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Revolutionizing Property Risk Assessment: Cytora and LightBox Join Forces to Empower Insurers
UK InsurTech leader Cytora has partnered with US property data expert LightBox to revolutionize property risk assessment for insurance companies. This collaboration integrates Cytora’s digital risk processing platform with LightBox’s extensive property data network, streamlining underwriting and providing real-time insights into property characteristics. Key benefits include enhanced risk intake, improved decision-making, and AI features for better transparency. Cytora’s Head of North America, Zaheer Hooda, highlighted the importance of accessing cutting-edge property intelligence for accurate risk assessment. This partnership aims to set a new standard in the insurance industry by combining technology and comprehensive property data.
Marsh Enhances Fast Track Facility with 10% Automatic Capacity Increase Across All Portfolios
Marsh, a leading insurance brokerage and risk advisory firm, will expand its Fast Track facility on 1 March 2025, improving client access to automatic capacity in property and casualty portfolios. Launched in April 2023, the Fast Track facility streamlines global insurance placements, offering up to 10% automatic capacity and direct access through any Marsh office. Since its inception, it has facilitated over 15,000 policies, projecting bound premiums to exceed $1 billion by 2025. Key features include a ‘follow form’ structure and a 2.5% premium discount. Marsh’s global head of placement, John Donnelly, highlighted the expansion’s significance for clients navigating the insurance landscape.
COVU Secures $22M Series A Extension to Accelerate Growth of AI-Powered Insurance Platform
COVU, an AI-driven InsurTech company, has raised $22 million in Series A funding, expanding its total funding to $32 million. The round, led by Benhamou Global Ventures with participation from True Global Ventures, aims to enhance COVU’s AI capabilities and market presence. The company plans to improve automation, strengthen industry partnerships, and develop its marketplace model. COVU’s AI solutions have significantly boosted growth, with one-third of customer cases resolved without human intervention. CEO Ali Safavi emphasizes the importance of combining AI with human expertise in insurance, aiming to enhance, not replace, the role of agencies.
UK InsurTech Innovator Marshmallow Raises £68 Million to Surpass £1.5 Billion Valuation
Marshmallow, a UK-based InsurTech firm specializing in car and van insurance for newcomers, has raised approximately £68 million in new funding, nearly doubling its valuation to over £1.5 billion. The funding round included participation from Portage, BlackRock, and Columbia Lake Partners. Marshmallow aims to enhance its product offerings and expand into financial services for immigrants globally. The company has already insured over one million drivers and reported a turnover run rate exceeding $500 million. Co-CEO Oliver Kent-Braham highlighted the goal of becoming a comprehensive financial platform for newcomers, addressing financial barriers faced by immigrants.
Superscript Names Stephen Taylor as Head of Commercial to Accelerate Business Growth
Superscript has appointed Stephen Taylor as the new head of commercial to enhance its commercial function, focusing on specialty and small-to-medium enterprises (SMEs). Taylor, who joined Superscript in 2024, has over 20 years of insurance experience and has refined the company’s commercial strategy. In his new role, he will oversee the commercial operations, ensure alignment between segments, and improve customer experiences while expanding market presence. Taylor expressed excitement about collaborating with both specialty and SME clients. Chief Commercial Officer Christopher Barclay emphasized that Taylor’s leadership is crucial for Superscript’s growth and market positioning.
Coalition Launches Innovative Active Cyber Insurance Product to Boost Coverage in Denmark and Sweden
The US InsurTech Coalition has launched its Active Cyber Insurance product in the Nordic region, addressing the rising demand for cyber risk management solutions. This initiative supports businesses in Denmark and Sweden, offering comprehensive coverage that combines insurance with essential cybersecurity tools. Key features include rapid quoting through a user-friendly platform, client training to enhance cybersecurity practices, and dedicated support during cyber incidents. Underwritten by Allianz Commercial, the product is available to companies with annual revenues up to DKK 7.5 billion or SEK 11 billion, with Sweden’s launch planned for May 8, 2025.