Insurtech Investments Hit Highest Number Of Deals On Record

Willis Towers Watson said Thursday the 85 deals were the highest it has recorded since it began monitoring worldwide investments in the insurtech …

By Najiyya Budaly

Law360, London (May 10, 2019, 3:59 PM BST) — Global investors injected $1.42 billion into insurance technology companies through 85 deals during the first three months of 2019, marking the highest number of investments on record, an insurance broker has…

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Insurance Company Profile: Bought By Many

Insurance Company Profile: Bought By Many”, profile offers a review of the company, its business … Direct Line … John Lewis Home insurance

“Insurance Company Profile: Bought By Many”, profile offers a review of the company, its business structure and strategy, its financial performance, its marketing and distribution activities, and a SWOT analysis.

Bought By Many was the first broker to focus on social media as its key customer channel. It was founded to create ‘groups’ for people with specific insurance needs and negotiate deals and discounts with established insurers on their behalf. It uses data collected from search engines, social media, and online forums to analyze and identify customer needs that are not addressed by traditional insurance policies. It also provides a platform where consumers can request or suggest a group. Bought By Many registered £20m in premium income for the financial year ended March 31, 2018.

Get PDF Sample Copy of Report at http://www.orbisresearch.com/contacts/request-sample/2386259

Key questions answered

– What are Bought By Many’s brands?

– What are Bought By Many’s strengths and weaknesses?

– What opportunities and challenges does the company face going forward?

Scope

– In 2017, the company launched its own product range which includes pet insurance (cat and dog) and travel insurance for people with medical conditions who wish to travel to Europe.

– By the end of 2017, the number of members the firm serves in the UK stood at 410,178. In 2017 it helped 7,323 customers to save £57 each, on average, by finding suitable insurance deals for their home, motor, business, and other needs.

Reasons to buy

– Learn about Bought By Many’s organizational structure and its core business segments.

– Gain insight into its underwriting and distribution strategy.

– Understand the group’s advertising strategy.

Companies Mentioned:

Bought By Many

ExoticDirect

VetsMediCover

Petplan

More Th>n

Lifetime Pet Cover

Yellow Jersey Cycle Insurance

Explorer Travel Insurance

Yourtravelcover.com

Free Spirit

Traveladder

Direct Line

Victor C. Knight

Hencilla Canworth

The AA

Swiftcover

Assetsure

i-Digital

ZugarZnap

AXA PPP healthcare

ActiveQuote

Vitality

PolicyBee

Bikmo

Compare Caravan Insurance

PedalSure

Neos

HomeProtect

John Lewis Home insurance

Policy Expert

Legal & General

Covea

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Table of Contents

Operations

Bought By Many : A Global Overview

Historic Milestones

What does Bought By Many do today?

Bought By Many Product Overview

Strategy

Partnerships

Advertising Expenditure

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

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Moody’s Upgrades Direct Line To A1, Upgrades Outlook To Positive

LONDON (Alliance News) – Moody’s Investors Service on Friday upgraded the insurance financial strength rating of Direct Line Insurance Group PLC’s …

LONDON (Alliance News) – Moody’s Investors Service on Friday upgraded the insurance financial strength rating of Direct Line Insurance Group PLC’s main operating subsidiary to A1 from A2.

The credit ratings agency also upgraded the guaranteed subordinated notes issued by Direct Line to A3 from Baa1. Moody’s has upgraded Direct Line’s outlook, for both ratings, to Positive from Stable.

Moody’s said the upgrade reflected Direct Line’s “track record of reporting consistently strong return on capital and underwriting results”, which Moody’s expects will be sustained.

Direct Line’s “very strong” position within the UK personal lines general insurance market was also attributed for the upgrade.

Finally, Moody’s noted the general insurer’s “relatively conservative” investment portfolio, coupled with low financial leverage, and Direct Line’s “good” capitalisation as factors in the upgrade.

“These strengths more than offset the group’s dependence on the very competitive and highly regulated UK personal motor market and some execution risk around the group’s technology transformation and the change in drivers of future profitability,” Moody’s said.

“Going forward, Moody’s expects Direct Line’s performance to continue to benefit from its disciplined approach to underwriting and claims management, its pricing capabilities supported by its strong brand differentiation, ongoing cost reduction initiatives and revenue growth thereby enabling it to continue to meet its 15% return on tangible equity and underwriting targets,” Moody’s continued.

