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.
Sprout.ai raises £5.4m to transform claims processing
31st October 2023
Sprout.ai, a claims automation insurtech, has raised £5.4 million in a round led by venture capital investors Amadeus Capital Partners and Praetura Ventures. At the same time, UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures and UK investor Portfolio Ventures Angel Fund also join Sprout.ai’s ... Read the full article
QuoteWell emerges from stealth with $15M Series A funding led by NEA
30th October 2023
Insurtech startup QuoteWell unveiled its "innovative" approach to the insurance industry as it emerges from stealth mode. The company, founded in 2021, has raised over $15 million in a Series A funding round led by New Enterprise Associates, Inc. (NEA), with participation from Goldcrest and Floating Point. Joey Bouchard, CEO and Founder ... Read the full article
“Exceptional results” validate the Israeli InsurTech Accelerator program effectiveness: CEO Bendelak
30th October 2023
The Israeli InsurTech Accelerator program has reported “remarkable results” driving innovation and growth within the country’s start-up industry, InsurTech Israel has stated. Since its inception over two years ago, the program has contributed significantly to the evolving landscape of InsurTech in Israel. The country’s capital, Tel Aviv, has become a vibrant ... Read the full article
DGTAL launches new AI data capturing & process automation tool
26th October 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has launched a new Intelligent Document Processing tool, GRABBER. The new tool excels at understanding, extracting and validating data from sources such as invoices, bank statements, utility bills, quotes, order forms etc, DGTAL stated. This eliminates ... Read the full article
Lloyd’s syndicate HRP partners with insurtech Optalitix to transform underwriting
20th October 2023
Hampden Risk Partners (HRP), a Lloyd's syndicate primarily supported by Hampden Agencies, has successfully implemented Optalitix Quote, the underwriting workbench to transform underwriting. The workbench, created by insurtech Opalitix, a specialist data analytics solutions provider, aims to drive the profitability and strategic growth of the business. It allows underwriters to embed ... Read the full article
Insurance innovation hub Howden Ventures launches with £500m underwriting capacity
16th October 2023
Global insurance group Howden has unveiled an innovative venture known as Howden Ventures, pending approval from Lloyd's, aimed at accelerating insurance product development. Described by the broker as a world-first insurance innovation hub, the initiative launches with £500 million in delegated underwriting capacity and seeks to become an investment and risk ... Read the full article
Jen Tan joins Artificial Labs as Head of Portfolio Strategy
16th October 2023
Artificial Labs, a UK insurtech providing algorithmic underwriting technology to the commercial and specialty insurance market, has appointed Jen Tan as Head of Portfolio. Tan joins Artificial with 14 years’ experience in Lloyd’s and London Market pricing, portfolio management and risk management. In her new role, she will play an integral ... Read the full article
InsuranceDekho raises $60m in second funding round of the year
12th October 2023
India-based InsuranceDekho has raised $60 million Series B funding, a mix of equity and debt, as the startup looks to supercharge its growth. The round was led by Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, Japan’s Mitsubishi UFJ Financial Group and Beams Fintech Fund. Its existing investors ... Read the full article
wefox appoints Wismer as Group CFO, Wesemann becomes new CIO
6th October 2023
Insurtech wefox has appointed Jonathan Wismer as its new Group Chief Financial Officer (CFO), while Co-founder and current CFO, Fabian Wesemann, has been named the new Chief Investment Officer (CIO). Wismer joins the company’s executive team, and he will also report to Julian Teicke, founder and CEO of the company. Wismer, an ... Read the full article
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