Infrastructure/Back-end

Novidea has recently announced a significant development in its growth trajectory, securing an additional $30m in funding from HarbourVest Partners.

Novidea secures $30m boost from HarbourVest to revolutionise InsurTech

Novidea has recently announced a significant development in its growth trajectory, securing an additional $30m in funding from HarbourVest Partners.
American Family Life Insurance embraces Munich Re automation solutions

American Family Life Insurance embraces Munich Re automation solutions

Munich Re Automation Solutions Ltd has entered into a significant business relationship with American Family Life Insurance Company, marking a pivotal shift towards cloud-based solutions within the insurance sector.
AXA and AWS partner to revolutionise B2B risk management with new digital platform

AXA and AWS partner to revolutionise B2B risk management with new digital platform

AXA, a global insurance and asset management behemoth, and Amazon Web Services  are setting the stage for a groundbreaking collaboration with the development of...
What does digitalisation really look like within insurance?

What does digitalisation really look like within insurance?

Digitalisation is a cornerstone of any discussion related to transformation within insurance. As firms try to meet the demands of the modern customer, their path relies on their digitalisation strategy; however, this is a rather ambiguous term that can mean different things to each insurance organisaiton. Several industry experts discussed the role of digitalisation within insurance  as part of the Professional InsurTech Certificate course.
Jeff Heine joins Novidea as chief revenue officer to propel global sales

Jeff Heine joins Novidea as chief revenue officer to propel global sales

Novidea, an innovative leader in the InsurTech sector known for its cloud-based, data-driven insurance management platform, has recently welcomed Jeff Heine as its new...
Emerald Bay Risk Solutions, a collaborative underwriting carrier, is formally launching with a significant strategic investment from Bain Capital Insurance.

Emerald Bay Risk Solutions launches with Bain Capital Insurance backing

Emerald Bay Risk Solutions, a collaborative underwriting carrier, is formally launching with a significant strategic investment from Bain Capital Insurance.
The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP) have partnered to enhance disaster resilience in Pacific Island countries by strengthening disaster risk financing initiatives.

Pacific Catastrophe Risk Insurance Company and WFP partner to reinforce disaster risk financing in...

The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP) have partnered to enhance disaster resilience in Pacific Island countries by strengthening disaster risk financing initiatives.
Bishop Street and Topsail Re join forces to revolutionise MGA platform with strategic joint venture

Bishop Street and Topsail Re join forces to revolutionise MGA platform with strategic joint...

Bishop Street Underwriters, a notable entity within the RedBird Capital Partners' portfolio, has formally announced a groundbreaking joint venture with Topsail Reinsurance SPC, Ltd....
ELEMENT, Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R., Alma Mundi, InsurTech, insurance technology, cloud-based insurance, white-label insurance products, German Federal Financial Supervisory Authority, BaFin, non-life insurance, funding round, technology platform, investment, financial technology, innovation

ELEMENT, German InsurTech innovator, secures €50m in latest funding round

ELEMENT, a trailblazing InsurTech startup based in Germany, has successfully closed a funding round, securing €50m. The investment comes from notable entities including Versorgungswerk der...
Omni-channel InsurTech leader Qoala raises $47m to fuel Southeast Asian insurance innovation

Omni-channel InsurTech leader Qoala raises $47m to fuel Southeast Asian insurance innovation

Omnichannel InsurTech firm, Qoala, has successfully completed its Series C funding round, amassing $47m.
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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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