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In June the 180-year-old insurance services business picked former Axa Corporate Solutions CEO Rob Brown as CEO.
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Brokers at Marsh, Aon and Epic have all been using the platform, which has been deployed on around eight renewals so far in 2020.
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CEO Dan Preston says the initiative is part of the company’s strategy to expand into the third-party claims administration sector.
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The InsurTech provides customisable small business insurance and is eyeing international growth.
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The funding will be used to meet international demand which the platform said had been “well ahead of expectations”.
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The global InsurTech chief warns of a potential “emotional reaction” towards the sector if the IPO experience at the renters’ carrier sours.
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The second quarter recorded $1.56bn in funding across 74 deals.
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The former InsurTech CEO also joins the casualty reinsurance leadership team.
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The MGA becomes an early InsurTech casualty of the pandemic era as its parent pulls the plug.
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Evercore is understood to be advising the InsurTech company on the upcoming series F round.
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A round-up of recent news on insurance technology initiatives and start-ups.
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This week the team looks at the consequences of Lemonade's highly successful IPO and the implications for the InsurTech's prospects.
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