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.
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
UnderwriteMe names Head of Asia-Pacific
3rd December 2020
Insurtech firm UnderwriteMe has announced the appointment of Paul Hughes to the newly created role of Head of Asia-Pacific. He will be responsible for leading the UnderwriteMe teams in Asia and Australia across all functions. Hughes’ remit includes designing and implementing a strategy for the Asia-Pacific region designed to deliver growth over ... Read the full article
Insurtech Hippo confirms $350mn Mitsui Sumitomo investment
24th November 2020
California-headquartered, homeowners focused-insurtech Hippo has received a $350 million investment from Mitsui Sumitomo, a subsidiary of MS&AD Insurance Group Holdings. As part of the deal, the corporate venture capital fund of MS&AD will join Hippo’s board of directors as an “observer.” Additionally, Hippo and Mitsui Sumitomo plan on signing a reinsurance treaty, ... Read the full article
Cohen & Co’s SPAC acquires insurtech Metromile
24th November 2020
Metromile Inc., a San Francisco based car insurance start-up, is set to become a public company via an $842 million combination with INSU Acquisition Corp. II, a special purpose acquisition company (SPAC) sponsored by Cohen & Company. Cohen & Co’s acquisition vehicle completed its initial public offering back in September, ... Read the full article
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