Axa culls blockchain-based insurance product
Who’s involved: Axa’s flight delay insurance product, Fizzy, based on the Etherium blockchain.
What’s happening: Axa says its two-year experiment with Fizzy has ended. The product was designed to provide travellers with quick, automated compensation if their flight was delayed by more than two hours, using “smart contracts” based on flight departure data.
Significance of development: Axa reportedly said Fizzy failed to meet commercial targets. Several other insurtechs have developed a similar concept, but have sought different distribution routes (e.g. Blink, see below).
Vienna Insurance Group connects with Plug and Play
Who’s involved: Vienna Insurance Group (VIG) and Wiener Städtische, the largest individual company in VIG, and US innovation platform Plug and Play.
What’s happening: VIG and Wiener Städtische are the new “founding partner” of Plug and Play. Becoming a founding partner is the highest form of partnership offered by Plug and Play.
Significance of development: The partnership allows VIG and Wiener Städtische to develop interest related topics with start-ups in Vienna, Munich and Silicon Valley and provides access to a network of over 15,000 pre-vetted start-ups.
Betterview partners with Nationwide
Who’s involved: California-based artificial intelligence start-up Betterview and US insurer Nationwide.
What’s happening: Betterview has agreed a three-year deal with Nationwide, which will enable Nationwide to add Betterview’s predictive analytics into its underwriting operations.
Significance of development: The partnership deepens the relationship between Betterview and Nationwide, after the insurer made its $4.5bn Series A round of investment in the artificial intelligence-powered startup, which closed in May 2019.
Blink partners with TuGo
Who’s involved: Irish insurtech Blink, which focuses on filght disruption insurance, and Canadian travel insurance provider TuGo.
What’s happening: Blink has partnered with TuGo to support the roll-out of travel solutions for its customers.
Significance of development: The partnership will allow TuGo to communicate flight delays to travellers in real time using their mobile phones and help improve the customer experience.
EMC Insurance selects Clara Analytics
Who’s involved: US-based EMC Insurance Companies (EMC) and California-headquartered Clara Analytics, an artificial intelligence technology provider for the commercial insurance industry.
What’s happening: EMC has adopted the full suite of Clara Analytics’ claims management products.
Significance of development: EMC said it expects to see multiples of cost reduction as well as a new level of efficiency that enables the organisation to deliver better service.
HealthCare.com secures $18m in funding
Who’s involved: Online health insurance company HealthCare.com and three investors.
What’s happening: HealthCare.com has secured $18m in series B funding, which brings the total capital raised to over $27m. The round was led by private equity firm Second Alpha Partners with participation from insurers Axis Capital and CNO Financial.
Significance of development: The insurtech company will use the additional capital to fund technology, engineering and data-science investments, expand consumer experience solutions and accelerate the development and marketing of its proprietary insurance products.