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