Reinsurance News
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Insurance veterans form brand new Insurtech, Modives
28th July 2023
Five insurance industry veterans have formed Modives, a new venture which automates insurance verification for property managers and auto dealers. CEO and Co-Founder Frederick Waite, a veteran entrepreneur, has assembled a team with varied insurance industry experience to launch his latest venture. Prior to forming Modives, he established BCF, a software platform ... Read the full article
Coinnect: Leading the charge in the revolutionary ‘Cyber Insurtech’ domain
27th July 2023
As the digital landscape continues to accelerate, cybersecurity threats continue to evolve and have raised the prominence of the cyber insurtech, reflecting an innovative intersection of cyber security technologies and cyber insurance solutions, according to Massimiliano Rijllo, CEO of Coinnect. Coinnect is a cyber insurtech firm which provides services and platforms ... Read the full article
UK insurtech sector soars with $21bn enterprise value, establishing global dominance: McKinsey
21st July 2023
The UK's insurtech sector has emerged as a dominant force in the global market, boasting an impressive total enterprise value of approximately $21 billion, according to recent estimates by management consulting firm McKinsey & Company. Despite trailing behind the US and China in total enterprise value, where the insurtech giants stand ... Read the full article
Zurich announces partnership with insurtech Qover
7th July 2023
Zurich Insurance Group has joined forces with Belgium-based Qover, to expand its embedded insurance capabilities. The insurer entered this partnership through Zurich Global Ventures as part of which Zurich is also joining the insurtech’s Series C funding round. Qover was founded in 2016 with the vision to simplify the future of insurance; ... Read the full article
Insurtech funding drops to 2018 levels, but $7 trillion market opportunity persists: Report
29th June 2023
The first half of 2023 witnessed a significant decline in venture capital funding for insurtech start-ups, reaching levels similar to 2018. According to the report "The State of Global Insurtech" prepared by Dealroom.co, Mundi Ventures, MAPFRE, NN Group, and Generali, insurtech investments amounted to $2.4 billion, a 45% decrease compared to ... Read the full article
Insurtech Raincoat raises additional $6.5m in seed funding
27th June 2023
Raincoat, a startup developing scalable climate insurance solutions, has announced the closing of an additional $6.5 million seed round. This follows the $4.5 million Raincoat raised last year, bringing its total raised to date to $11 million. According to the announcement, the latest round of capital will support the company's expansion ... Read the full article
IRL becomes first ever InsurTech-focused broker to enter the Lloyd’s market
23rd June 2023
Innovative Risk Labs (IRL), a leading InsurTech specialist dedicated to launching, incubating and supporting start-ups in the insurance technology space, has secured a license to operate within the Lloyd’s market. This “ground-breaking achievement” makes IRL the only exclusive InsurTech-focused broker permitted to conduct trade within the Lloyd's market. Under the leadership of ... Read the full article
Lloyd’s partners with DET to drive growth opportunities for insurtechs in Dubai
13th June 2023
Lloyd's, the global insurance and reinsurance marketplace, has entered into a new partnership with Dubai’s Department of Economy and Tourism (DET) to develop a Dubai Insurtech Enablement Platform, designed to facilitate holistic growth opportunities for insurtech start-ups and entrepreneurs in the region. The pair have signed a Memorandum of Understanding which ... Read the full article
Covéa and Gen Re back policies for new life insurtech Bluezone
12th June 2023
Bluezone, the insurtech company that is reinventing life insurance for people with chronic illnesses, has launched its first policy in the UK with a unique policy for people with Type 2 diabetes. This new life insurance solution offers people in the UK with Type 2 diabetes life insurance coverage through a ... Read the full article
OneDegree partners with Microsoft to drive Insurtech & cybersecurity innovations with Azure OpenAI
12th June 2023
OneDegree Global, a technology startup in the insurtech and cybersecurity sectors, has entered into a strategic partnership with Microsoft Hong Kong. The collaboration marks a major milestone between the two companies as OneDegree integrates Azure OpenAI Service into its IXT insurtech and Cymetrics cybersecurity solutions. OneDegree recently unveiled its latest generative AI ... Read the full article
AI insurtech Concirrus launches new multi-line submissions solutions
8th June 2023
AI insurtech Concirrus has announced its new submissions offering that provides a seamless end to end solution for customers at a competitive price. The new offering ensures customer privacy and has been described as the market’s first solution that can increase productivity by 400%. Using AI tools such as ChatGPT can come ... Read the full article
Insurtech bolttech valued at $1.6 bn after raising $196m in Series B round
17th May 2023
International insurtech bolttech is now valued at $1.6 billion after raising $196 million in its Series B round, led by Japanese insurer Tokio Marine. Other key investors included MetLife Next Gen Ventures, a MetLife subsidiary, and Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders. The proceeds of ... Read the full article
Insurtech Concirrus partners with data and analytics provider Percipience
10th May 2023
Percipience LLC, an insurance data and analytics platform provider, and insurtech Concirrus have announced a new partnership aimed to expand data capabilities for insurers. According to the announcement, this partnership brings together the best of breed data analytics and Artificial Intelligence (AI) capabilities. It combines Percipience’s comprehensive insurance data and analytics platform ... Read the full article
Global InsurTech funding rises by 37.6% in Q1 2023: Gallagher Re
4th May 2023
InsurTech funding has bounced back strongly in the first quarter of 2023, with global investments reaching $1.39 billion, according to the latest Global InsurTech Report from Gallagher Re. This marks a 37.6% increase from the previous quarter's lowest total since Q1 2020. While the deal count remained steady, the average deal ... Read the full article
Applied Underwriters developing InsurTech tools to help brokers with clients’ medicare needs
2nd May 2023
Applied Underwriters has announced that it is completing the development of EOS, an MGA and technology platform for use by independent agents and brokers in offering the best available healthcare arrangement for their clients' Medicare needs. The Medicare buying decision is mandatory, occurring annually for most people in the US age ... Read the full article