This week in Insurance: Companies push for tech innovation, partnerships to make products and services accessible

Latest Reports Published in Draup

Chubb Insurance account intelligence report: Chubb aims to develop a digital platform to simplify the distribution of commercial, personal property, and casualty insurance offerings. Its strong retention efforts and new business increased revenue by 2% in FY 2019 compared to 2018. 
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BBVA account intelligence report: BBVA USA has its focus on enhancing its digital payment systems by integrating them with new-age technologies through partnerships. The growth in its retail banking business segment increased its revenue by 0.2% in FY 2019 compared to FY 2018. 
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Key Funding Alert

Digital Insurance first to reach a USD 1 Bn valuation in 2021
Bengaluru-based insure-tech startup reached the unicorn status (more than USD 1 Bn). Its value grew to USD 1.9 Bn following its latest undisclosed investment round. Its last fundraiser in October 2019 brought in USD 817 Mn. It attained the unicorn status after four years.
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Startup Spotlight

Company – High Definition Vehicle Insurance
HQ Location – Greater Chicago Area, US
Total Funding – USD 16 Mn
Type – Insurance
About: The startup has experts in insurance, technology, and trucking industry with knowledge about fleet challenges.
The company’s innovative game-changing solutions support fleets in running safe, compliant, and profitable operations.
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Key Insights and Signals in Draup

Mergers and Acquisitions
Aon-Willis merger on track to close in the first half of 2021 
However, the two brokers are still awaiting the outcome of the European Commission’s antitrust review of the proposed USD 30 Bn deal. Read More>>
Allianz to acquire full ownership of China life insurance venture 
The move demonstrates the strong confidence and long-term commitment of Allianz Group to the Chinese market. The move came after the China-EU Investment Agreement, China’s commitment to open its market further. Read More>>
National Guardian Life Insurance Company acquires Everplans 
Though Everplans will remain a separate entity and operate as a wholly-owned subsidiary, the two companies will provide families across the country with easy, affordable, and accessible insurance. Read More>>
Fi Life and AXA partner to provide online medical insurance 
The online medical insurance will allow substantial annual limits for medical claims of RM 100,000 up to RM 2.1 million. Before this launch, the highest yearly limit for online medical insurance was RM250,000. Read More>>
Legal & General and Smartr365 partner in ‘first of its kind’ integration 
The company will offer single sign-in for advisers using its SmartrCriteria and SmartrFit tools through the end-to-end mortgage platform Smartr365, simplifying the client application process and making the mortgage journey seamless. Read More>>
Executive Movement
AXA XL appoints Matthew O’Malley as its US Country Manager   
With his collaborative leadership style, attention to data and analytics, and underwriting management experience, Matt will keep tabs on regional activity so that the company can continue buildings its reputation in the US market. Read More>>
Aegon Life Insurance elevates Satishwar Balakrishnan as MD, CEO 
Satishwar joined the private life insurer in July 2019 as the CFO. His focus will be on ‘do-it-yourself’ insurance solutions at affordable costs and making the entire insurance portfolio a one-click solution for customers.  Read More>>
Argo Group appoints Scott Kirk as CFO 
Scott has deep expertise in the specialty insurance business with vast experience in finance. He will be a strong fit for the Bermudian-based specialty insurance underwriter as it is pursuing profitable growth and increased shareholder value. Read More>>
Chubb Ltd. appoints Leigh Anne Sherman as Division President of ESIS, Inc 
Leigh Anne has been with the company for 24 years. She will be responsible for the management of the TPA. She was executive VP leading private/not-for-profit management liability business in Chubb’s North American financial lines. Read More>>
Deals and Deal Renewal
Bank Muscat signs agreement with PDO to refinance its employee housing loan portfolio 
The Sub-Participation Facility Agreement with Petroleum Development Oman (PDO) will provide an efficient option for PDO to monetize this portfolio’s receivables to generate cash flow for operations and investments. Read More>>

Centre Setup and Expansion
ICICI Lombard General Insurance to set up IFSC insurance office 
India’s leading private sector non-life insurance company received approval from the International Financial Services Centre (IFSC) Authority to set up an IFSC insurance office (IIO) in GIFT City at Gandhinagar, Gujarat. Read More>>
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