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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.

Re/insurance solutions evolve to cover intangible corporate assets: Swiss Re

16th October 2017

Re/insurance product development and innovation around data and data analytics have expanded the scope of solutions from tangible to intangible assets, to cover a wider range of threats and improve corporate risk management, according to Swiss Re's latest sigma study. Companies are increasingly using novel insurance solutions to protect earnings, reduce ... Read the full article

InsurTech start-ups remain attracted to P&C: Report

16th October 2017

Research from Celent, a research and advisory company with a focus on technology and Guy Carpenter, a reinsurance brokerage, reveals that a third of InsurTech accelerators by line of business members are property & casualty (P&C) focused. The new report, titled "Insurtech Accelerators: A Market Scan," reveals that the number of ... Read the full article

Guidewire Software to acquire P&C insurance software provider Cyence

12th October 2017

Software provider to Property and Casualty (P&C) insurers, Guidewire Software, has entered into an agreement to acquire Cyence, a software provider that uses data science and risk analytics to expand P&C insurers' underwriting capabilities to include previously uninsured risks. Cyence offers a data listening and risk analytics solution that combines curation ... Read the full article

Blockchain will do for re/insurance what the internet did for information: IBM interview

12th October 2017

With the Blockchain Insurance Industry Initiative (B3i) in the market-beta testing phase of its reinsurance blockchain prototype and due to be deployed into production next year, spoke to IBM's Insurance Industry Global Managing Director, Sandip Patel, about which areas of the re/insurance value chain he expects will see real ... Read the full article

Gen Re partners with TrackActive to enhance health solutions for insurance industry

11th October 2017

Global reinsurer Gen Re is to collaborate with digital health provider, TrackActive, to deliver innovative and effective solutions to its life and health customers in the international insurance sector. TrackActive recently completed the Startupbootcamp InsurTech London accelerator programme, and the company has seen impressive take-up of its clinical software in numerous ... Read the full article

Industry-first platform developed by IBM & MetLife to enhance insurers capabilities

11th October 2017

IBM has partnered with MetLife to develop a new platform for the global insurance industry on the IBM Cloud, designed to improve both the process and economics for product development, as well as enhancing underwriting and benefits delivery. The new, industry-first platform aims to assist insurers expansion into new products and ... Read the full article

CelsiusPro & Aon Benfield extend partnership for weather risk solutions

11th October 2017

Swiss Insurtech firm CelsiusPro and Aon Benfield have renewed their partnership of data analysis and solution design for climate related risks. CelsiusPro specialises in offering parametric insurance solutions and weather derivatives to mitigate the risks of adverse weather and natural disasters, and since 2013 has provided Aon Benfield with risk analysis ... Read the full article

PPL announces major updates as it looks to enhance capabilities

9th October 2017

The Board of PPL Ltd, a core component of the London Market Target Operating Model, has announced some updates to the platform, which went live on October 9th, 2017. Updates to the platform includes a new facilities functionality, more than 20 market requests, and also a number performance, security and usability ... Read the full article

Lloyd’s signs artificial intelligence deal to transform business processes

9th October 2017

Lloyd's of London has signed its first agreement with an artificial intelligence (AI) technology provider, signing up with Expert System to enable Cogito powered cognitive automation to transform business processes and support Lloyd's market participants. Craig Civil, Head of Data Innovation, Lloyd's, said; "Artificial Intelligence drives productivity by changing the way ... Read the full article

“I don’t think the industry is doing enough to innovate” – Lloyd’s Chairman

6th October 2017

Lloyd's new Chairman, Bruce Carnegie-Brown, has called for a renewed emphasis on modernisation of the 300 year old insurer, saying that while Lloyd's underwriting performance has been strong, the firm's success is stunted by its overweight cost structure, in an interview with the Financial Times. "I don’t think the industry is ... Read the full article

Tech firm Fractal Industries adds reinsurance expertise

6th October 2017

Technology firm Fractal Industries, which specialises in cyber security, artificial intelligence, machine learning, and data analytics, has added a team of reinsurance sector experts as it targets the vertical. Fractal provides clients an AI-driven decision-making platform, helping them to solve complex, real-world problems at scale. Thew firm has expanded beyond the ... Read the full article

TigerRisk & Willis Re partner to develop reinsurance placement platform

6th October 2017

Two global reinsurance brokerages are joining forces to advance the development of a reinsurance placement platform. Willis Re is joining with TigerRisk Partners LLC to further develop the globalREmarket (formerly named X-gRm) technology. The pair have formed a new third-party company, RePlace Holding LLC, which will advance the development of the ... Read the full article

AIG and TradeIX partner for blockchain trade finance transactions

5th October 2017

Insurance giant American International Group (AIG) has partnered with specialist technology firm TradeIX to enable firms to access trade finance using a blockchain-enabled platform. AIG and TradeIX have completed the first blockchain-enabled trade finance transaction, for a global logistics company, with financing provided by Standard Chartered plc. AIG, as well as being ... Read the full article

Reinsurers’ opportunity to make underwriting more scientific – Swiss Re CUO

5th October 2017

Swiss Re Group Chief Underwriting Officer (CUO) Edi Schmidt highlighted the need for reinsurers to take a more scientific and forward-looking approach to underwriting to drive down cost of re/insurance at the firm’s 2017 Monte Carlo conference press briefing. “Today we have much more capabilities to use more sources to make ... Read the full article

State Auto launches $25m InsurTech venture fund

29th September 2017

The innovation arm of State Automobile Mutual Insurance, State Auto Labs Corp, has launched a $25 million corporate venture fund, backed by Rev1 Ventures, to connect InsurTech and FinTech startups with capital technologists and insurance industry experts. The aim of the venture is to identify transformation technologies and solutions and invest ... Read the full article

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