The ratings agency said the “extremely competitive” UK motor market makes it difficult for price increases to match claims inflation but expects Direct Line to improve current year profitability to offset the expected decline in motor prior year reserve releases.

Overall, Moody’s believes Direct Line’s financial flexibility is “very good”.

Shares in Direct Line were flat Friday afternoon at 312.30 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Lloyd’s invests in AI-powered commercial insurance start-up Layr

The insurance giant made the investment after testing the American star-up’s cloud-based commercial insurance platform in Lloyd’s Lab, its insurtech …

Lloyd’s of London has invested around $150,000 in artificial intelligence start-up Layr, which focuses on commercial insurance products for small businesses.

The insurance giant made the investment after testing the American star-up’s cloud-based commercial insurance platform in Lloyd’s Lab, its insurtech innovation lab.

Lloyd’s Lab welcomed a second cohort of 12 insurtech start-ups last week. Layr participated in the first cohort of the innovation lab.

Layr, which was founded in 2016 in the US, tested its cloud-based solution at Lloyd’s Lab for providing faster access for small businesses looking to purchase liability insurance.

The insurtech company said that it will use the money to further develop its product.

Additionally, Layr is also looking for potential distribution opportunities with several Lloyd’s syndicates.

Layr’s platform side-steps carriers’ APIs and instead leverages its proprietary price and appetite prediction engine to match business with the right policies.

The US start-up uses AI and machine learning to compare an applicant against clusters of similar small businesses.

Lloyd’s CEO John Neal said: “Lloyd’s Lab provides us with an exceptional environment to test and accelerate the implementation of new technological solutions.

“I am delighted that syndicates have teamed up with Parsyl and Lloyd’s itself has invested in Layr following the Lab’s first cohort, and I am looking forward to seeing what solutions emerge from the second cohort.”

Layr CEO Phillip Naples said: “Modern business owners do everything online, so Layr is the natural evolution for small business insurance.

“We feel validated that the world’s oldest and most respected insurance marketplace agrees and recognises that the technology we’re creating is the future of small commercial distribution.”

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Lloyd’s of London to pour funding into cloud-based insurance platform

The Lab, whose first cohort included Layr, provides insurtechs the opportunity to test their ideas within the Lloyd’s insurance and reinsurance market.
Lloyd’s of London to fund new platform

Lloyd’s of London, which earlier this month unveiled a bold modernisation plan, has announced it will provide backing to artificial intelligence start-up Layr.

Without disclosing the amount, the centuries-old exchange said it will be investing in the cloud-based commercial insurance platform following a successful trial in the Lloyd’s Lab. The Lab, whose first cohort included Layr, provides insurtechs the opportunity to test their ideas within the Lloyd’s insurance and reinsurance market.

Designed to afford small businesses faster access to liability insurance, Layr’s solution uses a proprietary price and appetite prediction engine that matches business with the right policies from the right carrier at the right price. With the investment from Lloyd’s, Layr will develop its platform further.

“Modern business owners do everything online, so Layr is the natural evolution for small business insurance,” noted Layr chief executive Phillip Naples. “We feel validated that the world’s oldest and most respected insurance marketplace agrees and recognises that the technology we’re creating is the future of small commercial distribution.”

In addition, the Atlanta-based insurtech is exploring potential distribution opportunities with several Lloyd’s syndicates. Parsyl, also from the first Lloyd’s Lab cohort, has seen six syndicates subscribe to its internet-of-things solution that features crafted risk coverage for sensitive shipments.

“Lloyd’s is in a unique position to drive innovation within the insurance market, and the success stories coming from our first cohort confirm that,” said Lloyd’s innovation head Trevor Maynard.

Meanwhile a second batch of 12 teams has come onboard for a 10-week programme that will run until July 03. They were chosen from more than 250 applicants.

“Lloyd’s Lab provides us with an exceptional environment to test and accelerate the implementation of new technological solutions,” stated Lloyd’s CEO John Neal.

“I am delighted that syndicates have teamed up with Parsyl and Lloyd’s itself has invested in Layr following the Lab’s first cohort, and I am looking forward to seeing what solutions emerge from the second cohort.”

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