Welcome to Future Insurer newsletter #7!
It’s sometimes hard to see the forest from the trees with so much InsurTech News. In this fortnightly newsletter, I’ll be picking out some of the most interesting #insurtech and #insurance developments from the past fortnight.
If you’re new here, welcome! 👋 Make sure to hit subscribe if you want to receive this each fortnight. Now onto this week’s top picks…
In this edition’s news:
Australian InsurTech Cover Genius has announced the acquisition of Booking Protect, a global provider of booking protection services. The acquisition will see Cover Genius provide embedded ticket protection solutions to over 350 partners. Embedded insurance and protection products continue to rise in popularity according to the 2022 Open and Embedded Insurance Observatory report.
📈InsurTech continues to defy investment trend
Global InsurTech headlines have signalled some concerning layoffs but there is still much love from investors for InsurTechs. InsurTech incubator InsurTech Gateway has recently secured Seed Fund II financing to incubate another 20 start-ups over the next four years. The incubator is authorised in both the United Kingdom and Australia and backed by global (re)insurers. In other investment news, award-winning Pay As You Drive insurance company Koba is undertaking a new funding round. Koba says it has covered more than 35,000 trips to-date. 👏
🌐Are AI specific laws on their way?
Australian law already regulates AI but without AI specific legislation. Canada has now followed some jurisdictions around the world with proposing specific legislation to regulate AI, looking at design, development and use of AI systems. The proposal follows the European Union’s draft regulation released last year.
🚗 Dubai based car telematics provider Proton to launch in Australia
Is Pay How You Drive back in fashion? Car InsurTech Proton is planning to launch in Australia and New Zealand after success in the United Arab Emirates. Proton uses a telematics-enabled smartphone App, with user engagement features to promote safe driving behaviour. Rewards such as Amazon vouchers are given for safe driving scores.
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Tim Chan is an insurance & insurtech lawyer at global law firm Norton Rose Fulbright and Founder of The InsurTech Lawyer blog. He regularly advises insurers and startups on emerging legal issues affecting the industry. Follow Tim on Twitter: @timinsydney