Allianz partners with Microsoft
Who’s involved: German insurer Allianz and Microsoft.
What’s happening: Allianz and Microsoft have agreed a partnership in a bid to “digitally transform the insurance industry".
Significance of development: Through the partnership, Allianz will move core pieces of its global insurance platform, Allianz Business System, to Microsoft’s Azure cloud, and will open-source parts of its core to improve and expand capabilities.
DataCubes raises $15.2m in funding
Who’s involved: US data science and machine learning platform, DataCubes, and New York-based venture capital and growth equity fund, Palm Drive Capital.
What’s happening: DataCubes has announced the close of a $15.2m funding round led by Palm Drive Capital.
Significance of development: This latest funding will support DataCubes’ investment in research and development as well as help expand the team by adding 50 new employees in 2020.
Zego gains first insurance licence for UK insurtech
Who’s involved: London-based insurtech Zego, which provides on-demand insurance for drivers and riders.
What’s happening: Zego said it has become the first UK insurtech to secure its licence to underwrite insurance in the UK.
Significance of development: Zego said gaining the licence, in tandem with its growing network of insurer partnerships, will accelerate its entry into new market segments.
Sompo and Palantir launch Japanese joint venture for big data analytics
Who’s involved: Japanese insurance and healthcare group Sompo Holdings; and Californian-headquartered Palantir Technologies, a provider of software for big data analysis.
What’s happening: The parties are co-founding Palantir Technologies Japan, with the aim to sell Palantir’s software to companies and government agencies in Asia.
Significance of development: Palantir Japan will provide a platform solution to support intelligent decision-making by analysing and visualising the real data of organisations. Sompo has not explicitly said it will use Palantir software in its insurance business.
Duck Creek Technologies teams up with CMT
Who’s involved: Insurtech Duck Creek Technologies and mobile telematics and analytics provider Cambridge Mobile Telematics (CMT).
What’s happening: Duck Creek Technologies has entered into a partnership with CMT.
Significance of development: Duck Creek said its partnership with CMT will enable insurers to create connected insurance business models such as behaviour-based insurance, usage-based insurance, mileage-based insurance, and rewards programmes.