Reinsurance News

InsurTech news

Willis Towers Watson the majority investor in insurtech Innovisk Capital Partners

1st June 2018

Innovisk Capital Partners, a new global InsurTech start-up that aims to address both the current and future fundamental changes in the insurance sector has been established, with insurance and reinsurance broker Willis Towers Watson as the majority investor. The new InsurTech partnership has been launched with technology, data and modelling core ... Read the full article

ETNA Insurance Agency acquired by RightSure Insurance Group

1st June 2018

RightSure Insurance Group has completed its eleventh book of business acquisition after acquiring Tucson-based ETNA Insurance Agency in a deal effective May 21. The acquisition provides ETNA customers with free access to RATEGuard - an AI-powered insurance management platform introduced by RightSure that automatically shops up to 40 carriers in preparation ... Read the full article

Everest Re partners with tech firm on updated safety platform ZERO

1st June 2018

Everest Re Group has partnered with technology firm Salus Systems, LLC on an updated version of its safety communication platform ZERO, a real-time sharing platform that allows employees to actively contribute to their company’s safety programme. ZERO 2.0 now includes several enhanced features, such as a comprehensive dashboard, live-chat capabilities, bulletin ... Read the full article

ChainThat & Send Technology partner on blockchain integration into re/insurance

30th May 2018

Specialist blockchain solutions company ChainThat is taking steps to improve blockchain and DLT technologies' integration potential in the insurance and re/insurance industry by announcing today a strategic partnership with Send Technology, a specialist integration and ACORD certified gateway provider. An improved potential for transition to blockchain-based solutions, as well as effective ... 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

Blockchain could allow developing countries to ‘leapfrog’ current tech: Fitch

29th May 2018

Fitch Ratings has suggested that blockchain technology could allow insurers and reinsurers in developing nations to make a faster technological leap than those in more established markets, as they can circumvent current operational systems. In its report, "Blockchain and Insurance - The Trust Machine," Fitch observed that many emerging markets and ... Read the full article

Amazon spearheads $12mn funding campaign for India’s Acko InsurTech start-up

29th May 2018

Acko General Insurance, an online-only InsurTech start-up based in Mumbai, India, has raised an investment of $12 million led by Amazon, bringing the company’s total equity funding to nearly $42 million. This announcement confirms rumours from January 2018 that Amazon was on the verge of making its first investment in ... Read the full article

MarketScout bolsters InsurTech technology team

25th May 2018

MarketScout Corporation has announced the hiring of Sebastian Manunta within the technology team of its MarketScout InsurTech (MIT) ventures division. Founded in 2017, MIT ventures invests on behalf of MarketScout, an insurance distribution and underwriting firm based in Dallas, Texas, U.S. The appointment of Manunta expands the company's technology team, and he ... Read the full article

Upgrading technology is top priority for industry leaders: AdvantageGo

23rd May 2018

Upgrading technology is currently the number one concern for re/insurance industry leaders, according to a 2018 InsurTech report by AdvantageGo, the software product family from NIIT Technologies. The report, which surveyed 30 c-suite re/insurance executives from around the world, found that industry leaders are becoming increasingly concerned about the pace at ... Read the full article

InsurTech investment deals reach record high: Willis Towers Watson

23rd May 2018

InsurTech investments have continued to grow, with a record-breaking 66 investment deals worth a total of $724 million recorded during the first quarter of 2018, according to the latest quarterly report from re/insurance broker Willis Towers Watson and CB Insights. Q1 2018 investment volume was only 16% greater than the $624 ... Read the full article

Munich Re backed InsurTech Bestow secures more funding

21st May 2018

Bestow, a Dallas, U.S. domiciled InsurTech company focused on the life insurance sector and which is backed by Munich American Reassurance Company, has announced that it's closed $15 million in Series A funding. The Series A funding was led by Valar Ventures, and included participation from existing investors New Enterprise Associates, Core ... Read the full article

Mobile technology driving re/insurance penetration in Africa, says Lloyd’s Inga Beale

15th May 2018

Inga Beale, Chief Executive Officer (CEO) of Lloyd’s of London, has suggested that mobile technology is key to both supporting economic growth and driving re/insurance penetration across Africa. Although Africa has generally been late in its transition from analogue to digital technologies, the continent has essentially leapfrogged computers and landlines and ... Read the full article

WTW adds machine learning to updated Radar 4.0 pricing tool

14th May 2018

Willis Towers Watson has launched a new version of its Radar pricing software, a product pricing and portfolio management decision tool for re/insurance companies. Radar 4.0 will for the first time utilise a machine learning technique to allow users to build Gradient Boosting Machines (GBMs), and will support the development of ... Read the full article

Boost secures reinsurance capacity for InsurTech development platform

10th May 2018

Boost Insurance has secured a dedicated reinsurance facility to support its B2B InsurTech development platform, led by re/insurance investment manager Nephila Capital with participation from Markel Digital and RenaissanceRe Holdings. Boost plans to manage a program that supports multiple InsurTech start-ups as they enter the property and casualty (P&C) industry across ... 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

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