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InsurTech

Re/insurers application of InsurTech growing: Report

21st July 2017

Application of InsurTech to re/insurance has seen a considerable shift this year, moving out of its fledgling stages of development into what could be considered an intermediate level of adaptation to technology and Artificial Intelligence (AI), Startupbootcamp InsurTech said in its latest tech trends report, issued in association with PwC after gathering ... Read the full article

B3i to launch blockchain reinsurance platform at Monte Carlo RVS 2017

20th July 2017

The Blockchain Insurance Industry Initiative, better known as B3i, is going to launch and present its blockchain reinsurance platform, showing a prototype smart contract management system at the 2017 Monte Carlo Rendez-Vous. B3i is an initiative with 15 members that are all leading firms in the insurance and reinsurance industry. ... Read the full article

Hong Kong set to become link for local re/insurers’ overseas expansion

17th July 2017

In response to questions from a member of the Legislative Council of Hong Kong, Hon Chan Kin-por, the Hong Kong Secretary for Financial Services and the Treasury, James Lau, shared his perspective on where Hong Kong needs to focus to further develop its insurance market, 7thspace reported. Lau said in ... Read the full article

Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg

5th July 2017

Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article

InsurTech & AI use of data to disrupt re/insurance: Willis Towers Watson

4th July 2017

While InsurTech expands data volume through providing a personalised link to clients, Artificial Intelligence will amplify the value of data sets by extracting more information, generating insights, and analysing and recognising patterns far beyond the capabilities of human intelligence. The use of InsurTech coupled with Artificial Intelligence is reshaping the meaning and ... Read the full article

InsurTech recognised as threat to re/insurance revenues by 86% in survey

29th June 2017

Of respondents to a new survey on attitudes to the adoption of technology in financial services, a huge 86% of insurance and reinsurance company executives questioned said that believe InsurTech threatens at least 20% of their revenues. PwC’s 2017 Global FinTech survey found that the insurance and reinsurance sector ... Read the full article

Innovative risk distributors as winners in the tech-age: John Doyle, Marsh

28th June 2017

Speaking at the MMC Young Professionals Forum, President of Marsh LLC, John Doyle, highlighted distributors of risk as winners of the tech-driven future saying that as the industry faces disruption middle market distribution will make gains as it "continues to consolidate." Doyle called attention to data and distribution as major drivers of change ... Read the full article

Munich Re backed carrier ONE acquired by InsurTech wefox

26th June 2017

A digital insurance carrier backed and reinsured by global player Munich Re is to be integrated into InsurTech start-up wefox's platform as an innovation partner from September 2017, as wefox acquires ONE. Wefox said that it is integrating digital insurer ONE, which was launched in 2016 by former Zurich Insurance ... Read the full article

Mainstream adoption of InsurTech to accelerate

26th June 2017

Adoption of technology based or bought insurance is expected to increase dramatically, as InsurTech's look poised to hit the mainstream, according to data from a survey by EY. Consultancy, assurance, tax, transaction and advisory specialist EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, ... Read the full article

RGA Re backs first European digital life insurance solution from Getsurance

21st June 2017

Reinsurance Group of America (RGA) has backed a new digital life insurance solution launched by German InsurTech startup, Getsurance, which aims to bring life insurance into the 21st century. The launch marks the first time a European digital life insurance product has been developed, and Getsurance created the solution in collaboration ... Read the full article

Reinsurance broking veteran O’Halleran joins InsurTech VC’s board

21st June 2017

Michael O'Halleran, a reinsurance broking industry veteran and former chairman of Aon Benfield, has joined the board of advisors of Insurtech focused venture capital (VC) fund ManchesterStory. O'Halleran is joining the ManchesterStory Group, a venture investing specialist in insurance related financial technology (fintech) and healthcare tech, as a special advisor and ... Read the full article

Re/insurance regulation must be future proof & technology neutral: Insurance Europe

20th June 2017

Insurance Europe said the European Commission should ensure regulation is future proof and technology neutral after a recent consultation on Fintech appears to have left the commission poised to tackle unjustified obstacles to digital innovation. The European re/insurance federation emphasized that regulation should be "technology neutral," - focused on activity, not technology, to ensure ... Read the full article

Evolving property/casualty industry at inflection point: VJ Dowling

20th June 2017

Disruptive technologies are driving widespread change across the insurance and reinsurance industry and the property/casualty (P/C) sector is now at an inflection point of the ongoing change, Vincent J. Dowling, Jr. told attendees at the Marsh & McLennan Companies Young Professionals’ Global Forum, 2017. "I have been following the property/casualty industry ... Read the full article

Start-up raises £180m to develop InsurTech focused “insurance challenger”

19th June 2017

Gryphon Group Holdings Limited, an InsurTech start-up, has raised £180 million (US$229 million) in funding as it looks to develop an insurance challenger designed to capitalise on substantial growth potential in the UK insurance market. The new company will have a focus on life, critical illness, and income protection insurance, and ... Read the full article

AIG utilises blockchain for “smart” insurance solution pilot

16th June 2017

Global insurer American International Group (AIG) and Standard Chartered have partnered with International Business Machines Corp (IBM) to create a "smart" insurance solution that utilises blockchain technology to make complicated insurance policies much simpler. AIG and UK-based international bank Standard Chartered have now completed a blockchain pilot, using the open-source Hyperledger Fabric protocol, which was built ... Read the full article

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