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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.

Innovative risk distributors as winners in the tech-age: John Doyle, Marsh

28th June 2017

Speaking at the MMC Young Professionals Forum, President of Marsh LLC, John Doyle, highlighted distributors of risk as winners of the tech-driven future saying that as the industry faces disruption middle market distribution will make gains as it "continues to consolidate." Doyle called attention to data and distribution as major drivers of change ... Read the full article

Munich Re backed carrier ONE acquired by InsurTech wefox

26th June 2017

A digital insurance carrier backed and reinsured by global player Munich Re is to be integrated into InsurTech start-up wefox's platform as an innovation partner from September 2017, as wefox acquires ONE. Wefox said that it is integrating digital insurer ONE, which was launched in 2016 by former Zurich Insurance ... Read the full article

Mainstream adoption of InsurTech to accelerate

26th June 2017

Adoption of technology based or bought insurance is expected to increase dramatically, as InsurTech's look poised to hit the mainstream, according to data from a survey by EY. Consultancy, assurance, tax, transaction and advisory specialist EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, ... Read the full article

RGA Re backs first European digital life insurance solution from Getsurance

21st June 2017

Reinsurance Group of America (RGA) has backed a new digital life insurance solution launched by German InsurTech startup, Getsurance, which aims to bring life insurance into the 21st century. The launch marks the first time a European digital life insurance product has been developed, and Getsurance created the solution in collaboration ... Read the full article

Reinsurance broking veteran O’Halleran joins InsurTech VC’s board

21st June 2017

Michael O'Halleran, a reinsurance broking industry veteran and former chairman of Aon Benfield, has joined the board of advisors of Insurtech focused venture capital (VC) fund ManchesterStory. O'Halleran is joining the ManchesterStory Group, a venture investing specialist in insurance related financial technology (fintech) and healthcare tech, as a special advisor and ... Read the full article

Re/insurance regulation must be future proof & technology neutral: Insurance Europe

20th June 2017

Insurance Europe said the European Commission should ensure regulation is future proof and technology neutral after a recent consultation on Fintech appears to have left the commission poised to tackle unjustified obstacles to digital innovation. The European re/insurance federation emphasized that regulation should be "technology neutral," - focused on activity, not technology, to ensure ... Read the full article

Evolving property/casualty industry at inflection point: VJ Dowling

20th June 2017

Disruptive technologies are driving widespread change across the insurance and reinsurance industry and the property/casualty (P/C) sector is now at an inflection point of the ongoing change, Vincent J. Dowling, Jr. told attendees at the Marsh & McLennan Companies Young Professionals’ Global Forum, 2017. "I have been following the property/casualty industry ... Read the full article

Start-up raises £180m to develop InsurTech focused “insurance challenger”

19th June 2017

Gryphon Group Holdings Limited, an InsurTech start-up, has raised £180 million (US$229 million) in funding as it looks to develop an insurance challenger designed to capitalise on substantial growth potential in the UK insurance market. The new company will have a focus on life, critical illness, and income protection insurance, and ... Read the full article

AIG utilises blockchain for “smart” insurance solution pilot

16th June 2017

Global insurer American International Group (AIG) and Standard Chartered have partnered with International Business Machines Corp (IBM) to create a "smart" insurance solution that utilises blockchain technology to make complicated insurance policies much simpler. AIG and UK-based international bank Standard Chartered have now completed a blockchain pilot, using the open-source Hyperledger Fabric protocol, which was built ... Read the full article

Re/insurers investment in tech to increase with focus on AI: Moody’s

15th June 2017

The Internet of Things (IoT) and Artificial Intelligence (AI) are becoming focal points for re/insurance investment, after 90% of firms said they'd successfully incorporated technologies to improve digital consumer engagement and Big Data use, according to a Moody's survey of 18 of Europe's biggest re/insurers. "In recent years, many groups have ... Read the full article

JLT Specialty USA to develop InsurTech Workers’ Comp solutions with Altumai

14th June 2017

Insurance and reinsurance brokerage JLT Group subsidiary, JLT Specialty USA, has announced a new partnership with Internet of Things (IoT) and analytics driven solutions specialist, Altumai. In addition, it's important to ensure worker safety across the agricultural and food sectors, and also to mitigate injury and any long-term health implications of ... Read the full article

MarketScout targets InsurTech & MGA facility expansion

7th June 2017

Texas based insurance exchange and managing general agent MarketScout has sold its $100 million workers compensation MGA and will use the proceeds to fund a change in strategy, as it switches its focus to Insurtech and MGA facilities. MarketScout owns the successful MarketScout Exchange, where it connects agents with insurers and ... Read the full article

EU insurance rules must be compatible with the digitisation revolution

6th June 2017

European insurers have voiced fears that new EU consumer protection rules - the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs) and the Insurance Distribution Directive (IDD) - could clash with consumers needs for digital-friendly products. Sergio Balbinot, European insurance and reinsurance federation’s president said at Insurance Europe’s 9th International Conference regulators needed ... Read the full article

Re/insurance experts set up InsurLab in Germany

5th June 2017

An InsurLab was set up last week in Cologne, Germany, to facilitate collaboration between InsurTech start-ups, re/insurers, and service providers, as part of a growing movement towards cooperation as re/insurers increasingly recognise a group effort is necessary to fully reap the benefits of the InsurTech innovation. The lab was established by ... Read the full article

Influence of InsurTech being felt in personal lines insurance: Conning

2nd June 2017

The rise of innovative technology and the resulting increased investment into technology-focused business models is impacting all industries of the world, including numerous areas of the insurance and reinsurance value chain and business systems. FinTech and InsurTech have become increasingly common words across the risk transfer industry, as a need for greater efficiency ... Read the full article

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