The monthly newsletter of Open and Embedded Insurance Observatory
Month of January 2025
Hi,
At the Open and Embedded Insurance Observatory, we conduct ongoing market research and intelligence on open and embedded Insurance. As a valuable member of our network we are delighted to share with you our monthly selection of key facts, insights, and news that we believe are meaningful and relevant. This newsletter covers all the insights and pertinent features from January 01-January 31, 2025.
We hope you find these resources beneficial for your business.
Market Intelligence
Embedded Insurance Partnerships
Jan 06, 2025: Zurich Singapore has announced a partnership with ComfortDelGro, a multi-modal global transportation operator. The collaboration will launch Zurich Travel Comfort, a travel insurance product available through ComfortDelGro's ride-hailing app, CDG Zig, for customers booking trips to Singapore Changi Airport. DG Zig currently has over 1 million monthly active users and a unique user base of over 2 million. The Zurich Edge platform powers the insurance experience.
Jan 07, 2025: APOLLO Insurance, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, has partnered with ICM Property Services, ICM Asset Management's property management subsidiary, to offer instant digital insurance solutions tailored to tenants across Canada. ICM Asset Management is a leading investment management firm in North America, with assets totalling more than $2 billion.
Jan 07, 2025: Vertical Insure, the embedded insurance provider for vertical SaaS platforms, announced a partnership with Upper Hand, the leading provider of full-suite sports management software. This collaboration aims to empower sports facilities, studios, and businesses by giving participants the peace of mind they need to plan for the unexpected, while also assisting organisations in protecting revenue and streamlining operations. Upper Hand's innovative software helps businesses manage client bookings, memberships, facility scheduling, marketing, retail, and payments with ease. By incorporating Vertical Insure's coverage options directly into the Upper Hand platform, coaches and program administrators can now provide coverage during participant registration, making it a more convenient and stress-free experience.
Jan 08, 2025: Yorkshire Building Society has collaborated with award-winning insurtech firm Uinsure to make home insurance more accessible, affordable, and transparent. This collaboration enables the mutual to provide its customers with easy access to competitive insurance products, and it has decided to waive all commission fees, ensuring that its customers receive the best possible price for each policy. Yorkshire Building Society customers benefit from tailored insurance quotes based on a 5-Star Defaqto-rated policy, thanks to Uinsure's advanced technology and partnerships with a panel of leading UK insurers. The only difference between options is the price, which simplifies comparisons and allows customers to easily determine which policy is the best valued.
Jan 15, 2025: Oney Servicios Financieros and Oney Insurance have partnered with Habit, a leading embedded insurance platform, to provide tailored insurance solutions to customers of Deporvillage, Europe's largest online sports retailer. This strategic partnership takes a significant step forward in improving customer experiences by seamlessly integrating Accidental Damage Insurance for fitness equipment and mobility products into Deporvillage's physical and soon-to-be-launched online sales channels. Deporvillage customers can take advantage of a suite of embedded insurance products designed to protect their high-value purchases, providing them with peace of mind both during and after the purchase. Initial offerings include:
- Accidental Damage Insurance coverage for fitness and gym machines is available in one- or two-year plans.
- Accidental Damage and Theft Insurance covers mobility products such as bicycles and scooters.
- Electronic Equipment Insurance: Coming soon, this will provide coverage for a wide range of electronic sports equipment.
Jan 17, 2025: Lazada, Southeast Asia's leading eCommerce platform, and Peak3 (formerly known as ZA Tech), a global leader in insurance technology, announced the formation of a joint venture (JV) to create Southeast Asia's leading digital and embedded insurance ecosystem. The new joint venture, built on Peak3's SaaS insurance orchestration platform and in collaboration with leading insurers, is embedding innovative, convenient, and affordable insurance propositions into Lazada's thriving local ecosystems, connecting approximately 160 million active users to more than one million actively-selling sellers each month. This joint venture expands Lazada's capabilities beyond its core eCommerce offerings by incorporating a variety of insurance offerings into its ecosystem. Lazada customers can easily obtain insurance coverage through the Lazada app and website, while merchants benefit from customised protections to protect their businesses. This fosters a supportive ecosystem for all users, helping Lazada achieve its vision of becoming a comprehensive lifestyle platform.
