Insurtech weekly: Zurich; Aegon Life; PolicyMe

Published in: Risk, Corporate strategy, Software - IT

Companies: Zurich, Aegon Life, PolicyMe

Zurich strikes data partnership

Who’s involved: Zurich’s UK business; California-based data provider Carpe Data

What’s happening: Zurich has partnered with Carpe Data as the insurer looks to leverage Carpe’s offering in automating the claims process and preventing fraud.

Significance of development: Carpe Data said its claims monitoring offering allows web data for real time assessment to be leveraged across the whole value chain.

The partnership follows a pilot programme Zurich ran in 2019 and Carpe Data said the Swiss insurer’s UK division will be implementing the offering at scale in 2020.

Aegon Life announces Indian e-commerce alliance

Who’s involved: Indian life insurer Aegon Life; Indian e-commerce company Flipkart.

What’s happening: Aegon Life has teamed up with Flipkart to enable the e-commerce company to sell Aegon’s policies via its platform.

Significance of development: Flipkart said digital insurance policies worth between INR 100,000 and INR 1m ($1,300-13,000) will be available this month without need for paperwork or medical tests.

PolicyMe secures $3.3m funding

Who’s involved: Canadian life insurtech PolicyMe; investors Consorcio – HCS Capital and Westdale Properties.

What’s happening: PolicyMe has secured $3.3m in seed funding through its latest investment round from Consorcio – HCS Capital and Westdale Properties.

Significance of development: PolicyMe will use the investment to develop its custom, automated advice service for life insurance purchases.

Paul Walsh