This week in Insurance: Platformification opens a floodgate of opportunities for tech providers

Latest Industry Insights from Draup Braindesk

With InsurTech startups disrupting the insurance ecosystem, traditional players are accelerating their digital transformation initiatives. This move has opened a floodgate of opportunities around modernizations services, such as Platformication.

Platformification provides a Plug-n-Play technology framework & toolkit for introducing disruptive technologies coming on the horizon every day.  

  • In fact, AvivaAXAAllianzAIG, & MetLife have all established in-house venture capital funds to nurture this trend. 
  • Arity, a unit that sprouted out of Allstate, is another good example. Arity collects driver behavior and vehicle data to assess driver risk and sells these predictive insights to other industries as an SDK platform.

In the ANZ region, the industry has enormous growth potential, with the market value expected to reach ~USD 130 Bn by 2023 at a CAGR of 15.66%.  

  • AI and Automation in claim processing, product personalization, and platformification are the key trends in the Insurance market of ANZ.
  • SuncorpIAG, and AIA are some of the key insurance players investing heavily in Insurtech platforms and use cases.
  • Development of claims management, agent, and customer management mobile platforms and applications are key outsourcing engagements.  

Every insurance player in the market is transforming into a full-stack Insurtech company. Companies have started looking for cross-industry partners that can help them build a unified data consortium.  

  • Insurers are developing smart home solutions by partnering with smart home equipment & IoT providers like Myfox and Philips.  
  • Major insurers are partnering with telematics solution providers to track vehicle diagnostics and driver behavior data to offer personalized/Usage-based insurance. 

Latest Reports Published in Draup

AXA account intelligence report: AXA focuses on digital insurance to enhance assistance services, travel insurance, and credit protection. The company’s revenue increased by 5.1% in FY2019 compared to FY2018, with Europe contributing 33% of group revenue. Read More>>
MedPro account intelligence report: MedPro’s aligned business priorities towards transitioning futuristic digital offerings across its business domains. Draup has covered MedPro’s critical technology centers by analyzing its key hotspots along with the associated service providers for those engagements. Read More>>

Key Funding Alert secures EUR 2.8 Mn (USD 3.3 Mn) from IBB Ventures, Deutsche Rück and other German investors 
The Berlin-based loyalty app raised a total investment of USD 8.32 Mn till now. The company’s three focuses are the digitization of bonus programs for public health insurances, corporate health management for small and middle-sized companies, and white label solutions for private health and life insurances. Read More>>

Startup Spotlight

Company – Turtlemint
HQ Location –   Mumbai, India 
Total Funding – USD 61 Mn
Type – Insurance
About: It is an online insurance platform that identifies and advises on appropriate insurance policies for consumers. It explains the jargon and provides smart tools to help users make the right choice. The company offers car, bike, health, and term life insurances. Read More>>

