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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.

Insurtech Marrikel launches reinsurance broking platform

22nd July 2020

Insurtech start-up Marrikel has launched its web-based reinsurance placement platform and signed its first broker licensee. Marrikel was founded by Frederik Eloff and James Karim in 2018 with an aim of increasing the efficiency and transparency of reinsurance transactions. The new platform enables brokers to manage the entire reinsurance transaction-flow, integrating multiple ... Read the full article

Verisk launches Life Risk Navigator software platform

22nd July 2020

Data analytics provider Verisk has announced the release of Life Risk Navigator, a cloud-based stochastic risk modelling platform to inform risk selection, quantify changes in mortality rate, and improve hedging strategies. The analytics provided by Life Risk Navigator are driven by Verisk’s Life Risk Models, a set of probabilistic risk models ... Read the full article

Insurtech Hippo hits $1.5bn valuation after closing Series E round

21st July 2020

Hippo, a California-based insurtech focused on US home insurance, has reached a $1.5 billion valuation following the conclusion of a $150 million Series E funding round. In the past 12 months, the company has grown its total written premiums to $270 million, growing at 140% Year-over-Year. Hippo says funding will be used ... Read the full article

COVID-19 to accelerate insurtech’s “silent metamorphosis”: Munich Re’s Paul Donnelly

17th July 2020

The COVID-19 pandemic is set to accelerate a “silent metamorphosis” that the re/insurance industry has been undergoing in recent years regarding its use of technology. This is according to Paul Donnelly, Executive Vice President for EMEA at Munich Re Automation Solutions, the specialist insurtech subsidiary of the global reinsurer. Speaking in an ... Read the full article

Munich Re insurtech subsidiary partners with Generali Indonesia

16th July 2020

Munich Re Automation Solutions, an insurtech subsidiary of the global reinsurer, has joined forces with life insurer Generali Indonesia in an effort to help boost the latter's underwriting process and streamline the risk assessment process. Reports from Fi News suggest Munich Re AS will provide its cloud-based business, digital underwriting and ... Read the full article

Insurtech Previsico develops new underwriting tool at Lloyd’s Lab

16th July 2020

Live flood forecasting specialist Previsico has launched a new underwriting tool, developed during its time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks. The new underwriter modelling solution was designed with input and analysis from leading re- insurers over ... Read the full article

Insurtech firm Insurity acquires Virtual MGA

15th July 2020

Insurity, Inc., a provider of cloud-based core system solutions and data analytics for the re/insurance market, has acquired Austin, Texas-based Virtual MGA. The deal follows the recent acquisition of Epic-Premier and further expands Insurity’s cloud-based core systems offerings for the MGA and broker markets. Virtual MGA offers a cloud-based binding authority underwriting ... Read the full article

MS Amlin selects Socotra for new digital SME insurance initiative

14th July 2020

Global re/insurer MS Amlin has chosen insurance platform provider Socotra as the core backend system for its new digital SME insurance initiative. The new SME insurance platform by MS Amlin employs a digital-first distribution approach and will initially launch in Belgium, the Netherlands, UK, and France with product offerings that include ... Read the full article

Whitespace passes 100 customer mark

13th July 2020

Whitespace, the digital e-trading platform for brokers and re/insurers, has announced that it has passed the 100 customer mark less than a year since launching. The Whitespace platform provides brokers and underwriters with the ability to digitally offer, negotiate, place, and bind insurance and reinsurance contracts with each other. The company says ... Read the full article

Symetra Partners with Nassau Re/Imagine insurtech incubator

10th July 2020

Symetra Life Insurance Company has announced a partnership with the Nassau Re/Imagine insurtech incubator designed to tap the creative and developmental opportunities in the region’s insurance industry talent pipeline. The program currently supports 19 startups focused on solving critical problems for the life, annuity, reinsurance, and property & casualty sectors. “At Symetra, ... Read the full article

Usage-based insurance gains funding amid pandemic: GlobalData

7th July 2020

Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19, according to data and analytics company GlobalData. A recent survey by GlobalData found that 9.7% of drivers in the UK currently have a UBI policy, but analysts expect this figure to increase as a result ... Read the full article

DXC business targeted in ransomware attack

6th July 2020

IT services provider DXC Technology has confirmed that its subsidiary, Xchanging, has been targeted in a recent ransomware attack. Xchanging is an insurance managed services business based in London that operates on a standalone basis. DXC said it was confident that the incident is isolated to the Xchanging environment, and does not ... Read the full article

Lloyd’s Lab adds three start-ups to COVID-19 program

6th July 2020

Insurance and reinsurance marketplace Lloyd’s of London has started working with three new insurtech start-ups to help the market respond to the COVID-19 pandemic. As part of a package of measures to respond to the crisis, Lloyd’s has expanded the scope for new applicants to the Lloyd’s Lab innovation accelerator. The ... Read the full article

Lemonade secures $319m in IPO off $29 a share

2nd July 2020

Insurtech start-up Lemonade has raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share. Lemonade commenced its IPO last week with an expectation that it would offer 11 million shares of its common stock at a price of between $23 and $26 per ... Read the full article

Innoveo & SIMS partner on digital transformation in Middle East

1st July 2020

Zurich-based global technology provider Innoveo has partnered with Sidani Innovative Management Services DMCC (SIMS), a Dubai-based boutique and corporate innovation accelerator, to support the adoption of new technologies in the Middle East re/insurance market. Together, the companies will help clients implement digitalisation initiatives using Innoveo's no-code technology platform and SIM's digitalisation ... Read the full article

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