Jan 22, 2025: Westland Express, one of Canada's leading online tenant insurance providers, has partnered with BGO to provide insurance to the company's tenants. This collaboration brings a seamless, fully integrated insurance solution to the Westland Express Ziptenant platform, significantly reducing administrative work for property managers while allowing tenants to easily purchase and manage their coverage online. This partnership is a significant step towards streamlining tenant insurance for BGO's properties across Canada. Westland Express simplifies the process of obtaining tenant insurance by providing a streamlined digital experience, eliminating the need for manual tracking. As a result, property managers can devote more time to other tasks, while tenants benefit from a simple insurance process.
Jan 27, 2025: SPB UK & Ireland, a leading affinity provider of packaged account products, standalone insurance propositions, and gadget retail insurance, has collaborated with DynaRisk to integrate its all-in-one personal cyber risk management software into policies offered by SPB's gadget insurance brand, Insurance2go. As part of this collaboration, all new policies will now include access to Cyber Xpert, also known as CyberAware Essential. This addition provides policyholders with proactive tools for monitoring and managing their cyber risk levels, thereby helping to prevent cyberattacks. Policyholders will have access to an intuitive, all-in-one portal with key features such as: Vulnerability scanning, Router Scanning, Breach Monitoring, Training & Education, Tailored Action Plan, Cybersecurity Score.
Jan 30, 2025: Battleface has announced a partnership with Wingie, "one of the leading travel marketplaces in the MENA region," which provides flight comparisons from over 450 airlines. As part of the partnership, Battleface's travel insurance solutions will be integrated into Wingie's booking process. The Wingie platform is available in six languages and receives approximately 200 million visitors per year.
Jan 30, 2025: Element Fleet Management, "the largest publicly traded, pure-play automotive fleet manager in the world," has announced the launch of Element Risk Solutions, a fully integrated risk management solution. The new service, launched in partnership with HUB International, aims to "transform how clients insure and manage commercial fleets." The offering combines insurance coverage solutions such as accident management, subrogation, driver safety programs, and telematics to provide clients with a seamless vehicle lifecycle experience. Element, which is headquartered in Canada and has offices in North America, Australia, New Zealand, and Ireland, offers comprehensive fleet management services and solutions. The company manages 1.5 million vehicles and serves more than 4,000 clients. Element Risk Solutions will be available in the United States and Canada beginning in the first quarter of 2025.
News Releases and Launches
Jan 06, 2025: Companjon, a leading insurtech start-up specialising in end-to-end, dynamic embedded insurance solutions, is set to provide Visa's issuing clients, a global leader in digital payments, with the opportunity to offer their customers purchase protection from inclement or inconvenient weather, such as extreme temperatures or heavy rain. Weather Protection coverage, ranging from outdoor activities to hotel bookings, can be tailored to the specific needs of the financial institution's customers in the majority of European markets. Companjon will provide technology, underwrite the solution, and carry the risk.
Jan 06, 2025: AXA Global Healthcare, the international medical insurance division of the French multinational insurance company AXA Group, has launched a digital platform that combines insurance services and healthcare delivery. The platform, launched in December 2024, uses a mobile application to provide virtual consultations, policy management, and wellness tracking. The system integrates essential health insurance services, policy documentation access, and claims management with virtual care and wellness features. A companion web portal provides desktop access to insurance and healthcare services for users who require computer access.
Jan 09, 2025: Polly is ready to expand its embedded auto insurance platform.The company announced that it will launch its new Professional Insurance Platform at the 2025 NADA Show, which will take place in New Orleans from January 23 to 26. The new platform is intended to help dealerships monetise the insurance process and increase gross profits. Polly stated in a news release that the new technology provides a faster workflow and expanded carrier partnerships, allowing franchise and independent dealers to provide car buyers with instant online insurance quotes day or night, find coverage for hard-to-insure dealership customers, and earn money for each qualified lead.
Jan 09, 2025: According to German media outlets, ELEMENT, a German insurance startup that offers white-label insurance products, is insolvent as a result of financial regulator BaFin's decision to prohibit the startup from writing new business. According to the reports, business operations will continue while the provisional insolvency administrator oversees their finances. Element's website currently only provides the option to contact the company.
