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InsurTech news

Insurance and reinsurance technology related news, focused on the wave of interest in InsurTech start-ups, investing in insurance technology initiatives, as well as reinsurance tech start-ups or ReinsurTech.

Up to 85% of insurtechs could fail, says Starr CEO Greenberg

17th October 2019

Maurice R. Greenberg, Chairman and Chief Executive Officer (CEO) at Starr Insurance Companies, believes that up to 85% of budding insurtech firms are likely to fail. Speaking in an interview with AM Best TV, Greenberg explained that Starr was embracing technological change via investments into new start-ups, but remained realistic about ... Read the full article

Insurtech Quantemplate secures $12m in latest funding round

16th October 2019

Cloud-based automated data provider Quantemplate has raised $12 million in its latest funding round, as the company looks to continue providing re/insurers with solutions that help identify new market opportunities and reduce costs. Quantemplate’s platform leverages machine learning and creates real-time access to democratised data in a way that it says ... Read the full article

Hiscox selects IVANS Markets to tap independent agencies network

16th October 2019

Global specialist re/insurer Hiscox is set to expand its reach to independent agencies using IVANS Markets, which promises to provide access to a network of more than 32,000 agents. Leveraging the service from IVANS, a division of Applied Systems, Hiscox will market appetite details for its partner wholesalers, including Apogee, Braishfield ... Read the full article

Munich Re’s automation insurtech eyes mid-tier market

16th October 2019

Munich Re Group's specialist insurtech subsidiary, Munich Re Automation Solutions Ltd, is set to bring its auto-underwriting expertise to the global mid-tier insurance marketplace with one of its SaaS-enabled solutions, ALLFINANZ SPARK. SPARK operates as a hosted service, and provides mid-tier companies with the chance to automate their underwriting processes, explore ... Read the full article

B3i deploys latest Cat XoL product

15th October 2019

The Blockchain Insurance Industry Initiative (B3i) has announced the deployment of its latest property catastrophe Excess of Loss application. B3i says the product is able to cover the majority of Cat XoL contracts transacted in the market today and provides customers with the ability to negotiate and manage contract workflows on ... Read the full article

Willis Towers Watson partners with RDT on Radar Live program

15th October 2019

Re/insurance broker Willis Towers Watson (WTW) has announced that insurance software house RDT has become the latest vendor to join its Radar Live Collaboration program. The program was developed to facilitate faster integrations with WTW’s Radar Live rating and rules solution through an ecosystem of insurtech software firms. WTW explained that the ... Read the full article

Lloyd’s chairman Carnegie-Brown takes on role at auto insurtech Cuvva

10th October 2019

Bruce Carnegie-Brown, the Chairman of specialist re/insurance marketplace Lloyd's of London, has taken on a new role at auto insurtech Cuvva, The Financial Times has reported. App-based Cuvva allows users to purchase car insurance by the hour, day, week or month and was founded in 2014 by Freddy Macnamara and James ... Read the full article

Ethos adds Brett Wilson as VP of Risk, Actuarial

9th October 2019

Ethos, a life insurtech backed by Munich Re and Assurity Life, has expanded its executive team with the appointment of Brett Wilson as its first Vice President of Risk & Actuarial. Wilson brings nearly two decades’ experience to the role and joins from Old Mutual’s Latin American division, where he served ... Read the full article

Talanx partners with intelligent automation firm WorkFusion

9th October 2019

Talanx Group, the parent of reinsurance giant Hannover Re, has entered into a strategic partnership with New York-based intelligent automation and robotic process automation software firm, WorkFusion. It’s hoped the agreement will accelerate end-to-end digitisation of core business processes, starting with HDI Germany. “We are thrilled to partner with Talanx Group and ... Read the full article

RGAX partners with Mutual of Omaha on blockchain-powered workflows

8th October 2019

RGAX, a subsidiary of Reinsurance Group of America, Incorporated, has partnered with primary carrier Mutual of Omaha to explore reinsurance workflows powered by blockchain technology. The parties completed a proof of concept that the allowed them to experiment with the automation of reinsurance transaction using distributed ledger and smart contract technology. The ... Read the full article

Munich Re expands partnership with AI-powered fraud insurtech FRISS

8th October 2019

Global reinsurer Munich Re has extended its partnership with FRISS, an AI-powered fraud and risk solution provider for the property & casualty insurance sector. This move will see Munich Re and FRISS build on work that has already been done in Latin America and Iberia, offering fraud and risk mitigation support ... Read the full article

Munich Re invests $250mn in Next Insurance start-up

7th October 2019

Reinsurance giant Munich Re has invested $250 million in Next Insurance, an online insurance platform designed for small to medium sized businesses. The German reinsurer was the sole investor in Next Insurance’s Series C funding round, which valued the small-business insurance start-up at more than $1 billion. Based in Palo, Alto, California, ... Read the full article

Global Insurance Accelerator boosts funding for 2020 insurtech cohort

7th October 2019

The Global Insurance Accelerator (GIA), an insurtech-focused business accelerator, has announced changes to its funding structure beginning with the 2020 cohort of start-ups. Notably, the GIA has nearly doubled the seed funding investment granted to successful applicants, boosting it from $40,000 to $75,000 via a post-money Simple Agreement for Future Equity ... Read the full article

Munich Re’s HSB develops IoT water damage solution for schools

4th October 2019

The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of reinsurance giant Munich Re, has announced a new customised Internet of Things (IoT) solution for schools. HSB Connected Technologies is designed to monitor buildings and equipment 24/7 to protect against water leaks, freezing pipes, mold, and perishable goods spoilage. The solution’s ... Read the full article

Munich Re rolls out digital underwriting solution for Swedbank

3rd October 2019

Munich Re Automation Solutions Ltd, an insurtech specialist and subsidiary of the Munich Re group, has announced that Swedbank Försäkring has gone live with its digital underwriting solution, ALLFINANZ. The successful installation of ALLFINANZ will create a platform for innovation for Swedbank Insurance business, the parties explained. Swedbank AB is a Nordic-Baltic ... Read the full article

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