QBE releases report on growing insurtech space

QBE | December 05, 2019

Investment in the insurtech space continues to grow. Investment in the space was just $140 million in 2011; by 2018, it had grown to $4.9 billion. As insurtech continues to expand, it is increasingly important for the industry to stay abreast of key trends, according to a new report from QBE North America and Village Capital. The Impact InsurTech report pinpoints three themes in insurtech: Insurance for all, society shaping insurance and micro-transformations influencing macro risks. Innovations like process automation, AI and blockchain are making insurance processes more efficient, increasing both the affordability and accessibility of insurance, the report found. Insurtech is also changing the way that real-time and predictive data can be used to promote the development of insurance products that are more responsive to emerging risk. “Insurance has shaped patterns of economic and social growth since its inception,” said Allie Burns, CEO of Village Capital. “Insurance technologies are fueling the emergence of affordable, accessible and customizable solutions and enabling consumers, companies and communities to create a more resilient future.”

Spotlight

Insurance, since its inception, has shaped patterns of economic and social growth. It has helped us mitigate the damage of threats and disasters from droughts to car accidents, and has opened new pathways to financial health and stability that would not have been possible without risk management. Insurance is part of all of our lives and, as societies across the globe now grapple with increased risks from climate change to geopolitics, and new trends in consumer demand and technological advancement, insurance is changing.

Spotlight

Insurance, since its inception, has shaped patterns of economic and social growth. It has helped us mitigate the damage of threats and disasters from droughts to car accidents, and has opened new pathways to financial health and stability that would not have been possible without risk management. Insurance is part of all of our lives and, as societies across the globe now grapple with increased risks from climate change to geopolitics, and new trends in consumer demand and technological advancement, insurance is changing.

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INSURANCE TECHNOLOGY

Builders Insurance Holdings S.A Plans to Transform its Legacy Growth Plans with Sapiens

Sapiens | March 08, 2022

Sapiens International Corporation announced that Builders Insurance Holdings S.A is transforming its legacy growth plans with the end-to-end solutions of Sapiens. Sapiens International Corporation is a supreme global provider of software solutions for the insurance industry, and Builders Insurance Holdings S.A is a top P&C insurance and reinsurance service provider. According to the news, Sapiens IDITSuite and Sapiens Intelligence will transform Builders' numerous legacy systems of its insurance business. In addition, the modern solution of Sapien will provide Builders with its most modernized functionalities to facilitate digital operations and would empower the plans of business extensions. Sapiens offers a leading core solution to meet our needs and to the industry knowledge and expertise to help us grow our business and accompany us in our journey. With its global footprint and industry expertise, Sapiens is an invaluable partner in all our endeavors." On this, Fabrice Volkaerts, Group COO of Builders. Sapiens IDITSuite is a core software solution that comprises policy, billing, and claims solutions. In addition, IDITSuite supports end-to-end core operations and short-term or non-life insurance processes that include renewals and claims. Sapiens Intelligence is an out-of-the-box solution with a full industry-standard data management model. Sapiens is delighted to serve as a trusted partner in Builders' growth plans and to accelerate their short- and long-term needs as a specialty line customer. We are fully aligned with Builders' vision to onboard to the latest technology, In addition, Sapiens is pleased to allow Builders to integrate all of their data into a complete insurance hub, gaining operational insight to finetune critical processes across the entire life insurance value chain." Roni Al-Dor, President and CEO of Sapiens

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INSURANCE TECHNOLOGY

Parachute Digital Solutions Launches New Online Insurance Platform

Parachute Digital Solutions | November 23, 2020

Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in a simple to-utilize, secure and smoothed out digital environment. “Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.” The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice. Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items sold through Parachute 2.0 are reinsured by Munich Reinsurance Company. “The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.” About Parachute Digital Solutions Inc. Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings. About Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.

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Roamly and Wheelbase Partner to Bring New Digital RV Insurance Offerings to Professional Rental Operators

Wheelbase | January 27, 2022

The insurtech company Roamly today announced its new professional insurance product for the rapidly growing market of professional RV rental companies worldwide. Wheelbase, the professional software product for RV fleet operators, will now embed Roamly into its software to make insurance painless, simple, and economical. New, tailored RV insurance product brings digital insurance to commercial RV operations. The new partnership offers Roamly, the only tailored RV insurance product, directly to commercial RV rental operators, tour companies, and booking agencies. In addition, Roamly is made available directly from the software for any consumer who books trips and vacations through a rental company utilizing the Wheelbase software. With embedded digital insurance, commercial RV operators and their customers no longer have to navigate insurance solutions that can be costly, cumbersome, and complex. Roamly also includes trip cancellation coverage and interior damage coverage for renters – making for a seamless and worry-free vacation for travelers. Roamly also provides benefits that reimburse the traveler for unused, prepaid, and non-refundable insured travel arrangements. "With the growth of commercial RV rental operations worldwide stemming from an environment where people want to travel, as well as the dominant position that Wheelbase enjoys in the professional market, this partnership made logical sense for consumers who want an easy-to-book and fully protected trip without the arduous task of sorting out insurance with agents and brokers," - Roamly's Chief Insurance Officer Aaron Ammar. Now consumers have a way to protect their trips, and fleet operators can focus on customer operations without chasing insurance products through insurance carriers, which are commonly expensive and complex to purchase. Operators utilizing Wheelbase software and Roamly insurance include Road Adventures by Mark Wahlberg, a rapidly expanding RV rental business in Ohio partially owned by Hollywood actor Mark Wahlberg. "When you dive into the RV rental business, it is a priority for your fleet to be insured both during and outside of rentals to mitigate all risks, It can be a bit gut wrenching to hand your keys over to a stranger, and hope they will properly care for your unit. However, utilizing Roamly insurance for both our renters and our company has cultivated a peace of mind for us. The transition was seamless and simple, and the Wheelbase team was there to help every step of the way." -Chris Haydocy, Managing Member of Road Adventures by Mark Wahlberg. In 2021, more than 240 new companies started using Wheelbase software to run their business – amounting to roughing one new RV rental business onboarded every other day. Roamly has grown rapidly over the past year. Having recently come out of beta, it's already produced more than $7M in written premium. About Roamly Roamly is the first RV-focused insurtech in the world, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles which are affirmatively allowed to be rented on platforms like Outdoorsy. For more information, visit www.roamly.com. About Wheelbase Wheelbase is the RV industry's most powerful fleet management and rental software that streamlines the way small, medium, and large RV businesses operate. Wheelbase provides RV rental companies with a cloud-based complete suite of rental management tools to optimally run businesses from the first point of customer contact to key return. The software provides rental companies with fleet management, payment processing, web hosting, online booking, insurance protection for domestic and international renters — all from one simple dashboard. The software is used by 1,000+ companies in the US, Canada, Australia and throughout Europe.

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