Insurtech Insights

Everest Group, the Bermuda-based (re)insurer, has unveiled a new structure for its alternative reinsurance capital business, transforming it into a multi-vehicle capital management platform through the launch of Mt. Logan Capital Management, Ltd. (MLCM). The new platform aims to provide expansive access and increase attractive opportunities for investors John Modin (pictured), Chief Executive Officer, commented: “Third-party capital management is an important part of Everest’s overall strategy. We are seeing strong and growing interest from institutional investors in our capital-efficient and highly aligned structures, which provide them with diversified offerings and attractive risk-adjusted returns. MLCM offers newfound flexibility to build upon Everest’s $1.5 billion in total third-party capital, and we welcome new partners interested in investing in the global reinsurance market.” Jill Beggs, Reinsurance EVP and COO, added: "MLCM, which now opens up multiple entrance points, helps pair third-party capital with dedicated underwriting portfolios, allowing us to optimise our capital structure, generate new underwriting opportunities, and grow Everest’s overall market share.” Read the full story here 👉 https://lnkd.in/ebAkxejv #InsurtechInsights #InsuranceNews

MEET THE FOUNDER - Don't miss our latest industry-exclusive interview with the CEO and Founder of McKenzie Intelligence Services, Forbes McKenzie. The former British Army Officer (Intelligence Corps) turned insurtech entrepreneur has blazed a trail in space and intelligence technology for the financial services and insurance industry. Insurtech Insights caught up with him to find out more. He says: "In August 2021, GEO was officially launched as the central catastrophe intelligence platform for Lloyd's, having recently added drone, SAR (Synthetic Aperture Radar), satellite, and aerial imagery capabilities, which was an incredible achievement for everyone involved with MIS. That year, GEO enabled comprehensive coverage of 34 global peril events for the London insurance market, with a key highlight being a large-scale response to Hurricane Ida." Read the full story here: 👉 https://lnkd.in/en_fVSzk #insurtechinsights #disasterrecovery #natcat #climate #insurtech

Five Sigma - AI-Native Claims Management, has announced the launch of “Clive™”, the insurance industry’s first AI-powered Insurance Adjustment Agent. Clive™ is set to revolutionise claims processing by leveraging artificial intelligence and automation to enhance efficiency, accuracy, and cost reduction. Gil Nechushtai, VP of Product at Five Sigma, commented: “We’re relying on data and computer algorithms as the default for claims handling and turning to human smarts and decision-making only when necessary. We’ve developed Clive as the embodiment of this approach, leveraging our proprietary expertise and taxonomy in claims automation and enabled by the latest AI and LLM technologies.” Oded Barak, Co-founder and CEO of Five Sigma, stated: “Clive is more than innovation, it’s a revolution in claims management, marking a significant milestone in our company’s journey towards claims management transformation. Read the full story here 👉 https://lnkd.in/eHTiKM-q #InsurtechInsights #InsuranceNews #AI

Embroker, a US digital insurance company, has launched a bespoke insurance programme for real estate agents and brokers. This tailored coverage, leveraging Embroker’s ONE technology, simplifies the process through a single-application approach, providing professional liability, cyber, business owners’ and workers’ compensation coverage. Embroker CEO Ben Jennings (pictured) commented: “Real estate as a profession is facing radical change. Amid layoffs, cyber attacks, and shifting buying behaviours, agents and brokers too often aren’t getting the coverage they need from their insurance policies. Given the rapid evolution of the industry, real estate professionals need truly tailored coverage that provides peace of mind so they can operate worry-free. Read the full story here 👉 https://lnkd.in/e-h_CCYN #InsurtechInsights #InsuranceNews #RealEstate

