Global digital twin financial & insurance services will grow to $6.8 bn in 2026
The global digital twin financial and insurance market services is expected to grow from $2.95 billion in 2021 to $3.57 billion in 2022 at a compound annual growth rate
InsurTech News
UK insurtech Charles Taylor announces migration to cloud
UK insurtech Charles Taylor has announced the migration of all its technology processes to a cloud platform as part of the provider’s digital transformation journey
Insurtech Lemonade’s Survey explored the point of view of insured renters in U.S.
When people left big cities during the COVID-19 pandemic, COVID deals ran the residential rental market, according to an update from Insurtech Lemonde
Data analytics provider Verisk acquires Swedish SaaS-insurtech Mavera
Verisk, a global data analytics provider, has entered into an agreement to acquire Sweden-based InsurTech Mavera, a firm with a strong regional presence
Indian fintech Paytm launches insurance protect to mobile transactions with ERGO
Indian One97 Communications, that owns the brand Paytm, has launched “Paytm Payment Protect”, a group insurance plan, in association with HDFC ERGO
CarDekho focuses on its insurtech platform InsuranceDekho and planning IPO
CarDekho, run by Girnar Software Pvt., is sharpening focus on its insurance platform InsuranceDekho even as it scales down its asset-heavy used car marketplace
Insurtech Bolttech selects Sapiens Intelligence for complete P&C transformation
Sapiens International Corporation, a global provider of software solutions for the insurance industry, announced the deployment of its cloud-first P&C core platform
Digital experiences of P&C insurance customers throughout the claims process
The ongoing digital transformation of the property and casualty (P&C) insurance industry has hit some speedbumps when it comes to customer satisfaction
Insurtech NEXT Insurance launches employment liability insurance for Restaurants
NEXT Insurance, a digital insurtech transforming small business insurance, today announced its renewed commitment to small business restaurant owners
SaaS-insurtech Vertical Insure closes a $4 mn seed round
SaaS-insurtech Vertical Insure has closed a $4 million seed round co-led by Rally Ventures and Dundee VC
Insurtech Walnut raises $4 mn for embedded insurance platform
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4 mn seed round, with ATB Financial and NAventures
B2B insurtech Bondaval raises €15 mn in a Series A, total raised €23.5 mn
B2B insurtech Bondaval has raised €15 million in a Series A funding round. The London-based startup is aiming to give credit teams more certainty
Singapore-based insurtech Aktivolabs raises $7 mn in a Series A funding
Singapore-based insurtech startup Aktivolabs has secured $7 million in a Series A funding round, according to regulatory filings
Insurtech PasarPolis raises $12 mn funding after last raised $54 mn in a Series B
Indonesian insurtech PasarPolis has raised $12 million in bridge funding. Existing investors including UK-based equity investor Leapfrog Investment
South Korean digital insurance carrier Carrot secures $250 mn funding
South Korean digital insurance carrier Carrot General Insurance has secured a fresh funding of $25 million. Led by private equity firm Affirma Capital
Insurtech Oyster secured $3.6 mn in seed round led by New Stack Ventures
Oyster, an insurance technology company that provides personal insurance through seamless point-of-sale and post-purchase experiences
India’s insurtech Coverfox Group closes of POS operations
Coverfox Group, India’s largest insurtech group, announced the closure of their POS operations. The senior management has decided to keep the company’s focus
Vehicle InsurTech Prima Assicurazioni signed a strategic agreement with iptiQ
Vehicle InsurTech Prima Assicurazioni has signed a strategic agreement with iptiQ, the digital platform and white-label insurance provider of the Swiss Re Group
Nassau Re/Imagine launches an insurtech incubator TalentBridge23
Nassau Re/Imagine launched TalentBridge23 an incubator program focused on the Hartford insurtech community
Cover Genius reports that home owners will switch to embedded insurance
Cover Genius’ latest report says a rising segment of property owners will switch away from traditional insurance and towards embedded options
QBE Ventures invested in Geosite – geospatial data aggregator for insurers
QBE Ventures has invested in California-based geospatial data aggregator Geosite, saying the platform does the “heavy lifting” to extract insurance-relevant information
