Reinsurance News
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.
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
Re/insurers investment in tech to increase with focus on AI: Moody’s
15th June 2017
The Internet of Things (IoT) and Artificial Intelligence (AI) are becoming focal points for re/insurance investment, after 90% of firms said they'd successfully incorporated technologies to improve digital consumer engagement and Big Data use, according to a Moody's survey of 18 of Europe's biggest re/insurers. "In recent years, many groups have ... Read the full article
JLT Specialty USA to develop InsurTech Workers’ Comp solutions with Altumai
14th June 2017
Insurance and reinsurance brokerage JLT Group subsidiary, JLT Specialty USA, has announced a new partnership with Internet of Things (IoT) and analytics driven solutions specialist, Altumai. In addition, it's important to ensure worker safety across the agricultural and food sectors, and also to mitigate injury and any long-term health implications of ... Read the full article
MarketScout targets InsurTech & MGA facility expansion
7th June 2017
Texas based insurance exchange and managing general agent MarketScout has sold its $100 million workers compensation MGA and will use the proceeds to fund a change in strategy, as it switches its focus to Insurtech and MGA facilities. MarketScout owns the successful MarketScout Exchange, where it connects agents with insurers and ... Read the full article
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