RPC Insurtech in brief - February 2023

Welcome to the February 2023 edition of Insurtech in Brief - a selection of the latest insurtech news and developments from across the globe.

Swiss Re’s iptiQ enters distribution partnership for UK life insurance products with Candid

UK-based insurtech Candid (part of the Clark Group) and Swiss Re's iptiQ have announced a partnership to provide affordable and accessible life insurance solutions to UK customers.

Candid sells life insurance products through its brands Polly and Tom whilst iptiQ is a digital B2B2C platform which sells insurance through trusted brands. The partnership will utilise a mix of Candid's Polly and Tom brands (which currently sell insurance to mothers and fathers respectively) and iptiQ's standalone B2B2C insurance platform and underwriting expertise.

The customer-first mindset is on the uptick within the life insurance market as insurance companies surf waves of change jostled by ever-increasing technological disruption, a shift in consumer behaviour (with consumers being more open to new entrants) and changes to regulation (see RPC's piece on the new Consumer Duty).

Aviva announces digital literacy initiative

Aviva has launched the 'Foundry' in Norwich, in partnership with tech education start up Decoded and Norwich City College. Foundry aims to increase digital literacy by upskilling and reskilling Aviva colleagues, local students and businesses. The Foundry has three main aims: to help Aviva fill critical digital roles by developing the digital skills of colleagues, to help students to acquire new skills and offer work placements, and to support local businesses by gifting local businesses part of Aviva's apprenticeship levy.

Companies are looking to boost their digital capabilities to increase their technological offering to meet customer demands and thus scale the ever-changing digital landscape of the insurance industry. The Foundry will allow Aviva to grow a healthy pool of digitised talent whilst also continuing its support for local people and businesses in Norwich and the regional economy.

Markel UK first to adopt new Zywave solution offering

Markel UK is the first insurer to adopt a new extension to Broker Briefcase, created by insurtech Zywave.

Broker Briefcase provides brokers with customer-facing content which can be used in their sales and marketing endeavours. The new extension, Insurance Content Distribution platform, makes it possible for insurers, managing general agents and third parties to add their own content to the Broker Briefcase knowledge database. This is an opportunity for insurer partners to gain added exposure to their broker audience and create a targeted and deliberate content offering. The Broker Briefcase also boasts of data tracking and insights capabilities on its content performance, which can be used to drive greater impact on its broker audience.

The partnership demonstrates Markel and other insurer's ambition to reach their broker audience in unique ways.

German InsurTech Baobab lands €3m investment

UK-listed FinTech fund Augmentum, has invested in its first insurtech company, Baobab. Berlin-based cyber insurance platform Baobab provides small and medium businesses with measures to help them manage cyber security risks. Augmuentum has a global presence, with 24 private fintechs in its international portfolio, including Tide, Zopra and Monese.

The investment by Augmentum presents Baobab with the opportunity to expand its cyber risk offerings globally as well as benefit from the exposure to various fintech companies.

This investment highlights how increasing cyber security risks globally presents a growth market for insurance investors who are looking to diversify their portfolio.