Commentary/Opinion
June 2025 ITL FOCUS: Health | Insurance Thought Leadership
ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.
Healthcare is bursting with promise these days. Gene editing holds out the prospect of curing, not just managing, crippling diseases such as sickle cell anemia. Breakthroughs in understanding how proteins fold let researchers speed drug development. And AI, of course, accelerates all the progress – at an ever-accelerating pace.
Insurers will be required to cover many of these breakthrough treatments – as they should, given the remarkable benefits that are becoming possible. Insurers thus need accurate estimates of how many people will undergo the new treatments, as well as what they will cost. And that’s a truly hard problem.
Curing sickle-cell anemia in a single person, for instance, currently costs millions of dollars. But the treatment is so new and experimental that relatively few are considered to be eligible. The cost should diminish as doctors move up the learning curve – but the number of eligible patients will likely surge. Oh, and there’s little or no historical data available.
Good luck figuring out how these new treatments and drugs should boost the premium for a group health plan – knowing that if you’re off even a little, these big-ticket treatments could hit your economics hard.
This is the sort of issue that’s cropping up in just about every line of insurance these days, as innovations reshape costs in ways that go beyond where historical data can help much.
So how do you tackle this tough problem?
The short answer is: Be really smart.
Paul Carroll, editor-in-chief, Insurance Thought Leadership
Research
CEO Monthly InsurTech Market Update & Analysis.- FT Partners
FT Partners is pleased to present you with the latest installment of our "CEO Monthly InsurTech Market Update & Analysis." The report can be downloaded here.
New FinTech CEO Interview this month: Zac Townsend, Co-Founder & CEO of Meanwhile, a fully regulated life insurance company denominated in Bitcoin.
New FinTech Research Reports:
- Stablecoin Payments: Crypto Finds its Killer App?
- Q1 2025 InsurTech Insights
FT Partners regularly publishes profiles on key transactions in the InsurTech sector. Please feel free to download these reports below. And if you don't already, please follow us on X, connect on LinkedIn, and visit our Research page for more real time updates.
Telematics, Driving & Insurance
Geotab and Vitality launch JV focused on driver safety and behaviour - Motor Finance Online
‘Geotab Vitality’ rewards safe driving with data-driven insights and behavioural incentives, challenging traditional fleet safety models.
Geotab Inc. and health and wellness provider Vitality have announced a joint venture aimed at improving driver safety and well-being across fleet operations, according to a press release.
The new initiative, called Geotab Vitality, brings together Geotab’s connected vehicle technology and predictive collision risk analytics with Vitality’s behavioural science and global driver status model. The companies said the platform is designed to support driver behaviour change and road safety through incentives, rather than penalties.
Launching first in the UK as a beta programme, Geotab Vitality allows drivers to earn points for safe driving and receive rewards for meeting personalised weekly goals. The platform uses Geotab’s AI-powered benchmarking tools alongside Vitality’s risk rating system, which compares drivers to similar peers based on a range of safety indicators.
According to the press release, the programme represents “a new approach” in fleet safety management by focusing on driver recognition and positive reinforcement. Edward Kulperger, Geotab’s Senior Vice President for EMEA, said: “This joint venture unites two purpose-driven leaders in their field to uniquely address the human side of fleet management.”
{MORE](https://www.motorfinanceonline.com/news/geotab-and-vitality-launch-jv-focused-on-driver-safety-and-behaviour/)
Climate/Resilience/Sustainability
P&C market faces shifts amid high catastrophe losses in 2025 – USI
Premium pressures, market capacity, and FAIR plan reliance define new landscape
The commercial property and casualty (P&C) insurance market is continuing to adjust following a series of significant natural catastrophes in early 2025.
According to USI Insurance Services’ 2025 Commercial Property & Casualty Mid-Year Addendum, global insured catastrophe losses reached an estimated $50 billion in the first quarter, placing it among the highest first-quarter losses recorded.
In January, the Palisades and Eaton wildfires in Los Angeles destroyed more than 16,000 structures across 57,000 acres, resulting in $53.8 billion in damages, with insured losses expected to exceed $30 billion.
Severe convective storms and tornado outbreaks across the southern and eastern United States in March added to the total losses. Additionally, a 7.7 magnitude earthquake in Myanmar caused $600 million to $900 million in losses for Thai insurers, primarily absorbed by global and regional reinsurers.
