InsurTech Weekly Roundup‎ – February 15, 2019

While you were off changing the industry, you may have missed ‎these important developments:

• Nationwide’s new venture capital investment, Socotra, pledges to become the insurance solution of the future. [Insurance Journal]
• According to KPMG, the number of insurtech deals continues to grow and interest in the sector is persisting even though volume in terms of dollars has declined. [Digital Insurance].
• Hartford InsurTech Hub selects 10 teams with a wide range of technological abilities to participate in its three-month accelerator program, with support from Startupbootcamp. Locke Lord looks forward to working with the Hartford InsurTech Hub next month on its Term Sheet Day! [Insurance Journal]
• Inshur, a digital provider of commercial auto insurance focusing on the “rideshare vertical” secures a $9 million investment led by Munich Re Ventures. [Banking Tech]
• Chubb’s digital platform, Marketplace, sees 1,000 agents log in daily by simplifying the underwriting process and allowing agents to generate quotes with just two questions and five minutes. This will result in an estimated $3.3 billion in gross premiums in 2019. [Insurance Journal ]
• With the entrance of insurtechs in the insurance market, traditional mutual insurers like Providence Mutual must take a new look at customer expectations to improve their own business model. [AM Best]
• Gen Re and InsurTech startup, TrackActive, hope to save health insurers billions through AI-based technologies which would expand health care delivery and reduce global healthcare costs. [Intelligent Insurer]
• Ascot and Beazley join forces to launch a Lloyd’s based cargo consortium to provide SMEs with cost efficient underwriting and claims management using cargo monitoring technology from insurtech Parsyl. [Intelligent Insurer]

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