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.
Aanika Biosciences accepted into BMA Reinsurance Innovation Hub
28th February 2022
Aanika Biosciences, an emerging biotech company that uses microbial based technologies to improve food safety, has received acceptance into the Bermuda Monetary Authority’s (BMA) Innovation Hub. The program will allow reinsurers to explore how the application of Aanika’s traceability and prevention technology can help reduce the size of claims while lowering ... Read the full article
Travelers acquires assets of insurtech Trōv
25th February 2022
US primary insurer Travelers has acquired assets of Trōv Technology, a provider a software designed to help brands deploy modern P&C insurance solutions in home, renters, auto, pet, small business and mobility. With this transaction, most members of Trōv's team have also joined Travelers, and will be positioned within Travelers' Personal ... Read the full article
Arbol transacts $70mn in GWP in 2021
22nd February 2022
InsurTech platform and FinTech company Arbol has reportedly transacted $70 million in gross written premiums in 2021, marking significant growth and traction for the Arbol platform, which in 2020 transacted $15 million in notional risk and $2.2 million in gross premium. Highlighting Arbol’s focus on a sustainable business model, the company’s ... Read the full article
Sompo Japan and GeoX partner on AI underwriting platform
17th February 2022
GeoX, a provider of geospatial data to insurers, has announced a new partnership to support Sompo Japan as it develops an automated underwriting methodology utilizing AI technology. By combining GeoX's technology with Sompo's expertise and established global distribution networks, the partnership hopes to fuel digital transformation within the insurance industry while ... Read the full article
Discovery & AIA plan insurtech joint venture in Asia
16th February 2022
South African-founded financial services organisation Discovery Limited has announced plans to establish a pan-Asian health insurtech business with life insurer AIA Group, called Amplify Health. Expected to launch in April 2022, Amplify Health will operate as a join venture in the Asian market, excluding China, Hong Kong and Macau, where Discovery ... Read the full article
The claims revolution is underway, but still a long way to go: Genpact’s Saye
11th February 2022
To improve claims processes across the insurance and reinsurance industry and deliver higher customer satisfaction, technology must be embraced, and modern software tools integrated into company processes, Jeff Saye, Global Practice Leader for Insurance Claims, Genpact told us in an interview. Discussing the need for a digital-first, future-focused approach to claims, ... Read the full article
Munich Re backs $15m funding round for FloodFlash
10th February 2022
Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor. Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1 all participated in the round alongside existing investors Pentech, Local Globe and ... Read the full article
Genpact & Claims Genius partner on auto claims management
8th February 2022
Global professional services firm Genpact has announced that its Claims Manager platform is now integrated with Claim Genius, the AI-based claims solution for auto insurance. Genpact notes that insurers' claim operations typically involve manual processes and legacy systems, and lack integration across carriers and vendors. The company’s Claims Manager, powered by Genpact ... Read the full article
Tech partnerships to inform insurer market positions: Fitch
7th February 2022
Analysts at Fitch Ratings have argued that the success of partnerships with technology firms in the insurance space will play an increasingly important role in the future market position of insurance companies. The rating agency expects to see a rise in the number of partnerships between traditional insurance companies and insurtechs ... Read the full article
Beazley Digital goes live
7th February 2022
Beazley’s new digital hub that brings together underwriting, claims, technology, and operational experts into one team has gone live. The service, known as Beazley Digital, aims to provide digital access and services to a range of products for Beazley’s global broking partners. Ian Fantozzi, CEO of Beazley Digital said: “With technology playing ... Read the full article
Verisk and HOVER team up to help streamline property claims
3rd February 2022
Verisk and HOVER are working together to help insurers, adjusters, restorers, and policyholders streamline claims. The two companies are teaming up to combine Verisk’s Xactimate with technology from HOVER that can take smartphone photographs and turns them into a ‘digital twin with valuable 3D data’. Property professionals and policyholders can use the ... Read the full article
Metromile shareholders approve acquisition by Lemonade
1st February 2022
Shareholders in the pay-per-mile auto insurer, Metromile Inc. have given their approval to the impending acquisition of the company by insurtech Lemonade. At a Special Meeting of Metromile stockholders held today, approval was given to a proposal to adopt the merger agreement entered into with Lemonade, Inc., which is aiming to ... Read the full article
RGA & Amazon partner on FAC optimisation solution
25th January 2022
Global life and health reinsurer Reinsurance Group of America (RGA) has announced the launch of its FAC Optimization solution featuring Amazon Textract, a machine learning service from Amazon Web Services (AWS). By integrating machine learning and natural language processing technology into the underwriting process, RGA is looking to improve risk selection ... Read the full article
SiriusPoint invests into Honeycomb
21st January 2022
SiriusPoint has announced an investment into technology firm Honeycomb. The investment is part of Honeycomb’s latest round of funding, which has seen the firm raise $19m. The additional funds will reportedly be used to further deepen the company’s technological moat and help it expand into multiple additional states in the US. According ... Read the full article
American Financial Group buys software company Verikai
19th January 2022
American Financial Group has announced that it has bought machine learning company Verikai. The latter, which has reportedly developed a machine learning tool to help assess insurance risk, will continue to be led by Jeff Chen, its current president and CEO. Carl H. Lindner III, co-CEO of American Financial Group, said that ... Read the full article
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