Swiss Re partners with location risk analytics provider to improve insurance pricing

Key Insights and Signals in Insurance

Deals and Deal Renewal  
AXA Gulf selects GEP SMART Unified Procurement software platform to transform its sourcing 
The company will use GEP SOFTWARE™ to transform procurement and manage its entire source-to-contract (S2C) process for direct and indirect spending. This includes a full range of functions encompassing sourcing and contract management. Read More>>
Farmers Insurance Federal Credit Union taps Constellation for digital services 
This deployment includes support for member enrollment and authentication, with both Android and iOS application support. The first digital service FIGFCU has launched consists of a location finder from Wave2 with additional services. Read More>>
Sedwick taps CCC to enhance auto appraisal capabilities 
The agreement will help redefine Sedgwick’s auto appraisal capabilities, enabling the auto claims services provider to offer clients the next steps towards a digital end-to-end automobile physical damage evaluation experience, streamlining and improving their policyholder experiences. Read More>>
UnityPoint Health selects b.well Connected Health to support its digital transformation strategy 
b.well provides a mobile and centralized location where consumers can manage every aspect of their health. By identifying personalized health insights that help patients close gaps in their care, the platform will support population health and value-based initiatives at UnityPoint Health. Read More>>
Swiss Re partners with crash analytics provider 
The partnership integrates TNEDICCA’s proprietary Location-Based Risk Score and its location risk data into Swiss Re’s Motor Market Analyzer (MMA) to allow insurance companies to assess and price auto risk more accurately. Read More>>
WorkFusion and Selective Insurance create intelligent automation bots to streamline new commercial lines business submissions 
Using WorkFusion’s proprietary technology, Selective has deployed trained submission hub (“SubHub”) bots to extract, classify and verify data contained in a wide range of new business submission documents and connect seamlessly with Selective’s core systems. Read More>>
QBE partners with Kangaroo to deliver smarter home insurance 
The new approach flips the traditional insurance model on its head by offering smart technology to customers to keep them safe. QBE customers will get Kangaroo’s simple and secure Water + Climate Sensor included for free when purchasing home insurance online from QBE Hong Kong. Read More>>
Bupa Arabia and Okadoc announce strategic partnership to enhance digital healthcare services  
Bupa Arabia’s equity investment in Okadoc is a unique occasion to strengthen the Company’s relationship with its members and provide them with innovative digital services that are engaging, interactive, and accessible. Read More>>
Blue Shield of California teams with Google Cloud for billing and payment AI 
The companies will use automated processing, artificial intelligence, and machine learning software on a cloud platform to digitize healthcare claims and improve the accuracy and timeliness of billing information. Read More>>
AXA Partners signs with Upptec to automate the claims process 
Upptec will be the first customer in Germany to roll out data-driven and automated claims valuation for electronics based on real-time local data with full automation capabilities. The data-driven claims valuation will center around all household electronics for its initial implementation. Read More>>
Mergers and Acquisitions 
Allianz acquires a majority stake in Jubilee Insurance Company of Uganda Limited 
This is the second acquisition as part of an agreement wherein Allianz agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in five countries in Africa, namely Kenya, Uganda, Tanzania, Burundi, and Mauritius. Read More>>
Brown & Brown, Inc. acquires Winston Benefits 
Founded in 1987, Winston Benefits has grown into a national leader providing technology-enabled benefit communication, enrollment, and administration solutions for employers across the US. Read More>>
Chubb to buy some Cigna Asia Pacific units for USD 7.8 Bn 
The move is in line with efforts to get out of other businesses to focus on healthcare. The company expects to realize approximately USD 5.4 Bn of net after-tax proceeds from the transaction and plans to utilize the share repurchase primarily. Read More>>
Abu Dhabi’s ADQ acquires the remaining 20% of Munich Re’s Daman 
As a partner to ADQ, Munich Re will continue in its capacity as the company’s reinsurer. ADQ collaborated with Daman and will continue to support the nation’s leading insurance provider as it embarks on its next stage of growth. Read More>>
Executive Movement
Aon appoints CEO for Nordic business operations 
The company has appointed Johan Forsgård to serve as CEO for its Nordic region. Forsgård, who officially joined the firm in the fourth quarter of 2022, spent 16 years with Willis Towers Watson (WTW). Read More>>
Fran Bruce is Aviva’s new MD of protection, ABI protection board chair 
Bruce, who has been with Aviva for the past 18 years and currently is MD of Existing Customer Management, will lead the protection business for both individuals and groups following Rob Barker’s move to Aviva’s savings and retirement business. Read More>>
AXA XL announces new cyber claims leader and launch of the incident response team in the Americas 
Danielle Roth was promoted as Practice Leader and Head of Cyber Claims, North America. In addition to managing AXA XL’s Cyber claims professionals in the US, Canada & Bermuda, Ms. Roth will also oversee the newly created Cyber Incident Response team, led by Gwenn E. Cujdik, Claims Manager, Cyber Incident Response. Read More>>
Pension Insurance Corporation promotes Dominic Veney to CFO 
Veney will succeed Rob Sewell as CFO and a Director of PIC when he retires at the end of the year. He joined PIC in April 2018 as Chief Actuary, with responsibility for monitoring and reporting the company’s solvency position and supporting the company’s financial reporting. Dominic has 25 years of experience in the UK life insurance industry, including as a partner at PwC, where he led their Life Actuarial Practice. Read More>>
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Latest Industry Insights from Draup Braindesk

RSA Insurance Group is a British multinational general insurance company. The Group provides personal insurance products including home, car, pet, and travel to customers around the globe. They are one of the world’s oldest general insurers, providing peace of mind to individuals and protecting small businesses and large organizations from uncertainty. 

RSA Insurance focuses on speeding company strategy and providing customers with an insurance model that meets their needs. 

  • It partnered with Audatex; using Audatex’s Pet Automated Workflow System, RSA is reducing the journey times of its customers for repeat medication and ongoing treatments to minutes. The platform allows customers to self-authenticate and submit claims paid directly for the pet’s medication and track the progress. 

  • It partnered with Superscript to offer a host of flexible, subscription-based insurance, underwritten by RSA, including employers’ liability, buildings, contents, stock, public and products liability, goods in transit, and portable and electronic equipment. 

  • MORE THAN launched mileage-based insurance products for ‘low-miler’ drivers to the emergence of two distinct driver types – ‘low mile’ and ‘higher mile’ drivers. 

Key Funding Alert

Coterie Insurance raises USD 50 Mn in Series-B funding to accelerate the transformation of small business insurance 
The funding will enable Coterie to expand its mission to transform the commercial insurance market for small and micro-businesses. Coterie makes insurance easier, faster, and more accessible for businesses and their 32 million employees nationwide. Read more>>

Startup Spotlight

Company – Wallife 
Total Funding  USD 4.84 Mn
About: Wallife provides biological and digital risk insurance. The company specializes in technological and scientific progress, underwriting, issuance, and administration of Insurance services, thereby providing clients with solutions to unknown risks. Read more>>

Latest Reports Published in Draup

Covea Insurance Account Intelligence Report: Covea Insurance partnership focuses on increasing the customer interest in usage-based motor insurance and launched a new affinity relationship offering tailor-made liable insurance products. It launched a direct-to-consumer car insurance product offering comprehensive car insurance. Read More>>
AIA Account Intelligence Report: AIA partners with Holmusk to deliver a broader range of health coaching tools and solutions to AIA, leveraging Holmusk’s innovative and data-driven approach to health management. It offers customer-centric solutions for both individuals and businesses. Read More>>
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