Insurtech weekly: Slice Labs; MetLife Gulf; American Crop Insurance; Hana Life; Socotra

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

Companies: Slice Labs, MetLife Gulf, American Crop Insurance, Hana Life, Socotra

Slice launches cyber risk modelling and AI services

Who’s involved: US-based insurance cloud platform provider Slice Labs.

What's happening: Slice Labs has launched four new artificial intelligence services. The offerings include cyber risk modelling, geographic scoring, claims fraud prevention and a service, which classifies client business activity. The extra services are available by subscription and can be used individually or combined.

Significance of development: Stuart Baserman, chief technology officer and co-founder of Slice Labs, said: “A major value-add of these new services for insurers is that our expertise is available within minutes compared to having to build an internal team of machine learning specialists and data scientists.”

The provider added insights collected from the Slice Mind services can act as the foundation for new on-demand insurance products on the Slice Insurance Cloud Services platform.


MetLife launches analytics platform for employer medical policies 

Who’s involved: MetLife Gulf, the Dubai-headquartered arm of global life insurer MetLife.

What's happening: MetLife Gulf has launched a data analytics platform called DataWorx for employers.

Significance of development: MetLife said the platformprovides employers with visual reports detailing the financial performance of their medical policy and clinical experience of their employees.

It added the data analytics tool will enable employers to customise the benefits for each employee.


American Crop Insurance Partners with Farmers Edge

Who’s involved: American Crop Insurance, a provider of insurance services in the North-East region of the US and Farmers Edge, a Canadian provider of data, analytics and modelling for farmers, retailers, and other agricultural stakeholders.

What's happening: American Crop Insurance has partnered with Farmers Edge.

Significance of development: Farmers Edge saidthe alliance aims to equip American Crop Insurance with a digital solution to expand its business, attract elite growers, and gain a strategic position in a fiercely competitive market.

The platform includes severe weather forecasting and predictive crop models.


Hana Life invests $7m in insurtech Bomap

Who’s involved: South Korean life insurer, Hana Life, part of Hana Financial Group. 

What's happening: Hana Life and investment operations within its group have invested SKW 8.5bn ($7.3m) in local online insurance platform provider Bomap.

Significance of development: A spokesperson from Hana Capital said the investment would be “an important opportunity to secure future growth engines” for the insurer.

Hana added the investment, and collaboration with the insurance group’s various units, would aid Bomap's plans to expand internationally.


Socotra raises $15.2m in series B funding

Who’s involved: Socotra, a San Francisco-based company offering a cloud-based platform for insurers and US early stage venture capital investors Brewer Lane Ventures, Portag3 Ventures, 8VC and MS&AD Ventures.

What's happening: Socotrahas raised $15.2m in a series B funding round led by Brewer Lane Ventures with participation from Portag3 Ventures, 8VC and MS&AD Ventures.

Significance of development: Socotra saidthe investment will fund further development of its platform and fuel the company’s growth.

John Kim, founder and managing partner of Brewer Lane Ventures, and former president and chief investment officer of New York Life Insurance Company, will also be taking a board seat as part of the investment.

Ronan McCaughey