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.
Insurtech Reserv raises $20m Series A round to accelerate growth
5th October 2023
Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from AXIS Capital, Arch Capital Group, ... Read the full article
Insurtech Allium Data secures $750k funding from Markd
5th October 2023
Insurtech startup Allium Data, Inc., has secured a pre-seed funding round of $750,000 from Markd, an insurance/insurtech-focused venture capital firm. The firm intends to use the funds to accelerate its growth and go-to-market strategy for all platform products. Established in 2022, the company has several products currently in market. The ... Read the full article
Accelerant provides capacity to Rainbow’s new BOP for the restaurant industry
5th October 2023
Rainbow launches an annual term Business Owner's Policy (BOP) tailored to the restaurant industry, entering the admitted commercial multi-peril market with capacity through insurtech Accelerant. The company's digital insurance products are available to independent agents and brokers through direct appointment, or via participating digital partners. Rainbow’s BOP is to provide agents and ... Read the full article
Insurtech Artificial Labs and Tier 2 Consulting announce partnership
2nd October 2023
UK-based insurtech, Artificial Labs, and Tier 2 Consulting, renowned for its expertise in agile software development, have joined forces to revolutionise insurance solutions with automated underwriting technology. According to the announcement, this alliance promises cutting-edge solutions and transformative advancements for insurance providers and policyholders alike. With over two decades of experience in ... Read the full article
Lemonade faces uphill battle as profitability remains elusive: BMO Capital Markets
29th September 2023
In a recent analyst report by BMO Capital Markets, Lemonade, the innovative insurtech company, has found itself in a precarious financial position, with its profitability prospects looking increasingly distant. The report highlights several key factors contributing to Lemonade's challenges, including its significant cash burn rate, rising reinsurance costs, and supply constraints ... Read the full article
Baoba Insurtech partners with Continental Assist for parametric solutions in LATAM
22nd September 2023
Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market. The insurtech is a comprehensive platform for parametric insurance infrastructure, which enables insurers to Create, Launch, and Operate parametric policies effortlessly ... Read the full article
Planck launches first GenAI-enhanced underwriting workbench
22nd September 2023
Planck, global insurtech platform for commercial insurance, has launched the first generative artificial intelligence (GenAI) enhanced underwriting workbench known as Planck PLUS. Planck PLUS is both a strategic toolkit and a trusted co-pilot that leverages the latest AI technologies and proprietary machine learning models to set a new standard in underwriting ... Read the full article
AI-insurtech DGTAL secures funding of €3 million
8th September 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has secured strategic funding of €3m to facilitate the scaling of its pathbreaking technology. 1750 Ventures, the venture capital arm of German VGH Versicherungen, has entered the deal as anchor investor along with Gossmann & ... Read the full article
Dozen insurtechs to join Lloyd’s Lab new Asia Pacific climate, cyber and sustainability cohort
7th September 2023
Re/insurance marketplace Lloyd’s has announced the 12 insurtech firms set to join the 11th cohort of its innovation hub, the Lloyd’s Lab, which will focus on climate, cyber and sustainability in Asia Pacific. The new theme introduced this year will focus on developing solutions to some of the biggest risks faced ... Read the full article
Insurtech innovations set to reshape insurance industry: Waterstreet Study
25th August 2023
In a study involving hundreds of prominent insurance leaders, Waterstreet has revealed a compelling vision of the future of insurance, shedding light on the transformative impact of insurtech innovations, artificial intelligence (AI), machine learning, and blockchain on the industry landscape. Survey participants overwhelmingly foresee insurtech startups as the driving force behind ... Read the full article
The firms that are producing the best results are the ones that possess better data: HSCM’s Jones
21st August 2023
During a recent interview with Reinsurance News, Adrian Jones, Partner, HSCM Ventures, explained how one of the biggest issues that he hears across the industry is the quality of data reaching reinsurers and retrocessionaires. Data and technology are two fundamentals of re/insurance. The most successful brokers and insurers are the ones ... Read the full article
Vesttoo in active discussions with potential investors for alternative collateral for clients
7th August 2023
As insurtech Vesttoo continues its investigation into the alleged fraudulent letters of credit (LOCs) used as collateral in its transactions, the firm has reiterated its commitment to "working with alternative investors and brokers to ascertain alternative collateral" for its clients. A statement released by the company says that it is in ... Read the full article
InsurTech sector sees shift in investment focus as (re)insurers lead Q2 funding: Gallagher Re
3rd August 2023
The global InsurTech sector witnessed a substantial decline in new funding during the second quarter of 2023, amounting to $916.71 million, marking a 34.0% drop from the impressive $1.39 billion recorded in the preceding quarter, according to the latest findings unveiled by reinsurer Gallagher Re. This dip has pushed the quarterly ... Read the full article
Insurance veterans form brand new Insurtech, Modives
28th July 2023
Five insurance industry veterans have formed Modives, a new venture which automates insurance verification for property managers and auto dealers. CEO and Co-Founder Frederick Waite, a veteran entrepreneur, has assembled a team with varied insurance industry experience to launch his latest venture. Prior to forming Modives, he established BCF, a software platform ... Read the full article
UK insurtech sector soars with $21bn enterprise value, establishing global dominance: McKinsey
21st July 2023
The UK's insurtech sector has emerged as a dominant force in the global market, boasting an impressive total enterprise value of approximately $21 billion, according to recent estimates by management consulting firm McKinsey & Company. Despite trailing behind the US and China in total enterprise value, where the insurtech giants stand ... Read the full article
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