Reinsurance News
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.
Planck launches first GenAI-enhanced underwriting workbench
22nd September 2023
Planck, global insurtech platform for commercial insurance, has launched the first generative artificial intelligence (GenAI) enhanced underwriting workbench known as Planck PLUS. Planck PLUS is both a strategic toolkit and a trusted co-pilot that leverages the latest AI technologies and proprietary machine learning models to set a new standard in underwriting ... Read the full article
AI-insurtech DGTAL secures funding of €3 million
8th September 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has secured strategic funding of €3m to facilitate the scaling of its pathbreaking technology. 1750 Ventures, the venture capital arm of German VGH Versicherungen, has entered the deal as anchor investor along with Gossmann & ... Read the full article
Dozen insurtechs to join Lloyd’s Lab new Asia Pacific climate, cyber and sustainability cohort
7th September 2023
Re/insurance marketplace Lloyd’s has announced the 12 insurtech firms set to join the 11th cohort of its innovation hub, the Lloyd’s Lab, which will focus on climate, cyber and sustainability in Asia Pacific. The new theme introduced this year will focus on developing solutions to some of the biggest risks faced ... Read the full article
Insurtech innovations set to reshape insurance industry: Waterstreet Study
25th August 2023
In a study involving hundreds of prominent insurance leaders, Waterstreet has revealed a compelling vision of the future of insurance, shedding light on the transformative impact of insurtech innovations, artificial intelligence (AI), machine learning, and blockchain on the industry landscape. Survey participants overwhelmingly foresee insurtech startups as the driving force behind ... Read the full article
The firms that are producing the best results are the ones that possess better data: HSCM’s Jones
21st August 2023
During a recent interview with Reinsurance News, Adrian Jones, Partner, HSCM Ventures, explained how one of the biggest issues that he hears across the industry is the quality of data reaching reinsurers and retrocessionaires. Data and technology are two fundamentals of re/insurance. The most successful brokers and insurers are the ones ... Read the full article
Vesttoo in active discussions with potential investors for alternative collateral for clients
7th August 2023
As insurtech Vesttoo continues its investigation into the alleged fraudulent letters of credit (LOCs) used as collateral in its transactions, the firm has reiterated its commitment to "working with alternative investors and brokers to ascertain alternative collateral" for its clients. A statement released by the company says that it is in ... Read the full article
InsurTech sector sees shift in investment focus as (re)insurers lead Q2 funding: Gallagher Re
3rd August 2023
The global InsurTech sector witnessed a substantial decline in new funding during the second quarter of 2023, amounting to $916.71 million, marking a 34.0% drop from the impressive $1.39 billion recorded in the preceding quarter, according to the latest findings unveiled by reinsurer Gallagher Re. This dip has pushed the quarterly ... Read the full article
Insurance veterans form brand new Insurtech, Modives
28th July 2023
Five insurance industry veterans have formed Modives, a new venture which automates insurance verification for property managers and auto dealers. CEO and Co-Founder Frederick Waite, a veteran entrepreneur, has assembled a team with varied insurance industry experience to launch his latest venture. Prior to forming Modives, he established BCF, a software platform ... Read the full article
UK insurtech sector soars with $21bn enterprise value, establishing global dominance: McKinsey
21st July 2023
The UK's insurtech sector has emerged as a dominant force in the global market, boasting an impressive total enterprise value of approximately $21 billion, according to recent estimates by management consulting firm McKinsey & Company. Despite trailing behind the US and China in total enterprise value, where the insurtech giants stand ... Read the full article
Centauri Insurance announces partnership with Betterview
20th July 2023
Centauri Insurance, a provider of property and casualty insurance products, has partnered with insurtech company Betterview, for proactive storm risk management. According to the announcement, this collaboration will increase efficiency and oversight in new business underwriting and renewal workflows, while empowering a proactive approach to storm risk management. Centauri provides its P&C ... Read the full article
NEXT Insurance strengthens commitment to agents with Ivans Download integration
14th July 2023
NEXT Insurance, a digital insurtech, has announced its integration with Ivans Download for General Liability and Workers' Compensation policies. According to NEXT, this feature offers a seamless exchange of policy data between the firm and its appointed agents, furthering the company's commitment to facilitating an efficient process for agents and the ... Read the full article
Zurich announces partnership with insurtech Qover
7th July 2023
Zurich Insurance Group has joined forces with Belgium-based Qover, to expand its embedded insurance capabilities. The insurer entered this partnership through Zurich Global Ventures as part of which Zurich is also joining the insurtech’s Series C funding round. Qover was founded in 2016 with the vision to simplify the future of insurance; ... Read the full article
Insurtech funding drops to 2018 levels, but $7 trillion market opportunity persists: Report
29th June 2023
The first half of 2023 witnessed a significant decline in venture capital funding for insurtech start-ups, reaching levels similar to 2018. According to the report "The State of Global Insurtech" prepared by Dealroom.co, Mundi Ventures, MAPFRE, NN Group, and Generali, insurtech investments amounted to $2.4 billion, a 45% decrease compared to ... Read the full article
Flow Capital invests in Wrisk to accelerate international growth
28th June 2023
Flow Capital, a provider of flexible growth capital and alternative debt solutions, has closed an investment in B2B2C insurtech Wrisk Limited. Wrisk is a digital-first insurance business that works with automotive brands to "shape the future of their customers' mobility and insurance experiences." The insurtech offers an embedded white-labelled insurance platform to ... Read the full article
Insurtech Raincoat raises additional $6.5m in seed funding
27th June 2023
Raincoat, a startup developing scalable climate insurance solutions, has announced the closing of an additional $6.5 million seed round. This follows the $4.5 million Raincoat raised last year, bringing its total raised to date to $11 million. According to the announcement, the latest round of capital will support the company's expansion ... Read the full article