Start Me Up
Some estimates suggest that large (re)insurers have committed more than $1 billion to investments in tech startups, either directly or through their corporate venture arm, in an effort to find new ways to be more efficient and grow. These are mostly strategic investments (versus acquisitions) experimenting in different areas of focus, one of which is digital distribution.
Check out where (re)insurer investment went in 2016, according to CB Insights. While the majority of Insurtech growth to date has been around personal lines, we can look forward to more activity in commercial and specialty lines in the coming months.
|Cheryl Matochik, SVP of Strategic Resources & Initiatives
- Yesterday, P/C core processing company, Insurity, announced its acquisition of Valen Analytics. Karlyn Carnahan, Celent’s Research Director, commented, “This acquisition represents another bold move for Insurity as it continues to vertically integrate across the insurance business.”
- Matthew Josefowicz, president and CEO of Novarica, talks about the company’s proposed framework called the “ABCs of Insurtech” to help insurers differentiate between “Analytics Arms Dealers, Beneficial Bots, Creative Carriers and Digital Distributors.”
Alycia Kiley, SVP of Member Services
- The Blockchain Insurance Initiative (B3i) is set to expand by announcing new members soon. B3i was created by the world’s two largest reinsurers, Munich Re and Swiss Re along with insurers Aegon, Allianz and Zurich to explore blockchain use cases in the insurance industry.
Chris Gagnon, CIO
- On Monday, Lemonade released Part 3 of its “Transparency Chronicles.” This post is penned by Lemonade’s CUO, John Peters. He describes YTD Lemonade customer complexion and examines where they seek to improve. He also says Lemonade expects its final loss ratio for 2016 to end up at about 12 percent.