We trawled the web for insurtech news snippets, so that you don’t have to. Result.
Edelweiss Insurance recently announced that Working From Home would become the default setting for its employees. Although India has not suffered a huge loss of life (in percentage terms of its population) there is always going to be caution about returning to packed offices and using crowded urban transport systems. Edelweiss is also offering employees 24/7 telemedicine consultations online, which is something that every major UK insurer and broker needs to do if they are to persuade employees to return to commuting. Arguably, public transport is the real risk area globally, not sanitised offices with screens and segregated eating facilities etc.
Skytek’s REACT system provides real-time information and earth observation imagery to support risk exposure and loss calculation management. It was used by AON and other leading partners during the recent Ever Given incident and the Beirut port disaster, both significant events for the marine insurance sector. Invest NI is putting about 80K into developing the technology company which has offices in Dublin and Belfast.
In the era of 24-hour reporting, for insurance companies, the ability to instantly know exactly what vessels were in the area at the time and their condition post-event is crucial in enabling accurate loss reporting to the stock markets.
“To capitalise on the growing demand for EO technology, the new platform is designed to allow insurance companies to easily and quickly obtain earth observation imagery before and after an event. Every year, the USA hurricane season represents a key threat for the global insurance sector, and this year Real Earth will support insurance companies during the hurricane season.”
ELEMENT recently announced additional investment from existing and new investors. The additional capital will be used to continue scaling the company. New investors are the investment firm Witan Group and Luxembourg-based fintech investor Ilavska Vuillermoz Capital – both invested for the first time.
Existing investors have also participated in the financing round, including finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin, and the European VC Mundi Ventures. The investment volume of the current round totals 16 million euro.
“We are Germany’s strongest B2B insurtech in the property and casualty sector. Having just completed the five strongest sales months in the company’s history, our B2B2X-approach has proven to be extremely successful”, reveals Dr. Christian Macht, CEO. “The new investments show that not only our existing investors, but also new investors are convinced of our business model. Therefore, we will continue to follow our strategic approach and intensify the scaling process.”
Worth noting that telecomms giants are finally rolling out 5G coverage in major Spanish cities. More details here.