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.
Climate insurtech FutureProof gains MGA funding, led by AXIS
9th May 2022
FutureProof Technologies, a climate-focused P&C insurtech, has raised $6.5 million in capital, which it has employed to establish a managing general agency (MGA) entity. The capital raise, which was led by AXIS Digital Ventures with participation from prior investors Innovation Endeavors and MS&AD Ventures, brings FutureProof’s total funding to nearly $10 ... Read the full article
WTW releases upgraded version of ResQ reserving software
9th May 2022
Insurance and reinsurance broker, WTW, has announced the launch of the newest version of its industry-leading loss reserving and financial reporting software, ResQ. ResQ 5.3 introduces a number of new features including ResQ Agent Processing, a new capability that represents a major evolution of the ResQ Enterprise Processing Engine. ResQ Agent Processing ... Read the full article
Aon and Paypal partner on digital insurance program
5th May 2022
Aon and PayPal Holdings have partnered on a digital initiative to help PayPal's small business customers in the US obtain insurance in the same ecosystem used to manage their payments. The digital insurance program will enable PayPal's small business customers in the US to shop for, purchase and manage insurance coverage ... Read the full article
Insurtech investment broke records in 2021 – Gallagher Re
4th May 2022
Global investment in insurtech breached $15.8bn in 2021, according to Gallagher Re’s Global Insurtech Report. The figure, said Gallagher Re, was the highest on record and more than 2019 and 2020 combined. The firm said that over the course of 2021, some $9.4bn was invested into Property & Casualty InsurTechs, with the ... Read the full article
CyberCube partners with actuarial capital modeller
26th April 2022
Cyber risk analytics firm CyberCube has announced a new partnership with Ultimate Risk Solutions (URS), a provider of actuarial capital modelling to the insurance and reinsurance sectors. The partnership will see URS integrate CyberCube’s Portfolio Manager model outputs with its Risk Explorer financial analysis software for insurers and reinsurers. Risk Explorer models ... Read the full article
Transverse launches insurtech venture fund
26th April 2022
Transverse Insurance Group, the P&C program carrier launched in 2018, has announced the final closing of its new venture capital fund. Transverse Ventures Fund I is supported by the capabilities of multiple partners including insurance carriers and executives. The fund is mainly focused on making early-stage investments in insurance and adjacent technologies ... Read the full article
There’s no such thing as taking bad risk: Graham Gordon, Sapiens
22nd April 2022
"There’s no such thing as taking a bad risk. Just bad choices of how to approach the risk and the bad result of that risk," according to Sapiens Director of Product and Strategy, P&C, Graham Gordon. In an interview with Reinsurance News, Gordon discussed some of the ways in which data ... Read the full article
ICEYE adds flood insights to EigenRisk’s cat risk management platform
22nd April 2022
SAR data provider and expert in environmental flood hazard data, ICEYE and EigenRisk, a leading and independent insurance technology platform provider, have announced a new agreement to incorporate ICEYE’s flood insights for large-scale flood events into the EigenPrism catastrophe risk management platform. EigenPrism provides a single, cloud-based platform for catastrophe data, ... Read the full article
Tech investments main obstacle to growing P&C sales: AM Best
22nd April 2022
A new survey of property and casualty (P&C) insurers by AM Best has found that more than half of respondents consider digitization and technological investments to be the biggest challenges in modernizing distribution and growing sales. The rating agency found that 56% of respondents that viewed digitalization and technological investment as ... Read the full article
MSIG deploys eClaims system by Fermion Merimen
22nd April 2022
MSIG has deployed Fermion Merimen’s eClaims platform as part of an effort to digitalise and to streamline its claims processes across ten insurance classes. The system is designed to enhance productivity, compliance control and customer satisfaction during the claims process. MSIG says the platform will enable it to modernise its claims processing ... Read the full article
Aon sets up IP-based funding for self-ordering tech firm
21st April 2022
Aon has set up a $35 million intellectual property (IP) based funding arrangement for GRUBBRR, a provider of self-ordering technologies, creating an IP-collateralized debt structure that enabled the firm to raise additional funds through debt. Headquartered in Boca Raton, Florida, GRUBBRR’s technologies include kiosks, mobile ordering, POS, online ordering, KDS and ... Read the full article
Greenlight Re’s Syndicate 3456 at Lloyd’s commences underwriting
20th April 2022
The previously announced Greenlight Innovation Syndicate 3456 at Lloyd's, Greenlight Re's new insurtech-focused syndicate, received approval to commence underwriting from April 1st, 2022. The new syndicate was launched under the syndicate in a box model at the specialist Lloyd's insurance and reinsurance marketplace. It's been launched by its parent to provide ... Read the full article
Marsh develops new analytics solution for property risks
8th April 2022
Insurance broker and risk advisor Marsh has announced the launch of a new property analytics solution that aims to digitalise the manual processes involved in managing property risks. The new solution, part of Marsh’s Blue digital analytics suite, digitizes clients’ primary risk data, including construction, occupancy, protection, and exposure data. It then ... Read the full article
Ascot backs Coalition’s US cyber program
6th April 2022
Commercial lines insurtech Coalition, has announced the addition of global specialty re/insurer Ascot Group to back its US primary surplus lines cyber program through Ascot Speciality Insurance Company. This new multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth. In 2021, Coalition’s ... Read the full article
Cenata and IQUW partner on reinsurance management solution
5th April 2022
Insurtech software provider Cenata has partnered with Property, Commercial and Specialty re/insurer, IQUW, enabling the Lloyd’s syndicate to use Cenata’s outwards reinsurance management solution, Cenata SURE, a full cycle outwards reinsurance management solution. The partnership will provide IQUW with the capability to process real-time premium and claims data from multiple inwards ... Read the full article