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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.

Travel insurtech Blink launches parametric solutions platform

7th February 2020

Travel insurtech Blink has announced the launch of a platform designed to offer a range of parametric insurance solutions. Blink Parametric’s platform-based solutions span the travel, climate, energy and IoT sectors. Blink Travel offers customers a real-time insurance service with real-time compensation options for issues like flight delays or cancellation. Blink Climate is ... Read the full article

Policygenius secures $100 million investment led by KKR

6th February 2020

InsurTech Policygenius, an online marketplace for comparing and purchasing insurance, has announced $100 million in Series D funding led by global investment firm, KKR. Existing major investors in Policygenius, which includes Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the latest ... Read the full article

Xceedance partners with cloud-based insurance platform Novidea

6th February 2020

Re/insurance service provider Xceedance has partnered with data-driven insurance distribution platform Novidea to help its broker management platform meet growing market demand. Novidea provides a core cloud-based platform designed to connect insurance distributors to a modern insurance ecosystem which leverages the Salesforce Cloud and artificial intelligence. By partnering with Xceedance for assistance ... Read the full article

Boost Insurance raises $14mn for insurtech development platform

5th February 2020

Boost Insurance has secured $14 million in a Series A round of funding, which will be used to expand its infrastructure-as-a-service (IaaS) insurtech development platform. The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and ... Read the full article

RGA introduces digital health data scoring solution

5th February 2020

Life and health reinsurer, Reinsurance Group America, has made its Digital Health Data Risk Scoring service available to US life insurers. The service evaluates structured electronic medical record and medical claims data and provides an underwriting risk score for integration within a carriers underwriting system. “Electronic medical records and claims data are ... Read the full article

TransRe partners with Allphins to launch energy reinsurance platform

5th February 2020

Global reinsurer TransRe has partnered with energy InsurTech firm, Allphins, to create a data analytics platform for offshore energy reinsurance business. Under the terms of the agreement, TransRe will leverage Allphins software to digitalise its treaty reinsurance arrangements, monitor its aggregate exposures, and identify opportunities within the marketplace. The Chief Executive Officer ... Read the full article

Gallagher partners with FloodFlash on parametric policy

3rd February 2020

Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients. The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of ... Read the full article

Why building your own reinsurance software systems no longer makes sense

30th January 2020

In the heyday of reinsurance 20 years ago people did not ask if they should build or buy their reinsurance software tools, writes Dmitry Mnushkin, President of Treefrog Consulting. The combination of plentiful funds with lack of commercially available products meant that hiring a dozen developers was the sensible move. As a ... Read the full article

Insurtech investment soared to $6bn in 2019, says WTW

30th January 2020

The insurtech sector received $6.37 billion in investments throughout 2019, with nearly $2 billion of that figure coming from the fourth quarter alone, a Willis Towers Watson report has found. During the year, eight rounds of investment took place which led to the creation of five insurtech start-ups valued at over ... Read the full article

Arceo.ai adds former Twitter exec Mike Convertino as CSO

30th January 2020

Arceo.ai, a risk analytics provider for the cyber re/insurance market, has announced the appointment of Mike Convertino as Chief Security Officer. Convertino previously served as Chief Information Security Officer at Twitter, leading a team that protected the company's infrastructure and users from hacking and other types of compromises. He was an early ... Read the full article

P&C re/insurers slow to implement advanced analytics: WTW

30th January 2020

A recent Willis Towers Watson survey of the US and Canadian property and casualty (P&C) market has revealed that most re/insurers have been implementing advanced analytics at a much slower rate than anticipated. The broker reported that, in general, companies had either been overly ambitious in their goals for using analytics ... Read the full article

Insurtech Bold Penguin in workers comp partnership with Berkshire

29th January 2020

Commercial insurtech provider Bold Penguin has partnered with biBerk, a member of the Berkshire Hathaway Group, to address growing demand for workers compensation coverage. Under the arrangement, agents and brokers using the Bold Penguin platform will now be able to triage, quote, and bind commercial insurance coverage available through an API ... Read the full article

Digitalisation is evolving the role of insurance, says Swiss Re

29th January 2020

Swiss Re’s latest Sigma report has highlighted the effect that growing granularity of insight into customer behaviour is having on the role of insurance. Insurance’s role, Swiss Re says, is evolving from indemnification of losses to a broader consultative service on risk prevention and mitigation covering both private and commercial clients’ ... Read the full article

CFC acquires London-based insurtech ThreatInformer

24th January 2020

Specialist insurer CFC has announced the acquisition of London-based insurtech ThreatInformer. ThreatInformer leverages big data and machine learning tools to help insurers better understand their customers’ exposures. The insurtech compiles readily-available information about their risk profile from a variety of external sources. CFC hopes to streamline and improve its underwriting process and uncover ... Read the full article

North P&I partners with insurtech Concirrus

24th January 2020

North P&I Club, the UK-based marine mutual liability re/insurer, has partnered with insurtech Concirrus as it looks to bolster its loss prevention and risk assessment capabilities. Concirrus platform Quest Marine P&I brings together billions of rows of dynamic marine and customer data into a single web application. Furthermore, the predictive risk modelling ... Read the full article

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