This week in Insurance: Funding thrusts micro-insurance into a macro-business as technology amplifies insurance customization
Latest Industry Insights from Draup Braindesk
Blue Cross and Blue Shield of North Carolina strategic focus areas:
Blue Cross and Blue Shield of North Carolina – The company is keen on developing multiple health initiatives, including Dental Laboratory Technology, Nursing, and Opticianry. The lab plans to serve as a space for Durham Tech Health and Wellness students and community members to take classes. In addition, there is a discussion on using the lab to support COVID-19 response efforts.
Virtual Care: M Health
Use Case Definition: mHealth (Mobile Health) refers to medical and public health practice using mobile devices to educate consumers that provide real-time patient monitoring.
Use Case Definition: Automating the document processing activities such as sorting and indexing documents built using handwritten text on paper-based & electronic documents.
Blue Cross and Blue Shield of North Carolina’s Engagement: Blue Cross and Blue Shield of North Carolina adopted automated document classification technology to its scanning platform. It eliminates the manual sorting of documents and the insertion of separator sheets before the scanning process.
Anthem strategic focus areas:
Anthem integrated its back-office systems, modernized its business, built an integrated PBM, and has been rapidly scaling a diversified portfolio of health services focused on complex and chronic care.
From its artificial intelligence center in Palo Alto and digital innovation center in Atlanta, it is translating data into insights, insights into actions, and solutions to power its platform and helps Anthem improve at every turn with every consumer, broker, and care provider interaction.
Anthem also focused on new virtual strategies and tools and the benefit of our innovative products such as Total Health, Total You, and further integration of its pharmacy offerings from IngenioRx.
Latest Reports Published in Draup
Humana account intelligence report: Humana uses AI and RPA to assist the daily routine of their associates, making healthcare easier for clients. Humana planned to open 100+ Medicare centers by 2023. The centers focus on providing care for Medicare Advantage and Original Medicare coverage. Read More>>
MetLife, Inc. account intelligence report: MetLife focuses on the development of life insurance solutions to travel assistance and medical assistance-related services. Its revenue decreased by 3% in FY2020 than FY2019 due to COVID impact in the LatAm segment. Read More>>
Key Funding Alert
Micro-insurance startup Bimaplan raises USD 2.5 Mn in pre-Series-A round
Bimaplan provides security to 150 million underserved Indian households. They work with insurers to co-create customized products for low-income families. The startup will use the funds to build a team, product and ramp up distribution. Read More>>
Company – handdii Year of Establishment – 2017 HQ Location – Melbourne, Australia Total Funding – USD 4.5 Mn About: handdii is an online marketplace that connects customers directly with contractors for insurance companies. handdii’s product focuses on a specific problem area in claim fulfillment and property repair. It wants to shorten the claims process. Read More>>
Key Insights and Signals in Draup
Partnerships Airtel Nigeria partners with AXA Mansard on mobile health insurance via USSD
The partnership by Airtel and AXA Mansard is in response to the Federal Government’s goal, through the National Health Insurance Scheme, to provide easy access to healthcare for all Nigerians by leveraging on the USSD channel, an easy-to-use and interactive platform. Read More>> Sanford Health and Infervision announce development partnership
The partnership with Infervision combines internal and external experts to create a dynamic, multidisciplinary team focused on building innovative AI radiology solutions. This collaboration will focus on technologies and solutions to improve patients’ lives, people, and communities. Read More>>
Mergers and Acquisitions Aon turns to Latham antitrust team for USD 30 Bn DoJ merger battle Latham & Watkins is among the firms that advised Aon in its insurance mega-deal with Willis Towers Watson. The government says the deal would reduce competition and court higher prices. Read More>> Bamboo Insurance acquires First American P/C Agency to expand nationally The assets acquired by insurtech Bamboo include more than USD 22 Mn in premium in personal and commercial lines underwritten by third-party carriers. Utah-based managing general agency Bamboo said FAPCIA’s staff would join the company. Read More>>Executive Movement Luma Financial hires longtime AIG Sales Manager Luma Financial Technologies has hired Keith Burger to be the national sales director for annuities. Mr. Burger was the annuity unit’s national sales manager for 19 years. He managed external wholesalers who each averaged USD 153 Mn in productivity. Read More>> Cigna signals changes to its growing distribution team The new team has Karen Smith, who joins Cigna from AIA/Sovereign as distribution operations manager. Danielle Penberthy joins the Auckland-based business partnership manager team from Insurance/Mortgage Link and previously Fidelity Life. Read More>> Blue Cross and Blue Shield of Minnesota announces three appointments to government markets leadership team Victoria Losinski has been promoted to vice president, Center of Excellence for Star, Quality and Risk Adjustment. Jeff Snegosky has been named vice president of Medicare and Individual. John Warren, who joined the company in 2020, will step into a new role as vice president of business development, product, and innovation. Read More>>Deals and Deal Renewal Prudential selects Citi for USD 70 Bn Apac fund admin deal Prudential Hong Kong has appointed Citi for its biggest fund administration deal in the Asia Pacific to date. The US asset servicer will provide fund accounting, transfer agency, and reporting services for more than 40 portfolios. Read More>> SCOR and Cova reach a settlement agreement Covéa and SCOR wish to restore peaceful relations based on professionalism and in keeping with their respective independence. These two major players in the insurance and reinsurance industry in France have decided to renew the relationship based on trust and mutual support that they enjoyed for many years. Read More>>Product Launch John Hancock Retirement is introducing a new retirement application for participants The new application is in sync with its website, giving participants access to their accounts, along with their balances, additional financial tools, and even education and advice tailored to their retirement savings strategies and financial priorities. Read More>>
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