Name of the Company: Pecan AI Describe the Company’s Core Activities: Pecan helps marketing, revenue, and data teams predict mission-critical outcomes. Our low-code platform puts the power of predictive machine learning models at their fingertips without requiring data scientists on staff. With Pecan’s secure platform, companies generate actionable predictions of customer lifetime value, retention, marketing efficiency, and more in just weeks. Founded in 2018, Pecan’s predictions impact billions of dollars in revenue for fintech, insurance, retail, CPG, mobile apps, and consumer services companies of all sizes. What Specific Challenges in the Insurance Sector Are You Addressing? Pecan AI’s ML-driven predictive analytics…
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Tel Aviv Israel, September 20, 2023 – Binah.ai, the number one health and wellness check software, announced today its partnership with Polar Electro, the world leader in personal guidance for fitness, sport and health. Binah.ai’s award-winning, innovative technology, delivered to organizations as a Software Development Kit (Binah SDK), seamlessly integrates into apps or workflows to empower offerings with spot and continuous health and wellness checks that end-users can perform anytime, anywhere, by simply looking at the camera of a smartphone or tablet, or just by comfortably wearing a Polar Verity Sense™ optical heart rate sensor. With the combination of Binah.ai software and Polar Verity…
Earnix, the global provider of intelligent, composable, SaaS solutions for insurers and banks, announced Model Accelerator at Earnix Excelerate 2023. Model Accelerator is a web-based module designed to streamline and accelerate the process of building and incorporating advanced models in pricing, underwriting and real-time rating. One hundred percent of insurance leaders plan to use machine learning models in their pricing and underwriting processes, according to a 2023 study commissioned by Earnix1. However, only 20 percent of the survey’s 400 respondents said they do so today. Factors leading to slow adoption include difficulty importing external models; the iterative and manual processes…
There are many expectations from this developing insurance sector, given the growing need for cyber insurance protection as demonstrated by the significant damages caused to companies and organizations worldwide from cyber attacks as well as the evolving regulatory environment. At the moment, however, the cyber insurance field does not deliver on the expectations placed on it. Sales volumes are lower than expected, and the loss ratio is negative. Cyber insurance is not yet positioned as a central coverage for customers, and a significant portion of the premium is part of larger insurance coverage packages and not derived from stand-alone insurance.…
The Insurtech Israel Global Summit brought together over 1,000 participants from Israel and abroad, including leading figures in the local and global insurance industry. The summit took place last week at the Hilton Hotel in Tel Aviv and was a joint initiative of Insurtech Israel, FinTLV venture capital fund, and conference exhibition company. The summit was led by Kobi Bendelak, CEO of InsurTech Israel, and Gil Arazi, founder and manager of the FinTLV venture capital fund. Among the senior figures from Israel and around the world who participated in the summit were: Yoram Naveh, CEO of Clal Insurance and Finance…
Menora Mivtachim Group , in collaboration with InsurTech Israel, hosted the Israeli Insurtech Startups Competition. The winner of the competition, representing Israel in the international InsurTech acceleration program, is Urbanico, specializing in urban data acquisition and analysis for insurance companies. Michael Kalman, CEO of Menora Mivtachim Group, stated, “Menora Mivtachim Group sees innovation as a crucial and essential strategic axis in the group’s activities and invests significant resources in it. We take pride in witnessing the creativity and out-of-the-box thinking presented by the various entrepreneurs in the competition”. Menora Mivtachim, a leading player in open innovation in Israel, hosted the…
Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announces that it has been chosen by Mivtach Simon, a subsidiary of Migdal Insurance Agencies in Israel, as technology partner to implement its insurance distribution platform. Mivtach Simon is Israel’s largest insurance, pension and financial planning company, providing technological services to Migdal Insurance Agencies, including Sagi Yogev and Shacham-Orlan. As part of an extensive digital transformation program led by Chief Information Officer at Migdal Insurance Agencies, Ilanit Hazan, Novidea’s insurance management platform will centralize the agencies’ operational and services processes. This partnership is…
First Cyber InsurTech to transition to full-stack E&S carrier further spurs profitable growth and innovation in today’s fast-growing specialty market.At-Bay, the insurance provider for the digital age, today announced that it has begun issuing Cyber and Tech E&O policies under its Delaware-based Excess and Surplus (E&S) carrier, At-Bay Specialty Insurance Company. Formed in January 2023, At-Bay Specialty Insurance Company received an AM Best A- (excellent) rating with stable outlook in April. “In a rapidly changing cyber insurance market, brokers and customers need tech-enabled agility and financial stability. Until today, they could only get one or the other,” said Rotem Iram,…
Direct Insurance is announcing a collaboration with Israeli insurtech startup Click-Ins, which is developing a technological solution for detecting visual damage to vehicles. Click-Ins’ technology enables users to quickly scan the vehicle using their smartphone camera, and creates a detailed report assessing the damage to the vehicle’s exterior within minutes. As part of the collaboration signed between the companies, Direct Insurance customers who are in the process of insuring their vehicle will receive a link to Click-Ins’ web app, which will allow them to scan their vehicle using their smartphone camera, thereby streamlining and speeding up the process, while increasing…
“2023’s second quarter delivered better than expected top and bottom lines” – says lemonade in the Shareholders letter – “as well as reinsurance and growth financing programs which herald a step function improvement in our capital efficiency, enabling both faster growth and deeper cash reserves”. Here are main point from the letter: Top line: At $687 million, in-force premium (IFP) grew by 50% year over year. Reinsurance: Our 55% quota share program was reupped and oversubscribed, with ceding commissions expected to be roughly equivalent to those under the outgoing agreements. ‘Synthetic Agents’: We secured customer acquisition cost (CAC) financing, designed…