Jan 13, 2025: WTW has launched CyCore Asia, a new cyber insurance facility for companies in Singapore and Hong Kong. Underwritten by QBE Insurance Group and AXA XL, the solution is designed to address organisations' evolving cyber security concerns by providing unique client benefits in addition to primary insurance coverage of up to $15,000,000 or currency equivalent. CyCore Asia offers the following key benefits:
- WTW CyCore Asia's wording: Built on industry expertise, CyCore Asia's proprietary wording provides comprehensive general cyber coverage to assist businesses in effectively minimising and managing risk.
- Risk Bursary: Insureds can receive cyber risk management services from S-RM, a specialist cyber security consultant, for a fee of up to $15,000.
- Restore function: The option to continue coverage throughout the policy period, even after a claim, ensures that businesses are protected year-round. This is subject to the insurer's acceptance and suitability review.
Jan 15, 2025: Urban Jungle, an insurtech provide, has launched travel insurance, adding to its range of home insurance products in a significant step for the company as it expands into'multi-line' operations. Customers can purchase single-trip and annual multi-trip policies that cover medical emergencies, cancellations, delays, and lost luggage. As with its home insurance products, Urban Jungle has eliminated unnecessary questions from the quote process, the policies are customisable, and there are no hidden fees for changes or cancellations. The launch marks a new partnership between Urban Jungle and PJ Hayman & Co., who will handle the travel insurance policies. Urban Jungle uses cutting-edge technology to help keep insurance affordable and accessible to its customers, whether it's using AI to detect fraud or providing an online-first service.
Jan 16, 2025: Tint, a leading embedded insurance platform, has announced a 7x growth in 2024, driven by significant expansion in its core markets and the introduction of innovative embedded insurance solutions. Over the last year, the company has doubled its annualised premium and protection fees, generating tens of millions of dollars in premium across all product lines. In 2024, Tint launched several groundbreaking products across its core verticals, demonstrating its commitment to providing dynamic, flexible insurance solutions that adapt to modern business needs.
Jan 20, 2025: Security First Insurance and Embark have teamed up to launch a home insurance program for Florida's new home builders. This solution streamlines the insurance process for homebuyers by incorporating coverage options into the home-buying experience.The HO5 policy provides more protection than standard HO3 policies, such as open-perils coverage for homes and personal belongings, increased personal property limits, and simplified claims handling. The program uses Embark's proprietary technology to seamlessly integrate insurance quotes into builders' sales and mortgage processes. Preloaded builder data ensures accurate quotes without the need for lengthy applications, which reduces closing delays.
Jan 21, 2025: Obie, a leading provider of insurance solutions for real estate investors, has announced the launch of PolicyProof, a platform that includes tools for simplifying landlord insurance verification and ensuring policy compliance. When combined with Obie's Master General Liability Coverage, the combined offering provides tailored automation, clear next steps for resolving non-compliance, and a liability protection policy in one streamlined solution. The United States has over 300,000 property management companies that oversee millions of rental units, but many still use a manual process to review policies and track expiration dates. These methods are time-consuming, prone to errors, and subject managers to liability risks. PolicyProof addresses these issues and closes the gaps that directly affect property managers and owners. By centralising compliance tracking, property managers gain visibility into their entire portfolio, eliminating manual follow-ups, lowering administrative burdens, and freeing up time for what is most important—growing their business.
Jan 22, 2025: Italian insurer Societa Reale Mutua di Assicurazioni wants to expand in Europe through acquisitions, and it's willing to consider deals worth up to €1 billion ($1 billion). “We’re aiming to develop our international presence through M&A,” General Manager Luca Filippone said in an interview in Milan. The executive stated that the company is considering acquisitions in Iberia, Central and Eastern Europe, and possibly South America, with a focus on both life and non-life. Spain, where the company already has three units, will be the primary focus. The Spanish market's composition may make it a natural for future moves in the sector.
Jan 23, 2025: Cross River Bank ("Cross River"), a technology infrastructure provider that provides embedded financial solutions, has announced the launch of an automated sweep feature that utilises the IntraFi Cash Service. The capability will allow Cross River's Banking-as-a-Service (BaaS) clients to provide their end customers with millions in aggregate FDIC insurance coverage across network banks, resulting in a seamless, automated solution for managing large deposits. Through a unique API-enabled integration with Cross River's proprietary banking core (COS), BaaS clients can now access this differentiated feature and offer end customers the ability to effortlessly sweep their excess funds into IntraFi® network banks across its extensive network. This feature enables BaaS clients to access millions of dollars in aggregate FDIC insurance coverage (per ownership category) across network banks while also reducing the administrative burden of manually distributing funds across multiple institutions.
