Embedded insurance offerings look set to transform the insurtech space over the next 12 months . Europe ’ s instroduction of the PSD2 regulation for online financial services advocates for the migration to open-sourcing and the free movement of customer data with third-party providers ( TPP ).

This enables insurers to obtain a TPP license and gain access to customer payment information — with the consent of the customer . Such information can be used by insurers to personalise insurance policies and further enforce AI in the industry .

POS INSURANCE POLICIES The move means that providing insurance at the POS is now becoming a popular concept across the e-commerce space . For the buyer , the focus is on the need for a product , and for the seller , the focus is very much on the tangible assets within a business . This is where embedded insurtech comes in ; the perfect harmony of insurance and technology bundles together relevant protections within the customer journey for both the buyer and the seller .

Indeed , the demand for embedded insurance is increasing ; a recent report by InsuTech London , calculated that this market could be worth US $ 722bn in Gross Written Premiums ( GWP ) by 2030 , led by growth in China and North America .

� BETTERFLY Chilean insurance-tech startup Betterfly plans to expand overseas after its latest mega funding round of US $ 1250mn swelled its valuation to US $ 1bn

� ACCELERANT Accelerant enjoyed a US $ 193mn , private equity round in its recent funding drive led by Eldridge and including Deer Park , Marshall Wace , MS & AD Ventures , Altamont Capital

� ALLSTATE US primary insurer Allstate has announced fourth-quarter 2021 catastrophe losses of US $ 528mn , pre-tax , the majority of which came in December following a series of tornadoes

� INTACT FINANCIAL

CORPORATION Toronto-based property and casualty ( P & C ) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the fourth quarter of 2021 are US $ 186mn , pre-tax .

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