Alan at €4bn, GenAI fails and pricing innovation

Hello.

Nothing like writing SøNws than after a BIG Tech & Innovation awards night.
And way too little sleep.

I’m getting too old for this.

Let’s kick things off with a bit of GenAI chat.
Who doesn’t love a bit of Friday GenAI chat?

GenAI – the wins and the 18-month old fail 

Roots Automation, one of the Forward50 Americas who joined us up on stage at ITC Vegas nearly a year ago today, has secured $22.2m to supercharge its GenAI platform.

Roots has created a seriously capable Digital Coworker which leverages a bunch of tech smarts to transform unstructured information into clear, actionable insights. I know, I know, it’s a claim you’ve heard before.

My advice? Check out their stats. Give them a try.

Whilst pushing the partnership angle, it looks like Swiss Re is expanding its use of mea‘s GenAI platform globally.

It follows a successful pilot program that showcased the platform’s ability to automate complex data processing, particularly for intricate documents like Schedules of Value and Loss Runs. Nice.

And finally HDI Global SE is incorporating GenAI to improve efficiency and customer service. The AI will provide automated responses to customer queries across its International Programmes, addressing local compliance and documentation needs.

BUT it’s not all rosy in GenAILand.

InsurStaq.ai, a GenAI startup founded in 2022, has closed doors. Already.

One of their founders states, “We set out to revolutionise GenAI applications for the insurance world and, along the way, built cutting-edge products, achieved enterprise-ready compliance, and were recognised as one of the hottest AI startups by media houses and VCs alike.”

🤷

Generative AI Deeper Dive: Beyond the Hype

One for those heading to ITC Vegas next month.

I’ve heard good things from those who have attended this session at past events. Plus I’ve A LOT of time for the TDI team.

If you’re exploring GenAI (which narrows it down to pretty much all of us), get yourself along. It’s two-hours on the 15th Oct.

Disrupt or be disrupted!

Whilst plugging sessions, here’s one for those who are not heading to Vegas. And, just to be a little more balanced, it’s one for those who are heading to Vegas too  🤷

On the September 26th at 4:00 PM CEST, join the Camelot Innovation Hour to hear Roland Scharrer, formerly of AXA fame and currently a visiting fellow at Stanford, challenge your perspective on the future of insurance.

Topics cover how to navigate uncertainty, identify disruptive trends, and ensure your business thrives in this era of transformation. The best bit, it’s sponsored by these seriously great guys at Sønr. You can check them out here – https://sonr.global/

It’s online so do register and secure your spot!
https://www.camelotmarketplace.com/event-details-registration/camelot-innovation-hour-why-we-must-disrupt-the-insurance-business-model

Pricing tech

A couple of funding rounds to call out in the pricing world.

Akur8, a ML powered pricing platform (excuse the mansplaining if you already knew them), has raised a $120m Series C.

Whilst it feels like they’re already everywhere I look, apparently there’s still room to grow. The capital will help them double in key markets such as North America and enhance product development. Love it. Nice work Samuel and team.

On that note, they also recently acquired Arius®, a leading P&C reserving software that helps insurers manage risk and improve financial performance. They bought it from the Milliman folk – a global provider of actuarial, risk management, and technology solutions. Nice.

The other company landing funding this week is Optalitix, a Lloyd’s Lab alumni and specialist software provider aimed at improving pricing, underwriting, and operational efficiency. It has secured another $3 million.

As with Akur8, it’s not just their investment that has grabbed headlines this week. They’ve also announced a partnership with Go.Compare (albeit I’m sure I wrote about this earlier in the year too??) to offer a motor and home insurance pricing solution which is powered by Quantee‘s pricing technology.

Reading through the announcement, the partnership is focussed on enhancing customer conversion rates while offering useful market insights to both insurers and new entrants. I look forward to seeing the results.

📣📣 Lloyd’s Lab Vacancy 📣📣

I mentioned Lloyd’s Lab and can’t resist sharing a job vacancy. These roles are few and far between at the mo.

If you fancy the opportunity to launch game-changing products, nurture the next generation of insurtech stars through programs like FutureMinds, and conquer industry challenges head-on with the Lloyd’s Lab Challenge, then this is the one for you.

As the Head of Programmes, you’ll be at the forefront of innovation, collaborate with the brightest minds, work with a dreamy team, and…errr get work with Sønr in some way, shape or form. Most likely.

Apply now and hopefully we’ll be working together soon 👊🏻

Flood, wildfire and parametric

Let’s get into some specialty chat.

ICEYE and Aon have expanded their partnership, with Aon now integrating ICEYE’s satellite-based Flood and Wildfire Insights data into its event response services.

This enhancement will provide reinsurance clients with near real-time, precise insights into losses from catastrophic events like floods and wildfires. I like ICEYE. I like this.

Moving to parametric and Demex Group, a risk analytics and intelligence company specialising in stop-loss reinsurance protection, has raised a $10.25m Series A.

Demex’s solution is designed for losses due to severe convective storms – including tornadoes, thunderstorms, hail and wind. Sadly, a space that seems to be growing. I feel I’ve missed the chance for an obvious pun here but couldn’t find it.

Quantum-resistant encryption and crypto jacking

A few cyber updates this week.

Let’s kick off with our much-loved client WTW which has recently launched Indigo Vault – a new platform designed to protect sensitive documents from cyber threats and AI exposure.

It combines cloud and local storage with quantum-resistant encryption (oh yeah), giving users control over who accesses their files and for how long. Naturally, with the rise of AI and increasing cyber risks, this kind of protection is rapidly becoming table stakes for any business handling confidential data.

The funding will support CarePay’s health insurance platform, which improves healthcare access by connecting members, payers, and providers with real-time, high-quality data management.

And last of all in this week’s epic round up, Thatch, a personalised health benefits platform, has secured a $38m Series A.

Thatch simplifies healthcare benefit management by leveraging the Individual Coverage Health Reimbursement Arrangement (ICHRA) law, allowing employers to provide tax-free dollars for employees to purchase their own health insurance plans. Nice.

** STOP THE PRESS **

Ah, just when you think it’s all over you see Alan’s morning announcements. And I’m honestly not sure which is more impressive:

1. They’ve struck a strategic partnership with Belfius, Belgium’s second-largest bancassurance company. They will distribute Alan through their banking network to corporate and institutional clients. Nice. More of that to come elsewhere I’m quite sure.

2. As part of this partnership, they’ve raised €173m at a €4bn valuation. Ooof.

Strong growth. Continuous innovation. Great partnerships. Feels like a recipe for success.

–

Longest. SøNws. Ever.
Maybe.

Oh man, I forgot to plug Sønr’s website. I had one job.

We’re updating a whole bunch of collateral at the moment. Including our site.

We’re doing more and more trend and competitor research for our clients. And we want to bring that capability forward in our messaging.

What do you think?

There’ll be more to come in the next couple of weeks so keep an eye out.

Finally, if you’ve been sent this newsletter and you’re yet to subscribe, you can here. I write SøNws (that’s the name of the newsletter) every couple of weeks. Always on a Friday. Usually on a little more sleep.

That’s me. Done.

Have a great weekend.
Catch up soon.

Matt

Sønr helps (re)insurers around the world explore market trends, track competitor activity, and scout and assess best-in-class tech companies. Clients include Generali, Travelers, WTW, RGA, Guy Carpenter, Lloyd’s Lab, Chaucer, QBE, Tokio Marine and many more.

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