Reinsurance News
Fintech
Travelers acquires majority stake in FinTech start-up Zensurance
23rd August 2018
The Travelers Companies, Inc. has acquired a majority (60%) stake in Zensurance, a Canadian FinTech start-up that helps businesses find and manage their insurance packages, for a price of roughly CAD $16 million (USD $12.3 million), according to BetaKit. Zensurance’s Chief Executive Officer (CEO) Danish Yusuf and Chief Technology Officer (CTO) ... Read the full article
Shanghai Stock Exchange partners with insurers on new blockchain project
22nd August 2018
The Shanghai Stock Exchange (SSE) has entered into a partnership with a number of major re/insurance industry players, including the Insurance Asset Management Association of China (IAMAC), to improve the efficiency and security of the insurance industry using blockchain technology. Shanghai Securities News reported that the SSE and IAMAC had joined ... Read the full article
Digitalisation will ‘redefine’ insurance claims handling: PwC
12th July 2018
Technology and digitalisation will 'redefine' the insurance claims handling process, and must be better integrated if companies are to harness their benefits and avoid becoming obsolete, according to a new report by PwC. The report urged re/insurers to focus on the opportunities of digitalisation, which will likely remove human involvement from much ... Read the full article
Chubb becomes first business to integrate TOM Structured Data Capture service
29th June 2018
Chubb has become the first business to go live with an integrated Structured Data Capture (SDC) service from the London Market’s Target Operating Model (TOM), according to the London Market Group (LMA). SDC enables the contents of documents such as Market Reform Contracts and binding authorities to be converted into consistent, ... Read the full article
Product innovation key to MENA insurance penetration: PartnerRe’s Orlando
28th June 2018
The reinsurance industry needs to support insurers in creating and developing new products to address low insurance penetration in the Middle East & North Africa (MENA) region, according to Salvatore Orlando, Head of Middle East, Africa and Russia at PartnerRe. "Low levels of insurance penetration are a global problem, but one ... Read the full article
ACORD announces new cloud-based messaging solution for London market vendor
27th June 2018
ACORD, the re/insurance industry data standards body, has partnered with software provider DataPro Corporation to produce Conductor, a cloud-based messaging solution. Chris Newman, Managing Director of ACORD in London, commented, “The implementation of standards is overwhelmingly viewed positively across the global insurance industry, particularly in the London Market.” “As well as helping to ... Read the full article
Lloyd’s looking to ‘redefine’ tech use with new innovation lab partners
18th June 2018
Inga Beale, Chief Executive Officer (CEO) at Lloyd’s, has said that the company is looking to redefine the way it uses technology as it begins the process of searching for entrepreneurial start-ups to partner with its Innovation Lab, due to be launched later in 2018. Lloyd’s recently announced that it ... Read the full article
Re/insurance industry set to grow faster than global economy: Munich Re
29th May 2018
The rate of growth of the global re/insurance industry is set to overtake the global economy in 2018 and 2019, with average annual premium growth forecast at 5.3%, compared with global GDP growth of 4.9%, according to Munich Re’s latest Insurance Market Outlook. Munich Re reported that life insurance is set ... Read the full article
QBE invests in machine learning tech firm Hyperscience
9th May 2018
QBE Insurance Group has announced that its venture capital arm, QBE Ventures, has closed an investment into machine learning tech firm Hyperscience, and has entered into an agreement to roll out its solutions across QBE globally. Hyperscience uses artificial intelligence (AI) to develop solutions for automating office work across verticals like ... Read the full article
Marsh and Validus collaborate on new U.S fintech policy
3rd May 2018
Re/insurance broker and risk management firm Marsh has collaborated with Validus Specialty, an underwriter of professional liability solutions, to develop FINTECH Protect, a financial and professional re/insurance solution that manages the growing risks of U.S-based fintech companies. Unlike traditional forms of re/insurance for financial and technology industries, FINTECH Protect offers comprehensive ... Read the full article
Digital disruption could cost re/insurers 40% of revenue within 5 years: Accenture
26th April 2018
Accenture, a global management consulting company, has suggested that re/insurers are unprepared for the scale of potential digital disruption, and claims that some carriers could lose up to 40% of their traditional revenue within the next five years. The consultancy’s research indicated that, whilst re/insurance has so far been one of ... Read the full article
Asian InsurTech M&A tripled in 2017: Willis Towers Watson
10th April 2018
Global re/insurance broker Willis Towers Watson has reported that the total transaction volume of InsurTech mergers and acquisitions (M&As) in Asia hit US $460 million over 2017, a figure over three times greater than the one recorded over 2016. In its fourth Quarterly InsurTech Briefing, Willis Towers Watson attributed the surge ... Read the full article
Cape Analytics expands AI-driven property data coverage to national U.S market
4th April 2018
Cape Analytics, a re/insurance data analytics provider, has announced that its property data coverage has been launched across the entire continental U.S, and claims it is the first national coverage to provide instant, imagery derived property information. The expanded coverage will allow U.S re/insurers to instantaneously access data on over 70 ... Read the full article
Lloyd’s Chairman outlines disruptive technology challenges for re/insurers
3rd April 2018
In a recent interview with CNBC, Lloyd’s of London Chairman Bruce Carnegie-Brown has outlined how he believes disruptive technologies will impact the re/insurance market, and which sectors are likely to be susceptible to technological innovation. He explained that the sectors most likely to be affected were those “very highly commoditised ... Read the full article
85% of re/insurance CEOs concerned about pace of tech change: PwC
28th March 2018
PwC has reported that 85% of Chief Executive Officers (CEO) in the re/insurance industry have expressed concern over the pace of technological change, a higher proportion than leaders in almost any other industry. 100 re/insurance CEOs participated in PwC’s 21st Global CEO Survey, which revealed a generally positive outlook among industry ... Read the full article
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