The marine insurance industry is traditionally known for its complexity and inherent challenges, especially given the fragmented nature of the global shipping market and the numerous geopolitical and climate-related issues impacting it. On October 17, 2024, a strategic partnership was announced
State insurance regulators have recently begun deliberations on new guidelines aimed at tightening control over offshore reinsurance reserves. These efforts have culminated in the Life Actuarial Task Force's proposal of the Asset Adequacy Testing Actuarial Guideline. This initiative seeks to
In recent industry developments, Akur8, a cutting-edge insurance pricing and reserving platform, has been selected by the consulting firm RSM to improve its insurance pricing process. The partnership aims to leverage Akur8's advanced pricing modules to boost the accuracy, speed, and transparency of
The insurance industry is undergoing a seismic shift as it embraces digital-first strategies to adapt to evolving consumer behaviors and technological advancements. Once known for its reliance on agents and reluctance to change, the sector is now at the forefront of innovation, integrating advanced
Insurance claims processing has long been plagued by inefficiencies, errors, and delays. ClaimSorted, an InsurTech startup, aims to transform this field with its innovative approach. Recently, the company secured $3 million in pre-seed funding from prominent investors, signaling a strong vote of
The insurance industry, often criticized for its slow adoption of technology, is witnessing a remarkable transformation courtesy of Qantev, an insurtech startup leveraging artificial intelligence (AI) to revolutionize health and life insurance sectors. Founded in 2019, Qantev recently secured a
AXIAN Group's recent investment in WiASSUR, an Ivorian insurtech startup specializing in digital insurance solutions, signifies a pivotal development in Africa's insurance landscape. WiASSUR has quickly made a name for itself with its platform that aggregates various insurance offerings, allowing
Lockton, the world's largest privately-owned insurance brokerage, has recently launched Lockton Pulse, a cutting-edge digital insurance platform targeted at SMEs and individual consumers in Australia. Designed to revolutionize the insurance landscape, Lockton Pulse leverages InsurTech technology
Recent changes to car insurance laws in the Commonwealth of Virginia have sparked significant interest and discussion. These new regulations, designed to enhance financial protection for drivers, include the elimination of the uninsured motorist fee option, increased minimum coverage limits, and
The recent acquisition of O’Neill Group by Axis Insurance Managers Inc. marks a pivotal development in the insurance and advisory sectors. This strategic maneuver is geared towards enhancing Axis’s service capabilities in the ever-important domains of employee benefits and wealth advisory. As the