USI said that the first quarter of 2025 marked the second highest insured catastrophe loss for a first quarter on record, significantly above the historical average. With global insured catastrophe losses surpassing $100 billion for five consecutive years, market participants are recognizing a shift toward higher sustained losses.
Despite these figures and forecasts of an active hurricane season, insurers and reinsurers remain well-capitalized, and market capacity is stable.
InsurTech/M&A/Finance💰/Collaboration
Reserv Raises $25M Series B to Support Rapid Scaling
Reserv Raises $25M Series B to Support Rapid Scaling
Flourish Ventures leads round with participation from BCV, Altai Ventures, and Accenture Ventures
Reserv, Inc., a tech-enabled third-party administrator (TPA) experiencing hypergrowth, today announced the completion of its $25 million Series B funding round. The oversubscribed round, led by Flourish Ventures with full pro-rata participation, also included Accenture Ventures, bringing Reserv’s total funding to $55 million.
Reserv combines the best of a traditional TPA – experienced adjusters, managers, and scale – with flexible, modern technology that enables better performance and better reporting. The company has achieved triple-digit year-over-year revenue growth for two consecutive years.
Since its founding in 2022, Reserv has quickly emerged as the leader of the next-generation tech-enabled TPAs, having grown to more than 350 employees in the United States and United Kingdom. Reserv supports more than 80 MGA clients and 20 carriers across nearly all property and casualty lines of business, including commercial auto, business owners’ policy, general liability, professional lines, medical malpractice, and more.
Customers choose Reserv because it is reliable, efficient, and offers a best-in-class experience for claimants and adjusters. In addition to the latest innovative technology like agentic AI, automated communications, and a tight feedback loop, Reserv has built transformative capabilities unmatched by others.
Crabi Raises $13.6M to Scale Access to Its AI-Driven Auto Insurance Across Mexico
Crabi, the leading full-stack auto insurance platform built to make coverage simpler, smarter, and more accessible, announced it has raised $13.6 million in new funding. The round was led by Kaszek and IGNIA, with participation from 30N Ventures, Redwood Ventures, Carao Ventures, Azuro Capital, Newtopia VC, and other investors.
This funding marks a new milestone in Crabi's mission to redefine how Mexicans protect their vehicles, combining cutting-edge technology with a disciplined operating model to close the country's longstanding insurance gap and bring coverage to millions nationwide.
Despite being one of the largest automotive markets in Latin America, over 70% of vehicles in Mexico are uninsured. Traditional insurance options have remained expensive, outdated, and difficult to access for decades. Crabi is the first tech-native insurance company in over 25 years to receive regulatory approval in Mexico, paving the way for a new generation of digital insurers. Crabi tackles the gap head-on by offering real-time, mobile-first insurance experiences. Delivering instant policy issuance, automated claims support, and transparent pricing, making car insurance finally accessible to millions of drivers.
Announcements
State Farm celebrates more than 30 years of partnership with Habitat for Humanity International
State Farm announced today that it is renewing its longstanding national partnership of more than 30 years with Habitat for Humanity International. This year, State Farm is increasing its contributions to $2.6 million to support Habitat and its affiliate network in engaging with and mobilizing youth as well as creating resilient-focused housing solutions in communities across the US.
Through the renewed partnership, State Farm is continuing their sponsorship of Habitat's youth engagement programs, which enable local Habitat affiliates to partner with young leaders on community projects that support local affordable housing efforts. The funding from State Farm this year will also support the global housing nonprofit's disaster resilience program, Habitat Strong, helping local Habitat affiliates build and repair homes in disaster-prone areas and ensure they exceed industry standards to better withstand extreme weather conditions.
In addition to philanthropic grants, State Farm employees and agents regularly partner with Habitat through local affiliate volunteerism and individual giving. On June 7, State Farm will promote employee engagement with local affiliates and encourage donations during their Founder's Day celebration. Additionally, State Farm will double the match of employee and agent donations to Habitat for Humanity International received between June 2–9.
"For over 30 years, State Farm has been a proud supporter of Habitat for Humanity in its efforts to build and improve safe, affordable homes," said Rasheed Merritt, State Farm assistant vice president of corporate responsibility. "Beyond financial contributions, our employees and agents embody our commitment to creating safer, stronger communities by teaming up with local Habitat affiliates across the country to help build more resilient, affordable homes together with our neighbors.".
Claims
One Inc Launches Enhanced Remittance Solution for Insurers
One Inc, a digital payments network for the insurance industry, announced Tuesday (June 3) the launch of its advanced 835 Electronic Remittance Advice (ERA) solution.
