Insurtech weekly: HDFC Ergo, Akinova, BMA, Certua, Snapsheet

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

Companies: HDFC Ergo, Akinova, BMA, Certua, Snapsheet

HDFC Ergo partners with IBM to develop AI solutions

Who’s involved: India’s HDFC Ergo General Insurance Company and US technology company IBM

What’s happening: HDFC Ergo and IBM are to collaborate on artificial intelligence-based solutions on IBM Cloud

Significance of development: The partnership aims to better address customer queries, ensure faster turnaround time and draw deeper customer insights for “a better omni channel experience”.

Timeline: The contract was signed in Q2 2019

 

Bermuda regulator grants Akinova first regulatory sandbox licence

Who’s involved: Electronic marketplace Akinova (Bermuda) and the Bermuda Monetary Authority (BMA)

What’s happening: The Akinova marketplace has received the first insurance regulatory sandbox licence from the BMA to enable the transfer of re/insurance risks using its electronic trading platform.

Akinova is also permitted to provide integrated news, data, analytics and communications to marketplace participants

Significance of development: The BMA’s regulatory sandbox regime enables companies to test new technologies and offer innovative products, services and delivery mechanisms to customers in a controlled environment

Timeline: The BMA’s sandbox framework came into effect in July 2018

 

Certua acquires Surely Group

Who’s involved: The Certua Group, a UK-based financial technology platform; and UK-based Surely Group, an insurtech that provides a cloud-based platform for insurers, brokers and MGAs to distribute their products online

What’s happening: Certua has acquiredthe Surely Group. The announcement follows the launch of Certua’s Enterprise Insurance platform last year. Based in Certua’s offices in Shoreditch, the union is set to add to the recent growth of the Certua team. It means the company with have approximately 50 employees, with offices in the UK and Slovakia

Significance of development:  Certua has said the acquisition is set to bolster its distribution proposition following increased demand from distributors to use the enterprise insurance platform and provide an end-to-end customer journey, while enabling re/insurers to reach previously inaccessible distribution channels

Timeline: With immediate effect

 

Greenlight Re Innovations invests in dispute resolution startup

Who’s involved: Greenlight Re Innovations, the innovation unit of property and casualty reinsurer Greenlight Re; and FairClaims, a California-based online insurance and consumer dispute resolution startup

What’s happening:  Greenlight Re Innovations has made a strategic investment in FairClaims. The amount invested was not disclosed

Significance of development:  Greenlight Re's investment will allow FairClaims to accelerate its expansion into the insurance industry. FairClaims is the sixth insurance technology business which Greenlight Re Innovations has invested in since it was set up in March 2018.

From the perspective of Greenlight Re Innovations, the investment in FairClaims aims to improve the claims experience for all the stakeholders in the process

Timeline: With immediate effect

 

Snapsheet secures $29m series E funding

Who’s involved:  Snapsheet, a provider of virtual claims technology for the personal and commercial insurance marketplace; and venture capital firm Tola Capital.

What’s happening:  Snapsheet has closed $29m in series E funding. The funding round was led by Tola Capital and includes participation from new investors, including Nationwide, Sedgwick and State Auto Labs with participation from existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA

Significance of development:  The funding will enable Snapsheet to accelerate the delivery of its end-to-end SaaS claims platform for all lines of property and casualty, further invest in advanced analytics capabilities and expand the team to serve clients globally

Timeline:  With immediate effect

Ronan McCaughey