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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.

Munich Re takes stake in German Research Centre for AI

1st February 2019

Global reinsurance giant Munich Re has become a shareholder in the German Research Centre for Artificial Intelligence (DFKI), a leading European institute for the research of robotics, smart factories and immersive quantified learning. The partnership hopes to create new impulses in the fields of artificial intelligence and data analytics, and will ... Read the full article

Miguel Baptista named Chief Data Officer of Hyperion X

1st February 2019

London-headquartered Hyperion Insurance Group has named Miguel Baptista the Chief Data Officer of Hyperion X, its recently launched business targeting key areas of data, analytics and digital platform delivery. He joins from biopharmaceutical company MSD where he served as Senior Director of Information Platforms. In his new role, Baptista will oversee Hyperion ... Read the full article

Global Atlantic invests in InsurTech accelerator

1st February 2019

Life and annuity re/insurance firm Global Atlantic Financial Group has invested in Global Insurance Accelerator, an InsurTech-focused business accelerator. Global Atlantic’s investment will help fund the GIA’s annual mentor-driven program, offering six of the company’s staff members the opportunity to participate as mentors. “We have been aware of the GIA for a number ... Read the full article

Workers’ comp business ripe for insurtech innovation: Fitch

31st January 2019

The workers’ compensation segment of the property and casualty (P&C) re/insurance sector is a prime target for technology investment, according to analysts at Fitch Ratings. Analysts noted that, while it is currently enjoying a fourth consecutive year of market underwriting profits, the workers’ compensation business has historically suffered from large losses, ... Read the full article

Treefrog reveals catastrophe underwriting & pricing platform for reinsurers

30th January 2019

Bermuda domiciled Treefrog Consulting has partnered with Foundation Platform Technologies on the development of a new cloud-based catastrophe underwriting and pricing platform for the reinsurance and insurance-linked securities (ILS) sectors. The new software platform is designed to dramatically speed up the pricing of even the most complex risks for reinsurers and ... Read the full article

Allianz to automate legal proceedings for injury claims using AI

28th January 2019

Allianz Insurance has launched a new digital proposition, called Defendant Hub, that uses artificial intelligence (AI) technology to automate Ministry of Justice Stage 3 injury claims. Developed in partnership with UK law firm Keoghs, Defendant Hub will provide Allianz’s injury claims handlers with an end-to-end solution for Stage 3 claims. This is ... Read the full article

Insurers collaborate to establish blockchain in healthcare industry

28th January 2019

A collaboration featuring leading health insurers and led by IBM, Health Care Service Corporation, and PNC Bank hopes to enhance patient care and reduce unnecessary costs by designing and implementing a network using blockchain technology. The collaboration, which includes CVS Health’s business Aetna and U.S insurer Anthem, says major improvements in ... Read the full article

AmTrust adopts PCMI software for reinsurance business

25th January 2019

Property and casualty re/insurer AmTrust Financial Services has signed an agreement with Policy Claim Management International (PCMI) Corporation to use its integrated software solutions for AmTrust’s reinsurance business. AmTrust plans to implement the Policy Claim and Reporting Solutions (PCRS) - Reinsurance Module from PCMI, which it says will provide its clients ... Read the full article

Incumbent insurers need to embrace tech, innovation: Simplitium

24th January 2019

Innovation across the insurance industry is about more than just new technologies and solutions, but includes behaviours and attitudes. And while incumbent insurers are increasingly looking to purchase InsurTech firms, there's a risk of complacency, according to James Lay and Matthew Jones from Simplitium, a provider of risk analysis. In a recent ... Read the full article

Fourth Industrial Revolution “transforming modern life”: Swiss Re’s Ojeisekhoba

24th January 2019

Swiss Re’s Chief Executive Officer of reinsurance Moses Ojeisekhoba has emphasised the re/insurance industry’s place within the so-called 'Fourth Industrial Revolution' - which he says is transforming every part of modern life with unprecedented speed and scale of technological progress and digitisation - amid the World Economic Forum’s (WEF) annual ... Read the full article

AXA Venture Partners raises $150m for early stage insurtech investments

23rd January 2019

AXA Venture Partners (AVP), the venture capital arm of French insurer AXA, has raised $150 million for its second early stage fund, AVP Early Stage II. Similar to AVP’s first early stage fund, which was completed back in 2015 and raised $110 million, AVP Early Stage II will focus on North America, ... Read the full article

London Market claims process needs urgent transformation: LMA’s Lee Elliston

17th January 2019

The London Market urgently needs to improve the efficiency of its claims processes to meet rising customer expectations, according to Lee Elliston, Claims Director at the Lloyd’s Market Association. Elliston argued that new claims models in the London Market need to focus on better leveraging modern technology to the benefit of ... Read the full article

Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace

16th January 2019

Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article

ArgoGlobal eyes gig-economy with Italian insurtech partnership

16th January 2019

ArgoGlobal Assicurazioni S.p.A, a subsidiary of Argo Group International Holdings, is providing gig-economy workers throughout Italy with a pay-as-you-go insurance solution by teaming up with specialised broker Axieme. Crucially, Axieme is connected to the digital platform Jobby, which enables users to activate their insurance when they accept a job. “The growth of ... Read the full article

MS&AD enhances digital capabilities with new partnerships

15th January 2019

MS&AD Insurance Group Holdings has enhanced its digital capabilities through two new strategic alliance agreements with U.S-based MGA CoverHound and German insurtech company ELEMENT. The company intends to use CoverHound’s expertise in the development and sales of digital insurance products to empower its own digital solutions, particularly in regard to the ... Read the full article

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