Toyota and Aioi Nissay Dowa Insurance develop telematics accident response service
Who’s involved: Aioi Nissay Dowa Insurance and car manufacturer Toyota.
What's happening: Japan’s Aioi Nissay Dowa, which is part of the MS&AD Insurance Group, and Toyota have developed a telematics accident response service that uses driving data and connected technology to enable the driving conditions at the time of an accident to be visualised.
Significance of development: The service enables insurers to more accurately and objectively ascertain accident conditions. Toyota said it also enables insurance claim procedures to be greatly reduced. The service will become available starting in March 2020 on Toyota and Lexus brand connected cars.
Singapore Life and Aboitiz partner to disrupt Philippine life insurance market
Who’s involved: Singaporean life insurer Singapore Life (Singlife) and Philippines-based power, banking and financial services conglomerate Aboitiz Equity Ventures (AEV).
What's happening: Singlife and AEV have partnered to establish a new digital life insurance company in the Philippines. The joint venture is called Singlife Philippines, a majority of which is owned by Singlife (65%) with partners Di-Firm (20%), and AEV (15%).
Significance of development: The partnership aims to make insurance and financial products more accessible to Filipinos. The joint venture aims to target people between 25 to 50 years old, with net income between PHP 25,000-50,000 ($493-$985) per month and a preference for online and mobile services.
Huckleberry raises $18m funding
Who’s involved: US-based insurtech Huckleberry, a small business insurer who policies are underwritten by Markel Insurance; and investors Tribe Capital, Amaranthine, Crosslink Capital and Uncork Capital.
What's happening: Huckleberry has raised $18m in series A funding. The funding was led by Tribe Capital, with participation from Amaranthine, Crosslink Capital and Uncork Capital.
Significance of development: The funding will accelerate the expansion of Huckleberry’s operations.
Pet insurer partners with veterinary technology start-up
Who’s involved: UK-based pet insurer Animal Friends; and Vet-AI, a British start-up developing an app for diagnosis and prevention of pet illnesses.
What's happening: Vet-AI has exclusively partnered with Animal Friends.
Significance of development: Pet owners with insurance from Animal Friends will be able to check their animal’s symptoms, get advice on treatment or find out if they need to visit a vet clinic, through Vet-AI’s app, Joii. Policyholders can access unlimited, free video consultations with UK vets, which usually cost £20 ($26.2)per call.