5 new partnerships and acquisitions prioritize tech for insurers

February 16, 2024 5:00 AM

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As insurance companies become more competitive as customers make a habit of shopping around for the best plans, insurers are leveraging technology in new ways to position themselves as the most attractive option.

Here are five recent partnerships, collaborations and acquisitions that are expanding technology portfolios among major insurance companies.

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Spot Pet Insurance partners with YouTuber MrBeast for pet adoption event

Spot Pet Insurance has partnered with celebrity YouTuber and digital philanthropist, Jimmy Donaldson, better known as MrBeast, to host the "100 Dog Adoption" event, where the pet health insurer is also providing lifelong pet insurance coverage for all 100 of the adopted dogs.

"With less than 4% of pets in the U.S. and Canada insured, Spot hopes that this event will raise awareness to the benefits of insurance and encourage all pet parents to become more financially responsible with their cats and dogs," Trey Ferro, CEO of Spot Pet Insurance, said in a release.

The insurer and MrBeast collaborated with Big Dog Ranch Rescue, a dog rescue and rehabilitation non-profit organization, to organize the adoption event.

Read more:

Spot Pet Insurance sponsors pet adoption event with YouTube philanthropist MrBeast

Allstate’s new app features include gas finder and parking platform

Allstate has added new, third-party features to their app, including a gas finder from GasBuddy, a parking reservation platform using SpotHero, weather risk information from Risk Factor and a repair shop finder with Good Hands Repair Network, in addition to their Drivewise telematics program.

"It's really important to be a digitally connected brand in the modern era," Mike Antognoli, director of mobile product at Allstate, told Digital Insurance's Kaitlyn Mattson. "App adoption and engagement has been something that we've been working on the last few years."

Before adding them to their app, Allstate tested these new features with customers and used feedback to make decisions on what to update.

Read more:

Allstate relaunches app with new third-party features

Travelers acquires Corvus to enhance cyber portfolio

Corvus Insurance was recently acquired by the Travelers Companies in a deal amounting to around $435 million, which closed in early January.

"In addition to having the opportunity to renew Corvus' $200+ million book of business, we will leverage Corvus' leading capabilities to enhance the return profile of our already attractive cyber portfolio," Jeff Klenk, EVP and president of bond & specialty insurance at Travelers, said in a statement.

Corvus created an artificial intelligence platform focusing on cyber risk that identifies cyber weaknesses.

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Travelers to acquire Corvus for $435M

Resideo partnership expands Nationwide's smart home technology portfolio

Beginning in 2024, a pilot program between Nationwide and Resideo Technologies will offer smart home protection via thermostats, smoke and leak detectors, as well as security technology.

"The collaboration with Nationwide allows Resideo to expand our mission of protecting what matters most to millions of homeowners who have insured their homes with Nationwide and who are keen to leverage smart solutions to help prevent water and fire damage," said Dana Huth, CRO of Resideo.

Resideo Technologies joins Ting and Notion in Nationwide's group of smart home technology partnerships.

Read more:

Nationwide, Resideo partner to offer smart home protection, policy discounts

Aon expands reach to India with new acquisition

Aon recently acquired risk management, insurance and reinsurance broking services provider Global Insurance Brokers, expanding Aon's reach and giving them a presence in India.

"The Indian insurance market is developing rapidly, and the changing landscape means our clients are facing increasingly complex risks and evolving regulatory requirements," Jon Pipe, CEO of Aon India Insurance Brokers, recently said in a statement. "The combined capabilities of Global Insurance Brokers and Aon will allow us to better serve our clients across India in new geographies and industries."

This acquisition will boost Aon's existing capabilities in commercial risk, health and reinsurance with Global's tech solutions and team of experts.

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Aon acquires Global Insurance Brokers