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.
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
Swiss Re’s Magnum solution adopted by FWD Fuji Life
24th November 2020
Swiss Re has announced that its automated underwriting solution, Magnum, has been adopted by Japanese life insurer FWD Fuji Life Insurance Co. FWD Fuji Life is the first life insurer in Japan to adopt the solution, which it believes will enable a faster, paperless customer experience. Using Magnum, customers will be able ... Read the full article
We’re in the very early innings of tech improving reinsurance: Prospectus 2021
20th November 2020
Advancements in technology and analytics have the potential to dramatically improve the reinsurance industry as it strives for efficiency, but to date, the market remains in the very early stages of realising the benefits, according to industry experts. To end the inaugural re/insurance and insurance-linked securities (ILS) conference, Prospectus ... Read the full article
Insurtech Highwing secures $4mn in seed funding
18th November 2020
Denver-based insurtech company Highwing has secured $4million in a seed funding round co-led by BrokerTech Ventures, a specialist platform provider for the broking market. Highwing was founded to provide an open exchange ecosystem for the benefit of the insurance industry value-chain. The company intends to use the $4 million to expand its ... Read the full article
Hiscox USA expands Ask Kodiak partnership
16th November 2020
API platform provider Ask Kodiak has expanded its partnership with Hiscox and will now support its direct small commercial product appetite and eligibility in the US. Kodiak's platform is designed to allow insurers to store, update, and share information with any distribution partner for maximum efficiency and quote-to-bind speed. By communicating the product ... Read the full article
Munich Re, Porsche form consultancy joint venture
16th November 2020
Re/insurer Munich Re has founded a joint venture with car manufacturer Porsche and its management and IT consulting subsidiary MHP 'FlexFactory' aims to make the production of small series of all kinds of different products in the manufacturing industry more flexible and cost efficient. It also enables customers from the manufacturing industry ... Read the full article
INSTANDA launches new integration marketplace
13th November 2020
Cloud-based digital insurance platform INSTANDA has launched a virtual marketplace designed to give insurers the ability to pick and choose pre-integrated technology solutions. INSTANDA says its clients will be able to integrate with other digital platforms, including Fitbit, Hive, Sage50 and Salesforce, Docusign, and Hyperscience. The marketplace will expand in 2021, as ... Read the full article
Munich Re Automation Solutions expands partnership with ExamOne
12th November 2020
Munich Re Automation Solutions, the insurtech-focused subsidiary of Munich Re Group, has expanded its partnership with ExamOne, a Quest Diagnostics company, to leverage its LabPiQture results. LabPiQture is a service from ExamOne that provides automated access to clinical lab data on an individual for use in insurance underwriting. Individuals must provide authorisation ... Read the full article
Vortex develops online portal for parametric rain quotes
12th November 2020
Weather risk agency Vortex Insurance Agency LLC has released a new online portal that provides businesses with access to parametric rain insurance quotes. Rain insurance premiums are based on a number of risk factors, including the event location, time of day, time of year, and historical weather data. And because the portal ... Read the full article
AXA XL, Xtract look to digitise commercial auto claims
10th November 2020
The insurance business of AXA XL has entered into a multiyear partnership and licensing agreement with Xtract in an effort to transform the commercial auto claims management process in the US. The first AXA XL division to intriduce data aggregation and analytics platform Xtract to its clients is their Environmental Insurance ... Read the full article
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