Key Insights and Signals in Insurance

Mergers and Acquisition 
Aegon closes Stonebridge sale 
Aegon’s sale agreement to Global Premium Holdings group for a consideration equivalent to approx. USD 83.7 Mn. The company announced that the divestment would further simplify Aegon’s business profile. Read More>>
Genworth Financial Inc. agrees to sell control over Genworth Insurance Australia Ltd.
The company is preparing to hand off its 52% stake in its mortgage insurance operations in Australia to institutional investors through an underwritten sale. The company has owned the operations since 1997. Read More>>
Intact Financial Corp looks beyond RSA Canada deal for more M&A 
Intact will probably not be finished acquiring other insurers after Intact absorbs RSA Canada. Intact may form a consortium with Denmark-based Tryg A/S to acquire London-based RSA plc, approved by Canada’s competition regulator and by RSA shareholders. Read More>>
Credit Agricole Italia ups Creval stake ahead of takeover bid launch 
Credit potentially holds 17.7% of Creval as it awaited European Central Bank authorisation to launch its buyout bid. Creval requested ECB clearance to reach a stake of up to 20% in the Italian bank regardless of the outcome of the takeover offer. Read More>>
Crum & Forster Accident & Health acquires New York’s Monitor Life 
AmFirst Insurance wholly-owned monitor Life operates in 27 states. C&F is in the process of securing Certificates of Authority (CoAs) to operate in the remaining states. Read More>>
FWD acquires a minority stake in PT Asuransi BRI Life  
BRI Life has entered into a long-term life insurance distribution agreement with BRI as part of the investment. Read More>>
Aviva sells French business to Macif’s Aéma Groupe for USD 3.9 Bn 
Aviva expects to use the sale proceeds to support debt reduction, invest for long-term growth and return excess capital to shareholders. Read More>>
Aviva leaves Turkey with GBP 122 Mn sale of the local unit 
Aviva confirmed the sale of 40% shares in its joint venture in Turkey, Aviva SA, to Ageas Insurance International. The transaction is expected to increase Aviva’s IFRS Net Asset Value and Solvency II surplus by EUR 100 Mn. Read More>>
Insurer Thomas Miller debuts USD 1 Bn litigation finance arm 
After acquiring a litigation insurance firm, The Judge Group, Thomas Miller launched a new litigation finance business with access to USD 1 Bn in capital. Their creation, Erso Capital, will invest in litigation and arbitration, requiring capital commitments from USD 250,000 to USD 200 Mn. Read More>>
Axis entities’ stake acquisition in Max Life Insurance gets IRDAI’s nod 
Axis entities have the right to acquire up to 19% stake in Max Life, which Axis Bank proposes to acquire up to 9%. Axis Capital and Axis Securities together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction. Read More>>
Cigna’s Evernorth to acquire telehealth company MDLive 
MDLive’s business took off during the COVID-19 pandemic providing virtual healthcare, which Cigna hopes to add to its health services business. Cigna’s Evernorth has been a longtime partner and investor in MDLive. Read More>>
Equitable Bank launches new Sun Life collaboration for life insurance lending 
Equitable Bank, Canada’s Challenger Bank™, announced a new lending arrangement with Sun Life that will allow qualifying Sun Life policyholders to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit. Read More>>
Aon & Praedicat collaborate to address reinsurance coverage gaps in casualty  
The re/insurance broker and the liability emerging risk analytics company will address reinsurance coverage gaps arising from emerging risks by developing “named peril” products for insurers. Read More>>
Guardian Life allies with Protective Life Insurance Company  
Guardian Life with Protective Lifetime Insurance Company to make Guaranteed Universal Life available through Guardian’s financial representatives. Read More>>
Google Cloud, Allianz, and Munich Re Partner to Revolutionize Risk Management in the Cloud   
The first-of-its-kind collaboration improves cloud security posture and streamlines access to specialized cyber insurance coverage for Google Cloud customers. Read More>>
EIS partners with esure Group to expedite digital transformation
The partnership between esure and EIS marks the start of a transformation program, which includes delivering a new insurance technology platform that fits into its evolving architecture. Read More>>
Prudential Vietnam and MSB extend and expand successful bancassurance partnership 
Prudential Vietnam Assurance Private Limited (‘Prudential Vietnam’), a subsidiary of Prudential plc, and Vietnam Maritime Commercial Joint Stock Bank (‘MSB’) have renewed their strategic bancassurance partnership for a 15-year term. Read More>>
AXA and FCA Bank partner for insurance distribution 
These insurance products will also be available at the official dealers of the other brands outside Stellantis, for which FCA Bank (which is headquartered in Italy) acts as a captive bank. Read More>>
Hippo partners with ADT
Hippo will partner with ADT to offer ADT’s professional monitoring and installation services to new Hippo customers and extends Hippo’s smart home insurance discounts to ADT customers. Read More>>
Executive Movement
Centene makes four leadership changes 
Brent Layton will be President, U.S. health plans, products, and international. Sarah London is the President, Healthcare Enterprises and Exec VP, Advanced Technology. Shannon Bagley is Exec. VP and Chief Administrative Officer. H. Robert Sanders was named Exec VP, Global Human Resources. Read More>>
Generali makes new appointments in Group Insurance & Investment function and Asset & Wealth Management business unit 
Francesco Martorana will be the new role of Group Chief Investment Officer of Assicurazioni Generali SpA to steer, coordinate and monitor all investment activities. Read More>>
Credit Suisse appoints ex-Kotak Mahindra duo
Suveer Modi and Sudipto Sinha joined the unit as Sr. relationship managers. They will report to Puneet Matta, onshore head of India wealth management. Modi and Sinha will be based in Delhi and Mumbai, respectively. Read More>>
Generali Group picks CEOs for money management businesses 
Generali Group appointed Tim Rainsford for its Generali Investments Partners, and Bruno Servant will be the CEO of Generali Insurance Asset Management. Read More>>
Romy Bowers named the new head of Canada Mortgage and Housing Corp (CMHC) at the Bank of Montreal 
Romy Bowers will succeed Evan Siddall at the CMHC as its chief executive. Bowers has been a managing director at the bank and was most recently its Sr. VP of client solutions. Read More>>
Center setup and Expansion
Northwestern Mutual expands New York City presence 
The financial security company focused on comprehensive financial planning through both insurance and investments, is announcing the opening of two new offices within the New York City area in Harlem and Cedarhurst. Read More>>
Deals and Deals Renewal
AXA signs preferred provider deal to serve the co-operative banks SME customers 
AXA will leverage its digital solution to enable users to quote and purchase commercial insurance online and provide SME clients access to its Business Guardian Angel platform, an information hub that dispenses practical advice, in-depth guides, and other resources. Read More>>
Specialty lines MGA Ensurance completes new capacity deal with AXA  
AXA Insurance will serve their core construction and engineering products. AXA replaces Swiss Re as MGA’s main capacity provider, effective from Feb. 1, 2021. Read More>>
Church Mutual ties up with Guidewire Cloud 
Church Mutual will be subscribing to Guidewire Cloud’s ClaimCenter to accelerate its claims transformation. Read More>>
Aon secures ARPC account 
The Australian Reinsurance Pool Corporation (ARPC), Australia’s government-led terrorism reinsurance agency, has named Aon its reinsurance broker. Read More>>
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