News
USAA rolls out CCC program that shares insurer’s preferred part suppliers with STARS shops
USAA recently announced its rollout of CCC’s Parts Parity to all STARS network locations, according to an update sent to STARS shops.
Mark Fincher, CCC vice president of product management, said in an email statement to Repairer Driven News that the program is a new functionality in CCC ONE. He says the program allows insurers to share their preferred parts suppliers with repairers.
This allows repair facility users to see a “broader sampling of alternative parts when writing the estimate,” Fincher said.
Drone accidents, mystery sightings spark insurance concerns
Spectacular aerial light shows generated with dozens or even hundreds of drones have become an attractive alternative to the loud bangs and pyrotechnic risks associated with traditional fireworks displays.
But recent events put drones in a less festive light, and sparked conversations around the role of insurance in safeguarding people and property from drone damage.
9 Insurance Commissioners Urge DOGE to Junk FIO
Insurance commissioners from nine states are looking to the new Department of Government Efficiency to do away with the Federal Insurance Office.
The letter, addressed to DOGE heads Elon Musk and Vivek Ramaswamy, said the FIO’s mission of monitoring the insurance industry is “already effectively fulfilled by state regulators.”
InsurTech/M&A/Finance💰/Collaboration
Insurtechs shine on Wall Street in 2024 as managed care struggles
Insurance technology companies were some of the best performing US insurers on Wall Street over the course of 2024, while the managed care sector had a less resilient year.
Root Inc., Clover Health Investments Corp., Hippo Holdings Inc. and Lemonade Inc. were the top four performers for insurers with a market cap greater than $300 million for the year, with each seeing shares grow by triple-digit percentages, according to an S&P Global Market Intelligence analysis.
CreditSights analyst Josh Esterov said in an interview that he felt it important to "contextualize" the top four's recent performance. Although shares grew in 2024, Esterov said that at least for Root, Hippo and Lemonade, it was partially fueled by some "recent recovery" related to recuperation in the retail auto space as well as improvements on the regulatory front for homeowners insurance.
"It's not necessarily the case that this is some kind of resounding approval for the business model, because in a historical context, all of the names are basically still trading down," Esterov said.
InsurTech in 2024: A year in review - InsurTech Analyst
The global InsurTech market grew to 25.97bn in 2024 and is expected to reach approximately USD 496.56bn by 2033.
This represents a remarkable compound annual growth rate (CAGR) of 38.8% from 2024 to 2033. This rapid expansion is being driven by innovations in artificial intelligence (AI), machine learning (ML), cybersecurity, and a growing emphasis on Environmental, Social, and Governance (ESG) practices.
These innovations are not only reshaping the operational landscape but are also paving the way for smarter, more personalised insurance experiences, improving both efficiency and customer satisfaction across the sector.
FinTech Global‘s Harry Slade sat down with a host of InsurTech industry experts to discuss the key trends that have underpinned the aforementioned sectoral growth.
Global Insurtech bolttech Announces Series C Funding Led by Dragon Fund to Drive Continued Expansion
bolttech, the fast-growing global insurtech, today announced Dragon Fund, by Liquidity and MUFG, is leading bolttech’s Series C funding round alongside investors Baillie Gifford, Generali – through Lion River, the Group’s company dedicated to Private Equity, and others, which is expected to total more than US$100 million.
Following bolttech’s record-breaking Series A and B rounds, the Series C up-round values bolttech at US$2.1 billion and the investment will further enhance its global growth strategy.
“This latest round of funding is an endorsement of our value proposition and marks another significant milestone for bolttech. The funding also demonstrates our relentless pursuit of innovation and excellence as we enable the insurance industry."
InsurTech Leaders Share Key Learnings from 2024: Shaping the Future of Insurance Innovation - Insurtech Israel News
As we reflect on 2024, the InsurTech sector has witnessed remarkable evolution and innovation. Leaders from pioneering startups have shared their key insights and learnings that are reshaping the insurance landscape. From breakthrough technological implementations to novel business models, these perspectives offer valuable insights into the industry’s transformation.