Sydney-based insurtech Butter Insurance secured $1.3 mn of pre-seed funding
Butter Insurance, a Sydney-based insurtech start-up, secured $1.3million worth of pre-seed funding; it has also become the first to embed an insurance solution
25% of InsurTechs will exit the insurance market in 2023
More than a 25% of insurtechs will leave the insurance marketplace in 2023 – just a couple years after investments in the space were at an all-time high
Insurtech Otonomi builds blockchain parametric cargo platform
Insurtech Otonomi announced that it has closed a $3.4 mn funding round to build a first-to-market blockchain-powered parametric cargo
Insurtech Kin secures new committed credit facility
Kin Insurance announced the closing of a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital LLC and the Avenue Venture
Pet insurance startup Napo chase the Gen Z and millennials pet ownership
Pet insurance startup Napo has decided to take a particular angle on this topic, not only offering pet insurance but also pet health prevention information
Largest InsurTech Funding Rounds in November 2022
There were more than 20 funding events in the insurtech sector in November 2022. What follows is a selection of these, focusing on those in the P&C and life insurance
Insurtech Arbol delivered a $10mn parametric insurance payout
Arbol, an insurtech platform underwriting climate and weather insurance, has delivered a $10-million parametric insurance payout to property and casualty (P&C)
Insurtech Get Covered raised $6 mn, bringing its total funding to date to $14.5 mn
Insurtech Get Covered has raised $6 mn from RET Ventures, State Farm Ventures, WISE Ventures, and LeFrak, bringing its total funding to date to $14.5 mn
Singapore-based insurtech BoltTech offer insurance on the card’s Max Me
Insurtech unicorn BoltTech has partnered with Max Solutions Service, a subsidiary of PTG, to offer insurance on the card’s Max Me application
Insurtech Intelligent AI raised £2m in seed funding leading by SuperSeed
Insurtech Intelligent AI, which claims to be disrupting insurance risk management with AI and data analytics, has reportedly raised £2m in seed funding.
Insurtech BeeHero raised $42m in Series B funding
Insurtech BeeHero, an insurer-investor backed data-driven technology company mitigating pollination risk to address global food security, has raised $42m
Insurtech Co-op partnered with Amazon to promote pet insurance product in UK
Provider of pet insurance, Co-op Insurance has partnered with Amazon Ads to promote its pet insurance product in the UK
Insurtech Pie Insurance partnered with Ford Credit to provide vehicle insurance by AI
Pie Insurance and Ford Credit have announced the launch of a new commercial vehicle insurance product for Ford Pro customers
AIaaS insurtech Omni:us raised a €12mn for end-to-end insurance claims automation
German insurtech Omni:us, which provides intelligent end-to-end insurance claims automation, has raised a further €12mn as part of an extension to its Series A funding round
US insurtech Patra secured $146mn investment from FTV Capital
US insurtech Patra has announced a $146mn investment to help it continue to address major structural challenges within America’s $60bn insurance industry
CerebrumX incorporates connected vehicle data from Ford to support usage-based insurance
Automotive data company CerebrumX is planning to incorporate connected vehicle data from Ford Motor Company to support its data-driven usage-based insurance
Sure delivers frictionless digital embedded insurance experience for PorchPals members
Sure has announced a new partnership with PorchPals, a just launched platform that provides affordable porch piracy package insurance
Malaysian InsurTech InsureComFree secured an investment from KTCC
InsureComFree, a Malaysia-based InsurTech, has secured an investment from KT Cap Consulting (KTCC), a Singapore-based management consultancy firm
Pet insurance startup Napo raised £15m in Series A funding
Napo, a UK-based pet insurance startup, has raised £15m in Series A funding in a round led by DN Capital
SaaS-InsurTech Send closed a Series A funding investment of $10m
InsurTech Send Technology Solutions Ltd (Send) has today announced it has closed a Series A funding investment of $10m
Ticker launches its pay-per-mile insurance for low-mileage drivers
European MGA Ticker has launched its pay-per-mile insurance offering for low-mileage drivers. This is the latest product in a suite of connected car propositions
