Bermuda-based Insurance provider Hiscox has reportedly teamed up with InsurTech company INSTANDA to support its European expansion.
Through the partnership, the companies are looking to grow Hiscox’s commercial and personal lines via multiple distribution and service channels, according to a report from Reinsurance News.
Hiscox decided to form this deal as it looks to change its approach to underwriting and innovative technology integrations, it said. The first product which will be supported by INSTANDA will launch in Germany in early 2019. After this, a range of solutions will be deployed during the course of the year.
UK-headquartered INSTANDA is a cloud-based software which helps insurers to create, manage and distribute insurance products. The platform is completely configurable so that customer and user journeys can be moulded around the market and organisational needs.
Its technology can be used to mitigate existing books, modify existing products or portfolios, design virtual insurance policies and deploy them online, clone products, distribute products via multiple channels, and manage product ratings, documentation, and customer journeys, among other services.
There has been a lot of activity in the InsurTech sector over the last week. Odysseus Alternative Ventures recently partnered with APICIL Group to launch a new InsurTech-dedicated investment fund.
The vehicle has a capital pool of €10m and will be used to invest into French and European InsurTech startups.
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