; Baldwin Group Starts API-Connected Cyber Placements; AI-Based Workers Comp Fraud Detection at CLARA
Jun 6 2024 // USI Insurance Services (USI) announced the launch of PATH (patent pending), a proprietary technology-enabled risk control platform for clients. The new platform leverages industry-specific benchmark data to generate...
Google Ad Tech Class Action Gets Go Ahead From London Judges
Jun 5 2024 // London judges ruled a class action lawsuit to proceed against Google potentially seeking billions of pounds in damages over allegations it abused its dominance in digital advertising. The UK’s Competition Appeal...
Markets/Coverages: Sompo Offers Tech Insurance Cover for UK Middle Market Clients
Jun 5 2024 // Sompo announced the launch of a new technology insurance product for middle market clients in the United Kingdom. The package includes coverages comprising property, casualty, professional indemnity (PI) and cyber. Excess...
National Alliance for Insurance Education & Research Partners with BrokerTech Ventures to Launch a Foundational Insurance for Insurtech Professionals Course
Jun 3 2024 // Austin, TX., June 3, 2024 – In an innovative move to bridge the knowledge gap in the rapidly evolving insurance/insurtech landscape, The National Alliance for Insurance Education & Research has partnered with...
Exploring AI: Fascination with AI, Not Fear Will Drive Success for Independent Agents
Jun 3 2024 // I remember watching Michael Crighton’s “Westworld” in 1973. Two vivid impressions from that experience remain. The first was my date breaking my glasses when she screamed and threw her arms open during a...
A New Approach: Florida Agents’ Association Makes Big Investment in Startup Insurer
Jun 3 2024 // The Florida Association of Insurance Agents, the largest agent group in the state, this spring took the unprecedented step of investing in a startup insurance carrier, a move designed to help keep agents in the game and...
Nationwide’s Kandhari Talks Building a Bionic Workforce With AI
May 31 2024 // Nationwide’s Chetan Kandhari said the company is working to build a bionic workforce. Maybe that brings to mind robots, futuristic technology and sci-fi imagery, but Kandhari said no one should fear robots replacing...
How AI Can Reshape Claims Management
May 30 2024 // How can artificial intelligence change property and casualty insurance claim processing? Two industry experts answered that question from a few angles during Carrier Management’s annual InsurTech Summit. Frank...
Is Trampoline Job Landscape Work? AI Says Yes. 11th Circuit Says It’s Not Covered
May 30 2024 // Is the installation of an in-ground trampoline considered landscaping work, covered by a landscaper’s liability insurance policy? Artificial intelligence programs suggest that it is. But human judges with the 11th...
