Nearly three-fourths (74%) of homeowners insurance customers believe the industry needs improvement, with 13% of customers indicating that “radical improvement is needed,” according to the J.D. Power 2019 U.S. Home Insurance Study.SM The study also finds that overall customer satisfaction with home insurance has declined for the first time since 2015, creating an opportunity for… Continue reading Home Insurance Customer Satisfaction Declines, Opening Door for Insurtech Disruptors: J.D. Power Finds
Tag: Insurtech
Root Insurance Raises $350M in Series E Funding, Led by Coatue and DST Global
Root Insurance, the largest property casualty InsurTech in the country, announced today $350 million in Series E funding. Root has now raised a total of $523 million in funding, with an additional $100 million in debt financing. This latest round, led by DST Global and Coatue, raises Root’s valuation to $3.65 billion and provides additional… Continue reading Root Insurance Raises $350M in Series E Funding, Led by Coatue and DST Global
Insurtech Funding Rises Nearly 280% in Q2: CB Insights
A handful of very large insurtech funding deals in the second-quarter of 2019 helped to take the total amount of fundraising for the quarter to almost $1.4 billion, which is almost 280% up on the prior year. Data from CB Insights shows that insurtech funding was down slightly on Q1 of this year, as it… Continue reading Insurtech Funding Rises Nearly 280% in Q2: CB Insights
Slice and SOMPO Announce ICS Proof-of-Value Contract Bringing On-Demand Insurance to Asia
Slice Labs Inc., the first on-demand insurance cloud platform provider, announced today that it has entered into a proof-of-value contract with Sompo Holdings Asia (SOMPO), regionally headquartered in Singapore and part of Sompo Holdings, a top Japanese insurer. This new partnership brings on-demand insurance to the fast growing Asia Pacific region of Asia, the first… Continue reading Slice and SOMPO Announce ICS Proof-of-Value Contract Bringing On-Demand Insurance to Asia
Juniper Research: Global AI Insurance Premiums to Exceed $20 Billion by 2024
New data from Juniper Research forecasts that the value of AI underwritten insurance premiums will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019. This growth will be driven by streamlined underwriting processes, faster customer onboarding and reductions in operational costs enabled by AI. According to the research, Insurtech: Impact Assessments,… Continue reading Juniper Research: Global AI Insurance Premiums to Exceed $20 Billion by 2024
Lloyd’s Lab Selects Third Cohort of Insurtechs for Accelerator Program
Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market last year, has announced the third cohort of insurtech firms selected to take part in its 10-week program. The 11 successful teams were selected from more than 130 applications around the world, and will begin working in the Lab from September 2. Lloyd’s said the… Continue reading Lloyd’s Lab Selects Third Cohort of Insurtechs for Accelerator Program
InsurTech Hippo Insurance Raises $100 Million in Series D Funding Round Led by Bond
Hippo, the high growth insurtech company that’s transforming the home insurance market, today announced a $100 million Series D funding round led by Bond, the global technology investment firm founded by Mary Meeker, Mood Rowghani, Noah Knauf and Juliet de Baubigny. Since its launch in 2017, Hippo’s modern take on home insurance, from coverage and… Continue reading InsurTech Hippo Insurance Raises $100 Million in Series D Funding Round Led by Bond
Four Insurtech Startups Shaking Up the Insurance Industry
In the same way that the banking industry was disrupted by fintech, and the legal sector by lawtech, the world of insurance is being shaken up by insurtech. Insurance is one of the oldest and most traditional industries and until recently it has proved fairly resistant to change. In the last few years growing numbers… Continue reading Four Insurtech Startups Shaking Up the Insurance Industry
Aon, Oxfam, and Etherisc Launch First Blockchain-Based Agricultural Insurance for Smallholder Farmers in Sri Lanka
Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions; Oxfam in Sri Lanka, the organization working to alleviate poverty; and Etherisc, the InsurTech startup developing a protocol for decentralized insurance applications, today announced the launch of, and farmer enrollment in, a blockchain-based platform. Nearly 200 farmers… Continue reading Aon, Oxfam, and Etherisc Launch First Blockchain-Based Agricultural Insurance for Smallholder Farmers in Sri Lanka
Verisk Launches A-PLUS Commercial
Verisk, a leading data analytics provider, announced today the launch of A-PLUS™ Commercial, an InsurTech solution that provides point-of-sale loss runs with detailed claim histories of risks that insurers are looking to underwrite. “In today’s fast-paced market, commercial lines insurers need to make precise underwriting decisions at the time of quote,” said Deborah Morris, senior… Continue reading Verisk Launches A-PLUS Commercial