Weekly News Roundup – 12th August
Gallagher Re’s quarterly insurtech report warns there could be some difficulties ahead due to a shrinking market and a high level of redundancies. Despite an increase in funding in Q2, it is noticeably down from this time last year. In other news, we are excited to announce that one of the fantastic businesses we support, Companjon, have signed a major deal with neobank, Novus, to offer an embedded flight delay insurance offering to their customers. Finally, a number of first half results were released this week and most are looking pretty solid. Aviva, Axa, R&Q and Zurich (see below), amongst others, enjoyed a favourable first 6 months of the year.
Insurtech’s hot air balloon has a tear (Source: Insurance Business Magazine)
An interview with Gallagher Re’s head of insurtech reveals what the insurtech market is headed for.
Gallagher Re Global InsurTech Report for 2022 Q2 (Source: Gallagher Re)
Read the full report, which indicates insurtech is “showing signs of a small recovery” as funding for the quarter hit $2.41 billion.
Companjon partners with emerging impact neobank Novus to bring UK customers new era insurance against flight delays (Source: Companjon)
In its new partnership, insurtech, Companjon, offers Novus customers a “no-touch, automated claims experience” in the event of flight delays.
Zurich reports 25% rise in first-half operating profit, on track to beat all targets (Source: Zurich)
The carrier’s operating profit has risen to its highest rate since 2008 and boasts an impressive new customer acquisition rate.