Asteya | September 06, 2022
Insurtech platform Asteya recently supported the launch event of the newly founded AURORA Institute in St. Tropez on Saturday, July 23. The crucial event saw over 500 international attendees including several well-known celebrities, entrepreneurs, and investors. People of note included Robbie Williams, Kevin Love, Giannis Antetokounmpo, Rob Raco, Cameron Winklevoss, Lola Tash & Nicole Argiris, Peter Berg, Philippe Parenno, Kate Bock, and Queen Latifah. Live performances, presentations, and art installations included Kool & The Gang, Tinie Tempah, BLOND:ISH, master mentalist Lior Suchard, Tino Sehgal, Jeppe Hein, Refik Anadol, and the "first cyborg" Nathan Copeland.
The AURORA Institute was founded by Louise Tabbiner, Christian Angermayer, and Henry Chalhoub. AURORA's mandate is to be the first non-profit incubator of its kind, focused on funding the world's leading individuals and NGOs dedicated to solving the existing global mental health crisis. The Institute's goal is to amplify the efforts of those already doing the most impactful work or to empower those that could do more - helping them build their own foundations or navigate how to make mental health a core focus in their companies, communities, and organizations.
"At Asteya, our vision is to protect people's income and help them live a healthier and better life both physically and mentally, According to the National Institute of Mental Health, nearly one in every five adults experience mental illness, which is equivalent to nearly 50 million Americans, and additionally one out of 10 Americans with a mental illness are uninsured. We are proud to be one of the Founding Partners of the AURORA Institute whose mandate is to increase visibility and awareness around the need for mental health funding and to destigmatize mental health issues. At Asteya we strive to make mental health a priority for not only our customers but our corporate team as well."
-Asteya Co-Founder Hadi Radwan
The inaugural event honored the first four AURORA Institute prize winners, who were recognized for their significant contributions to ending the mental health crisis. Winners included Kevin Love, Dr. Adam Gazzaley (M.D., PhD.), The Klitschko Foundation, and The Weight of Gold. The event, titled Evening of Discovery, focused on the new science of mental health, mindful meditation, the integration of the metaverse and virtual reality in mental health interventions, and more. The launch event raised over $8 million which will be directed to the prize winners' charities of choice.
The event and Asteya's involvement marked a crucial milestone in AURORA's plans to raise $50 million in the next 5 years while increasing visibility and awareness around the need for global mental health funding and de-stigmatization of mental health issues. Much in line with Asteya's ethos, The AURORA Institute believes that by exploring and opening our minds, we can build a healthier, happier, and more inclusive future for all.
Asteya is an Insurtech company whose mission is to make income insurance accessible to anyone. Asteya's goal is to support people's financial, physical, and mental health so they can focus on living. Founded in 2019, Asteya is backed by I2BF Ventures, Capital Factory, Cap Meridian Ventures, and Northstar.vc.
CORE INSURANCE, LIFE INSURANCE
Covr Financial Technologies | September 23, 2022
Covr Financial Technologies (Covr) is collaborating with Citi to help its U.S. financial advisors and clients more effectively integrate life insurance and long-term care coverage into their financial plans. By utilizing Covr's platform, Citi's advisors and clients can access top insurance carriers on a simplified basis.
"We couldn't be more thrilled to team up with a large, global financial institution like Citi, Our insurance platform is easily accessible for Citi's team of advisors to use when offering protection products to their clients, and our team of insurance experts provides support throughout the process. Our goal at Covr is to ensure that everyone has easy access to the insurance solutions they need, and this a huge step in working toward that goal."
-Michael Kalen, Covr CEO
Covr was able to work with Citi to integrate its complex requirements into one easy-to-use digital insurance platform, Making the complicated simple is what we do every day, and the ability to collaborate with a leading firm like Citi allowed us to take our technology to an even broader audience. This further positions Covr as a leading provider of digital insurance technology and services to financial institutions,said Ron Alexander, Covr President and Head of Innovation.
Looking ahead, Citi is exploring ways to expand the offering to additional channels in the future.
About Covr Financial Technologies
Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its digital insurance solutions, Covr helps financial institutions deliver a great experience under the brand their customers already trust. Covr currently serves over 30,000 financial advisors and over 40 million customers across over 30 financial institutions.
Milliman | November 23, 2022
Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements.
"The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence."
-Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe
Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution.
Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman.
Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.