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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.

AIG to back new media finance vehicle by fintech firm FastPay

6th September 2019

Global insurer American International Group (AIG) is to provide funding and trade insurance for a new receivables securitisation program launched by financial technology firm FastPay. The program will offer significant capital to the media and technology sector and allow FastPay to open the door for larger, global media and tech clients ... Read the full article

Tremor reaches $1bn of reinsurance quotes, adds new investors

4th September 2019

Tremor Technologies, the programmatic risk transfer platform, has passed $1 billion of total reinsurance quotes and lines bound of nearly $500 million, and has announced $10 million in financing from new investors. The company has now completed six reinsurance placements, with quotes from more than 70 reinsurers, ILS funds, and Lloyd’s ... Read the full article

SCOR to invest €250m in tech-focused ‘Quantum Leap’ strategy

4th September 2019

Global reinsurer SCOR has launched its new 'Quantum Leap' strategy, a two-and-a-half year plan which emphasises the integration of technology, as the company looks to create the "reinsurance company of tomorrow.” This new strategy is SCOR’s seventh since 2002, and follows the ‘Vision in Action’ plan implemented in 2016. Over the period ... Read the full article

China’s Ping An to develop nationwide ‘innovation platform’, reports

30th August 2019

Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily. The National Open Innovation Platform for Next Generation Artificial Intelligence will ... Read the full article

China’s digitisation opening up previously uninsurable risks: Swiss Re

30th August 2019

The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article

Munich Re-backed insurtech INSHUR raises further $1.5m

29th August 2019

INSHUR, a 100% digital provider of commercial auto insurance, has raised a further $1.5 million to its Series A funding round from Viola FinTech, part of the Israel-based technology investment group Viola. Backed by global reinsurer Munich Re, INSHUR is a mobile-first provider of commercial auto insurance for private hire ... Read the full article

Insurtech Kin raises $47m to fund carrier in Florida

28th August 2019

Kin Insurance, an insurtech startup focused on matching US homeowners to insurance policies, has raised $47 million in additional funding. Kin plans on using the capital to launch Kin Interinsurance Network, a Florida insurance carrier that is expected to expand and serve other states in the near future. Using a customers’ home ... Read the full article

Manulife partners with insurtech Blink on parametric flight insurance

27th August 2019

Canadian multinational insurer Manulife has signed an agreement that will see a suite of parametric travel disruption insurance solutions, provided by travel insurtech Blink, to its customers. Blink's solutions offer a real-time service designed to ease the stress of a flight delay or cancellation by providing instant payment when a flight ... Read the full article

Insurtech funding rises nearly 280% in Q2: CB Insights

23rd August 2019

A handful of very large insurtech funding deals in the second-quarter of 2019 helped to take the total amount of fundraising for the quarter to almost $1.4 billion, which is almost 280% up on the prior year. Data from CB Insights shows that insurtech funding was down slightly on Q1 of ... Read the full article

China Pacific Insurance invests in B3i

22nd August 2019

The China Pacific Insurance Group (CPIC) has joined firms such as AXA, Munich Re, SCOR and Swiss Re in becoming a shareholder of the Blockchain Insurance Industry Initiative (B3i). B3i believes this investment from CPIC extends the breadth of the shareholder community and strengthens its representation across the global insurance market. GU ... Read the full article

Axinan first Southeast Asian insurtech to secure Labuan license

21st August 2019

Singapore-based insurtech Axinan has become the first Southeast Asian company of its kind to secure a combined general and reinsurance license from Labuan FSA, the financial regulator for Labuan International Business and Financial Centre. The license, obtained via its subsidiary Axinan Labuan Limited, will allow the firm to underwrite general and ... Read the full article

XL Innovate leads auto insurtech Zendrive’s $37m funding round

21st August 2019

Data and analytics firm Zendrive has raised $37 million in a Series B funding round led by XL Innovate, AXA XL’s venture capital insurtech fund. The funding round also saw the involvement of Hearst Ventures and existing investors including ACME Capital, BMW iVentures, NYCA, SignalFire. Zendrive plans on using the funds to ... Read the full article

MS Amlin begins trading on Whitespace platform

21st August 2019

MS Amlin, the re/insurance subsidiary of Japanese insurance group MS&AD Insurance Group Holdings, has commenced trading risks on the Whitespace platform, a cloud-based solution aiming to digitise the placing process of insurance contracts at Lloyd’s. The re/insurer joined a consortium alongside AXA XL, Neon, RFIB and Antares last year in ... Read the full article

Tokio Marine partners with Plug and Play in Singapore

19th August 2019

Tokio Marine Holdings, the largest property and casualty (P&C) insurance group in Japan, has announced a new partnership with Plug and Play’s insurtech program in Singapore. Plug and Play is a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups. It has had a ... Read the full article

AkinovA adds industry veteran Tatsuhiko Hoshina to advisory board

15th August 2019

AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of re/insurance industry veteran Tatsuhiko Hoshina to its advisory board. Hoshina, who brings over 30 years’ experience to the role, built Tokio Millennium Re from its establishment in 2000 before going on to lead the ... Read the full article

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