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InsurTech news

XL Catlin to offer first on-demand cyber insurance product

25th July 2018

XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses. The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to ... Read the full article

Praedicat insurtech firm launches new chemical analysis product

25th July 2018

Praedicat, an InsurTech analytics company, has announced the launch of ChemMeta; a product that provides clients with tools to monitor and evaluate the latest regulatory and environmental information on the chemicals it uses. ChemMeta leverages natural language processing and machine learning to “read” and convert high volumes of toxicology and environmental ... Read the full article

Insurtech positioned to reconfigure insurers’ business models, say analysts

25th July 2018

A rapid evolution over the past three years has shifted the narrative surrounding insurtech startups and positioned insurers to re-calibrate the way we classify the industry and its role in society, says global startup accelerator Startupbootcamp InsurTech (SBC), and multinational professional services network, PwC. SBC says debate was initially focused on ... Read the full article

Tokio Marine co-leads $90mn funding for Metromile start-up

24th July 2018

Tokio Marine Holdings and Intact Financial, a North American property and casualty (P&C) insurer, have co-led a $90 million Series E funding drive for Metromile Inc., a San Francisco based car insurance start-up that utilises a pay-per-mile model and fully automated claims experience. Metromile said it plans to use the funds ... Read the full article

Munich Re’s HSB launches IoT sensors for building owners

24th July 2018

Munich Re member firm The Hartford Steam Boiler (HSB) has launched a new generation of its Sensor Systems solution; sensors and software that connect equipment and facilities through the Internet of Things (IoT). Delivered as a kit for commercial customers, the sensors use proprietary algorithms to help prevent loss and improve ... Read the full article

CoreLogic partners with Esri to expand geospatial content offering

20th July 2018

CoreLogic, a global property information, analytics and solutions provider, has partnered with spatial analytics company Esri to expand the availability of its geospatial content using Esri’s online ArcGIS Marketplace. The online marketplace will allow users to more easily integrate CoreLogic’s content into their workflow, by providing access to more than 200 ... Read the full article

Guy Carpenter announces launch of InsurTech Alliance

18th July 2018

Guy Carpenter & Company, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has announced the launch of InsurTech Alliance, a new insurer-focused suite of capabilities designed to help carriers understand and exploit the data and analytics-driven innovations emerging from InsurTech. The announcement sees Guy Carpenter look to ... Read the full article

REG UK reveals latest RegTech product, Market Monitor

18th July 2018

REG UK, a RegTech solution that streamlines counterparty compliance checks and accelerates agency processes, has announced the launch of its new Market Monitor product. Regtech is the umbrella term for new technologies that facilitate the delivery of regulatory requirements and has grown in prominence since new, customer data-driven industries like FinTech ... Read the full article

“Cultural misalignment” hinders InsurTech innovation: Maffeo, Boost Insurance

17th July 2018

As technology continues to advance and increasingly looks to disrupt the global insurance industry, partnerships between incumbents and InsurTech startups are becoming more and more commonplace, however, cultural misalignment could be hindering innovation across the sector, according to Alex Maffeo, Chief Executive Officer (CEO) and Founder, Boost Insurance. Speaking with Reinsurance ... Read the full article

InsurTech Hippo reports solid growth and expansion of its senior leadership

13th July 2018

California-based InsurTech firm Hippo has recorded solid growth in recent times, tripling its written premiums quarter-over-quarter and with total insured property value now exceeding $10 billion. The InsurTech company has a focus on improving customer experience, and by leveraging its modern home insurance solution, which combines its patented AI framework with ... Read the full article

New blockchain solutions expected from RiskBlock & Accenture partnership

12th July 2018

Blockchain risk management consortium RiskBlock Alliance has confirmed that professional services company Accenture is to become the lead framework architect responsible for building its "production-grade platform" to develop and implement blockchain use cases. Essentially, the platform will enable the development of new blockchain-based tools and products for both policyholders and insurers. “Accenture ... 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

AFL enters partnership with U.S InsurTech start-up OnRisk

11th July 2018

AFL Insurance Brokers has entered into a strategic partnership with OnRisk, a U.S-based InsurTech start-up, to advance new technology for structuring and placing high value property & casualty (P&C) risk. The partnership will see AFL become an early adopter of the OnRisk structuring platform, which facilitates the placement process for risk ... Read the full article

Lloyd’s reveals new digital distribution platform

11th July 2018

The specialist Lloyd’s of London insurance and reinsurance marketplace has launched a new digital distribution platform, called Lloyd’s Bridge, which is designed to more efficiently connect insurance businesses and entrepreneurs with underwriters from the Lloyd’s market. By matching insurers and underwriters, the online Lloyd’s Bridge platform will enable businesses to underwrite ... Read the full article

UK brokers’ market share rises as digital channels engage SMEs

9th July 2018

Data analytics company GlobalData and ABI statistics have reported that UK brokers continue to dominate commercial re/insurance distribution, and grew to an estimated footprint of £1.33 billion over 2017 thanks to the prevalence of digital channels like price comparison websites. Despite the dominance of brokers in the UK market, 2016 marked ... Read the full article

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