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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.

Insurtech Hippo confirms $350mn Mitsui Sumitomo investment

24th November 2020

California-headquartered, homeowners focused-insurtech Hippo has received a $350 million investment from Mitsui Sumitomo, a subsidiary of MS&AD Insurance Group Holdings. As part of the deal, the corporate venture capital fund of MS&AD will join Hippo’s board of directors as an “observer.” Additionally, Hippo and Mitsui Sumitomo plan on signing a reinsurance treaty, ... Read the full article

Cohen & Co’s SPAC acquires insurtech Metromile

24th November 2020

Metromile Inc., a San Francisco based car insurance start-up, is set to become a public company via an $842 million combination with INSU Acquisition Corp. II, a special purpose acquisition company (SPAC) sponsored by Cohen & Company. Cohen & Co’s acquisition vehicle completed its initial public offering back in September, ... Read the full article

Swiss Re’s Magnum solution adopted by FWD Fuji Life

24th November 2020

Swiss Re has announced that its automated underwriting solution, Magnum, has been adopted by Japanese life insurer FWD Fuji Life Insurance Co. FWD Fuji Life is the first life insurer in Japan to adopt the solution, which it believes will enable a faster, paperless customer experience. Using Magnum, customers will be able ... Read the full article

We’re in the very early innings of tech improving reinsurance: Prospectus 2021

20th November 2020

Advancements in technology and analytics have the potential to dramatically improve the reinsurance industry as it strives for efficiency, but to date, the market remains in the very early stages of realising the benefits, according to industry experts. To end the inaugural re/insurance and insurance-linked securities (ILS) conference, Prospectus ... Read the full article

Insurtech Highwing secures $4mn in seed funding

18th November 2020

Denver-based insurtech company Highwing has secured $4million in a seed funding round co-led by BrokerTech Ventures, a specialist platform provider for the broking market. Highwing was founded to provide an open exchange ecosystem for the benefit of the insurance industry value-chain. The company intends to use the $4 million to expand its ... Read the full article

Hiscox USA expands Ask Kodiak partnership

16th November 2020

API platform provider Ask Kodiak has expanded its partnership with Hiscox and will now support its direct small commercial product appetite and eligibility in the US. Kodiak's platform is designed to allow insurers to store, update, and share information with any distribution partner for maximum efficiency and quote-to-bind speed. By communicating the product ... Read the full article

Munich Re, Porsche form consultancy joint venture

16th November 2020

Re/insurer Munich Re has founded a joint venture with car manufacturer Porsche and its management and IT consulting subsidiary MHP 'FlexFactory' aims to make the production of small series of all kinds of different products in the manufacturing industry more flexible and cost efficient. It also enables customers from the manufacturing industry ... Read the full article

INSTANDA launches new integration marketplace

13th November 2020

Cloud-based digital insurance platform INSTANDA has launched a virtual marketplace designed to give insurers the ability to pick and choose pre-integrated technology solutions. INSTANDA says its clients will be able to integrate with other digital platforms, including Fitbit, Hive, Sage50 and Salesforce, Docusign, and Hyperscience. The marketplace will expand in 2021, as ... Read the full article

Munich Re Automation Solutions expands partnership with ExamOne

12th November 2020

Munich Re Automation Solutions, the insurtech-focused subsidiary of Munich Re Group, has expanded its partnership with ExamOne, a Quest Diagnostics company, to leverage its LabPiQture results. LabPiQture is a service from ExamOne that provides automated access to clinical lab data on an individual for use in insurance underwriting. Individuals must provide authorisation ... Read the full article

Vortex develops online portal for parametric rain quotes

12th November 2020

Weather risk agency Vortex Insurance Agency LLC has released a new online portal that provides businesses with access to parametric rain insurance quotes. Rain insurance premiums are based on a number of risk factors, including the event location, time of day, time of year, and historical weather data. And because the portal ... Read the full article

AXA XL, Xtract look to digitise commercial auto claims

10th November 2020

The insurance business of AXA XL has entered into a multiyear partnership and licensing agreement with Xtract in an effort to transform the commercial auto claims management process in the US. The first AXA XL division to intriduce data aggregation and analytics platform Xtract to its clients is their Environmental Insurance ... Read the full article

Brown & Brown acquires InsurTech CoverHound

10th November 2020

A subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of InsurTech firm CoverHound, a digital insurance marketplace for both individuals and small businesses. The deal has been announced by J. Scott Penny, Brown & Brown's Chief Acquisitions Officer and Keith Moore, Chief Executive Officer (CEO) of ... Read the full article

Lloyds Bank & Previsico partner on flood resilience

10th November 2020

Live flood forecasting insurtech firm Previsico has announced that it will join the Launch Innovation Lab, powered by Lloyds Banking Group, to develop solutions for flood resilience. Together, Previsico and Lloyds will work to develop a solution for Lloyds home insurance customers, against a backdrop of increasingly severe and frequent flood ... Read the full article

Tencent applying for reinsurance license in China: Report

28th October 2020

Giant Chinese technology conglomerate and fintech company Tencent is applying for a license to operate a reinsurance entity in China, according to reports in local media. It's a natural step for the company which has already expanded successfully into direct to consumer insurance business. Tencent has leveraged its deep connections with customers ... Read the full article

Insurtech fundraising hits $2.5bn in Q3: WTW

28th October 2020

Re/insurance broker Willis Towers Watson (WTW) has reported that insurtech firms raised a total of $2.5 billion across 104 deals during the third quarter of 2020. The total value raised was 63% higher than in the previous quarter, while the number of deals increased by 41%, according to the new Quarterly ... Read the full article

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