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Newfront Insurance Welcomes a Team of Fresno-Based Brokers

newfront insurance welcomes a team of fresno-based brokers

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“We’re doubling down on the Fresno region by investing in the world-class talent that calls this area home,” said Raphael Parker, Newfront’s Chief Growth Officer. “The caliber of business talent in the Fresno region is incredibly deep, but it can be difficult to access without a lifetime of local expertise. We knew that we needed a born-and-bred Fresno team with deep knowledge of local businesses and business owners to truly meet the needs of area business leaders.”

Danny Vance, who joins Newfront as a Sales Director said, “The insurance industry has fallen behind the times. Newfront’s revolutionary, data-driven approach allows insurance professionals like us to help our business clients cover their widening risks and costs. But what ultimately made my team come aboard was knowing that Newfront’s leaders understand that business in Fresno is about relationships and results, not just technology.”
Newfront CEO, Spike Lipkin, added, “We are greatly impressed by the talent of insurance expertise in Fresno and are thrilled to welcome these three world-class professionals to the Newfront family. This expansion doubles the size of Newfront’s footprint in the Fresno region, and we have plans to invest in offices and support staff by the end of the year. …

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Noyo raises $12.5M Series A to keep building its health insurance API business

noyo raises $12.5m series a to keep building its health insurance api business

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This morning, Noyo, a startup that provides APIs that link players in the health insurance space, announced that it has closed a $12.5 million Series A round of funding. 
The new capital comes less than a year after the startup disclosed that it had raised around $4 million in pre-seed and seed capital, and that its product was already in the market.
At the time it was clear that Noyo had a laser focus on its part of the healthcare world. Now, nearly a year later, the company confirmed to TechCrunch during conversations surrounding its new capital raise that it’s keeping its focus for now.
Linking the carriers and platforms of other insurance verticals, or varietals, will have to wait.
But Noyo is working in an enormous market, namely the U.S. health insurance universe, one that could provide it with space to grow for years to come. The startup sells the use of its application programming interfaces, or APIs, which in Noyo’s case allow customers to “execute, track, and confirm the fulfillment of member transaction requests to carriers,” citing the startup’s documentation. 
The company’s product was born out of frustration that Noyo co-founders Shannon Goggin and Dennis …

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Insurer Ping An Taps Rising Demand for Chinese Assets with Offshore Management Arm

insurer ping an taps rising demand for chinese assets with offshore management arm

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Ping An Insurance (Group) Co., China’s largest insurer by market value, is tapping growing global demand for Chinese assets to expand its offshore asset management business as competition with foreign entrants intensifies.
The overseas asset management arm aims to increase client assets for inbound and outbound investments to $100 billion in three to five years, said Chi Kit Chai, head of capital markets and chief investment officer at Ping An Asset Management (Hong Kong). He declined to disclose the current size of the business, which excludes Chinese clients’ onshore money.

“China stands out in this zero-rate world,” he said in an interview from Hong Kong. While the unit’s long-term focus has been helping Ping An’s onshore clients invest globally, “now we also want to bring international clients into China.”
Asset managers around the world are seeking growth from China as the nation opens its markets wider to global firms. Investors are also attracted by higher yields and the nation’s relatively fast recovery from the pandemic. Ping An is also leveraging the conglomerate’s operations from banking to insurance and technology to source “quality deals” few competitors have the ability to, Chai said.
“Everybody needs to …

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Lemonade Is An Interesting Technology Play In The Insurance Industry (NYSE:LMND)

lemonade is an interesting technology play in the insurance industry (nyse:lmnd)

