1Fort, the AI platform for business insurance, today announced it has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures. The round also included Draper Associates (Tim Draper); Karim Atiyeh, the founder of Ramp; and participation from all existing VCs: Village Global, Operator Partners, 8-Bit Capital, Character VC and Company Ventures. This
iLife Technologies, a leading technology provider in the insurance industry, has officially rebranded as Infras following a period of significant growth for the firm. The move signifies the company’s evolution beyond life insurance as it looks to deliver headless connectivity infrastructure that enables insurance carriers to seamlessly integrate with any distributor user interface without extensive redevelopment, according to InsurTech Insights.
Foliume, which specialises in automating insurance processes, has secured a $1m seed funding round led by Belgium-based venture fund Pitchdrive and Wayra, the investment arm of Telefónica. The round also saw participation from key figures in insurance distribution and technology, according to InsurTech Insights. The fresh capital will be used to enhance product development and support
Munich Re, a global reinsurance leader, has signed a definitive agreement to acquire NEXT Insurance, a digital-first small business insurer, in a deal worth $2.6bn. Following the acquisition, NEXT Insurance will become part of ERGO Group, Munich Re’s primary insurance subsidiary. The acquisition aims to strengthen ERGO’s presence in the US small business insurance market, leveraging
Edenred Payment Solutions, a UK-based e-money institution, has launched a new Virtual Card Number product designed to help insurance companies speed up claims payments. Insurance claim processing has traditionally been slow, with claimants often waiting weeks for reimbursements, according to Insurtech Digital. Research from Sollers Consulting and Ipsos reveals that 63% of UK insurance customers prioritise
Kennedys IQ, the client-facing technology division of global law firm Kennedys, has introduced SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution for the insurance sector. This latest addition to its data-driven IQ Platform aims to revolutionise policy review, liability, and coverage analysis by enhancing decision-making speed, accuracy, and consistency. The launch of SmartRisk
Peak3, a global InsurTech company specialising in cloud-based insurance solutions, has raised $35m in a Series A funding round to accelerate its expansion across the UK and European markets. The funding round, which will support Peak3’s ambitious growth plans, was backed by investors keen to drive digital transformation in the insurance sector. The company has
Novidea, a provider of cloud-based, data-driven enterprise insurance management solutions, has announced a raft of updates to its insurance management platform designed to boost its effectiveness in policy management, claims administration, billing, accounting, document and file management, and other key areas. The move will enable the offering to achieve greater efficiency and innovation across all
Chubb, a global provider of insurance products, has launched a new division, North America Small & Lower Midmarket, to consolidate its Lower Middle Market and Digital Small Business divisions. The new structure aims to enhance service delivery and streamline operations within this growing segment, according to InsurTech Insights. Operating under Chubb’s North America Middle Market organisation,
Pioneer Insurance has chosen Sapiens to enhance its digital transformation efforts in the Philippines. The collaboration will see Pioneer leverage Sapiens Insurance Platform to accelerate digital transformation and enhance customer experience. The partnership marks a significant step for Pioneer as it aims to modernise its operations, scale its capabilities, and embrace digitalisation. By implementing Sapiens’
InsureVision, an InsurTech company specialising in AI-powered contextual driving risk assessment technology, has successfully raised $2.7m in a seed funding round. The investment round was led by Rethink Ventures, with participation from Twin Path Ventures and State Farm Ventures, the venture arm of State Farm, the largest vehicle insurer in the world. InsureVision focuses on
BriteCore, a provider of cloud-native core insurance platforms for property and casualty insurers, has expanded its Solution Partner Marketplace. This enhancement introduces five new vendor integrations, marking a significant stride in BriteCore’s ongoing effort to equip insurers with cutting-edge technology solutions and increased flexibility in underwriting accuracy, claims processing, and overall operational efficiency. BriteCore’s core
