InsurTech NY Opens Third Annual Early-Stage InsurTech Competition

Insurance News for InsurTech Early Stage Competition 2022
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InsurTech NY has opened the application window for its third annual InsurTech Early-Stage Competition (www.insurtechny.com/competition). Three winning teams will split $200,000 in prizes. InsurTech startups will be selected as finalists based on their growth potential and market opportunity. The top teams will be invited to present at the InsurTech Spring Conference held on March 7th at the New York Marriott Marquis. Finalists from the previous years’ competitions gained broad industry recognition and were able to raise investment rounds shortly following the competition conclusion. Honeycomb Insurance (2020) and Delos Insurance (2021)…

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Iowa makes insurance news for largest industry GDP in the US

Insurance news - Iowa highest GDP in US

The state is home to the headquarters of over 180 insurers and is thriving from this sector. Iowa is making unique insurance news this week as the state has been marked as receiving a higher percentage of its Gross Domestic Product (GDP) from that industry and the finance industry than any other state. This, according to a recent announcement from Debi Durham, Iowa Economic Development Authority director. With over 180 insurers headquartered in the state, this has become a critical part of its GDP. Iowa’s primary reputation hasn’t necessarily been…

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5 Things Insurers & MGAs Should Consider When They Select A Software Solution For Their Broker Management

insurance news for broker management software

tigerlabs PaaS Insurance Solution “i2go” helps Insurers and MGAs to manage their brokers in order for them to keep track and automate processes. Meanwhile brokers can easily access to sell policies, create activities, check on their own performances, manage leads and engage with their clients. A Solution that insurance businesses and brokers will love. London, 08.06.21: In most cases, the connection between insurers and brokers is lacking because brokers often use their own broker management software which is not connected to the insurer. In this case, valued data is going…

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Hippo insuretech agrees to $5 billion merger with Reinvent Technology Partners Z

Insurance News Hippo insuretech has announced that it will be merging with SPAC #insurancenews

This makes the insurance business the latest of many to fuse with special purpose acquisition companies. Hippo insuretech has announced that it will be merging with special purpose acquisition company (SPAC) Reinvent Technology Partners Z. The deal has valued the Californian insurance technology company at about $5 billion. Hippo Enterprises first launched in 2015. The Hippo insuretech sells homeowners insurance directly to consumers, promising fast quotes in a minute or less and the ability to purchase a policy within 5 minutes. Once the transaction closes, the insurance technology company will…

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Allstate Insurance reports an excellent bump in Q4 2020

Allstate auto underwriting - hand holding money

The insurer’s positive outcomes were linked with solid results and positive investment returns. As a result, Allstate Insurance, the industry leader has had a very strong in Q4 2020 which showed a rise in its income, lowered underwriting costs and strong investment returns during that quarter. The company announced that their net income had increased by 52 percent year over year. The revenues for the quarter came to $2.6 billion when compared to the equivalent quarter in 2019, when the net income for the company was $1.7 billion. In the…

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Could Tesla car insurance become the largest auto insurer in the US?

Tesla car insurance - Tesla vehicle on road

According to a recent valuation by CEO Elon Musk, the company is headed in that direction. If a recent valuation of the Tesla car insurance offshoot of the electric vehicle company is to be believed, it could eventually become one of the largest auto insurers in the United States. Musk dropped several hints of this nature during a recent quarterly earnings call. Musk discussed the Tesla car insurance unit in terms of comprising a substantial portion of the company’s auto business. “Obviously, insurance is substantial. So, insurance could very well…

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Lloyd’s of London insurance marketplace acknowledges historic ties to slave trade

Insurance marketplace - Lloyd's of London Building

The 334-year-old firm and Greene King have pledged to make amends for their pasts. The massive Lloyd’s of London insurance marketplace and Greene King have announced their intentions to make amends for their involvements in racist history, particularly the slave trade that took place in the 18th and 19th centuries. The firms have been forced to take a hard look at the disturbing portions of their company histories. The insurance marketplace and the owner of a string of pubs and breweries are both taking a closer look at the role…

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