Taking the pain out of payments

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Details about our next event, a spotlight from bolttech and acquisitions from Convex Insurance, Aviva and EIS.

From underwriting to claims - taking the pain out of payments - Podcast 202

In the second of this two-part podcast of highlights from our recent live event, Matthew Grant looks back on the conversations Robin Merttens had on stage with Andrew Passfield (ICE InsureTech), Freddy Macnamara (Cuvva), Daniel Poole (Cover Genius) and Adrian Davis (Stripe). They focus on managing the movement and financial management of money, the benefits of flexible insurance and the integral role embedded and parametric insurance plays in payment provision.

InsTech in London: Lloyd’s and Embedded Microinsurance, 13 September, 5.30pm at The Steel Yard

To celebrate the launch of MIC Global's Lloyd's syndicate-in-a-box (Syndicate 5183), InsTech is holding an event to look at what is happening in embedded microinsurance. We will look at some of the latest products to come to the market, where the worlds of microinsurance and Lloyd’s come together and where the opportunities lie.

bolttech: connecting insurers, distributors and customers

InsTech's Henry Gale speaks to Andrew Cons, CEO Europe at bolttech, to discuss bolttech’s business model, how the company became a unicorn and trends in embedded insurance. They also talk about bolttech’s recent funding round, Andrew’s role at bolttech and who the company works with.

Zesty.ai’s partnership with the Berkshire Hathaway Homestate Companies (BHCC) has been expanded

Zesty’s AI-powered wildfire risk model, Z-FIRE™, will be used across 12 states to inform both underwriting and rating decisions. Aon research found that three separate wildfires in 2021 alone generated economic losses beyond $1 billion and that property-specific risk models needed to be developed for maintaining coverage in wildfire-prone regions.

Send Technology’s data partner interview: Addresscloud

In this article from Send, Mark Varley, founder and CEO explains the geo-coding approach to address matching, why it is more accurate than using postcodes alone and how to use address-level data to make informed decisions about property risk. Addresscloud has worked with Send for over two years and provides access to rooftop-level address and property and perils data. Both companies are InsTech members.

Raincoat raises $4.5m in seed funding

The funding round was led by Anthemis Group and backed by SoftBank Group’s SB Opportunity Fund. Raincoat develops embedded parametric insurance products for individuals and businesses in partnership with distribution channels. It provides software and helps connect insurers with distribution partners. You can listen to Matthew talk to Co-founder and CEO, Jonathan Gonzalez, about weather-related catastrophes, insurance policies and his experience with Hurricane Maria.

Convex Insurance makes strategic investment in Quotech

Convex has acquired a 7.7% share in Quotech, an underwriter-led insurtech that creates data-taming systems for specialty insurers, brokers, and MGAs. It has raised £1 million from Convex and angel investors and this will be used to increase staff levels to produce custom-build technology platforms for underwriters and distributors.

Aviva acquires Azur Underwriting high-net-worth personal lines business in UK and Ireland

This acquisition supports Aviva’s goal to become the market leader in high-net-worth personal lines. Under the agreement, Azur’s expert team will transfer to Aviva and will manage the run-off of the existing Azur Underwriting book. New business written following completion of the deal will be under the Aviva brand, as part of the Aviva Private Clients business.

EIS acquires Metromile’s Enterprise Business Solutions (EBS) from Lemonade

The acquisition will bolster EIS’ data science capabilities while offering additional insurtech solutions to current and future customers. EIS will build on EBS’ technology and apply the same to additional applications, product verticals, and geographies that EIS serves globally.