Insurtech weekly: Travelers; Axa Gulf; EverQuote; Kover.ai

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

Companies: Travelers, Groundspeed Analytics, Axa Gulf, Rise, EverQuote, Bold Penguin, Kover.ai.

Travelers partners with Groundspeed Analytics

Who’s involved: Property & Casualty insurer Travelers and data science company Groundspeed Analytics.

What’s happening: Travelers has partnered with Groundspeed Analytics in a bid to simplify its new business and policy renewal processes through the use of artificial intelligence.

Significance of development: Travelers said the use of AI will augment the company’s underwriting capabilities by enhancing risk selection and increasing efficiency, while also allowing agents and brokers to write business more quickly.

 

Axa Gulf collaborates with fintech to improve financial inclusion

Who’s involved: Axa Gulf and fintech company Rise.

What’s happening: Axa Gulf has collaborated with Rise to launch new insurance services for migrant workers and domestic helpers in the United Arab Emirates.

Significance of development:  The initiative aims to improve financial inclusion and better serve the emerging middle class by accelerating the development of insurance and protection service offerings.

 

EverQuote partners with Bold Penguin

Who’s involved: EverQuote, a US-based online insurance marketplace and US commercial insurance exchange and insurtech Bold Penguin.

What’s happening: EverQuote has partnered with Bold Penguin.

Significance of development: EverQuote will leverage Bold Penguin's terminal and exchange infrastructure as it hopes to accelerate its path to market.

 

Kover.ai raises $1.5m in funding

Who’s involved: San Francisco-based insurtech Kover.ai.

What’s happening: Kover.ai has raised $1.5m in a seed funding round. The round was led by West Loop Ventures, with additional investments from Afore Capital and Techstars Ventures. Kover.ai was also one of the nine companies that came out of the 2019 MetLife Digital Accelerator powered by Techstars.

Significance of development: Kover.ai says it is “reinventing the 300-year-old insurance infrastructure” by using decentralised software, instead of human organisations, as the middleman.

Ronan McCaughey