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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.

Carbon bolsters data analytics capabilities with two new hires

11th August 2021

Specialist managing general underwriter (MGU) Carbon has appointed Navdeep Dhuti as a Data Engineer and Sophia Johnson as a Data Services Associate. Dhuti joins from customer analytics consultancy Acrotrend Solutions where he was a Data Engineer / Data Scientist. Johnson joins from Tokio Marine Kiln where she was a Data Analyst, and ... Read the full article

Vesttoo raises $6mn in Hanaco-led Series A funding round

9th August 2021

Hanaco Ventures has partnered with Vesttoo via an equity investment of $6 Million, leading Vesttoo’s Series A round aimed at further promoting the company’s multi-billion security-based investment portfolio. Vesttoo is a leading global alternative reinsurance and investment platform offering a security-based investment portfolio based on non-catastrophe insurance risks. The funding round is ... Read the full article

Corvus Insurance acquires Wingman tech platform

9th August 2021

Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US. Wingman, which will retain its independent brand and offering following the acquisition, is expected to enable Corvus to enter the admitted coverage marketplace and increase ... Read the full article

Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort

6th August 2021

Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article

Lemonade reduces quota share reinsurance program

5th August 2021

Insurtech start-up Lemonade has made a reduction in its quota share reinsurance program, lowering it from the previous 75% to 70%. Last year, Lemonade transitioned to a quota share program and agreed to cede 75% of its premium to a panel of reinsurers, with the firm retaining 25%. Following the impacts of ... Read the full article

Life and P&C insurers to accelerate automation use over the next five years

5th August 2021

A new survey by Willis Towers Watson suggests global life and property and casualty (P&C) insurers want to improve the efficiency and auditability of their processes and close the gap between their current use of automation and where they aspire to be in five years. The survey quesrtioned life and P&C ... Read the full article

Hamilton implements Phinsys software across Lloyd’s, EEA businesses

4th August 2021

Finance automation software provider Phinsys has announced the implementation of its technology by Hamilton Insurance Group. The Bermudian re/insurer opted for Phinsys’ software in an effort to enhance the financial accounting and reporting of its Lloyd’s syndicates and EEA business. Hamilton is now benefiting from the use of Tandem, a source-agnostic finance ... Read the full article

Ed announces full Ki integration into etrading platform

4th August 2021

Reinsurance, wholesale and specialty broker Ed has fully integrated Ki’s algorithmic underwriting with its etrading platform TradEd. It’s hoped the integration of Ed and Ki’s platforms will introduce seamless access to Ki’s follow-only capacity, enabling brokers to quote and bind risks without leaving Ed’s system. “This is an exciting development, in line ... Read the full article

Connected Insurance partners with Swiss Re on cyber protection

3rd August 2021

Insurtech firm Connected Insurance (CI) has partnered with Swiss Re to launch an embedded cyber protection that offers personal cyber insurance to individuals and families. The product, called The Digital-Life Insurance, will provide risk prevention tools that help consumers protect themselves and their electronic devices against cyber-attacks. "We have redesigned the traditional ... Read the full article

Fathom launches climate-conditioned flood cat model for the UK

2nd August 2021

UK-based flood risk modeller Fathom has launched its newly updated model designed to enable banks and re/insurers to quantify the current and future flood risk of their portfolios. The Bristol-based flood risk specialist first launched its Fathom-UK CAT model in January. This latest iteration brings the inclusion of coastal flooding with five ... Read the full article

InsurTech investment reached record high in H1 2021: WTW

29th July 2021

Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW). In Q2 2021, 162 deals yielded more than $4.8 ... Read the full article

Hippo launches homeowners association insurance product

27th July 2021

Home insurer Hippo has announced its expansion into commercial Insurance, with the launch of a tailored homeowners association (HOA) product. The product is designed to provide broader protection alongside a streamlined claims process. Commercial customers will have access to Hippo’s personalised coverage, backed by the company’s data-driven underwriting, satellite and aerial imagery, ... Read the full article

CAPE Analytics secures $44m in funding

22nd July 2021

CAPE Analytics, a provider of geospatial intelligence for property risk and valuation, has secured $44 million in Series C financing, led by Pivot Investment Partners. Additional investors, Aquiline Technology Growth and HSCM Bermuda also joined the Series C round, with participation from existing investors, including Formation8 and Brewer Lane Ventures, as ... Read the full article

Munich Re and Sapiens partner on commercial market services

21st July 2021

Munich Re has partnered with Sapiens International Corporation, a provider of software solutions for the insurance industry, to offer technology-led consultancy and services that will enable primary insurers to better serve the commercial insurance market. Initially focusing on small and medium sized businesses in the UK, the partnership also plans to ... Read the full article

AXA UK launches machine learning-driven property claims tool

20th July 2021

AXA UK has introduced a new machine learning tool designed to help streamline and accelerate complex property claims. BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) captures data points and simplifies claims triaging process by increasing the speed and accuracy of claims resolution. The tool was built inhouse by AXA and uses data, ... Read the full article

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