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Lemonade (LMND) is a pioneer of the rapidly growing insurtech industry. The company is leveraging technology to improve efficiencies and reduce bureaucracy in insurance. Lemonade, which is built upon an entirely digital substrate, is looking to upend the traditional insurance industry with the use of bots and machine learning.Changing the Insurance Paradigm Technology is having an increasingly large influence on the insurance industry. Lemonade is capitalizing on this trend and attempting to completely upending the traditional insurance business model. Although the traditional insurance industry has long been resistant to rapid technological change, this is likely to change. The emergence of AI and increasingly powerful computer technologies has the potential to change the paradigm of insurance. Lemonade is one of the first insurance companies to successfully use AI and machine learning as a basis for their business model. This relatively new approach to insurance could dramatically change the landscape of insurance. The digitization of insurance has the potential to completely change how insurance is done. Source: emerji A New Approach Insurance companies essentially collect large amounts of data to quantify risk. Lemonade’s digital substrate allows the company to capture far more data than traditional broker-based companies. In fact, Lemonade estimates …

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Sapiens Teams Up With GreenRoad Technologies to Improve Driver Safety & Personalized Driver Insurance Premiums

sapiens teams up with greenroad technologies to improve driver safety & personalized driver insurance premiums

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 Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a global provider of software solutions for the insurance industry, recently announced it has joined forces with advanced and predictive risk analysis company, GreenRoad Technologies, to improve driver safety and personalize driver insurance premiums.
Sapiens reported that the partnership will enable automotive insurance carriers to secure a new level of risk assessment data about their drivers on a dynamic basis, making it possible for them to provide more competitive, personalized driver insurance premiums, customer-centric services, and proactive risk-prevention programs. Speaking about the partnership, Roni Al-Dor, Sapiens President and CEO, stated:

 “Through our combined efforts we seek to enhance the services and products insurers operating in the automotive industry are able to provide, while simultaneously boosting driver safety.”

GreenRoad’s CEO, David Ripstein, then concluded:

“The data collected by our joint offering will support dynamic premiums for drivers, positioning insurers ideally to compete and retain their customers. Moreover, the ease of onboarding our platform with Sapiens technology will go a long way toward enabling the digital transformation of the automotive insurance field — a revolution that is needed today more than ever. We look forward to working with Sapiens to dramatically enhance the insurance …

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InsurTech (Insurance Technology) Market size size International size Industry Growth Rate And Key Opportunities 2023 – The Market Records

insurtech (insurance technology) market size size international size industry growth rate and key opportunities 2023 – the market records

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This market research report identifies Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy as the major vendors operating in the global Insurtech market. This report also provides a detailed analysis of the market by components (Software and Services), types (Retail Insurance and Commercial Insurance), by application (Health insurance, Property and casualty insurance, Life insurance, and Others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
Request For Report [email protected] https://www.trendsmarketresearch.com/report/sample/9829
Infoholic’s market research report predicts that the global InsurTech market revenue is valued at $532.7 million in 2018 and is expected to reach $1,119.8 million by 2023, growing at a CAGR of 16.0% during the forecast period 2018–2023. The insurance sector is all set to adopt new technologies and attract new customers along with retaining the clients delighting with services. It is of utmost importance to embrace digital technologies for insurers and enhance their presence in the marketplace to gain market share with increased customer base and custom offerings.
According to the Insurtech market industry analysis, North America is witnessing the highest adoption of InsurTech owing to the spend on insurances by customers in the region. The offering …

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Better Buy: Lemonade vs. Rocket @themotleyfool #stocks $LMND $RKT

better buy: lemonade vs. rocket @themotleyfool #stocks $lmnd $rkt

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Lemonade (NYSE:LMND) and Rocket Companies (NYSE:RKT) both joined the public markets with initial public offerings this year. Lemonade is an insurance technology company that leverages artificial intelligence to sell renters and homeowners insurance, while Rocket Companies is the largest mortgage originator in the U.S.
Lemonade IPO’d in July and is currently trading roughly 75% higher than when it was first priced at $29 per share. Rocket IPO’d in August, offering shares at $18 and is currently trading about 14% higher than its offering price. Both have been volatile since their IPOs. Let’s see which is better positioned to succeed.

Image Source: Getty Images.

