PriyaPatel
TLDR:
Key Points:
- Humana expands partnership with Google Cloud to modernize infrastructure and deploy AI.
- Arch acquires Allianz Entertainment insurance business, bringing 500 people to Arch.
In the latest insurtech news, Humana has announced a multi-year agreement with Google Cloud to modernize their cloud infrastructure and deploy AI. This partnership aims to lower costs and improve consumer experiences in healthcare. On the other hand, Arch has acquired the U.S. MidCorp and Entertainment insurance business from Allianz, bringing about 500 people to Arch’s team.
Other significant news in the insurtech industry includes Travelers introducing Quantum Boat 2.0, Odie partnering with Insuritas for pet insurance integration, NYSIF expanding their mobile app for workers’ claims, and Cytora partnering with Gamma Risk to identify location risks faster. Additionally, Bold Penguin and RT Specialty have joined forces to provide commercial excess and surplus insurance, while Akur8 has signed Mutual Capital Analytics as a pricing model user.
Consumer Reports has praised the New York Department of Financial Services for issuing guidance to protect consumers from algorithmic discrimination in insurance underwriting and pricing. This guidance sets the standard for ensuring transparency, accountability, and fairness in insurance practices.
Lastly, Coalition has launched its Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. This product aims to empower businesses to actively defend against cyber threats, with capacity provided by Allianz Global Corporate & Specialty SE. This move expands Coalition’s reach in the cybersecurity insurance market and enhances support for German businesses facing cyber risks.
