08 September 2019

Prudential to buy InsurTech for $2.35bn

Written By FinTech Alliance

Prudential to buy InsurTech for $2.35bn

Prudential Financial Inc is set to buy online insurance startup Assurance IQ Inc.

In Brief:

  • Prudential shares have been down following poor financial results but rose slightly after the announcement.

  • Assurance uses data crunching and AI to improve revenue and cut costs.

  • Assurance brings around 17mn customers with it according to Prudential.

What does this mean?

The insurance company says there is currently a large middle market underserved within the industry, which it hopes the acquisition of a startup will help improve.

Read more here.

Up Next ...
27 March 2024

Santander evolves in-person bank format

Tailors experience to meet customer needs.In brief:- Santander Bank, announced ...

27 March 2024

Derivitec launches in the US

Following a rapid rise in user numbers amongst its US ...

27 March 2024

Visa and Mastercard lower fees

Visa and Mastercard reach $30bn interchange fee settlement with merchants.In ...

26 March 2024

Unity Trust Bank reports £1bn in lending

Unity Trust Bank reports record £1bn social impact lending.In brief:- ...

More in Insurance

Posted By The Community

Is the Insurance Industry Finally Embracing a Data-Driven, Customer-Focused Future?

18 March 2024

The insurance sector has been relatively slow to adopt the ...

Written By: Epam Systems

Posted By The Community

Preparing for the EU AI Act: compliance and insurance guidance for AI providers and deployers

22 January 2024

The EU’s AI Act is set to introduce new responsibilities for businesses that develop and deploy artificial intelligence (AI) systems. Below, we have outlined some of th...

Written By: Lockton

Insurance in the FinTech industry

23 November 2023

We sat down with Nick Rugg, Head of FinTech Insurance ...

Monzo plans insurance push with Brolly founder

08 November 2023

A recent hire at Monzo has seemingly tipped off that ...

Articles Insurance

Digital Modernization in the Insurance Industry

20 March 2024

The insurance industry is conservative and prudent, and the technology investments from decades gone...

Articles Insurance

2024 global insurance outlook

02 October 2023

Key messagesEscalating frequency and severity of global risks—from climate change to cybercrime—is i...

Thought Leadership Insurance

What Does the Digital Landscape Look Like for Insurance?

08 December 2020

Emerging Digital Trends in Insurance “The world as we know it today wouldn’t work ver...

Articles Insurance

2020 insurance outlook Insurers adapt to grow in a volatile economy

13 May 2020

As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability...

There are no Events in this category