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.
Global insurtech investment rebounds 71% to $1.5bn in Q2: WTW
28th July 2020
Global Insurtech investment hit $1.56 billion during the second quarter of 2020, an increase of 71% compared to Q1, according to Willis Towers Watson. 2020's first quarter was heavily influenced by the uncertainty surrounding COVID-19. WTW says the increase in Q2 was driven in part by later-stage investments, including four ‘mega-rounds’ in ... Read the full article
SSP joins Willis Towers Watson’s Radar Live program
24th July 2020
Broker Willis Towers Watson (WTW) has announced it will partner with insurance software provider SSP to optimise real-time pricing and time to market for insurance companies. SSP will join WTW’s global Radar Live collaborator program, improving its ability to derive insights from various data sources and to deploy machine learning models ... Read the full article
Insurtech Branch closes $24mn Series A funding round
23rd July 2020
Branch, a tech-driven home and auto insurer, has closed a $24 million Series A funding round that was co-led by Greycroft and HSCM Bermuda, with participation from both returning and new investors. Over the past year, Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas, and the Series A funding ... Read the full article
Google-backed Lloyd’s syndicate Ki adds Dan Hearsum as MD
23rd July 2020
Ki, the first fully digital and algorithmically-driven Lloyd’s syndicate has announced the appointment of Dan Hearsum as Managing Director. Launched in collaboration with Brit Limited and Google Cloud, Ki was launched to reduce the amount of time taken for brokers to place their follow capacity. In his new role, Hearsum will report to ... Read the full article
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