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Insurance & Insurtech Investment News – July 2023

Written by Merlin Beyts - ITC DIA Europe on Aug 3, 2023

Of our selected news articles this week, AXA’s plans to purchase Laya Healthcare is certainly a point of highest contrast. Given current global economic instability, it’s highly interesting that one of the world’s most prominent insurers is showing everyone that they have no intention of wasting this particular crisis. That’s not to say that AIG’s role in selling off Laya Healthcare is a negative move – although perhaps a conservative one. There’s nothing wrong with raising funds to shore up other elements of the business or even to invest in other elements so it’ll be fascinating to see both companies’ upcoming movements and if this is part of a larger strategy for both firms.

On the forward thinking technology front, it’s great to see Tiger Global launch the broking space’s first ever chatbox for investment assistance. As generative AI becomes increasingly prevalent within the insurance industry, I’d expect to see more first-of-its-kind innovations. With many different use cases for generative AI, the industry may change beyond recognition within the next decade as human capital starts to be deployed in more innovative and far-reaching functions. As we all know, tech innovation rarely slows down (some may say it accelerates exponentially) so insurers are going to have to adopt tech like never before to make sure they stay ahead of incoming disruptive forces.

hyperexponential launches new insurance-focused podcast https://fintech.global/2023/07/31/hyperexponential-launches-new-insurance-focused-podcast/ — July 31, 2023

Concirrus partners with Insurity to develop data models for marine insurers https://fintech.global/2023/07/31/concirrus-partners-with-insurity-to-develop-data-models-for-marine-insurers/ — July 31, 2023

Blitz Insurance collaborates with Ascend for payment and financing in InsurTechhttps://fintech.global/2023/07/31/blitz-insurance-collaborates-with-ascend-for-payment-and-financing-in-insurtech/ — July 31, 2023

The importance of external and internal vulnerability scanning in cyber underwritinghttps://fintech.global/2023/08/01/the-importance-of-external-and-internal-vulnerability-scanning-in-cyber-underwriting/ — August 1, 2023

Converge Insurance raises $15m from Forgepoint Capitalhttps://fintech.global/2023/08/01/converge-insurance-raises-15m-from-forgepoint-capital/ — August 1, 2023

Tiger Brokers launches industry’s first AI chatbox — https://fintech.global/2023/08/02/tiger-brokers-launches-industrys-first-ai-chatbox/ — August 2, 2023

InsurTech firm Mosaic secures strategic growth investmenthttps://fintech.global/2023/08/02/insurtech-firm-mosaic-secures-strategic-growth-investment/ — August 2, 2023

AXA to purchase Laya Healthcare from AIG for 650m — https://fintech.global/2023/08/03/axa-to-purchase-laya-healthcare-from-aig-for-e650m/ — August 3, 2023

Insurtech Startup Functional Finance Raises $8 Million to Further Expand Operational Efficiency for the Insurance Industryhttps://ffnews.com/newsarticle/funding/insurtech-startup-functional-finance-raises-8-million-to-further-expand-operational-efficiency-for-the-insurance-industry/ — August 3 2023

Abacai CEO Mark Wilson resigns as director as DLG/M&A speculation ramps up — https://www.insuranceage.co.uk/technology/7953451/abacai-ceo-mark-wilson-resigns-as-director-as-dlgma-speculation-ramps-up — 31 Jul 2023

 

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