Jan 24, 2025: Modives and Connexion Mobility have announced an exciting new partnership to bring identity and insurance verification to the automotive industry. Beginning with courtesy transportation, Connexion Mobility's thousands of dealership customers can now redefine their courtesy fleet risk management in an industry prone to difficult-to-manage losses and increased regulation. According to Point Predictive, outdated verification processes enabled synthetic fraud, costing the US auto industry $7.9 billion in 2023. Aside from the cost, outdated verification causes vehicle downtime, repair costs, business disruption, and liability risk—all of which are difficult to quantify. CheckMy Driver, Modives' patent-pending insurance verification application, and CheckMy ID meet these new compliance requirements by providing a secure, automated, and real-time solution for insurance and ID verification, protecting customer data and reducing dealership liability. The collaboration seamlessly integrates CheckMy Driver and CheckMy ID into Connexion's fleet and rental management platform, improving dealer operational efficiency, ensuring regulatory compliance, and opening up new revenue streams.
Jan 31, 2025: Octamile has partnered with Creditswitch, Nigeria's leading USSD and Value-Added Services (VAS) provider, to transform how businesses and individuals access and interact with insurance services. This collaboration lays the groundwork for innovative, technology-driven solutions that close financial inclusion gaps and increase insurance access in underserved communities. With Octamile's expertise in enabling businesses to embed insurance and Creditswitch's ability to provide secure, efficient digital services, this collaboration will create new opportunities for B2B and B2C businesses in Nigeria.
Investments and Funding Rounds
Jan 07, 2025: Matic Insurance, a digital insurance broker, has secured $30 million in funding from Vistara Growth, a flexible growth capital provider for software and technology-enabled services companies. Matic intends to use the proceeds to expand distribution partnerships and develop its technology platform. Matic offers an embedded insurance platform to mortgage servicers, originators, banks, and other financial institutions so that they can offer home, auto, and other personal lines products to their clients.
Jan 15, 2025: Rainbow, a digitally-enabled managing general underwriter (MGU) that creates tailored small business insurance products, has announced a $8 million Series A funding round led by Zigg Capital. The financing, which closed in Q4 2024, will help the company accelerate its plans to expand its specialised underwriting approach to new business verticals. Rainbow's second program recently launched in select states, followed by a nationwide rollout. Rainbow has raised a total of $20 million in capital since its inception in 2022.
Jan 23, 2025: Weecover, the Spanish market leader in embedded insurance, has closed a €4.2 million financing round to support its growth and international expansion plans. Swanlaab Venture Factory and Nauta, an existing investor, led the company's second round of investment. La Roca Capital, Bankinter, Prosegur, and Íope Ventures (investment vehicle of Telefónica Seguros and Wayra) participated in the round, alongside previous investors like Astorya VC.
Jan 30, 2025: Openly, a premium homeowners insurance provider, announced a $193 million growth financing round led by Eden Global Partners, a merchant bank specialising in long-term capital solutions, and Allianz X, Allianz's strategic growth investments arm. Existing investors include Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, Point Judith Capital, and others. This additional investment comes just over a year after Openly secured $100 million in Series D financing.
Hand-picked embedded insurance insights and news which are worth reading
Sure’s 2025 Consumer Sentiment Report…
#Consumer sentiment #2025
The Sure 2025 Consumer Sentiment Report provides a comprehensive analysis of the factors influencing consumer confidence in 2025. It examines how macroeconomic conditions such as inflation, interest rates, and labour market trends, as well as political, social, technological, and environmental factors, have influenced consumer attitudes and spending habits. The report uses robust survey methodologies and demographic data to highlight key trends across various sectors and regions, revealing nuanced differences in consumer outlook based on age, income, and location. Additionally, it provides forward-looking projections and scenario analysis, as well as strategic recommendations tailored for businesses, policymakers, and investors to effectively respond to an evolving economic landscape.
