Welcome to Future Insurer #19! And it’s a bumper version given there was fairly a bit of reports this fortnight.
It’s generally arduous to see the forest from the bushes with a lot InsurTech Information. On this fortnightly publication, I’ll be choosing out among the most fascinating #insurtech and #insurance coverage developments from the previous fortnight.
When you’re new right here, welcome! 👋 Be sure that to hit subscribe if you wish to obtain this every fortnight. Now onto this week’s prime picks…
On this version’s information:
📢 Gallagher Re’s InsurTech Report for Q3 is out
Gallagher Re’s InsurTech Report is at all times learn, so I used to be excited to get my palms on the Q3 report when it dropped! Some necessary well being indicators within the Q3 report. Noting the present financial local weather, not shocking to see deal sizes dip to a six yr low however it’s promising to see a rebound in world funding as an entire, up 19.8% on the previous quarter. Normal insurance coverage and US-based InsurTechs obtained extra love from buyers than L&H InsurTechs.
🖥️ “Synthetic intelligence (AI) holds extraordinary potential for each promise and peril.” – US Government Order on AI
On 30 October 2023, President Biden issued the Government Order on the Protected, Safe, and Reliable Improvement and Use of Synthetic Intelligence. The order requires regulatory motion throughout threat administration, discrimination, office relations and competitors. The Government Order highlights the danger AI locations, and with this regulatory overlay, it appears inevitable that AI associated claims will emerge in areas resembling market disclosure, board oversight and employment practices.
➡️ What’s NEXT? Allstate & Allianz X participates in USD 265m funding spherical
Small enterprise insurance coverage is getting some consideration, with Allianz X and Allstate asserting participation in NEXT Insurance coverage’s current funding spherical, taking the whole spherical to USD 265m. NEXT is a digital first insurance coverage supplier, utilizing machine studying to simplify the insurance coverage buy journey. The cash can be used to additional broaden its choices.
💲 UK clarifies cryptoasset and stablecoin regulation
In Future Insurer #18, I discussed Australia’s proposal to control crypto. The UK is staying one step forward. HM Treasury has simply launched three proposal paperwork. It intends to ascertain a regulatory framework for cryptoassets, regulate fiat backed stablecoins and handle systemic digital settlement asset corporations. The race is on to create a jurisdiction that gives market confidence and stability for crypto.
🌐 Coalition launches in Australia!
And no, I’m not speaking about the Coalition however one thing extra thrilling, Coalition! Small to medium companies can now entry Coalition’s “Lively Cyber Insurance coverage” providing, which is greater than your typical cyber insurance coverage product. Coalition offers actual time cyber safety monitoring mixed with insurance coverage safety. Coalition is backed domestically by their world associate Allianz.
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Tim Chan is an insurance coverage & insurtech lawyer at world regulation agency Norton Rose Fulbright and Founding father of The InsurTech Lawyer weblog. He often advises insurers and startups on rising authorized points affecting the trade. Observe Tim on Twitter: @timinsydney
Disclaimer: This text offers basic data solely and doesn’t represent authorized, monetary or different skilled recommendation. It doesn’t handle the circumstances of any explicit particular person or entity. You must search your individual skilled recommendation.