Munich Re implements automated underwriting service for Swedbank
Who’s involved: Munich Re Automation Solutions, a subsidiary of the Munich Re group;and Swedish bank, Swedbank.
What’s happening: Swedbank has implemented AllFinanz, the digital underwriting solution from Munich Re Automation Solutions.
Significance of development: Swedbank is using AllFinanz to deliver auto-underwriting capabilities and create cost and process efficiencies in its Swedish insurance business. AllFinanz will also be used to improve customers’ experience when applying for life insurance.
Cyber risk analytics platform secures $37m in funding
Who’s involved: US-based cyber risk analytics and insurance platform, Arceo.ai and investment funds Lightspeed Venture Partners and Founders Fund.
What’s happening: Arceo.ai has secured an investment of $37m.The funding was led by Lightspeed Venture Partners and Founders Fund. In addition, Hemant Shah, founder and former chief executive of catastrophe risk modeller RMS has joined Arceo's board of directors.
Significance of development: The funding will help Arceo.ai to continue helping insurance providers to scale their cyber line of business using curated data.
Sompo International expands data analytics partnership
Who’s involved: Bermuda-based re/insurer Sompo International; and Pharm3r, a life science and healthcare data analytics company.
What’s happening: Sompo International has expanded its partnership with Pharm3r, which builds on the use of Pharm3r’s analytics by the re/insurer’s Bermuda excess casualty unit. Pharm3r’s datasets and analytics will also be utilised by Sompo International’s global risk solutions life sciences team.
Significance of development:The deal will lead to faster turnaround times for clients and brokers while enhancing the team’s risk modelling capabilities for its life sciences accounts.
SS&C to acquire Algorithmics assets from IBM
Who’s involved: US-headquartered SS&C Technologies, a global provider of investment and financial services and software; and technology company IBM.
What’s happening: SS&C Technologies has agreed to acquire certain Algorithmics and related assets from IBM. Algorithmics provides risk analytic products and services for the financial services industry.
Significance of development: The addition of Algorithmics will extend SS&C’s risk analytics and regulatory offering. It will provide SS&C Technologies with an extra 200 clients, 350 employees and offices in 25 countries. The acquisition is expected to be completed in the fourth quarter.