insurance

Honey Insurance: Start-up secures biggest seed round in AU tech history

Australian technology start up, Honey Insurance has secured AU$15.5 million in seed funding, the largest seed round in Australian history for a technology company. The seed round was led by institutional investors, including RACQ, PEXA, Metricon, ABN Group, Mirvac, AGL, SFG, REI and Apex Capital. Additional investors include Larry Diamond,

Capgemini and Efma recently released their World Insurance Report 2021, highlighting the implementation of emerging technologies including AI and VR to better engage customers.  The report collated insights from 25 markets, and found that more than 60 per cent of executives surveyed have noticed an impact on acquisition efforts as

QBE Insurance Australia is set to launch a new insurance market entrant, Mitti, in a joint venture with workplace safety platform SafetyCulture, saying the new venture demonstrates its intent to become a more digitally-enabled business. The JV is designed to provide tailored solutions for SME customers to better manage current and

The “millennial mindset” is extending beyond its namesake demographic in the insurance industry, putting increased pressure on incumbents, according to new research from Capgemini, which found laggards are at risk of being disintermediated.  Consumers are increasingly opting for insurance from big tech companies and product manufacturers, like Tesla for car

Australia’s largest general insurer announced its venture fund has invested in Arturo, an insurance analytics provider which uses AI, satellites and drones to assess commercial and residential property. Terms of IAG’s investment were not disclosed but was made in February by IAG Firemark Ventures as part of Arturo’s $8 million

IAG is planning to train 3,000 staff – around 20 per cent of its workforce – in its new Cloud Academy by June next year to assist in the company’s ongoing digital transformation. Since establishing a new strategic vision in 2017 to leverage data and technology to drive customer experiences,

New data from Juniper Research forecasts that the value of AI underwritten insurance premiums will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019. This growth will be driven by streamlined underwriting processes, faster customer onboarding and reductions in operational costs enabled by AI. According to

Insurtech Gateway, the London-based insurtech incubator that recently closed the first tranche of a new AU$53.7 million investment fund, announced the launch of its first international program: Insurtech Gateway Australia. A specialised incubator for startups innovating within the global insurance sector, Insurtech Gateway offers a hands-on business incubation to a

Insurers will spend $634 million on robotic process automation (RPA) solutions by 2024, rising from $184 million in 2019; a 245 per cent increase over the next five years. The figures are contained in a new report from Juniper Research. RPA is software designed to reduce operational costs by automating

Car subscription and trading platform Carbar has raised $16.8 million from insurance company IAG and private investors. IAG is now the majority shareholder in the three-year-old business, which it says will help it to better understand changing mobility trends and provide new sources of value to its customers. The majority