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.
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
Insurtech Kin to go public following $1bn business combination
20th July 2021
US insurtech Kin and Omnichannel Acquisition Corp , a special-purpose acquisition company, are to combine into a $1.03 billion enterprise that is expected to be listed on the NYSE under the new ticker symbol KI. Kin has also announced plans for a national expansion, signing an agreement to acquire an inactive ... Read the full article
EY partners with software firm Fadata to improve insurer performance
20th July 2021
EY has announced a new partnership with Fadata, a software provider that focuses on core insurance operational platforms, to help insurance companies drive improved business performance. The alliance will combine EY UK’s experience in the insurance sector and facilitating large-scale business and technology transformations with Fadata’s INSIS platform to help insurers ... Read the full article
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