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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.

NTT DATA UK, ICE InsureTech announce strategic partnership

21st May 2020

Consulting and IT solutions firm NTT DATA UK is entering into a strategic partnership with ICE InsureTech, a specialist software provider to insurers. NTT DATA UK will work with ICE as a systems integrator while supporting its future business growth. The partnership will also allow ICE to expand its footprint across the ... Read the full article

Envelop Risk raises $6mn in Series A funding round

15th May 2020

Data-driven underwriting and analytics company Envelop Risk has secured approximately $6 million in a Series A funding round. Led by AI-specialist investor Alpha Intelligence Capital and with participation from MS Amlin and Dymon Asia Ventures, the funding will be put towards proprietary machine-learning and data-driven underwriting activity in London and Bermuda. Envelop ... Read the full article

RGAX partners with insurtech Socotra to develop life products

13th May 2020

RGAX, a subsidiary of Reinsurance Group of America, Incorporated (RGA), has partnered with insurtech firm Socotra to help develop new life insurance products. Using Socotra as its policy administration system, RGAX will look to develop new products for its subsidiary, Greenhouse Life Insurance (Greenhouse Life). RGAX first partnered with Socotra in 2017 ... Read the full article

Xceedance partners with Xemplar on mobile insurtech

11th May 2020

Re/insurance service provider Xceedance has partnered with software solutions firm Xemplar to bring mobile-based insurtech solutions to the property and casualty (P&C) re/insurance markets. With Xemplar’s mobile platforms and smartphone-based telematics for personal and commercial lines insurers, Xceedance will augment its technology capabilities for insurers looking to launch and service user-based ... Read the full article

Tokio Marine adopts Tractable AI solution for auto damage

11th May 2020

Property and casualty insurer Tokio Marine is to use an artificial intelligence (AI) solution from Tractable to process auto damage across its operations in Japan. Tractable, a technology firm that develops AI for accident and disaster recovery, uses computer vision to look at photos of car damage, enabling claims to be ... Read the full article

COVID-19 linked to 54% drop in Q1 insurtech funding: WTW

4th May 2020

A new report from Willis Towers Watson (WTW) has found that insurtech investment worldwide totalled about $912 million during the first three months of 2020. At 96, deal count was up 28% over Q4 2019, but overall funding was down 54%, with analysts attributing the drop in part to the COVID-19 ... Read the full article

Neptune Flood increases Lloyd’s capacity with new partnerships

4th May 2020

Neptune Flood Incorporated, an insurtech firm focused on the flood market, has increased its capacity at Lloyd’s via new strategic underwriting partnerships. The firm, which has been a Lloyd's Coverholder since 2017, now works with three syndicates to provide capacity to the US private flood insurance marketplace. Neptune explained that the additional ... Read the full article

Asta launches syndicate-in-a-box at Lloyd’s

1st May 2020

Asta, a third-party managing agent at Lloyd’s, has launched syndicate 4747, its first syndicate-in-a-box. The syndicate has received in-principle approval from Lloyd’s to start writing business effective July 1, with stamp capacity of £15 million in year one, estimated to rise to £62.5 million in year three. 4747 is a specialist syndicate ... Read the full article

Munich Re backed insurtech Bestow secures more funding

30th April 2020

Bestow, a digital life insurance platform backed by Munich Re unit Munich American Reassurance Company, has secured a further $50 million of funding in its Series B financing round. The round was led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new ... Read the full article

COVID-19 a catalyst for digital transformation: Getsafe CEO

28th April 2020

The COVID-19 pandemic could turn out to be a catalyst for digital transformation in the insurance sector, according to Getsafe CEO and founder Christian Wiens, who sees the crisis as potentially beneficial for insurtech firms. Speaking in an interview with Reinsurance News, Wiens noted that the pandemic has forced many re/insurance ... Read the full article

Slice Labs & AXA XL extend cyber cover to Lenovo users

28th April 2020

Slice Labs has announced that its cloud-based cyber insurance for small to midsize businesses (SMB), provided by one of the affiliated insurance companies of AXA XL, will now be offered Lenovo SMB customers. Accessible through the Security Advisor suite of the Lenovo Vantage platform, users will be able to access information ... Read the full article

Pick re/insurance software the right way and keep your job

27th April 2020

Choosing the right insurance or reinsurance software platforms and tools can be a challenge in itself, but it's vital to approach this in the right way, Dmitry Mnushkin, President of Treefrog Consulting writes. Part 1 in a 3-part series of articles dealing with how people can help their companies survive during ... Read the full article

Hyperion X upgrades digital platforms to support remote working

23rd April 2020

Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, has launched an upgrade to its digital platforms to support higher demand for remote working. The firm reported that it has experienced record demand across multiple areas of trading as the market undergoes rapid change in the midst ... Read the full article

Bold Penguin partners with Markel Specialty to expand commercial offerings

23rd April 2020

Commercial insurance platform provider Bold Penguin is expanding commercial offerings on its exchange to include excess and surplus (E&S) coverage, after partnering with Markel Specialty. Bold Penguin operates a digital exchange platform designed to help small-medium businesses, their brokers, and major carriers connect as fast as possible. The company believes adding E&S ... Read the full article

Omniscience launches first life insurance underwriting automation suite

21st April 2020

Palo Alto-based firm Omniscience has announced a new software suite designed to automate life insurance underwriting decision-making. By using new underlying technology from Omniscience, this suite is designed to accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result. Omniscience notes how the issues ... Read the full article

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