The fintech industry is flying through the social media stratospheres at astonishing rates – we know. But how are particular sectors within it keeping up? Insurance – and its insurtech counterpart – is certainly moving ahead in leaps and bounds in some areas, but when it comes to social media, it looks like it is only just embarking on its journey now, a good five years behind banking.
Indian IT firm Wipro has developed nine blockchain-based solutions for banking financial services and insurance (BFSI), manufacturing, retail and consumer goods industries. The solutions were defined, designed and co-developed with Wipro’s clients in its blockchain innovation lab. In terms of fintech and insurtech, these concepts include trade finance and P2P insurance for the “sharing economy” […]
In the latest InsurTech Bytes – the podcast for the future of insurance by FinTech Futures – we learn from one of the best disruption duos in insurance: Trov and Anthemis Group.
Bern-based Schweizerische Mobiliar Asset Management has implemented Profidata’s Xentis investment management system for its insurance, pensions and fund management businesses. Profidata, which is also based in Switzerland, says it was a “challenging project” to roll out the system within a time frame of 17 months. Xentis replaces various legacy applications, “makes several interfaces redundant and […]
To the outside observer the insurance industry may look very conservative with dominant global companies and local players operating in the way they have done for years and with very little interaction with their customers. But this is changing.
UK-based start-up Certua plans to launch a robo life insurance service in Q3 of this year – with the aim to create products and services that can auto adjust based on customer need. Using open data, it will provide real-time personalisation of financial solutions, and “ongoing recommendations” for its customers. This means one insurance policy […]
Many have proclaimed that 2017 will be “the year of artificial intelligence (AI)”, with a 300% increase in investment in its technologies predicted compared with 2016. Start-ups with AI at the core of their business in particular will be looking to benefit from this surge in investment capital, as they did last year when 550 raised $5 billion in funding.
Consortium R3 has partnered with Acord (Association for Cooperative Operations Research and Development) to launch a virtual “centre of excellence” for distributed ledger technology (DLT) in the insurance industry. R3 counts a number of insurance companies amongst its member base, including MetLife, AIA and Suncorp Group, as well as other financial services members that have […]
In an interview with Lisa Moyle, portfolio director of InsurTech Rising, we dive into the importance of partnerships and investments with insurtechs.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Abu Dhabi National Insurance Company (ADNIC) has implemented Profile Software’s IMSplus Insurance Investment Management solution. ADNIC uses IMSplus to monitor sector and asset class exposures of its invested assets. Profile says the system allows investment managers to analyse the company’s invested assets (cash, fixed term deposits, equities, bonds, funds, private equity and real estate) and […]
Israel’s insurtech provider Atidot has launched the “first” Software-as-a-Service (SaaS) based predictive analytics platform for the life insurance sector. The firm says its big data modelling and decision making tools will “accelerate the pace” at which life insurance executives can use intelligence in their decision making. Existing company data is loaded to the proprietary Atidot […]
California-based Next Insurance has unveiled its new insurance chatbot that will enable personal trainers to quote and buy insurance via Facebook Messenger. Next partnered with SmallTalk, a chatbot developer, to become the “first company to provide full service insurance via a social channel”. It also says it has developed a direct link with small business […]
Fintech funding without the tub-thumping. A realistic and brief round-up of key events. Featuring WhenFresh, Euronext, Algomi and Sensibill.
PwC has created a working blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange, as it seeks to use the tech for payments in the specialist insurance market. Completed over a six-week period, the proof of concept (PoC) focuses on “enhancing” interactions between multiple different London Market parties involved in a claims […]
Switzerland-based insurance provider Baloise Group has forged an investment partnership with Anthemis Group, a digital financial services investment and advisory firm. Together, they will curate European and American tech start-ups developing insurance (insurtech) and risk management solutions, with a mandate is to invest CHF 50 million ($50 million).
The disruptive threat is real, but the battle is not lost. Download this white paper for practical advice on surviving and thriving in the era of internet giants and fintech start-ups.
Insurance Australia Group (IAG) is looking to build an insurtech hub in Singapore. The new unit, Firemark Labs, will act as an incubator for IAG and help teamwork between start-ups and research and tech partners for new products and services across Australia, New Zealand and Asia. Julie Batch, chief customer officer, IAG, says “customer lifestyles […]
Kevin, Traity’s new chatbot, provides micro-insurance for P2P transactions online. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin protects buyers on online marketplaces such as Gumtree, Facebook and Craigslist.
You can read about fintech accelerators quickly with our latest round-up. Featuring RBS, BNP Paribas, Ben Franklin Technology Partners and the info on how to apply. Scotland has got its “first” fintech accelerator with the launch set for May. The new hub will be based in Royal Bank of Scotland’s (RBS) Entrepreneurial Spark business centre […]
There are many reasons to be excited about insurtech in 2017!
Citi’s global perspectives and solutions team has issued a 100-page report on digital disruption in the fintech industry. It has analysed venture capital (VC) investments in the fintech industry between 2010 and 2016, as well as the emerging technologies across the globe.
Philippines-based Ayannah, a provider of financial services to migrants and the unbanked, was the overall start-up winner in the Next Money Fintech Finals 2017 in Hong Kong.
Stockholm Fintech Hub – an independent not-for-profit innovation hub – will open its doors in Q1 2017. Its aim is to promote and accelerate the development of fintech, insurtech and regtech start-ups.
There has been a tremendous amount of excitement and discussion about the potential of blockchain technology to transform the financial services industry and beyond. But the only thing that is clear at the moment is that there is still a lot of work to be done to implement wide scale use cases, clear up any regulatory uncertainly or barriers and educate institutions and employees about the technology and its potential.
Finland-based Aurora Exchange, a consumer loans exchange, has teamed with two firms for its P2P lending platform launch. Maiden Life, based in Sweden, brings its payment protection insurance to cover “all loans” against borrower’s death, permanent and temporary disability with lenders as beneficiaries. Mangopay will act as Aurora Exchange’s custodian and payments technology provider. Mangopay […]
UniCredit Bank, MasterCard and platform provider GoSwiff have launched mobile payments for Allianz-Tiriac Asigurari insurance agents in Romania. The partnership will enable Allianz-Tiriac agents to start accepting card payments with mobile point of sale (mPOS) for the insurance policies issued by the company. The firms say Allianz-Tiriac becomes the “first insurance company in Romania” to […]
Kenya-based Family Bank is implementing a new insurance platform, based on JMR Infotech’s Avenir offering. Avenir – an integrated bancassurance portal – will support Family Bank’s fresh entry into the insurance business. Just a couple of months back, the bank unveiled a new subsidiary, Family Bank Insurance Agency, to target “the lucrative but highly under-served […]
