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NEW INVESTMENT ENTITY IN INSURTECH SECTOR: SURETECH

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By on Investments

A new investment entity in the insurtech sector is starting out. SureTech, headed by former Clal Insurance Chairman Danny Naveh as Chairman of the partnership, is a limited partnership, which is currently acting to raise 36 million dollars. Additional directors – Dikla Wagner, Shuki Cohen Sharett CPA, Ido Ben Shitrit and Uzi Baruch CPA * Serving as CEO of the partnership will be Dan Tzror and as CFO and Business Development director – Doron Gedaliahu. SureTech has so far invested in two companies in the insurtech sector – Vesttoo – with an investment of 2 million dollars on a valuation…

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The Evolution Of Core Systems – Part B

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By on news

Q&A with Ronnen Fischer, CO-CEO at Insurtix   In the previous interview we talked about problems insurers face when implementing new core systems. How can Insurtix fit in that evolutionary process you talked about? Fischer: It took us a while to figure out what we managed to produce. It was clear to us, also based on our success (for example in the digital insurance company Libra), that we were able to develop a comprehensive core system for the insurance world.  In the process, we performed with several other customers, we understood that from the ecosystem of our software company (CodeOasis)…

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Lemonade Opens Early Registration for Lemonade Car

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By on P&C

Lemonade, the insurance company powered by artificial intelligence and  behavioral economics, announced it is readying ‘Lemonade Car’ for launch within the year. The US car insurance industry is estimated to be about $300 billion—70 times the size of both the renters and the pet insurance markets. A large majority of Lemonade’s existing customers are car owners, and they already spend about $1 billion on car insurance each year. “We’re seeing an overwhelming demand for a Lemonade car insurance product from our customers. And so, since last year, a large part of our team has been working on what we believe…

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Katzav and El-Dor

Sapiens Partners with Atidot to Offer AI-based Predictive Insights and Personalization to Life Insurance Providers

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By on news

Sapiens International Corporation announced an agreement with Atidot, a cloud-based SaaS provider of AI and machine learning solutions for life and annuity insurers. The partnership facilitates new ways for North American and European insurers to generate revenue through analytics and actionable insights. The joint solution empowers life and annuity insurers to maximize the value they gain from their books of business. The solution produces actionable insights enabling better service for policyholders and new revenue generation as it is integrated with Sapiens CoreSuite for Life Insurance, Sapiens IllustrationPro, as well as Sapiens’ analytics and digital offering. “Sapiens constantly aims to mine…

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Insurtech start-up OKO raises seed round of $1.2 million to bring innovative insurance to smallholder farmers across Africa

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By on P&C

OKO, an Insurtech start-up that provides inclusive agricultural insurance to secure farmers’ income across Africa, has closed a Seed investment of $1.2 million. The round was led by by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round. The start-up which currently operates in Mali and Uganda uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather events — primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda and expand its offerings to more African…

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Pizza Hut Selects Demandoo to Deliver On-Demand Insurance for its e-Bike Delivery Fleet in Israel

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By on news

Demandoo announced its partnership with Pizza Hut Israel to power on-demand insurance for its new e-bike delivery fleet. Accelerated by the Covid pandemic, the on-demand economy has grown significantly over the last year, transforming traditional models of work and mobility. However, when it comes to insurance, legacy policies based on fixed annual rates for traditional full-time employees aren’t practical or economical when extended to dynamic, shared and/or temporary activities of on-demand workforces, particularly for micro-mobility fleets, such as e-bikes. Powered by its proprietary AI-based risk engine and backed by global insurers, Demandoo’s on-demand, plug-and-play insurance solutions can be tailored to…

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lemonade founders

Lemonade Opens Early Registration for Lemonade Car

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By on news

Lemonade, the insurance company powered by artificial intelligence and behavioral economics, announced it is readying ‘Lemonade Car’ for launch within the year. Today’s news marks the company’s third expansion into a major new insurance category in less than 12 months. The company started with homeowners products, adding pet insurance in the second half of 2020, and term life insurance in the first half of 2021. The launch of Lemonade Car will allow both existing and new customers to bundle their home, pet, and life policies with their car insurance. The US car insurance industry is estimated to be about $300…

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The Evolution Of Core Systems

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By on L&H, P&C, Systems

Q&A with Ronnen Fischer, CO-CEO at Insurtix Why are Insurers worldwide failing when trying to renew their legacy core systems? Fischer: To understand the challenge in existing systems in insurance companies, one must review the history of these systems. Insurance companies’ information systems, are the result of centuries of pre-computer activity, based on written forms that are, in most cases very neatly filed by topic (policy type and unique number); not necessarily by customer, and not centralized by any criteria known to us today in current information systems world. In the beginning, when information systems were being introduced to the…

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next
NEXT Founders

Next Insurance Raises New Funding and Doubles Valuation to $4 Billion in Six Months

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By on P&C

Next Insurance announced a $250 million new funding round led by FinTLV Ventures and Battery Ventures with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared bringing the company’s valuation to $4 billion and total funding raised to more than $880 million. The new financing follows a momentous six months during which Next Insurance announced two acquisitions, added new strategic partners, and doubled its gross written premium. FinTLV Ventures founder and managing partner Gil Arazi and Battery Ventures general partner Michael Brown, will join as board observers. “Next Insurance’s full-stack approach to providing coverage for small businesses has created a radical paradigm shift in…

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BitSight and Kovrr Announce Financial Quantification for Enterprise Cyber Risk

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By on news

BitSight, the Standard in Security Ratings, and Kovrr, a leader in data-driven cyber risk modeling, are furthering their partnership and today announced Financial Quantification for Enterprise Cyber Risk—a product that provides CISOs and Chief Risk Officers an easier, more efficient and repeatable means to financially quantify their cyber risk and report to senior executives and board members. Developed using Kovrr’s multiple underlying cyber risk models that analyze different categories of loss scenarios, the BitSight Financial Quantification for Enterprise Cyber Risk product calculates an organization’s financial exposure to cyber risk. The turnkey solution enables on-demand analysis and complements the cybersecurity performance measurements…

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