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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.

WhenFresh & Ambiental partner on UK flood data

10th February 2021

Data supplier WhenFresh has partnered with Ambiental Risk Analytics, a specialist in environmental hazard intelligence, predictive analytics and risk management, to make Ambiental’s flood risk data available to UK re/insurers. WhenFresh already supplies data to many leading UK insurers, but will now be able to provide access to Ambiental’s UK FloodMap ... Read the full article

COVID spurred digital push in re/insurance: Willis Re’s Andrew Johnston

5th February 2021

With 2020 closing as the biggest year to date in insurtech funding, Willis Re’s Andrew Johnston has said that the COVID-19 pandemic pushed the re/insurance industry to digitize in a way that “no other imperative or initiative” could have. Johnston, who serves as Global Head of Insurtech at Willis Re, the ... Read the full article

HSCM leads $30mn investment in DealerPolicy marketplace

5th February 2021

DealerPolicy, an insurance marketplace for automotive retail, has raised $30 million of funding in a Series B round led by 3L Capital and Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda Management Company. The company plans to use the funding for the continued development of its insurance ... Read the full article

Insurtech Cytora adds AXA XL’s Kelly Lyles to advisory board

4th February 2021

UK insurtech Cytora has appointed Kelly Lyles to its advisory board in an effort to drive its expansion into the commercial insurance market. Lyles previously served at AXA XL as Chief Executive Officer, Country Management. She brings 35 years’ experience in underwriting and general management in global commercial insurance and previously spent ... Read the full article

Convex partners with Praedicat on emerging liability risks

3rd February 2021

International specialty re/insurer Convex Group Limited has partnered with Praedicat, a risk analytics company specialising in emerging liability risks, to help identify, underwriting and manage complex casualty risks. Praedicat’s AI technology mines global peer-reviewed scientific literature to identify hazards with the potential to develop into drivers of mass tort litigation before ... Read the full article

Swiss Re partnership targets breakthrough in life insurance underwriting

2nd February 2021

Swiss Re is partnering with health data specialist Diameter Health on a scalable solution that leverages electronic clinical health data for life insurance underwriting. It’s hoped the partnership will transform complex clinical electronic health data into organised, usable information thus accelerating Swiss Re’s efforts to help life insurers improve the speed ... Read the full article

Pana Harrison to outsource digital platform InsureGuru

2nd February 2021

Singapore headquartered re/insurance broker Pana Harrison is set to outsource the digital distribution platform InsureGuru. InsureGuru is a Singapore-registered FinTech company designed to take the complexity out of purchasing insurance by allowing policy statuses to be checked online any time with expiry reminders. It’s hoped that together, Pana Harrison and InsureGuru can ... Read the full article

Former PartnerRe CEO Clarke named Chairman of rebranded Wakam: report

1st February 2021

Wakam, one the oldest insurance companies in France, has announced the appointment of former PartnerRe Chief Executive, Emmanuel Clarke, as its new Chairman as the group targets expansion, reports the Financial Times. Founded in 1829, privately owned insurer Wakam has rebranded itself as an InsurTech firm that will look to bring ... Read the full article

Insurtech investment hit $7.1bn in 2020: WTW

28th January 2021

Global insurtech investment reached a record $7.1 billion in 2020 despite substantial challenges to the re/insurance sector, according to a new report by Willis Towers Watson. A total of 377 deals were completed throughout the year, the most in any year to date, while overall funding was up 12% from 2019. ... Read the full article

Insurtech Foxquilt partners with Munich Re subsidiary

28th January 2021

Insurtech Foxquilt has partnered with Munich Re subsidiary Digital Partners on end-to-end insurance products and programs for small businesses. This Digital Partners collaboration provides the Foxquilt team with the autonomy and capabilities to design products and underwriting and rating algorithms. Foxquilt's Foxden underwriting platform is comprised of data-layered, micro-service architecture. Each of its ... Read the full article

Munich Re hails Augmented Automated Underwriting (AAU)

27th January 2021

A new report by Munich Re unit Munich Re Automation Solutions has hailed Augmented Automated Underwriting (AAU) as a technology that will revolutionise customer experience in the re/insurance industry. Specifically, the paper examines how AAU builds on and evolves previous technology investments and implementations, and whether the technology is the inevitable destination ... Read the full article

Sompo International enters partnership with UK insurtech Flock

27th January 2021

Specialty property and casualty re/insurer Sompo International has entered into a long-term partnership with Flock, a UK insurtech that provides data-driven insurance solutions to commercial drone operators. This partnership has been established to support the future of aviation by increasing the availability of insurance needed for emerging use-cases, like drone cargo ... Read the full article

Munich Re backs smart home tech firm Span

26th January 2021

Reinsurer Munich Re has led a funding round for smart home technology firm Span, raising $20 million to support growth and provide integrated energy solutions for homes. Span’s electrical panel enables users to monitor and control their home energy, promoting more convenient and sustainable living. Munich Re Venture’s HSB Fund was joined ... Read the full article

FloodFlash pays Storm Christoph claims on same day

25th January 2021

Parametric insurtech firm FloodFlash has issued pay-outs to policyholders affected by flooding from Storm Christoph, in many cases on the same day as the flooding occurred. The fastest claims took just 9 hours and 44 minutes from the property flooding to the client receiving the full settlement in their account, which ... Read the full article

Pacific Life Re partners with data analytics firm Sapientus

25th January 2021

Life reinsurer Pacific Life Re is partnering with data analytics firm Sapientus to enhance the efficiency and effectiveness of its insurance solutions for the Chinese market. Sapientus is part of China-based mobile services and data firm FingerMotion and will also help Pacific Life Re enhance its current underwriting and claims management processes. Pacific ... Read the full article

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