Adapting Today, Thriving Tomorrow: Key Insurance Insights for 2025…
#Insurance insights #2025 #AI# IoT
The article describes how the insurance industry is transforming as it approaches 2025, emphasizing the importance of digital transformation to improve efficiency and personalize customer experiences. It explains how AI, IoT, and advanced analytics are transforming underwriting, claims processing, and risk assessment, as well as addressing emerging issues like climate change and cyber threats. Furthermore, the article underlines the importance of innovative insurtech partnerships and agile regulatory adaptation, urging insurers to embrace these changes to remain competitive and resilient in an evolving market landscape.
Open and Embedded Insurance White Papers
We have published six white papers in collaboration with ELEMENT, SAS, Fit2You, Sapiens, Wakam, and Generali.
This playbook – created in conjunction with ELEMENT – sheds light on how MGAs looking to distribute insurance products in the EU are able to leverage the capabilities of an insurer that is specialized in risk transfer to access additional capacity, allowing them to model, manage and deliver personalized customer solutions.
The SAS white paper: Based on new research from SAS and the Open and Embedded Insurance Observatory, this report tracks current trends in the embedded insurance space. It identifies levels of data sharing between insurers and tech enablers, the impact of process automation and how customer experience (CX) is measured - highlighting opportunities for insurers to gain significant business advantages by making optimal use of their data.
The Fit2You white paper provides an introduction to embedded insurance in the mobility space, demonstrating the value that can be added for all stakeholders when embedding insurance as part of a mobility offering. It explores the societal trends and technological advancements that make this type of insurance offering so valuable. And looks at the future potential market of embedded insurance in the mobility sector.
The Sapiens white paper explores how automation is reducing complexities in insurance products and processes - and improving insurer-retailer relationships. It explains how embedded insurance is key to simplifying insurance across the entire value chain and shows how - with the right technology partners - insurers and retailers are empowered to meet consumers' protection needs quickly, efficiently, and affordably.
The Wakam white paper is a playbook that provides an introduction to embedded insurance for non-insurance brands. The playbook scrutinizes the copious benefits of embedding an insurance proposition, provides insights into the various embedded insurance models, and explains how embedded insurance has a real impact on societal trends and consumer needs. It also explains how to easily set up an embedded insurance offering, details real-world use cases, and defines a strategy to ensure your insurance solution's successful implementation. You can download it from the button below.
The Generali white paper investigates and analyzes emerging models in the field of digitally embedded health services and health insurance. Embedded health ecosystems offer insurers an unprecedented opportunity to expand their offering while also contributing shared value to all stakeholders. This paper evaluates the current market for Embedded Health Insurance and Services, examines some of the market leaders, and reveals how insurers can remain competitive in an evolving landscape. You can download it below.
Reports by the Observatory
Our latest report, "Embedding Insurance in Digital Platforms and Marketplaces”. This report, developed in collaboration with Marsh and Sure, explores the growing importance of embedded insurance in the digital economy. It delves into how platforms and marketplaces can leverage innovative insurance solutions to mitigate risks, enhance customer trust, and fuel business growth. With case studies, market insights, and real-world examples, this report offers a strategic roadmap for businesses looking to capitalize on the emerging opportunities in the platform economy.
Insights and analysis from the Open and Embedded Insurance Observatory and its members. Including exclusive interviews, member profiles, analysis of the current open and embedded insurance marketplace, in-depth articles on trends and key topics, and a round-up of recent fundings and investments in this space.
2025 London Plenary Meeting
The Open & Embedded Insurance Observatory will hold its first plenary meeting of 2025 on March 18 in London. The plenary meeting agenda is as follows:
The Open & Embedded Insurance Observatory is supported by: Admiral, Ageas, AirHelp, AWS, AXA, bolttech, CDL, Datafolio, Dai-Ichi Life International, DB Schenker, Embri, Epoq, EY, FIT2YOU, Generali, Grab, Guardrisk, Habit, HDI Embedded, Insurely, Jaguar Land Rover, LAMIE, Marsh, Meiji Yasuda, Metlife, Neosurance, Net Insurance, Onsi, Otonomi, Peak3, Quotall, Qover, Reale Mutua, SAP Fioneer, SAS, SimplyBusiness, Stere, Stripe, Sure, Swiss Re, Tokio Marine, Travelers, Wakam, Wolt, WTW
For any information or request, feel free to reach out to us at info@openinsuranceobs.com.
This newsletter is curated by Aashima Malik Research Analyst at the Observatory.