AIG selects AWS as its cloud provider to increase operational efficiency & accelerate digital transformation

Key Signals in Insurance

AIG chooses AWS as its preferred public cloud provider 
The global insurer chose AWS for its security, proven reliability, and broad cloud capabilities. This company-wide initiative will use AWS technologies to deliver underwriting excellence, product portfolio optimization, and better experiences for AIG’s 90 million policyholders worldwide. Read More>>
Qumata agrees with major pan-Asian insurer AIA Group to accelerate innovative digital underwriting 
The agreement will enable AIA to incorporate Qumata’s ML/AI underwriting solution in its markets across the region. The solution will be available through several distribution channels, covering agencies, bank partners, and online channels. Read More>>
Arbella Insurance Group accelerates digital transformation with SaaS solutions from Duck Creek Technologies 
With its strong insurance cloud platform capabilities and partner-ecosystem-led approach, Duck Creek Systems integrator partner Cognizant will implement the new digital solutions via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. Read More>>
CVS Health to accelerate digital transformation through Microsoft collaboration 
The partnership will bring customers personalized health experiences and equip 300,000 CVS Health employees, including frontline workers, with new tools to better serve customers. CVS Health currently leverages Azure cognitive services like computer vision and text analytics for health that automate tasks. Read More>>
Phoebe partners with Humana insurance 
Humana initially began offering Medicare Advantage plans. They have treated patients who have chosen to enroll in that coverage. While Humana Medicare Advantage plans are not under contract with Phoebe, Humana has assured Phoebe and their customers that those patients will not see any changes in coverage or cost. Read More>>
Chubb partners with Betterfly  
Chubb is collaborating with Betterfly, the SoftBank-backed Chilean startup that offers companies a benefits platform to reward employees’ healthy habits. As part of the partnership, the insurer will make Betterfly’s membership and benefits platform available to retail clients, and Betterfly will offer Chubb products. Read More>>
Reale Vida partners with Munich Re on digital life underwriting 
Reale Vida and Munich Re will implement automated underwriting across their life insurance operations in Spain. The solution is based on Munich Re’s ALLFINANZ Spark digital new business technology and takes advantage of the reinsurer’s global life underwriting experience and knowledge of the Spanish market. Read More>>
Gothaer Group integrates AI to enhance patient health management 
Infermedica’s AI solution Symptom Checker has been integrated within the Gothaer health app (Gesundheitsapp), providing users with health guidance and streamlining the journey to additional health services. Read More>>
Mergers and Acquisition 
Aviva completes the sale of its Italian life insurance businesses  
Aviva plc sold its Italian life insurance businesses to CNP Assurances and has received USD 543 Mn in cash consideration. This is a step forward to simplify Aviva radically. Read More>>
Hostplus merger with Intrust 
Intrust transitioned over 90,000 members, 25,000 employer clients, and USD 3 Bn in funds under management to Hostplus, effectively taking the latter’s FUM to USD 73 Bn. O’Farrell commented that the merger puts the best financial interests of both funds’ members first and supports the continued growth, competitiveness, sustainability, and success. Read More>>
DentaQuest bought by Canadian Insurer for USD 2.475 Bn 
Texas Medicaid dental providers should know that DentaQuest was purchased by Canadian group benefits giant Sunlife Financial Inc, that country’s largest. The acquisition gives Sun Life the second-largest provider of dental benefits in the U.S. Read More>>
Executive Movement
Aon makes Slyfield in California Chief Innovation Officer; Alliant names O’Malley first Vice President 
Aon plc named Jillian Slyfield as the firm’s chief innovation officer. Slyfield, based in San Francisco, California, will report to Aon CEO Greg Case and join the Aon executive committee. Read More>>
AXA XL appoints Charles Lee as the head of Global Risk Management for the South West region 
Mr. Lee joins AXA XL from Chubb, where he was Senior Vice President, Global Client Executive, and led the Global Casualty Pacific South Region in Los Angeles. AXA XL’s Global Risk Management insurance team provides global primary insurance programs for US-based companies, designing casualty programs that fit customers’ operations and footprint. Read More>>
QBE names new director of Canada 
Currently, Vice President, head of marine, energy, construction & risk services at Liberty Mutual Canada, Hunters also held leadership roles at Travelers Canada and Chubb Insurance. Read More>>

Latest Industry Insights from Draup Braindesk

New York Life Insurance

  • Its online platform is helping manage policies and developing the solution suit to replace a portion of income in the event of a disability and meet the customer’s needs. 
  • Focuses on investing in Enterprise Community Loan and providing access to affordable housing for low- and moderate-income communities. 
  • Application Development & Maintenance is the highly outsourced segment, holds approximately 49% of the total outsourcing headcount. TCS is the key strategic outsourcing partner for New York Life Insurance. 

Key Initiatives 

  • It invested USD 50 Mn in Enterprise Community Loan Fund (ECLF), Enterprise Community Partners’ U.S. Treasury-certified Community Development Financial Institution to improve access to affordable housing for low- and moderate-income communities across the United States.
  • It collaborated with Cerner Corporation to untangle electronic health record (EHR) retrieval and minimize friction in the life insurance application process to consumers and accelerate underwriting decisions. 
  • It launched a long-term care center online portal to enable consumers to securely manage policies, track claims, and access care providers and services. 

Key Funding Alert

Probus Insurance raises USD 6.7 Mn in Series-A funding round 
The Mumbai-based online insurance broker will use the proceeds for tech development and expand its presence across geographies. Probus began its life as an insurance brokerage firm. More than 80% of its reach is in small towns. Read More>>

Startup Spotlight

Company – Just Auto Insurance 
Total Funding – USD 15.25 Mn
About: Just Auto sets premium rates by how they drive, helping them make smart driving decisions. Unsafe driving doesn’t lead to the possibility of an accident. It leads to the certainty of paying more on your insurance. Read More>>

Latest Reports Published in Draup

AXA XL Account Intelligence Report: AXA XL aims to offer new and innovative insurance products to enhance customer satisfaction and provide insurance plans and solutions to support the SME sector’s business and prospects. Read More>>
Zurich Insurance Group Account Intelligence Report:Zurich Insurance is keen on developing health applications to promote the incorporation of health risk assessments, physical activity and biometric tracking, behavioral change challenges that reduce lifestyle risk. Read More>>
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