Lloyd’s hires DXC to migrate from legacy mainframes to AWS Cloud and overhaul digital processing

Key Signals in Insurance

London insurance giant Lloyd’s eyes digital transformation 
The company had contracted DXC Technology to digitize its processes as part of a multi-year effort to move from a largely paper-based, analog way of working. DXC will also speed up the deployment of new applications and provide tools, including analytics, to comb through data. Read More>>
Duck Creek Technologies expands partnership with Precisely to extend smarter underwriting capabilities
Duck Creek delivers insurance products at scale in an era of rapid, customer-centric innovation and growth. The policy product supports the complete insurance policy lifecycle process with automation and workflow management capabilities, an integrated development environment for insurance products, and pre-built content. Read More>>
Exavalu and Topa Insurance Company successfully implement digital claims payment capabilities with One Inc and guidewire technology 
Exavalu Inc, a One Inc. partner and a Guidewire PartnerConnect select consulting partner, delivers digital payments capability. Exavalu provided technical and business process expertise around Guidewire InsuranceNow integrations with One Inc, helping with requirements definition and overall integration implementation. Read More>>
Mergers and Acquisition 
Policybazaar acquires Visit Internet Services 
The company acquired Visit Internet Services Pvt. Ltd. for Rs 22.4 crore (USD 3 Mn) in one or more tranches. The insurance aggregator and fintech platform has acquired Docprime Technologies, a subsidiary of PB Fintech Ltd. Read More>>
AssuredPartners acquires Sheffer Insurance Agency, LLC 
The company acquired Group Benefit Partners, LLC (GBP) of Fort Madison, IA. AssuredPartners is a full-service insurance broker providing commercial insurance, risk management, employee benefits, and personal lines through consulting and services. Read More>>
Executive Movement
Kumar named Chief Technology Officer of National Life Group 
The company appointed Varun Kumar to be Vice President and Chief Technology Officer. Varun’s abilities to drive with strategic intent, cultivate innovative thinking, and develop his teammates have moved the needle for technology. Read More>>
Chubb names Shekar Pannala Vice President, Chubb Group and Global Chief Information Officer
Shekar Pannala was appointed Vice President, Chubb Group, and Global Chief Information Officer.  Formerly Executive Vice President, Global Technology, his new role is responsible for Chubb’s global technology function’s strategic direction and execution leadership across applications. Read More>>
Amerisure prioritizes the path forward with the new Vice President of Innovation & Transformation
Jill Glenn joined the organization as VP of innovation and transformation. Glenn will lead Amerisure’s Business Process and Portfolio Management Office and Digital Innovation teams while providing leadership for innovation, portfolio and process management, and agility. Read More>>

Latest Industry Insights from Draup Braindesk

Market Overview – Insurance: Increased customer preference and the rise of cyber threats have led insurance companies to revamp their business model and move towards digitization. 
  • India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1%. In terms of insurance density, India’s overall density stood at USD 78 Bn in FY21. 
  • The United Kingdom’s insurance industry is the largest in Europe and the fourth largest globally. The UK-based Life insurance and financial services company Prudential PLC had the highest market capital value of any insurance company trading on the London Stock Exchange (LSE). 
  • Focus on enhancing customer experience, and the growing digitalization trend is expected to drive the insurance market growth in the coming years.


Key Funding Alert

SCOR’s Atlas Gotland reinsurance sidecar secures USD 200 Mn investment from Alecta 
From its investment in SCOR’s collateralised reinsurer sidecar, Alecta stands to benefit from the performance of the reinsurer’s portfolio of property catastrophe reinsurance through a multi-year agreement. Read More>>

Startup Spotlight

Company – Veruna
Total Funding – USD 12 Mn
About: Veruna is an agency management system provider that offers an AMS designed to meet the needs of the modern insurance agency through true customization and integration. Veruna empowers insurance agencies and brokers to sell more and maintain customer relationships better. Read More>>

Latest Reports Published in Draup

Arch Capital Group Account Intelligence Report: Arch Insurance launched the ML+ Cover Hub platform to provide brokers with instant access to comprehensive management liability cover for clients. It is enhancing its liability coverage solutions to provide flexible coverage tailored to the needs of SMEs and medium-to-large firms. Read More>>
Zurich Insurance Account Intelligence Report: Zurich Insurance is keen on developing mobile 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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