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In 2025, insurers face a data deluge driven by expanding third-party integrations and partnerships. Maintaining legacy systems can consume a substantial share of IT budgets up to 70% according to some analyses diverting resources that could otherwise be invested in innovation and digital transformation.
Data is the lifeblood of the modern insurance business. Yet, despite the huge role it plays and the massive amount of data that is collected each day, most insurers struggle when it comes to accessing, analyzing, and driving business decisions from that data. There are lots of reasons for this.
Policybazaar has raised $75 million as the Indian online insurance platform looks to expand its presence in UAE and Middle East. billion people currently have access to insurance and some analysts say that digital firms could prove crucial in bringing these services to the masses. “India has an under-penetrated insurance market.
Choosing an insurance policy is one of the most complicated financial decisions a person can make. The startup, which says it is the country’s largest direct-to-consumer insurance marketplace, announced today it has raised a $9 million Series A. PasarPolis also partners with Gojek to offer health and accident insurance to drivers.
If you think embedded insurance is the only hot thing in insurtech these days, we’ve got a surprise in store for you: While it’s true that startups that help sell insurance together with other products and services are enjoying tailwinds, there are plenty of other opportunities in the space, several investors told TechCrunch+.
Vouch , a provider of business insurance to startups and high-growth companies, announced today it has raised $90 million in new funding. While there are many insurance technology companies out there that serve consumers, there are far fewer that offer it to companies, much less startups. Insurtech is hot on both sides of the Atlantic.
The answer informs how you integrate innovation into your operations and balance competing priorities to drive long-term success. For us, that means remembering our core mission: providing risk management and insurance solutions to our customers in a way that helps them protect their businesses and families.
Based in Hong Kong, Coherent helps insurance providers go digital. The Series A round, led by Cathay Innovation with participation from Franklin Templeton, will be used to grow Coherent’s client base in Asia, including insurers who want to add more digital services to their usual sales processes because of the pandemic.
Cybercrime is on the rise, and today an insurance startup that’s built an artificial intelligence-based platform to help manage the risks from that is announcing a big round of funding to meet the opportunity. “Underwriting cyber insurance for SMEs is a more dire prospect than for large enterprises,” he said.
Life insurance has had a new lease on life in the era of insuretech, and today one of the companies building a business out of rethinking everything — from target customers through to how to provision and pay for insurance, and how much coverage to give — is announcing some funding on the back of strong growth.
That business, an API platform for insurance infrastructure, said on Tuesday it has raised $75 million in new funding. Zopper works with insurance providers and creates byte-sized, personalized products that it then supplies to distribution partners. Zopper’s current porfolio of Insurance coverage (Image credit: Zopper).
Coverdash , providing small businesses, e-commerce merchants and gig-economy workers with insurance, launched its product in all 50 states after closing over $2.5 Coverdash’s insurance policy dashboard. We view Coverdash as the future of business insurance and embedded distribution.” million in seed capital.
Strong domain expertise, solid data foundations and innovative AI capabilities will help organizations accelerate business outcomes and outperform their competitors. The Insurance LLM is trained on 12 years worth of casualty insurance claims and medical records and is powered by EXLs domain expertise.
“Challenger” startups in banking and insurance have upended their industries, and picked up significant business, by building more customer-friendly tools and services — more personalized, easier to access and usually competitively priced — than those typically provided by their bigger, incumbent rivals.
One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age. The platform include custom plug-ins to Word, Outlook, and PowerPoint.
Curacel , the YC-backed startup that is developing insurance infrastructure for the African market, has launched a new interface that allows digital businesses like those in retail, fintech, e-commerce and logistics to add insurance to their core products. Insurance companies were losing a lot of money to fraud.
Much has been written about the success of fintech and how this wave of technological innovation has changed consumers’ lives. Over the last decade, many once-promising innovations failed and did not live up to expectations. It is important to not just celebrate success but also to learn the lessons from failure.
CIO ASEAN is proud to announce the winners of the 2024 CIO100 Awards – recognising the top technology leaders and teams across Southeast Asia and Hong Kong who are driving innovation and influencing rapid change. These are in addition to CIO100 awards in the US, UK, and the Middle East. …
. “Both Open Banking and Pix will level the playfield for new challenges, and we expect to see a lot of innovation around them,” Yoshimura said, referring to another of the Central Bank’s projects. It’s not just Pix, and it’s not only the Central Bank’s BC# agenda either. Opportunities abound.
Set for Tuesday 19 November, the CIO100 ASEAN Awards event will bring together the top senior technology executives and teams in Southeast Asia and Hong Kong driving innovation and influencing rapid change. Our Next CIO winner will be an individual who exceeds expectations while driving innovation through their organisation.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry, empowering clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global risks.
One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age. The platform include custom plug-ins to Word, Outlook, and PowerPoint.
Voyager Innovations , the owner of Philippines’ payment and financial services app PayMaya and neobank Maya Bank, announced today it has raised $210 million, bringing its valuation to $1.4 PayMaya owner Voyager Innovation raises $167M from KKR, Tencent and IFC, to launch digital bank in the Philippines.