It is designed to streamline remittance processes to healthcare providers, with particular benefits for workers’ compensation insurers, but also extends capabilities across all property and casualty (P&C) insurance segments. The new solution is fully integrated into the company’s ClaimsPay platform.
The enhanced ERA functionality within ClaimsPay enables insurers to generate and distribute standardized 835 remittance files directly to numerous providers’ revenue cycle management systems. By providing detailed line-item data crucial for accurate claims payment reconciliation, and matching remittance data directly with payments, the solution aims to enhance payment accuracy, accelerate reconciliation and reduce administrative workloads.
Ian Drysdale, CEO of One Inc, stated in a press release that the company’s goal is to proactively solve insurers’ payment challenges. He added that integrating comprehensive ERA capabilities within ClaimsPay empowers workers’ compensation and other P&C insurers to meet regulatory demands while boosting efficiency.
EagleView Roof Measurements Confirmed to Be 98.77% Accurate
A new report from a leading company in high-quality spatial data collection spotlights how EagleView, a leader in aerial imagery and property measurements, upholds the standard for accuracy in property measurement solutions with 98.77% accuracy for roof measurements compared to independent benchmark measurements. EagleView’s commitment to precision and innovation are part of a twenty-five-year long history of putting the customer’s needs front and center.
“We want to save our customers time and money, which is why we are dedicated to delivering the best quality products on the market,” said **Piers Dormeyer, CEO of EagleView((. “It’s gratifying to have the truth of our business validated by third party researchers.”
EagleView’s accuracy advantage translates into tangible benefits for roofing and construction projects. When comparing material ordering scenarios for an average 1,800-square-foot roof, EagleView’s higher accuracy resulted in hundreds of dollars in savings per project compared to competing measurement services. Over the course of a year, these savings can significantly impact operational costs and profitability.
To evaluate its measurements, EagleView collaborated with CompassData, a firm specializing in accurate surveying and mapping solutions. In April and May 2025, CompassData tested EagleView’s measurement solutions on single-family residences in the Denver Metro area, employing cutting-edge UAV (drone) LiDAR and terrestrial LiDAR technologies. These highly accurate surveying systems provide a rigorous benchmark to assess EagleView’s performance.
“This is the gold standard in testing,” said Tripp Cox, Chief Technology Officer of EagleView. “We are thrilled how the results show off the precision of EagleView’s technology.”
Accenture Invests in Reserv to Transform Insurance Claims Processes
Accenture has invested, through Accenture Ventures, in Reserv, an insurance claims processing company that complements deep claims expertise with innovative AI-driven solutions. The investment will also enable the two companies to collaborate on solutions that increase accuracy and efficiency throughout the claims ecosystem, helping underwriters and claims professionals deliver better outcomes and service experiences for claimants.
As a third-party administrator (TPA), Reserv provides claims services for property & casualty (P&C) insurers across the United States and the U.K. Reserv’s services use data warehouse, analytics, and generative AI capabilities to automate background processes and increase agility, allowing claims professionals to focus on accuracy and improving customer experience.
Reserv uses AI and machine learning to analyze the massive volumes of structured and unstructured data insurers collect from legacy platforms, customers and third parties. The resulting insights can highlight risk factors in a carrier’s portfolio on a more granular level, enabling insurers to make quick changes as needed and offer more competitive pricing.
Accenture will work with Reserv to extend the company’s business model with supporting integration and configuration capabilities for global carriers with large and complex legacy datasets.
Life, Health & Accident
New Life Insurance Premium Tops $3.9B in Q1 2025 - Insurance Forums
U.S. individual life insurance new annualized premium improved 8% year over year to $3.94 billion in the first quarter, according to LIMRA’s U.S. Life Insurance Sales Survey, released Wednesday.
The quarterly survey representing 80% of the U.S. life insurance market showed that the total number of policies sold increased 1% in the first quarter of 2025, compared with the prior year’s results.
“Retail life insurance premium growth, driven by indexed and variable universal life product sales, was extremely strong in the first quarter. Persistent inflation and higher equity market volatility drove interest in permanent life insurance,” said John Carroll, senior vice president, head of Life and Annuities, LIMRA and LOMA. “Amid the increased availability of capital through private equity investment and reinsurance, coupled with advanced technologies and product innovation, LIMRA predicts continued growth for the life insurance industry in 2025.”
Here’s a look at results by product category.
Curators' Corner: Alan Demers and Stephen Applebaum
Curators' Corner
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