Pay-as-you-go insurtech startup Cuvva has raised cash from a top VC January 25, 2017 A fintech startup offering motorists flexible pay-as-you-go insurance by the hour as landed new investment from one of the UK's top venture capitalists. London-based Cuvva has landed £1.5m seed capital from Robin Klein's LocalGlobal, a backer of Zoopla and Citmapper, to target urban drivers who use their cars infrequently and tapping into the same habits which [...]
The insurance industry needs to embrace blockchain, starting now January 31, 2018 In March 2017, the expression “financial inclusion” hit its peak popularity on Google. This is excellent news. There are over two billion unbanked individuals in the world today – people with no access to banking services. This is a global problem. In India, 19 per cent of the population – 1.2bn people – is unbanked, [...]
Facebook data and privacy rules sink Admiral’s insurtech plans November 2, 2016 Facebook has sunk plans by Admiral to offer a reduced car insurance premium based on users posts on the social network. It turns out the insurance firm has fallen foul of Facebook's terms of use, which stipulate that data from Facebook can't be used for assessing eligibility. That's exactly what Admiral wanted to do, using posts [...]
Insurtech investment in the UK has tripled September 6, 2016 Investment in the insurance technology sector – part of London's world leading fintech scene – is booming. More than $22m (£16.5m) has been ploughed into insurtech so far this year – nearly triple the amount invested in the whole of last year and faster growth than any other country in the world. The research from Accenture and CB Insights, [...]
Inzura becomes the lastest company on the insurtech scene August 9, 2016 Inzura – a new digital insurance platform – is set to begin using smartphone data and photo recognition to calculate policies. It’s thought insurance companies will be able to take on less risk by fine-tuning policies. "We believe the smartphone will play a central role in the much-needed digitisation of insurance," said Richard Jelbert, chief executive of [...]
Tech startup incubator Entrepreneur First raises $12m and gets LinkedIn founder’s backing September 11, 2017 Startup builder Entrepreneur First, which supports the creation of tech firms from scratch, today announced it had completed a $12m (£9m) funding round with the backing of one of LinkedIn’s co-founders London-based Entrepreneur First attracted investment led by Greylock Partners, where LinkedIn co-founder Reid Hoffman is a partner. Read more: Winning in the Dragons’ Den: [...]
Axa UK’s chief executive: With a future of fleets of drones and driverless cars, incumbent insurers must act now January 13, 2017 Running late for work, you burst out of the front door and jump into the back seat of your car. Checking that the coast is clear, the vehicle pulls out of the drive and patiently glides down the street, pausing for traffic. Meanwhile, your smartwatch, gauging your speed and accessing the latest traffic data knows [...]
At the top since the turn of the millennium: Admiral chairman steps down January 25, 2017 Admiral non-executive chairman Alastair Lyons will retire in April after nearly 17 years in the role. "It has been fantastic to have been on the journey with Admiral since the management buy-out, a journey which I am confident will continue to deliver sustained success," said Lyons. The way the business has developed has been astonishing [...]
Lineker-backed insurer scores £1m in funding October 18, 2016 Internet of Things insurer Neos has hit the back of the net with £1m in initial seed funding, valuing the business at £8.4m. The company – a so-called insurtech startup – counts Match of the Day presenter Gary Lineker among its backers and the latest funding round adds insurtech fund Eos Venture Partners. Neos is [...]
“Alexa, what’s an annuity?” Insurance company Aviva is using Amazon Echo January 4, 2017 "Alexa, what's an annuity?" Now your Amazon Echo can tell you the answer to burning questions about insurance and guide you through the unfamiliar jargon of the industry. The Insurance giant Aviva has developed a so-called skill (like an app for smartphones) for the voice activated speaker which proved a big hit for Amazon over Christmas. Read more: [...]