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Zurich Boosts AI-Driven Car Insurance in Europe with Strategic Investment in InsurTech Ominimo
Zurich Insurance Group is investing in Ominimo, an AI-driven InsurTech startup focused on motor insurance, to enhance its digital insurance presence in Europe. This partnership aims to improve risk assessment and broaden consumer outreach. Ominimo, a Managing General Agent, has captured 7% of Hungary’s motor insurance market and became profitable in its first year. Zurich’s German subsidiary, DA Direkt, will co-launch motor insurance products with Ominimo in Poland, Sweden, and the Netherlands. Zurich’s 5% stake in Ominimo, valued at €200 million, aligns with its goal of increasing digital retail insurance presence and achieving a 23% return on equity by 2027.
Acera Insurance Welcomes Hugh Watt as New COO to Drive Strategic Growth
Acera Insurance has appointed Hugh Watt as its new Chief Operating Officer, effective May 1, 2025, to enhance its growth strategy through acquisitions and operational improvements. With over 20 years of experience in the insurance sector, including leadership roles at Intersure and NFP, Watt aligns with Acera’s focus on employee ownership and client value. CEO Lee Rogers highlighted Watt’s expertise in driving organizational growth. Watt expressed enthusiasm about collaborating with the team to refine client services and contribute to the independent brokerage space. This leadership change marks a significant step for Acera in strengthening its position in the Canadian insurance market.
Unlocking Pricing Potential: Strategies to Enhance Accuracy Beyond GLM Limitations
In the insurance industry, Generalised Linear Models (GLMs) are commonly used for pricing, but they have significant limitations. GLMs assume full credibility of data and that outcomes are random and uncorrelated, which can lead to inaccuracies, especially with limited data or correlated observations. For instance, GLMs may treat cities with very different claim volumes equally, skewing results. Actuaries can address these issues through techniques like Bühlmann Credibility for data weighting and Generalised Linear Mixed Models to account for correlations. While GLMs remain valuable, integrating actuarial expertise and advanced methods is essential for enhancing predictive accuracy and ensuring models reflect real-world conditions.
AI-Powered InsurTech Adaptive Insurance Secures $5M to Launch Innovative Climate Resilience Platform
Adaptive Insurance, a Texas-based climate resilience company, has raised $5 million in seed funding to advance its AI-driven parametric insurance products designed to protect businesses from climate-related disruptions. The funding round, led by Congruent Ventures with contributions from Montauk Climate and Generation Space, will support the national launch of GridProtect, a short-term power outage insurance product offering rapid financial assistance. The company aims to enhance data analytics capabilities and develop further climate risk solutions. CEO Mike Gulla emphasized the need for adaptive insurance models to address the immediate financial impacts of climate change on businesses.
Revolutionizing Insurance Payments: Blink Payment and ParaCode Join Forces for a Modern Era
Blink Payment, a leading PayTech platform, has integrated with ParaCode to modernize digital payment solutions for UK insurance brokers, addressing inefficiencies in traditional methods. This collaboration introduces advanced payment capabilities, including open banking technology for secure transactions, card payment links, improved cash flow management, and streamlined financial reporting. ParaCode, known for its software solutions in the insurance industry, aims to enhance the payment experience for insurers, brokers, and managing general agents. Both companies’ leaders expressed enthusiasm for the partnership, highlighting its potential to reduce late payments and improve transaction efficiency in the insurance sector.
Revolutionizing Pet Insurance Payments: Policy Expert Partners with GoCardless for Seamless Transactions
UK-based insurer Policy Expert has partnered with GoCardless to enhance customer experience by simplifying pet insurance payments through Direct Debit. This collaboration caters to the demand for flexible billing options, allowing customers to manage monthly premiums effortlessly. The integration will support immediate payment collection in anticipation of upcoming regulations, improving cash flow and reducing payment clearance times. Leadership from both companies expressed excitement about the partnership’s potential to elevate customer experience in the insurance industry. This move positions Policy Expert competitively by offering innovative payment solutions, setting a benchmark in the evolving pet insurance market.