Infrastructure/Back-end

Cytora and Xapien unite to revolutionise due diligence in commercial insurance

Cytora and Xapien unite to revolutionise due diligence in commercial insurance

Cytora, a leading digital risk processing platform, has formed a strategic partnership with Xapien, an innovative company known for its AI-powered due diligence capabilities.
Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI

Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI

Wisedocs, an innovative leader in the InsurTech sector, recently received a significant financial boost. CIBC Innovation Banking has extended $4.5m CAD in growth capital financing.
Gradient AI secures $56m Series C to enhance AI-driven InsurTech solutions

Gradient AI secures $56m Series C to enhance AI-driven InsurTech solutions

Gradient AI, a foremost provider of AI solutions in the InsurTech sector, has successfully raised $56.1m in a Series C funding round.
Akur8 and Mutual Capital Analytics partner to revolutionize insurance pricing with AI

Akur8 and Mutual Capital Analytics partner to revolutionize insurance pricing with AI

Akur8 and Mutual Capital Analytics have announced a strategic partnership aimed at transforming insurance pricing through advanced, AI-driven technologies.
Ushur, the leader in AI-powered Customer Experience Automation™ (CXA), has announced the launch of its prebuilt AI-powered automation solution.

Ushur launches AI-powered automation solution to enhance onboarding for insurance carriers

Ushur, the leader in AI-powered Customer Experience Automation™ (CXA), has announced the launch of its prebuilt AI-powered automation solution.
Discover how Symfa is revolutionising CPP modernisation for an insurance giant by leveraging API-led connectivity and OutSystems. Tatiana Smolenchuk, Software Developer at the firm delves into the innovative strategies and insights from this ambitious digital transformation project, showcasing the power of modern technology in reshaping the insurance landscape.

How Symfa leveraged modern technologies to transform a US insurance giant

Discover how Symfa is revolutionising CPP modernisation for an insurance giant by leveraging API-led connectivity and OutSystems. Tatiana Smolenchuk, Software Developer at the firm delves into the innovative strategies and insights from this ambitious digital transformation project, showcasing the power of modern technology in reshaping the insurance landscape.
Howden Re, the reinsurance and risk advisory arm of Howden, and Moody’s, a global credit rating, research, and risk analysis firm, have launched a new three-month reciprocal early careers talent exchange programme.

Howden Re and Moody’s launch talent exchange programme to boost analytics and client services

Howden Re, the reinsurance and risk advisory arm of Howden, and Moody’s, a global credit rating, research, and risk analysis firm, have launched a new three-month reciprocal early careers talent exchange programme.
Mastering the underwriting process: How to avoid common pitfalls

Mastering the underwriting process: How to avoid common pitfalls

In the high-pressure world of insurance underwriting, falling into autopilot is an easy yet dangerous trap. This risk is heightened when underwriters face a continuous stream of similar accounts, leading to quick decision-making that might overlook critical details.
MAPFRE RE, a global reinsurance company, has received official approval from the National Financial Regulatory Administration of the People’s Republic of China to open a new branch in Beijing.

MAPFRE RE obtains approval to open Beijing branch

MAPFRE RE, a global reinsurance company, has received official approval from the National Financial Regulatory Administration of the People’s Republic of China to open a new branch in Beijing.
LB Forsikring teams up with Akur8 to revolutionise P&C insurance pricing

LB Forsikring teams up with Akur8 to revolutionise P&C insurance pricing

Akur8, a pioneer in insurance pricing solutions utilising transparent machine learning, has recently partnered with LB Forsikring, a prominent Danish property and casualty (P&C) insurance firm.
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Diverse week for FinTech as $1.1bn raised across 17 deals

Diverse week for FinTech as $1.1bn raised across 17 deals

It was a diverse week for FinTech funding, with deals closing across nine different countries.  There were a total of 17 FinTech funding rounds covered...
Sift enhances fraud insights with new metrics in industry benchmark tool

Sift enhances fraud insights with new metrics in industry benchmark tool

Sift, a leading AI-powered fraud prevention platform, has introduced significant updates to its Fraud Industry Benchmarking Resource (FIBR), a free online tool designed to provide key fraud metrics across various industries, geographies, and timeframes.
Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight, a global leader in cyber risk management, has announced its $115m acquisition of Cybersixgill, a prominent cyber threat intelligence (CTI) provider. This strategic move...
FinCEN issues alert on deepfake fraud schemes targeting financial institutions

FinCEN issues alert on deepfake fraud schemes targeting financial institutions

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.
change communication methods during a verification check.Some identity verification solutions may also flag possible attempts to circumvent verification checks, such as the use of third-party webcam plugins, which can let a customer display previously generated video rather than live video. Use of Deepfake Media in Phishing Attacks and Scams Criminals may also target financial institution customers and employees through sophisticated, GenAI-enabled social engineering attempts in support of other scams and fraud typologies, such as business email compromise (BEC) schemes, spear phishing attacks, elder financial exploitation, romance scams, and virtual currency investment scams.24For example, in family emergency schemes, scammers may use deepfake voices or videos to impersonate a victim’s family member, friend, or other trusted individual.25Similarly, criminals have reportedly used GenAI tools to target companies by impersonating an executive or other trusted employee and then instructing victims to transfer large sums or make payments to accounts ultimately under the scammer’s control.26 Financial Red Flag Indicators of Deepfake Media Abuse FinCEN identified the following red flag indicators to help financial institutions detect, prevent, and report potential suspicious activity related to the use of GenAI tools for illicit purposes.As no single red flag is necessarily indicative of illicit or suspicious activity, financial institutions should consider the surrounding facts and circumstances before determining whether a specific transaction is suspicious or associated with illicit use of GenAI tools. A customer’s photo is internally inconsistent (e.g., shows visual tells of being altered) or is inconsistent with their other identifying information (e.g., a customer’s date of birth indicates that they are much older or younger than the photo would suggest). A customer presents multiple identity documents that are inconsistent with each other.

Folks Finance secures $3.2m in Series A to advance crosschain DeFi solutions

Folks Finance, a DeFi platform specialising in lending, borrowing, and managing digital assets across multiple blockchains, has announced it raised $3.2m in an oversubscribed Series A funding round.
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