Insurance companies offering these plans will receive more government funding, which can be used to improve care for members, invest in better technology, and stay aligned with stricter requirements for quality and accuracy. For years, innovation in Medicare Advantage has been held back by tight margins and operational complexity.
But the difference lies in its accompaniment to innovation. Digital transformation means creating a two-way dialogue between IT and business, and with people, the end users of technologies, says Pablo Fernando Ambrosy Carrera, chief digital and innovation officer at law firm Portolano Cavallo.
Traditionally viewed as rock-solid and steady, the insurance industry is not exactly associated with taking big risks. We’ve broken up a large entity that required people to wait in line and put delivery people working on applications, business process improvement, and fintech innovation back in the hands of the business.”
Taking a holistic approach to enterprise AI However, when AI is implemented effectively it can dramatically enhance productivity and innovation while keeping costs under control. AI in action The benefits of this approach are clear to see. 4] On their own AI and GenAI can deliver value.
For us, its about driving growth, innovation and engagement through data and technology while keeping our eyes firmly on the business outcomes. Its impossible to drive meaningful innovation if you dont understand how the business works and what its core purpose is. Being in IT has never been just about technology.
The insurance company decided to migrate from on-premises BMC Remedy to cloud-based BMC Helix ITSM and Discovery. The companys more recent adoption of BMC ServiceOps has transformed change management processes and IT services management (ITSM) success for his organization.
Global professional services firm Marsh McLennan has roughly 40 gen AI applications in production , and CIO Paul Beswick expects the number to soar as demonstrated efficiencies and profit-making innovations sell the C-suite. In fact, the two technological advancements are fully symbiotic, McCarthy points out.
Monica Caldas is an award-winning digital executive who leads a team of 5,000 technologists as the global CIO for Liberty Mutual Insurance. As a technology organization supporting a global insurance company, job No. Using a defensive and offensive strategy, we’ve taken decisive steps to ensure responsible innovation.
By eliminating time-consuming tasks such as data entry, document processing, and report generation, AI allows teams to focus on higher-value, strategic initiatives that fuel innovation. With the rise of AI and data-driven decision-making, new regulations like the EU Artificial Intelligence Act and potential federal AI legislation in the U.S.
As private health insurers weather industry headwinds, strategic transformation priorities remain firmly centered on operations and patient-centric experiences that accelerate efficiencies. health insurers as industry leaders work to improve operations, efficiency, and effectiveness. Leading Digital Transformation for U.S.
Like many legacy markets poised for change, the insurance industry has already seen its first wave of innovation. brought a centuries-old product into the digital era by giving customers a way to apply for insurance online. That’s because insurance, fundamentally, is about risk.
Most people in Africa wish to utilize various insurance products but are often deterred by the associated high premiums. It is, therefore, not surprising that insurance penetration across the continent remains marginal, with reported premiums per capita being 11 times lower than the world average, according to a McKinsey study.
“Ensuring you have a deep understanding of your partners’ business, taking extreme ownership of challenges, and being vulnerable are all tenants of building tight partnerships,” observes Andrew Palmer, CIO for global retail markets at Liberty Mutual Insurance. Failing to align IT and business interests gradually erodes hard-earned trust. “It
Agentic AI shifts the dial NTT DATAs report finds that 95% of organisations agree that the technology is driving a new level of creativity and innovation and agentic AI is a major leap forward in the evolution of GenAI. [2] In insurance, we can soon expect to see agentic agents manage the end-to-end workflow for customer engagements.
and India drive the most AI/ML traffic: The United States and India recorded the highest volume of AI/ML transactions in the Zscaler cloud, reflecting strong enterprise adoption and a growing focus on AI-driven innovation.
The first tranche of $19 million was announced in March, and led by Cathay innovation with participation from ACA and returning investors OpenSpace. Other lead investors were the Women’s World Banking Asset Management (WAM), FinnFund, La Maison and returning investors Cathay Innovation.
A savvy CIO must go beyond traditional expectations, driving innovation and aligning technology with business strategy to deliver measurable business value. The next step is to blend this understanding with technology-driven innovation to create new revenue streams, strengthen the companys competitive position, and leapfrog the competition.
The funding was led by Tokio Marine, Japan’s first insurance company, and life insurance leader MetLife through its subsidiary MetLife Next Gen Ventures. Embedded means insurance or protection products that are embedded into the customer experience as they buy a product or sign up for a service.
They explored the innovative use of knowledge graphs in modern data governance and demonstrated how these tools improve data management. Summary Overall, Q3 has been a whirlwind of innovation, learning, and community building. You can learn more about them here. You can check it out here.
The reason for this shift is simple: While CIOs can often call on talented teams of internal IT professionals to deliver business solutions, no technology department can be expected to generate every innovation necessary to compete in a fast-moving digital age. White says being an enabler isn’t a straightforward role, either.
The now-infamous ARK Innovation ETF is off 6.5% Lost on the TechCrunch editing floor from late yesterday is a post we wrote noting the sharp declines in the value of insurtech stocks ahead of the impending public debut of Hippo, another neo-insurance company. Root Insurance 52-week high: $29.48. today after previous declines.
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