Boltech partners with Taiwan Mobile to provide insurance options on customers’ mobile app

Key Signals in Insurance

Sanlam, aYo partner to provide affordable insurance for all Nigerians
Sanlam and aYo intend to increase financial inclusion and serve Nigeria’s underserved population. The partnership demonstrates Sanlam’s dedication to expanding insurance penetration in Nigeria by offering accessible life insurance products. Read More>>
Chubb Life Vietnam and Hong Leong Bank bring more choices to customers
Chubb Life and Hong Leong Bank have partnered to improve customers’ standard of living. Hong Leong Bank will distribute Chubb Life’s flagship life insurance products in Ho Chi Minh City and Hanoi. Read More>>
Bolttech partners with Taiwan Mobile to streamline the travel insurance purchase experience
The partnership aims to create an ecosystem for telecom financial products by offering personal insurance options through the Taiwan Mobile app. Customers can quickly acquire insurance via their Taiwan Mobile account. Taiwan Mobile plans to expand its insurance offerings with the impending merger with Taiwan Star. Read More>>
Penn National selects Sapiens reinsurance solution
Penn National Insurance has selected Sapiens ReinsurancePro to improve reinsurance processes. The solution will automate and manage reinsurance contracts and activities across all lines of business, enhancing efficiency and automating reinsurance administration. Read More>>
Premera Blue Cross, UW Medicine reach a new multi-year agreement
Premera Blue Cross and UW Medicine have reached a new multi-year agreement that ensures Premera members’ continued access to in-network providers. The agreement prioritizes fair compensation for UW Medicine while maintaining Premera members’ access to affordable, high-quality care. Read More>>
Mergers and Acquisitions
Limerick broker’s latest indigenous firm to be acquired by insurance giant PIB Group
PIB has acquired Limerick-based Tim Duggan Insurances, marking its 15th acquisition of an Irish company since 2021. The undisclosed deal expands PIB’s Irish division, Campion Insurance, and strengthens its footprint in Ireland, with over 400 employees now in its Irish operations. Read More>>
Admiral Group expands with the acquisition of French online home insurance firm
Admiral Group acquires Luko to bolster its position in the French market. The transaction does not include Luko’s real estate or German or Spanish operations. The acquisition is consistent with Admiral’s diversification strategy and aims to capitalize on Luko’s technological expertise for customer expansion. Read More>>
Centre Setup and Expansion
M&T Bank opens Tech Hub at Lafayette Court
The 100,000-square-foot Tech Hub will house over 500 employees, fostering collaboration with the existing Tech Hub at Seneca One. The contemporary layout is intended to facilitate teamwork in creating innovative financial technology solutions. Read More>>
Executive Movements
David Smith, named Head of Truist Mortgage
David has been appointed head of mortgage operations at Truist Mortgage, where he is responsible for the strategy and implementation of mortgage operations. Smith has vast experience with originations, servicing, and support functions. He will report to the Chief Retail and Small Business Banking Officer of Truist, Don Wilson. Read More>>
Willis Towers Watson named Diya Luke as the global head of investments
Willis Towers Watson appointed Diya Luke as the new global head of investments, effective July 1. She will succeed Chris Ford, who is retiring. Luke will report to Julie Gebauer, the head of health, wealth & career. Read More>>
Financial and Market Activity
AIICO Insurance declares N7.55 Bn profit in 2022 financial year
AIICO Insurance Plc achieved a Profit After Tax (PAT) of NGN 7.55 Bn (US$ 10.1 Mn) in 2022, a significant increase from NGN 4.92 Bn (US$ 6.5 Mn) in 2021. Net claims payment rose to NGN 44.99 Bn (US$ 60.2 Mn) compared to NGN 39.91 Bn (US$ 53.4 Mn) in the previous year. The company’s total assets reached NGN 270.33 Bn (US$ 362.1 Mn). Read More>>

Latest Industry Insights from Draup Braindesk

Risk Management Technology Solutions
  • Brown & Brown is keen on developing a risk management tool SenSOAR that saves claim costs for insurance carriers and decreases premiums for the insured. It also provides IoT strategic consulting to customize. 
  • SenSOAR has a suite of best-in-class sensors that use AI and machine learning to monitor and protect properties from potential high-frequency and high-severity losses from water, fire, smoke, gas, temperature, motion, mold, and many other perils. 
Creative Business Solutions
  • Brown & Brown is keen on expanding its business-aligned technology & data teams to operate as critical business partners, offering creative solutions that enable teammates to deliver more value for customers. Professional liability programs offer supplementary insurance-related products, including weddings, events, medical facilities, and cyber liability.
  • Brown & Brown offers new opportunities, enhanced resources, and a strong leadership team to facilitate growth in the Canadian market by partnering with a Toronto-based agency insurance brokerage focused on customer service with a local presence and global capabilities.
Claims Management Technology & Services
  • Brown & Brown is keen on developing an end-to-end claims management service that leverages conversational AI and powerful analytics to improve the claims adjudication process. This new capability enables extracting and analyzing critical insights from unstructured claims data to instantly tag simple claims for immediate, automated processing and send more complex cases.  
  • Service Providers with rich expertise in Claims Management Technology & Services would be able to serve Brown & Brown.
Future focus areas
  • Brown & Brown leverages the Smart Platform SenSOAR sensors using AI and machine learning to monitor and safeguard properties. This disruptive technology benefits the entire insurance industry by reducing claims and lowering costs for any size property. It is designed with futureproofing in mind as a vibrant ecosystem with flexible deployment models, low power, and long-range capabilities that include a water leak detector and temperature monitoring with the ability to shut off the water at the sign of a spike in usage or a frozen pipe.  
  • Service Providers with rich expertise in Smart Security Systems would be apt to serve Brown & Brown with better solutions.

Startup Spotlight

Company – Insify
Total Funding – USD 29.75 Mn
About: Insify is an insurance company that offers digital insurance solutions to freelancers and small businesses. The company was founded in 2020 by Koen Thijssen and is headquartered in Amsterdam, Netherlands. Read More>>

Latest Reports Published in Draup

The Hartford Financial Services Group, Inc. Account Intelligence Report
The Hartford Financial Services Group intends to launch a new Property Choice and enhanced public liability choice product offerings, and it provides flexibility in setting limits. It intends to launch a new critical illness product to cover more health conditions and provide broader benefits. Read More>>
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