Israeli insurtech Spott launches Pay-As-You-Sell insurance
Israeli insurance startup Spott announced the launch of its Pay-As-You-Sell liability insurance, allowing ecommerce sellers to pay insurance premiums
Pet service Dutch, which raised $20mn, entered the pet insurance
Dutch, a startup offering a pet telemedicine service, has entered the pet insurance space through a partnership with Pets Best
Insurtech Bluezone secures its first-choice global reinsurer to partner
Insurtech Bluezone has secured its first-choice global reinsurer to partner with as it remains on track to launch its first product in the first quarter of 2023
AI-platform ifeel raises €10 mn in Series A funding led by UNIQA Ventures
ifeel, a Madrid-based provider of an emotional wellbeing platform for companies, has raised €10 million in Series A funding led by UNIQA Ventures
General Atlantic leads a new financing round of $100 mn in Indian startup Acko
General Atlantic is in talks to invest about $50 million in Acko, according to TechCrunch, doubling down on its bet on the Indian insurtech
Parametric flood insurtech FloodFlash will expand into the US market
Parametric flood insurtech FloodFlash has announced plans to expand into the US market, led by Mark Hara as CEO for its North America operations
Online Car Rental insurtech Kyte closes a $60 mn Series B round
Kyte, the San Francisco-based insurtech startup that offers a delivery and pick up service for car rentals, has closed a $60 million Series B round
Car insurtech Root Insurance premiums in Q3 2022 decreased by 26% to $151 mn
Root Insurance shared its Q3 2022 results. To further improve cash flow, insurtech is prioritizing resources that support its “go forward strategy.” As a result, the… Read More »Car insurtech Root Insurance premiums in Q3 2022 decreased by 26% to $151 mn
Insurtech Hippo announces TG-premium growth of 36% to $219 mn
Home insurtech Hippo has announced total generated premium (TGP) growth of 36% to $219 million in third quarter of 2022
Digital insurance agency Glow closes a $22.5 mn round of series A
Glow, the digital insurance agency for small businesses, announced that it has closed a $22.5 million round of series A financing led by Cota Capital
Anzen Insurance raises $10 mn in seed financing led by Andreesen Horowitz
San Francisco-based provider of management insurance for high-growth businesses Anzen Insurance has raised $10 million in seed financing led by Andreesen Horowitz
Insurtech Rhino announces agreements with several re/insurers
Rhino announced agreements with several insurance carriers and reinsurers, including Ally Insurance, ReAlign, and Clear Blue Insurance Group
Lemonade in-force premiums rises 76% to reach $609mn
Insurtech Lemonade says that in-force premiums (IFP) with the firm have risen 76% year on year to reach $609m in Q3 2022.
Insurtech Policy Expert releases details of new expansion plans
UK Insurtech Policy Expert, a leading personal lines digital insurance provider, has announced its expansion plans, which include enhancing its technology division
Google Cloud and insurer Travelers creats a connected data ecosystem
Google Cloud and Travelers announced they are working together to create a cloud-based data ecosystem that will quickly synthesize vast amounts of information
Insurtech FRISS launches industry’s first Trust Automation Platform
FRISS announced the launch of their Trust Automation Platform. While trust is important, it’s of ultimate importance in ours – it’s the very concept insurance is built on
Spanish insurtech startup SingularCover has shut down
Spanish small business insurance startup SingularCover has shut down, based on information obtained by Coverager
Multi-mobility platform Cabify partners up with Incode Technologies to enhance driver security
Cabify, the international multi-mobility platform, has joined forces with Incode Technologies, the next-generation identity verification and authentication platform
Over 40% of agentic AI projects will be canceled by the end of 2027, due to escalating costs, unclear business value or inadequate risk controls
Insurers enter 2026 with longer settlement cycles, rising volumes, and slow AI adoption, increasing costs and operational risk, AutoRek finds
How insurers use AI, parametric models and data to close the global protection gap, support climate finance, and strengthen resilience amid regulatory fragmentation
Although cyber incidents have not resulted in a significant systemic event for the U.S. financial services sector to date, they could pose risks to financial stability