Kobi Bendelak, CEO of InsurTech Israel said .””The year 2024 has been nothing short of extraordinary for the Israeli InsurTech ecosystem, showcasing unprecedented growth, innovation, and global recognition. Reading the reflections of these brilliant CEOs is truly inspiring, as they highlight the groundbreaking achievements of their startups and their ambitious visions for 2025. It fills me with immense pride to see how our ecosystem continues to flourish, driven by relentless creativity, technological advancement, and collaboration. I’m delighted that we had the opportunity to produce this fascinating document together with VOOM Insurance.
Climate/Resilience/Sustainability
Cytora & Moody's RMS Partner to Enhance Climate Risk Solutions
Digital risk processing platform Cytora has begun an integration partnership with Moody's RMS, a catastrophe risk modeling firm, to enhance insurance underwriters' ability to assess climate and natural disaster risks.
The partnership connects Moody's RMS Location Intelligence API, which provides catastrophe peril data across 100 countries, with Cytora's risk processing platform. The integration aims to speed up risk assessment processes for property and casualty (P&C) insurers.
Michael Richitelli, Managing Director of Global Insurance Sales at Moody's, says: "The changing catastrophe risk landscape means it's more important than ever for insurers to accurately assess the impact of catastrophe risk as part of the risk selection and pricing process. Michael Richitelli, Moody's
"By leveraging the same rich science that underpins our probabilistic models, Location Intelligence ensures that quality analytics are being used early in the underwriting process."
AI in Insurance
AI Revolutionizes Insurance Underwriting
Artificial intelligence revolutionizes insurance underwriting with real-time data analysis and personalized risk assessment capabilities.
Artificial Intelligence (AI) is poised to fundamentally change the insurance industry, particularly in underwriting. The swift progress in AI technology is requiring insurers to reevaluate conventional methods and adopt a future characterized by speed, precision and personalization. This major change raises an important question: How will AI in insurance underwriting reshape processes, expanding possibilities beyond our previous expectations?
Amit Kosa, marketing manager, AppZoro Technologies
2025 PREDICTIONS
Predictions, Wishes and the P&C Industry in 2025
The end of the year is celebrated with our most cherished holidays, special food, gift giving and hopefully some downtime to reflect and recharge for whatever lies ahead in the New Year. It’s somewhat cathartic to think about what’s likely and possible but even more productive to apply some research and rigor to support predictions, regardless of their eventual accuracy
Stephen Applebaum and Alan Demers
Five M&A trends to watch in 2025 - WTW
The logjam of the past couple of years is poised to break—and mid-market deals will lead the way.
The future looks bright indeed for dealmakers. As we edge closer to 2025, the mergers and acquisitions (M&A) landscape is poised for a significant transformation, with mid-market deals expected to dominate. This shift is fueled by lower interest rates, reduced inflation and a new U.S. administration, sparking optimism among dealmakers.
According to our Quarterly Deal Performance Monitor, run with Bayes Business School, there’s been a noticeable uptick in deals exceeding $1 billion over the past 12 months, instilling confidence across corporate boardrooms.
Collision Claim Trends to Watch in 2025
The auto insurance industry has weathered its share of storms in recent years. Despite fewer claims in early 2024, carriers still face headwinds when it comes to vehicle complexity and its effect on severity and cycle time.
Following are the four most notable trends to watch in 2025 to help your organization navigate the road ahead
Ryan Mandell is the director of claims performance for Mitchell, an Enlyte company. He works with insurance executives and material damage leaders to provide insights and consultative direction. He is also the host of the Mitchell Collision Podcast and author of the company’s Plugged-In: EV Collision Insights report. are the four most notable trends to watch in 2025 to help your organization successfully navigate the road ahead.