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.
RGAX launches cloud-based underwriting engine UWPal
7th January 2021
RGAX, a subsidiary of life and health reinsurer RGA, has launched a new cloud-based underwriting engine called UWPal. The Software as a Service (SaaS) engine is designed to allow a firm’s underwriting rules to be regularly and efficiently optimised to improve performance and incorporate the latest medical insights. UWPal leverages Pandora, the ... Read the full article
Thai Re launches IBM blockchain-powered reinsurance smart contract platform
7th January 2021
Technology-driven professional non-life reinsurer Thai Re has launched a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. Called 'Insurer Network', it has been established to help allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts. Expected benefits include a reduction of forgery risk ... Read the full article
Lemonade hits one million customer milestone
4th January 2021
Insurtech start-up Lemonade has announced that it reached more than one million customers in 2020, 1,500 days after its initial launch. This milestone follows the company's recent expansion into France, a move that introduced its artificial intelligence-driven solutions to a third European country. Lemonade has noted how the one million customer ... Read the full article
TypTap expands to six new states
29th December 2020
HCI Group-owned insurtech TypTap has received regulatory approval to write homeowners insurance in the states of Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah. The approvals are part of TypTap’s planned nationwide expansion, which it announced in August. The company, which provides homeowners and flood insurance, had asked Florida insurance ... Read the full article
Digital platform growth an opportunity to close protection gaps: Swiss Re
22nd December 2020
The growing use of e-commerce and digital wallet apps in emerging markets such as India, Indonesia and Malaysia represents an opportunity for re/insurers to make progress in closing protection gaps, Swiss Re says. A new survey by the Swiss Re Institute found that supportive government policies and a COVID-enforced spike in ... Read the full article
Generali, Accenture form tech-focused joint venture
16th December 2020
Generali and professional services firm Accenture have created a joint venture designed to leverage cloud technologies and shared technology platforms, in an effort to accelerate the Italian insurance giant’s digital strategy. In addition to holding a 5% ownership stake in Group Operations Service Platform (GOSP) Accenture will provide the venture with ... Read the full article
B3i adds Türk Reasürans as shareholder in current funding round
16th December 2020
Industry-led blockchain initiative B3i has closed it ongoing Series B funding round with the addition of Turkey domiciled reinsurer Türk Reasürans as a new shareholder This new addition joins alongside further investments from existing shareholders and is seen by B3i as a step forward in its growth plans. B3i now boasts 21 leading ... Read the full article
Embroker launches online service for brokers
14th December 2020
Insurance brokerage Embroker has launched Embroker Access, a new online service that allows retail and wholesale brokers to offer its digital insurance products. The company also announced that its instant management liability package, previously only offered to technology companies, is now available to all private businesses. Matt Miller, Founder & CEO of ... Read the full article
Berkshire Hathaway GUARD selects new commercial fleet telematics program
11th December 2020
Berkshire Hathaway GUARD, a subsidiary of Warren Buffett’s global re/insurer, has selected IMS to provide a new commercial fleet insurance program. TrackMRI (Monitor, React, Improve) is a commercial fleet insurance telematics solution that includes device logistics support, data collection, scoring, fleet behaviour assessment and program analytics. As part of the program, IMS ... Read the full article
B3i and msg partner on distributed ledger tech
10th December 2020
The Blockchain Insurance Industry Initiative (B3i) and msg, a German IT consulting and system integration company, have entered into a strategic partnership to develop reinsurance solutions based on distributed ledger technology (DLT). They will first focus on integrating SAP's and msg's joint solution into B3i’s network and services. Working together, the two ... Read the full article
Lemonade launches in French insurance market
8th December 2020
Insurtech start-up Lemonade has now launched in France, marking the third EU country the company has entered, following a launch in the Netherlands earlier this year, and Germany in June 2019. Lemonade's latest expansion will provide French residents with access to instant renter’s insurance as well as file claims through the ... Read the full article
Concirrus automates digital portfolio management for marine
8th December 2020
Insurtech firm Concirrus has announced that it will automate its digital portfolio management for marine insurance business with a new algorithmically driven underwriting application. The application will focus on high-volume, transactional business, thereby freeing up time for conventional underwriters to focus on more complex risk. “Innovation is solving complex problems within Marine ... Read the full article
Swiss Re’s Kleiterp urges re/insurers to share tech insights
7th December 2020
Fred Kleiterp, Regional CEO for the EMEA region at Swiss Re Corporate Solutions, has expressed optimism about the prospects for the global re/insurance industry if it is able to “work together and share technology to innovate.” Kleiterp noted that re/insurers currently face significant challenges in trying to quantify risks in parts ... Read the full article
Chubb & Nubank launch digital life offering in Brazil
4th December 2020
Global re/insurer Chubb has announced a new digital life offering in Brazil, launched in partnership with digital bank and fintech firm Nubank. The offering, called Nubank Vida, is underwritten by Chubb and will be made available to Nubank’s 30 million customers across Brazil. Basic coverage includes natural or accidental death and funeral ... Read the full article
Canopius partners with Akur8 to enhance pricing process
3rd December 2020
Global specialty insurer and reinsurer, Canopius, has entered into a new partnership with InsurTech Akur8, designed to enhance its digital products' pricing process via the use of Artificial Intelligence (AI). Singed in November 2020, the deal sees Akur8 seal its first partnership in the UK, with a leading Lloyd's of London ... Read the full article