InsurTech firm Cover Genius has formed a new partnership with Adyen, tapping the FinTech as its latest payment processing partner. Through the collaboration, Adyen aims to increase the Cover Genius’s authorization rates of online payments by offering local payment methods in the Americas, Europe and...
Porch Group has found that unique data provided by its home services software and partnerships has enhanced its underwriting of homeowners insurance and boosted its results. During the first quarter, the company reduced its GAAP net loss to $13.4 million, down from $38.7 million in first quarter of...
Insurance platform Oscar Health recorded its first-ever net profit amid record customer enrollment in Affordable Care Act plans. During an earnings call Tuesday (May 7), CEO Mark Bertolini said that total plan membership was up 42% during the quarter as “Obamacare” enrollment soared. “The ACA now has more than 21...
Digital insurance platform Lemonade said its AI investments continue to bear fruit. The company’s latest shareholder letter — while reporting a 25% increase in total revenues and a $47 million net loss, an improvement of 28% — also examines the way artificial intelligence (AI) and automation technology has...
May 01, 2024
The insurance industry, often perceived as lagging in innovation and adapting to consumer needs, is undergoing a notable transformation. Traditionally reliant on agents for product sales, the industry is seeing a gradual shift away from this model, said Andrea Heger, senior vice president of insurance services at Franklin Madison, leaving consumers with fewer resources to […]
March 11, 2024
It’s said that those who don’t learn from history are doomed to repeat it. The spectacular flameout of Silicon Valley Bank (and other banks subsequently), happened March 10, 2023, which seems long...
February 29, 2024
In many ways, the insurance industry helped hone the algorithms behind artificial intelligence technology. From actuarial science, Bayesian statistics and generalized linear models, to cloud computing, telematics and advanced machine...
February 15, 2024
Michael Boeke, VP of Payment Product Management Enterprise at CCC Intelligent Solutions, told PYMNTS that the trillion-dollar property and casualty economy needs to continue its digital overhaul. An accident, he...
May 10, 2024
Porch Group, a U.S. homeowners insurance and home inspection software company, reportedly sued China Construction Bank (CCB), alleging reinsurance fraud. In its complaint, Porch alleged that the Chinese lender conspired with employees of Vesttoo, a now-bankrupt Israeli insurance firm, to issue fake reinsurance letters of credit, Reuters reported Friday (May 10). CCB did not immediately reply to PYMNTS’ request […]
May 09, 2024
InsurTech firm Cover Genius has formed a new partnership with Adyen, tapping the FinTech as its latest payment processing partner. Through the collaboration, Adyen aims to increase the Cover Genius’s...
May 08, 2024
Porch Group has found that unique data provided by its home services software and partnerships has enhanced its underwriting of homeowners insurance and boosted its results. During the first quarter, the...
May 07, 2024
Insurance platform Oscar Health recorded its first-ever net profit amid record customer enrollment in Affordable Care Act plans. During an earnings call Tuesday (May 7), CEO Mark Bertolini said that total plan membership was up...
