After taking a short break in Europe (more on this below), I would like to welcome you to Future Insurer newsletter #14!
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:
🙌 Future Insurer is back!
After a break in Europe (you can see photos on my Twitter and this LI Post), I am re-energised and very excited to publish this next edition of Future Insurer! A lot has happened in the #InsurTech and #Insurance world, so I hope you are ready for this fortnight’s top picks! Here we go…
The CB Insights Q1 2022 State of Venture (Global) Report continues to show that inflation and rising interest rates are having an impact on venture funding and unicorn births. Every region saw a drop in venture funding this quarter – 1% in the US but double digits everywhere else. We are also seeing fewer unicorn births, the lowest quarterly level in six years, but more AI unicorns.
⚖️ Plaintiffs win bZx DAO class action
For those exploring liability insurance in the world of DAOs, in a significant judgment the United States District Court for the Southern District of California has ruled that the bZx DAO (Decentralised Autonomous Organisation) may be a general partnership and its partners liable for failing to secure the protocol. However, the decision does not mean that all DAOs are partnerships or that all token holders are suddenly liable. You can read more about the facts of this case on TheInsurTechLawyer blog.
🏆 Finnies 24 finalists include multiple InsurTech people!
Congratulations to the finalists of the Fintech Australia awards, in particular the InsurTech people recognised: Cassie Bell of Butter Insurance, FreightSafe, Credit Clear, Downsizer, Honey Insurance, KOBA Insurance and uBind.
🤖 ChatGPT spurs AI regulation
The publicity around ChatGPT and AI more generally has no doubt prompted lawmakers to consider the need for AI specific regulation. The UK Government Office for Artificial Intelligence has released a policy paper with a principles-based proposal for regulation. This is similar to the proposed EU AI Regulation which is currently before the EU Parliament.
🤝 Major insurers partner with InsurTechs
A few major insurers have partnered with InsurTechs over the past fortnight. Chubb is distributing contents insurance via InsurTech Qikio following a partnership deal. IAG has invested in Planck, an AI based data platform for commercial insurance.
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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
Disclaimer: This newsletter provides general information only and does not constitute legal or financial advice. It does not address the circumstances of any particular individual or entity. You should seek your own professional advice.