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Next Funding Round for Next Insurance May Double Insurtech’s Valuation to $2.25 Billion

next funding round for next insurance may double insurtech’s valuation to $2.25 billion

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Next Insurance is in talks to raise new capital in a round that values the insurance technology startup at about $2.25 billion, according to people familiar with the matter.
Alphabet Inc.’s CapitalG is in talks to lead the roughly $250 million funding round for the Palo Alto, California-based company, the people said, asking not to be identified because the matter is private.

The round would about double Next Insurance’s valuation from its last fundraising. It last raised $250 million in October from German reinsurer Munich Re, which gave it a valuation of more than $1 billion.
The round hasn’t been finalized and its terms could still change.
On Second Thought, Insurtech Next Insurance Thinks Agents Have a Role After All
Representatives for Next Insurance and CapitalG didn’t respond to requests for comment.
Next Insurance, which caters to small businesses, is also backed by investors including Redpoint Ventures, Nationwide Mutual Insurance Co. and American Express Ventures.
Online insurance company Hippo Enterprises Inc. closed a funding round in July valuing it at $1.5 billion. Shares of Lemonade Inc., a New York-based, venture-backed insurer that went public in July, have gained 88% since then.
Copyright 2020 Bloomberg.

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Insurance Group Says Safety Technologies Could Stop 40% of Big Truck Rear Crashes

insurance group says safety technologies could stop 40% of big truck rear crashes

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Safety features such as automatic emergency braking and forward collision warnings could prevent more than 40% of crashes in which semis rear-end other vehicles, a new study has found.
The Insurance Institute for Highway Safety, a research group supported by auto insurers, also found that when the rear crashes happened, the systems cut the speeds by over 50%, reducing damage and injuries.

The institute called on the federal government to require the systems on new large trucks and said many truck fleet operators are already adding emergency braking on their own.
“Rear-end crashes with trucks and other vehicles happen a lot, often with horrible consequences,” said Eric Teoh, the institute’s director of statistical services who did the study. “This is an important countermeasure to that.”

The Owner Operator Independent Drivers Association, which represents independent truckers, said it can’t accept the study’s conclusions because it did not include real-world factors such as driver training and experience or a carrier’s safety record.

Trucks with collision warning systems reduced rear crashes by 44%, while automatic emergency braking cut rear crashes by 41%, the study found.

To reach his conclusions, Teoh examined crash data per vehicle mile traveled at 62 trucking companies that …

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How InsurTechs pushed the evolution of M&A in insurance | PropertyCasualty360

how insurtechs pushed the evolution of m&a in insurance | propertycasualty360

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In this graphic provided by Capco, purple represents traditional mergers and relations, and green represents the new territory inhabited by Lemonade and Hippo-Spinnaker.
Historically, the insurance world’s value chain hierarchy was as follows: Carriers develop products while captives or independent advisors distribute it.

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AIICO Insurance to boost property, technology with proceeds from right issue

aiico insurance to boost property, technology with proceeds from right issue

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AIICO Insurance Plc, to invest the proceeds of its on-going right issue on its property, plant, equipment and technology.
While 61.2% of the proceeds are planned to be invested in property, plant and equipment to be completed Q4 2024, 38.8% are expected to be invested in technology to ne completed Q2 2023.

This was disclosed by Chief Executive Officer, AIICO Insurance Plc, Mr. Benjamin Fajemirokun during a virtual Facts Behind the Issue on Friday.
According to him, the issue, which is between September 2, 2020, and October 7, 2020, worth a total of N3.5 billion, will be offered on the basis of 5 new ordinary shares for every 13 ordinary shares held at the close of business on Monday 15th June, 2020. 
On the rationale for the right issue, Fajemirokun, remarked that NAICOM increased the regulatory capital requirements for the insurance industry, increasing the composite players to the tune of N18 billion by 2021.

He said, “If successfully implemented, the right issue will increase the capital base of the firm from N11.6 billion to N15.1 billion.”
He also expressed intent in capitalizing some of the firm’s retained earnings. 

Speaking further, Fajemirokun remarked that the offering of the right issue will ensure networking and infrastructural upgrade, while empowering the firm to underwrite …

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Telematics shows insurance can get ahead of the digital curve

telematics shows insurance can get ahead of the digital curve

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The pandemic continues to alter the way many industries and sectors operate. The insurance industry in particular is one that has seen many shifts in the past several months. The quick actions we’ve seen from insurers as of late is largely due to the investments the industry has made in technology that has enabled them to respond quickly to changes in our physical world. Mobile telematics is among these technologies, which has been trialed and scaled over the years to become a key part of several insurers competitive advantage. At the same time, we have seen a rapid rise in consumer interest in telematics based insurance policies as highlighted by a recent J.D. Power & Associates report, highlighting the increasing consumer appetite for telematics-based programs.The insurers who had already adopted digital technologies like usage-based insurance policies powered by telematics were able to rapidly identify changes in policyholders’ driving behavior, and consumers are benefiting with lower premiums as a result. A recent New York Times story chronicled the consumer benefit yielded by telematics in enabling insurers to base a driver’s price on their own behavior, allowing the industry to provide substantial discounts to consumers. Enabling consumer choice is …

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Insurers accelerate deployment of digital collaboration, video, chatbots

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It may not be much of a surprise to hear that insurers are investing more in technologies that facilitate remote processing and communication, but the confirmations are starting to roll in.Celent’s “Property/Casualty Insurers Weigh in on Emerging Technologies” report, authored by Karlyn Carnahan, head of P&C for North America for the analyst firm, finds four in 10 insurers planning to accelerate deployment of collaboration tools, a quarter ramping up video communications, 23% moving forward faster with consumer messaging and 20% doing so with chatbots and virtual assistants.The use of these technologies isn’t just happening in the enterprise, Carnahan notes; they are making their ways into key customer-service channels. “Whether using video for inspections, or Zoom for court-litigated claims, insurers were rapidly faced with the need to launch and implement new technologies seamlessly and quickly,” she writes. Thirty-five insurers were polled by Celent in July 2020, in the midst of the COVID-19 pandemic’s upheaval of businesses of all kinds. Carnahan identified four trends shifting insurance operations: Cost challenges and consolidation, digital consumers, digital competitors, and resource constraints.”The ability for insurance companies to determine which emerging technologies are gaining adoption is a significant step in budget decisions,” she writes. “In the …

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Revealed: Technology & Innovation Awards 2020 – winners and reaction

revealed: technology & innovation awards 2020 – winners and reaction

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Not even a pandemic could stop Insurance Times celebrating both technology and innovation talent in the insurance sector, with the awards event held virtually for the very first time. Find out who won the 15 awards up for grabs and their thoughts on the victory. Who scored a hat trick? …

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