The fintech play
Tech IPOs this year have performed incredibly well, with investors willing to pay up for promising long-term horizons and perhaps getting excited about how much more valuable tech services have become during the coronavirus pandemic. Lemonade is not yet profitable, though the company saw its stock price surpass $85 at one point because investors viewed it as an insurtech that is going to grow significantly.
Rocket, on the other hand, has not done as well, primarily because it has failed to convince investors that it is a fintech. In 2015, Rocket launched the first end-to-end digital mortgage …

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InsurTech Firm PasarPolis Raises $54M | PYMNTS.com

insurtech firm pasarpolis raises $54m | pymnts.com

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Insurance technology firm PasarPolis has notched $54 million in funding, with Xiaomi Corp., LeapFrog Investments Ltd. and SBI Investment among the backers in the Series B round. Gojek, Traveloka and Tokopedia were some of the first investors in the Indonesia-based company, Bloomberg reported.The company will reportedly harness the funds for artificial intelligence (AI) infastrcuture to create tailored insurance offerings, while growing its Thailand, Vietnam and Indonesia business.CEO Cleosent Randing told Bloomberg that some large insurance firms are over a century old and much innovation in the space hasn’t taken place. “As Amazon is building innovation against the likes of Macy’s, we want to ultimately make insurance a delightful experience where you don’t need to make claims but they will be made automatically,” Randing said.PasarPolis, which was started in 2015, provides micro-insurance that lets delivery people, ridesharing workers and eCommerce buyers as well as merchants purchase protection for as little as a couple of pennies. Customers bought over 650 million policies last year.The firm seeks to harness technology to offer consumers who use mobile devices with a quicker and simpler experience to send in claims and select different offerings.Last November, news surfaced that Vouch Insurance said …

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Falcon Insurance Company Chooses Shift Technology for Fraud Detection

falcon insurance company chooses shift technology for fraud detection

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Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, announced the company has been selected to support fraud detection initiatives for Falcon Insurance Company. The Illinois-based auto insurer will deploy Force, Shift’s fraud detection solution to accurately and efficiently uncover suspicious behaviors in the claims processes.
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Falcon has built a successful business on an ethos of simplicity, creativity, integrity, and efficiency. As such, the company strongly believes that the right combination of technology and expertise results in a fast and fair claims experience, the time when policy holders need insurers the most. Fraud negatively impacts the customer experience through not only higher premiums but also longer time to settlement. Knowing this, Falcon initiated a search for fraud detection technology that would meet their key requirements – ability to uncover a wide range of fraud, support for evolving fraud models – including those resulting from COVID-19 – and fast deployment and rapid return on investment. After a comprehensive evaluation, the insurer selected Shift, specifically citing its deep insurance industry expertise, focused data science teams, and flexible deployment …

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‘Kedaara’s investment to help Religare invest in tech for its insurance business’ – Times of India

‘kedaara’s investment to help religare invest in tech for its insurance business’ – times of india

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NEW DELHI: Religare Enterprises that has been struggling with controversies surrounding its erstwhile promoters, Malvinder and Shivinder Singh recently changed the brand name of its flagship insurance arm, Religare Health Insurance to Care Health Insurance. Rashmi Saluja, executive chairperson at Religare Enterprises talks to TOI about the re-branding and what the company plans to do with the recent Rs 567-crore investment by homegrown private equity firm, Kedaara Capital. Excerpts: What are details of the recent investment on Religare Health Insurance?Recently, private equity firm Kedaara Capital came on board as co- 2/3 promoter, investing about Rs 567 crore in Religare Health Insurance. This capital infusion will enable Religare Health Insurance to make further investments in technology to build a future-enabled organisation, committed to ensuring quality customer experience. With this The Religare Group’s stake in the flagship insurance venture was lowered by about 18% in June. Currently, the RHI shareholding for quarter ending June’20 is REL (72%), Kedaara Capital (18%), Union Bank of India (~6%), other retail investors (~4%). How has the company fared in the current fiscal? With the pandemic, many industries have witnessed a shift in consumer behaviour, what has been your learning and how will it affect your business planning?The pandemic has led …

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