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 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
Brown & Brown acquires InsurTech CoverHound
10th November 2020
A subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of InsurTech firm CoverHound, a digital insurance marketplace for both individuals and small businesses. The deal has been announced by J. Scott Penny, Brown & Brown's Chief Acquisitions Officer and Keith Moore, Chief Executive Officer (CEO) of ... Read the full article
Lloyds Bank & Previsico partner on flood resilience
10th November 2020
Live flood forecasting insurtech firm Previsico has announced that it will join the Launch Innovation Lab, powered by Lloyds Banking Group, to develop solutions for flood resilience. Together, Previsico and Lloyds will work to develop a solution for Lloyds home insurance customers, against a backdrop of increasingly severe and frequent flood ... Read the full article
Tencent applying for reinsurance license in China: Report
28th October 2020
Giant Chinese technology conglomerate and fintech company Tencent is applying for a license to operate a reinsurance entity in China, according to reports in local media. It's a natural step for the company which has already expanded successfully into direct to consumer insurance business. Tencent has leveraged its deep connections with customers ... Read the full article
Insurtech fundraising hits $2.5bn in Q3: WTW
28th October 2020
Re/insurance broker Willis Towers Watson (WTW) has reported that insurtech firms raised a total of $2.5 billion across 104 deals during the third quarter of 2020. The total value raised was 63% higher than in the previous quarter, while the number of deals increased by 41%, according to the new Quarterly ... Read the full article
Insurtech Ladder expands reinsurance relationships with PartnerRe alliance
27th October 2020
Bermuda-based reinsurance company, PartnerRe, has entered into a new partnership with life insurance focused insurtech, Ladder. Ladder was established in 2015 and offers technology-driven insurance solutions designed to meet the demands of today’s consumers. By focusing on speed, ease, and affordability, the company looks to reinvent life insurance to be both ... Read the full article
Tokio Marine reveals participation in Lemonade’s reinsurance program
27th October 2020
Tokio Marine Holdings has announced its participation in the reinsurance program of insurtech firm Lemonade, in what it views as the first step towards a larger strategic partnership. The company has been a participant in the reinsurance program since July 1st 2020, which was around the same time that Lemonade ... Read the full article
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