Insurtech weekly: Greenlight Re; RiskGenius; Palig; British Friendly; Acord

Published in: Risk, Risk management, Corporate strategy, UK, US - Canada - Bermuda, ROW, Software - IT

Companies: Greenlight Capital Re, Cove, RiskGenius, Pan-American Life Insurance Group, Fiserv.

Greenlight Re invests in New Zealand insurtech

Who's involved: Greenlight Re Innovations, part of property and casualty reinsurer Greenlight Capital Re; and New Zealand insurtech Cove, a digital managing general agent that offers motor and mobile phone insurance through mobile and desktop platforms.

What's happening: Greenlight Re Innovations has invested an undisclosed sum in Cove.

Significance of development:  Greenlight Re chief executive Simon Burton said Cove’s business model has the potential to transform New Zealand’s insurance market. The investment will support Cove as it develops new product offerings.Cove represents the ninth investment made by Greenlight Re Innovations.

Timeline: With immediate effect.


RiskGenius secures series B funding

Who’s involved: RiskGenius, a US-based provider of natural language processing tools for improving the quality and accuracy of insurance policies; re/insurance and transportation investor Hudson Structured Capital Management (HSCM); venture capital investor Hearst Ventures; and insurers Everest Insurance, FM Global, Liberty Mutual and QBE.

What’s happening: RiskGenius has secured an undisclosed series B funding round, led by HSCM Bermuda alongside Hearst Ventures, FM Global and existing investors including QBE. FM Global said its investment was $1m.

Significance of development: The financing will support development of RiskGenius’s platform for commercial insurers and brokers, and fund marketing and sales activities. The company has expanded partnerships with Everest Insurance, FM Global and Liberty Mutual.

Timeline: With immediate effect.


Palig selects Fiserv to strengthen its risk management

Who's involved:  Pan-American Life Insurance Group (Palig) and US regtech Fiserv.

What's happening: Palig has chosen to improve the efficiency of its anti-money laundering (AML) compliance and risk management programme in multiple countries with Fiserv technology.

Significance of development:  Life insurers must be diligent with an effective AML programme as they, like other financial service providers, are susceptible to activities used to disguise illegal funds.

Timeline: With immediate effect.


British Friendly chooses EXL to build digital life protection platform

Who's involved:  UK mutual British Friendly;and US-based operations management and analytics company EXL.

What's happening: EXL is to help British Friendly develop an end-to-end customer on-boarding, underwriting and policy administration platform.

Significance of development:  The digital platform aims to improve efficiencies for advisers when placing clients and improve the ability of British Friendly to respond to changing consumer requirements and bring new products to market. 

Timeline: A target date for rolling out the digital platform has yet to be announced.


Finalists of Acord insurtech innovation challenge named

Who's involved:  Data standards organisation Acord; Protosure, a cloud-based policy issuance system; Riskbook, an online platform for brokers; and insurtech MakuSafe.

What's happening: Acord has namedProtosure, Riskbook and MakuSafe as the three finalists of the 2019 Acord InsurTech Innovation Challenge (AIIC). The finalists, who were selected at regional semi-final events in New York, London and Chicago.

Significance of development:  The AIICbrings together insurance innovators across all lines of business, including investors, venture capital partners and technology start-ups.

Timeline: The finalists will face off at the AIIC global finals, which will take place in October at Acord Connect 2019 in Boston.

Ronan McCaughey