24 April 2019

Insurtech weekly: Artificial, Clara, The Hanover, CoverWallet, GEB, Accenture

Artificial raises £4.2m in funding round

Who’s involved: Artificial, a London-based developer of tools to digitalise the insurance value chain; the Alma Mundi insurtech fund; and venture capital firm Force Over Mass

What’s happening: Artificial has raised £4.2m ($5.4m) in seed funding. The funding is a co-investment between Alma Mundi, Force Over Mass and other investors

Significance of development: The investment will fund Artificial’s expansion of its engineering and sales team, help it target new demographics in the US, Middle East and China, as well as scale up its existing platform

Timeline: With immediate effect


Clara targets improved risk management with AI toolkit

Who’s involved: Clara Analytics, an artificial intelligence (AI) technology provider for the commercial insurance industry

What’s happening: Clara Analytics has introduced an AI-based toolkit designed to assist risk managers to understand the underlying costs and trends impacting insurance claims

Significance of development: The provider says the toolkit is the latest in its product range which utilises AI to help adjustors better manage insurance claims in real time, and identify at-risk claims before they escalate

Timeline: With immediate effect


The Hanover launches ‘Insurago’ insurtech platform

Who’s involved: US-based insurance group The Hanover, and online insurance management platform CoverWallet

What’s happening: The Hanover has launched Insurago, a customer-facing digital insurance platform powered by CoverWallet

Significance of development: The partnership enables agents to place a personalised link on their agency websites or social media channels, thereby allowing customers to quote and issue a policy through The Hanover   

Timeline: With immediate effect


GEB applies blockchain technology

Who’s involved: Generali Employee Benefits (GEB) and Accenture

What’s happening: GEB and Accenture have launched a prototype blockchain tool for the employee benefits industry

Significance of development: The technology allows participants in the reinsurance process for captive or pooling services to access the same data and reduces processing errors through smart contracts and automated reconciliation.

It is thereby expected to streamline GEB’s employee benefit operating model for captive services

Timeline: With immediate effect