This week in Insurance: Key players partner with custom security service providers to bring flexibility, financial ease, and cover for liability

Latest Industry Insights from Draup Braindesk

Key trends in Global Consumer Electronics Insurance Market: 

The global consumer electronics insurance market was worth USD 31.33 Bn in 2018 and is expected to be worth USD 50.7 Bn by 2026, growing at a CAGR of 6.2%. The buzzwords in the industry are Blockchain and Smart home devices/IoT. Companies are focusing on these trends to catch up with the digital wave.
  • Contact Engine collaborated with Whirlpool to implement an omnichannel automated voice and text fault verification solution for the Whirlpool follow-up team. The collaboration aims to improve Whirlpool’s fault verification process significantly, thereby increasing right-first-time service visits. The solution provides a more efficient operation with an improved customer experience. 

  • Hiro provides a home insurance solution by rewarding homeowners for protecting their homes using smart home technologies such as video doorbells, smart cameras, and leak detectors, saving the homeowner on the premium cost. 

  • Lorega offered a cyber recovery policy for stolen laptops with personnel data that provides practical, common-sense advice and guidance on a range of security measures against data breaches. 

  • Allianz partnered with Panasonic to provide an integrated solution that protects people’s homes and prevents further damage from break-ins, glass/window breakage, and water leaks by combining their expertise in smart home technology and assistance services. 

Latest Reports Published in Draup

Blue Cross and Blue Shield of North Carolina account intelligence report: Blue Cross and Blue Shield of North Carolina is keen to expand their telehealth capabilities to bring dental laboratory technology, nursing, and opticianary. It is eager to expand telehealth capabilities for both providers and patients. Read More>>
Baylor Scott & White Health account intelligence report: Baylor Scott & White Health’s business priorities align with future digital offerings across its business domains. It focuses on reducing non-core business areas in information technology, billing, revenue cycle management, and other support services. Read More>>

Key Funding Alert

With USD 200 Mn fresh funding, Digit Insurance value soars to USD 3.5 billion in 1 year
Led by Faering Capital and new investors Sequoia Capital India, IIFL Alternate Asset Managers, and a few others, this is the biggest funding to date. The entire capital will shore up the solvency ratio, which stands at 200% against the regulatory mandate of 150%. Read More>>

Startup Spotlight

Company – 
Year of Establishment – 2019
HQ Location – Tres Valles Area, Mexico
Total Funding – USD 2 Mn
About: offers customized insurance for urban Millenials and GenZ. offers simple, transparent, and free coverage in a digital platform that adapts to lifestyle and budget and can scale according to your needs. Read More>>

Key Insights and Signals in Draup

Centre setup and Expansion 
AIA receives insurance license for Hubei Province 
AIA will use this move as an essential next step in its geographical expansion strategy in mainland China, following its newest operation in Sichuan province. Read More>>
Brightway Insurance opens five new franchise locations in June 
The company’s newest franchisees come from various backgrounds, from software engineering to the insurance industry. Brightway introduced lower-investment franchise opportunities last year and welcomed more franchisees than ever before in the company’s history. Read More>>
Centene is moving ahead with office projects in Charlotte  
In recent years, the company has struggled to expand quickly enough in the area around Clayton to accommodate its rapid enrollment growth. In July 2020, Centene said it would build more offices in North Carolina rather than around Clayton because of the high crime rate in St. Louis. Read More>>
Cigna to establish a digital non-life insurance company in South Korea 
The company plans to set up the company by direct investment from the HQ like it did when establishing the life insurance company. The digital non-life insurance company is expected to open in the first half of next year. Read More>>
Humana to double the number of neighborhood centers it operates in North Carolina 
The company is doubling the number of Neighborhood Centers it operates in North Carolina as membership in the state continues to grow. Read More>>

Allianz launches insurance package for Indie Campers 
Indie Campers, one of the largest pan-European motorhome and camper rental companies, joined forces with Allianz Partners as its insurer for private camper sharing in multiple European markets, starting initially in Germany. Read More>>
Givaudan UK Pension Plan secures GBP 64 Mn (USD 88.32 Mn) bulk annuity deal with Aviva 
Announcing the buy-in, the insurer sought to reassure the Swiss flavor and fragrance manufacturer’s scheme members that they will see no change in their benefits or how they are paid as a result of the transaction. Read More>>
Liberty General Insurance strengthens its reach in rural Maharashtra, India 
This partnership will enable the distribution of Liberty General Insurance’s products through Maharashtra Gramin Bank’s branch network in seven regions of Maharashtra viz, Aurangabad, Beed, Latur, Nanded, Parbhani, Thane, and Nashik. Read More>>
Merger and Acquisition 
AIA to buy 25% of China Post Life Insurance for USD 1.9 Bn 
The company has agreed to buy a 24.99% equity stake in China Post Life Insurance for 12 billion yuan (USD 1.86 Bn), the Asia-focused insurer said in a stock exchange filing on Jun 29. The company said its wholly-owned Chinese life insurance business would remain independent of this investment, increasing its exposure to the Chinese life insurance market. Read More>>
Anthem, Inc. completes acquisition of MMM Holdings, LLC and affiliates from InnovaCare Health, L.P. 
With their vision to be an innovative, valuable and inclusive healthcare partner, they plan to enhance their healthcare experience by providing services that drive greater value and meet their diverse need. 
Read More>>

Arch Reinsurance Ltd. to acquire Somerset Bridge Group 
The proposed acquisition will include Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer, and fully integrated claims operation. 
Read More>>

Zywave acquires IBQ Systems, an industry leader in personal lines comparative rating 
The acquisition significantly expands Zywave’s inventory of carriers, and combined with Zywave’s existing personal lines comparative rater, TurboRater, will deliver the market-leading solution to independent agents offering personal lines. Read More>>
Vocus officially acquired by the MIRA-Aware Super consortium for AUD 3.5 Bn (USD 2.63 Bn) 
The consortium, called Voyage, will fully acquire Vocus. Shareholders voted unanimously for the deal to proceed, with over 99% of votes cast in favor of the sale. Read More>>
Executive Movement 
Tawuniya appoints CFO 
The Company for Cooperative Insurance (Tawuniya) appointed Dr. Ammr K. Kurdi as Chief Financial Officer (CFO). It will empower the national competencies and hire the best Saudi talents at all administrative levels to achieve its strategic goals and develop its financial and administrative performance. Read More>>
Sun Life welcomes the new chief financial officer for Asia 
The company has appointed Kim Yeoh as CFO for Asia. Yeoh will be responsible for shaping and executing the insurer’s financial strategy in the region to ensure sustainable stakeholder value and achieve its growth ambitions. Read More>>
Diamond named Humana’s CFO, Home Business President 
Susan Diamond is the insurance company’s CFO as well as segment president of its home-based care business. Diamond has been in the role on an interim basis since previous CFO Brian Kane stepped down in March. Read More>>
Ex-RSA exec joins insurtech as a new chief commercial officer 
Insurtech Intelligent AI has hired former RSA customer experience director Neil Strickland to lead its commercial sales activities as its new chief commercial officer. Read More>>
Product Launch
Bank CTBC Indonesia launches digital lending platform 
The company has launched KTA Dana Cinta, a web-based lending platform that allows customers to get instantaneously approved loans. Customers can expect in-principal approval within a minute with the new platform, a significant improvement from the previous three days. Read More>>
Swiss Res iptiQ and German real estate platform launch digital loss-of-rent cover 
Available in the German market, the product can be taken out with just a few clicks and is easily managed online. The Insurance is valid for one year from the start of a new tenancy and can be canceled daily. Read More>>
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