Plum, one of India’s leading insurtech platforms, has today launched Plum Perks, a comprehensively curated suite for healthcare and wellness benefits for employees. Plum is offering more than fifty health and wellness brands, and these benefits can be obtained through the Plum app. Saurabh Arora, CTO and Head of Healthcare at Plum, stated: “Plum Perks is a combination of what customers want and savings amounting to ₹30,000 (annually on average for a user) in terms of discounts that they can avail. Jayanth Ganapathy, CP of Healthcare at Plum, concluded: “At Plum, we are excited to announce the enhancement of our health and wellness suite with Plum Perks, providing a comprehensive and curated healthcare experience for our users. Read the full story here 👉 https://lnkd.in/eEVg3aBQ #InsurtechInsights #InsuranceNews #Perks

Jane J. Wang, CEO & Co-Founder of Optimity, sits down with Nutan Joshi, International Partnerships, during Insurtech Insights USA 2024 in New York last month, to discuss healthtech goals and how to inspire customers to reduce their risk. She says: "I spent a long time in patient engagement in pharma... building platforms for patient adherence - and I've see what works to really create better health outcomes. Unfortunately, 14 years ago, my mother got diagnosed with cancer and then she passed away six months later. All the work that I was doing on early prediction and cancer prevention, she was not able to access. I then started my journey to really predict these preventative experiences." #insurtechinsights #healthtech #risk #cancer #insurance #lifestyle

FM Global has rebranded and will now be known as “FM.” The US-based mutual insurance company, which was established 200 years ago, has offices around the world. According to reports, Malcolm Roberts, FM’s chairman and CEO, revealed the new logo and tagline during the company’s midyear meeting. A statement released, detailing the new branding, said: “In an environment of new and rapidly emerging risks, the updated brand reflects FM’s evolving business and impact after nearly two centuries of partnering with and protecting global businesses." Read the full story here: 👉 https://lnkd.in/efYW48wr #insurtechinsights #rebrand #insurance #fmglobal

Simply Business, a leading digital insurance broker focusing on small businesses, has today announced it is partnering with EMPLOYERS, a leading provider of workers’ compensation insurance. Samantha Roady, U.S CEO of Simply Business, commented: “EMPLOYERS is known for delivering comprehensive workers’ compensation solutions that help small business owners safeguard their businesses and employees. Through their extensive appetite and national footprint, we’ll be able to effectively serve more small business customers across various industries.” Chris Champlin, VP of Digital Sales at EMPLOYERS, said: “We’re excited to partner with Simply Business, which shares our mission to provide cost-effective insurance to America’s small businesses. Simply Business’ intuitive online platform will enable us to meet more customers where they are and help them secure the workers’ compensation coverage they need.” Read the full story here 👉 https://lnkd.in/dwEBrtMK #InsurtechInsights #InsuranceNews #EmployeeBenefits

Coalition, Inc. has announced the launch of a new Security Awareness Training, aimed at providing small businesses with cybersecurity training and process automation. The training will simplify the rollout of security training by IT, monitor performance, and track compliance. Coalition’s product comes at a time when there is a significant need for more robust cyber training. Verizon’s 2024 Data Breach Investigations Report found that 68% of breaches involved a human element. Coalition’s own reporting has found that over half of all cyber insurance claims originate in the inbox. Read the full story 👉 https://lnkd.in/dkk3AJ2t #InsurtechInsights #InsurenceNews #CyberTraining

EPIC Insurance Brokers & Consultants has completed the acquisition of US-based Century Insurance Group, LLC for an undisclosed sum. The acquisition of Oregon-based Century will enhance EPIC’s presence in the Pacific Northwest and will allow Century to utilise EPIC’s specialised services and technology-driven solutions. Chris Rosch, CIC, said: “EPIC’s client-first approach and extensive resources made this partnership an easy choice. With EPIC’s support, we can continue our mission to be deeply ingrained in the challenges our clients face while leveraging expanded resources to help them manage risk and meet their needs. This exciting partnership provides our team with additional growth opportunities in the region.” KJ Wagner, EPIC West Region President, added: “The Century team has a decades-long track record of success, and we are thrilled to provide the tools to help them continue the momentum they have already established. We’re extremely optimistic about furthering EPIC’s growth strategy in the region and beyond.” Read the full story here 👉 https://lnkd.in/e6JpBub4 #InsurtechInsights #InsuranceNews #Acquisitions