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.
Munich Re backs smart home tech firm Span
26th January 2021
Reinsurer Munich Re has led a funding round for smart home technology firm Span, raising $20 million to support growth and provide integrated energy solutions for homes. Span’s electrical panel enables users to monitor and control their home energy, promoting more convenient and sustainable living. Munich Re Venture’s HSB Fund was joined ... Read the full article
FloodFlash pays Storm Christoph claims on same day
25th January 2021
Parametric insurtech firm FloodFlash has issued pay-outs to policyholders affected by flooding from Storm Christoph, in many cases on the same day as the flooding occurred. The fastest claims took just 9 hours and 44 minutes from the property flooding to the client receiving the full settlement in their account, which ... Read the full article
Pacific Life Re partners with data analytics firm Sapientus
25th January 2021
Life reinsurer Pacific Life Re is partnering with data analytics firm Sapientus to enhance the efficiency and effectiveness of its insurance solutions for the Chinese market. Sapientus is part of China-based mobile services and data firm FingerMotion and will also help Pacific Life Re enhance its current underwriting and claims management processes. Pacific ... Read the full article
SCOR launches machine learning-driven biometric risk calculator
22nd January 2021
Reinsurance giant SCOR has announced the launch of Vitae, an automated biometric risk calculator that employs machine learning techniques. The tool is designed to enable more accurate risk assessment based on a wider array of medical factors and simplifies the underwriting process, in an effort to yield a better experience for ... Read the full article
ACORD launches accounting platform
20th January 2021
International standard-setting body for the insurance sector ACORD has announced that its subsidiary, ACORD Solutions Group (ASG), has implemented its ADEPT platform to perform automated, real-time premium accounting reconciliation between insurers and brokers. The platform was developed through working closely with some of the industry's largest stakeholders, with the first data ... Read the full article
Stable launches collateralised insurer in Bermuda
19th January 2021
Commodity risk insurtech Stable has launched a collateralised insurer to help protect global food and farming businesses from volatile commodity prices. Stable leverages its proprietary data science platform to address the $5 trillion of untraded or illiquid agricultural commodities that cannot be hedged. Stable’s index-based solution has over 3,000 commodities in over ... Read the full article
SCOR to provide AI-powered life insurance products with Bayer, One Drop
19th January 2021
SCOR is partnering with life science company Bayer and One Drop, a provider of digital solutions for people living with diabetes and other chronic conditions, to create an AI-powered digital health platform to life insurance carriers and policyholders across the US This joint effort between SCOR, Bayer and One Drop aims ... Read the full article
THB places first risk with Global Health Risk Facility via Syndicate 1796
18th January 2021
Specialist re/insurance broker THB has placed the first risk with the newly launched Global Health Risk Facility (GHRF). A public-private collaboration developed by insurtech Parsyl, GHRF is designed to help protect and support the global distribution of critical health commodities, including existing and newly-emerging vaccines. THB was approached to put in place ... Read the full article
Insurtech Bold Penguin acquired by American Family
15th January 2021
Property/casualty insurance group American Family has announced the acquisition of Bold Penguin, an insurtech firm focused on providing cover to small businesses. Bold Penguin will become a subsidiary of the American Family Insurance group but will maintain its name and business model. It's hoped Bold Penguin will be able to leverage the scale ... Read the full article
Lemonade targets $544.5mn from upsized share offering
15th January 2021
Insurtech start-up Lemonade intends to offer 3,300,000 shares of its common stock for sale in an underwritten public offering, resulting in net proceeds of up to $544.5 million. The net proceeds from the offering is based on a public offering price of $165 per share, which is up on the $160.74 ... Read the full article
Howden Group’s HX partners with expert.ai
14th January 2021
HX, the data and analytics division of Howden Group, has announced a partnership with expert.ai to augment its data analytics services. Expert.ai's underwriting is aligned with HX’s aim to help insurers, re-insurers, corporates and brokers maximise their resources through its data insights. The platform works by automating the reading and analysis of ... Read the full article
Munich Re Automation Solutions enters partnership with MetLife Gulf
13th January 2021
Munich Re Automation Solutions, a subsidiary of the global reinsurer, has entered a partnership with MetLife Gulf to allow the implementation of its ALLFINANZ solution. It's hoped that adopting ALLFINANZ will enable brokers, agents, and Bancassurance partners to provide a more streamlined service to their customers in Bahrain, Kuwait, Qatar, United Arab ... Read the full article
WTW updates RiskAgility Financial Modeller software
8th January 2021
Re/insurance broker Willis Towers Watson (WTW) has launched a new version of RiskAgility Financial Modeller, its financial modelling and reporting software technology for life insurers. RiskAgility FM 3.0 provides life and health insurers with a new calculation approach to actuarial modelling, with faster run-times than current software. This is thought to reduce ... Read the full article
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
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