Insurtech weekly: Willis Towers Watson; QBE; Helvetia Venture Fund; Legal & General; Slice Labs

Published in: Risk, Risk management, Corporate strategy, Software - IT

Companies: Willis Towers Watson, QBE Insurance, Clara Analytics, Helvita Venture Fund, Slice Labs, Legal and General

InsurTech investment doubles in Q3

Who's involved? Willis Towers Watson

What's happening? More than $1.3bn of InsurTech funding was completed during Q3 2018, double the figure from the previous quarter, according to research from Willis Towers Watson.

Significance of deal: The last quarter saw eight transactions each totalling over $40m compared to six in Q2, showing the continued active participation of re/insurers. The report said the pipeline of InsurTech partnerships remains very strong.

Timeline: The Willis Towers Watson report is the latest in its quarterly InsurTech briefing series


QBE expands use of AI products for claims process

Who's involved? QBE Insurance and Clara Analytics

What's happening? QBE has expanded its usage of artificial intelligence (AI) products in Australia from US-based technology provider Clara Analytics. This involves adopting a product to reduce the overall cost of litigation.

Significance of deal: Clara's AI product suite aims to help claims teams reduce various sources of loss costs incurred in claims handling by keeping claims on track throughout their life-cycle.

Timeline: QBE began working with Clara Analytics in September 2017


Helvetia Venture Fund invests in property technology

Who's involved? Helvetia Venture Fund and property technology company Immoledo

What's happening? Helvetia Venture Fund is investing in the property technology Immoledo, which has digitised the status of buildings.

Significance of deal: Immoledo enables an individual analysis of a building's structural fabric and the creation of the related investment plan.

Timeline: With immediate effect


Slice opens up insurance cloud service

Who's involved? Insurance cloud platform provider Slice Labs and Legal & General

What's happening? Legal & General has become the first customer to use Slice Labs' insurance cloud services (ICS).

Significance of deal: Slice says ICS enables insurers to become digital by rapidly introducing, evaluating and adopting new products and technologies.

Timeline: Since the launch of the ICS platform in January 2018, four global insurance carriers have partnered with Slice.

Ronan McCaughey