Tech-tonic shifts. Driving claims insights for insurance carriers, AI Leads a New Wave of Insurtech Disruption and more

A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments.

Tech-tonic shifts

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 health care replacing IT as the most exposed sector in the next 10 years.

The rankings appeared in a new white paper from Swiss Re institute titled “Tech-tonic shifts: How AI could change industry risk landscapes,” which highlights the opportunities for insurers to cover AI risks of those industries more exposed today and in the 2032-2034 time frame with existing policies and with new products targeting specific AI risks such as algorithmic underperformance.

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MUST READ STORIES

Driving claims insights for insurance carriers

Strategic claims segmentation diverges from the traditional ways of managing claims, promoting a more detailed, data-driven approach. Traditional segmentation only considers the monetary value and data points such as the cause of loss and the exposure. Read more.

5 Cutting-Edge Insurtech Solutions from Singapore to Know About

The Singapore insurtech market size in terms of investment value is expected to grow from US$225.08 million by 2029

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AI Leads a New Wave of Insurtech Disruption

Insurtech, a subset of financial technology, joins the roster of tech-focused enterprises disrupting traditional industries by employing the latest technological advances. Insurtech firms have taken on the incumbents in the insurance industry—revolutionising processes, maximising efficiency and better satisfying customers’ preferences. Read more.

INSURTECH REPORTS

Global InsurTech Report for Q1 24

Despite a drop in overall insurtech funding to $912 million, its lowest since Q1 2020, early-stage funding and AI-centered insurtechs are attracting investment, Gallagher Re observed. Read more.

INSURTECH ROUNDS

German 'insurtech' Wefox valued at $4.5 billion after latest fund raising

The increase in its valuation comes as investors are becoming a lot more discerning about investing in tech startups and listed tech stocks have seen a sell-off this year.

Wefox, which is present in countries such as Germany, Switzerland and Poland, plans to expand in the Netherlands. Read more.

IPO-bound Indian insurtech firm Go Digit bags $141m

Go Digit offers auto, health, travel, and accident insurance. It streamlines the insurance purchasing process as it allows clients to self-check damaged vehicles, file claims, and request services online through an app. Read more.

Aussie-founded Cover Genius raises $119m in Series E round

Cover Genius is a global provider of embedded insurance, which allows clients to offer their customers insurance policies for products as an add-on at the point of sale. Read more.

INSURTECH DIGEST BACK ISSUES

April 21, 2024

The Future of Small Business Insurance

Insurtech Digest Issue #182 is out! Could my car be hacked? The Rise of Personalized Insurance in a Data-Driven Era and more.

March 23, 2024

How agents and brokers are using insurtech

Insurtech Digest Issue #181 is out! 3 life insurance underwriting predictions, a complete guide to insurtech and more

March 05, 2024

Which insurance giants have the most AI innovation?

Insurtech Digest Issue #180 is out! Insurance Growth Report 2024, Insurance copilots could aid in underwriting, claims and more

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Albert