Insurtech weekly: Alyne, Betterview, Global Atlantic, Allianz, FPT

Published in: Risk, Risk management, Corporate strategy, Rest of Europe, US - Canada - Bermuda, ROW, Software - IT

Companies: Alyne, Betterview, Global Atlantic, Allianz, FPT, Conifer Insurance, The Global Insurance Accelerator

German regtech enters US market

Who’s involved? Alyne, a Munich-headquartered regulatory technology firm that aims to help chief risk officers, data protection officers and other decision-makers assess risk and perform risk analytics

What’s happening? Alyne has continued its global expansion with the launch of a US office in New York City. In addition to its headquarters in Munch, the company has offices in London and Melbourne

Significance of development: In 2018, the regtech market was valued at $4.3bn and is estimated to grow up to $12.3bn by 2023, according to research provider MarketsandMarkets.

The research says North America is currently the largest regtech market

Timeline: With immediate effect

 

Conifer partners with AI insurtech Betterview

Who’s involved? US-based Conifer Insurance, a property and casualty insurer, and California-based artificial intelligence start-up Betterview

What’s happening?   Betterview will be delivering property data and analytics to Conifer’s commercial lines underwriting team to assist in the underwriting evaluation process

Significance of deal:  One of thechallenges for commercial lines insurers is getting accurate and actionable roof data on commercial buildings as there are many different types.

Betterview’s property profile tool is said to help the insurer proactively mitigate roof claims

Timeline: With immediate effect

 

Global Insurance Accelerator receives investment from Global Atlantic

Who’s involved? The Global Insurance Accelerator (GIA), a US initiative that fosters innovation via a mentor-driven 100-day programme, and US life insurer Global Atlantic Financial Group

What’s happening?   Global Atlantic's investment, the size of which was not specified, will help fund the GIA's annual programme

Significance of deal: By investing in GIA, six of Global Atlantic’s staff will be able to participate in the GIA’s mentor programme, which will allow them to bring back some of the innovation and ideas to Global Atlantic

Timeline: With immediate effect. Global Atlantic joins GIA’s existing investor group, which includes insurers such as Allstate and Markel

 

Allianz targets Vietnam with digital joint venture

Who’s involved? Allianz and Vietnamese IT services provider FPT Group

What’s happening?  Allianz has agreed to enter the general insurance sector in Vietnam through a digital joint venture to be set up with the FPT Group

Significance of deal:   FPT Group, as the strategic technology partner, will support Allianz in the Vietnam’s fast-growing insurance market to develop digital insurance products and services

Timeline: Regulatory approval for a newly incorporated general insurance company in Vietnam is the next step

Ronan McCaughey