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.
Insurtech Next Insurance grows premium base, enters NY market
3rd March 2020
Next Insurance, the digital insurtech firm backed by Munich Re, has reported that its annual gross written premiums grew by more than three times over in 2019, bringing the company’s annual premium run rate to over $100 million. The firm also announced that it has been granted approval by the State ... Read the full article
Chaucer eyes more efficient underwriting service with Artificial Labs alliance
2nd March 2020
Specialist insurer and reinsurer Chaucer has partnered with London headquartered InsurTech firm, Artificial Labs, in an effort to provide a smarter and more efficient underwriting service to brokers and clients. Under the new partnership, Chaucer will deliver Artificial Labs' next generation underwriting platform for high-volume specialty solutions, enabling Chaucer to offer ... Read the full article
Liberty Mutual partners with Ford on connected vehicle insurance
2nd March 2020
Liberty Mutual Insurance has partnered with Ford to offer potential insurance discounts for customers driving Ford connected vehicles. This new agreement is part of Liberty Mutual's broader Mobility initiative, and will enable the evaluation of a customer's driving behaviour through FordPass Connect, thereby eliminating the need for a plug-in device. "Liberty is ... Read the full article
Accident & disaster recovery startup Tractable raises $25mn in Series C
2nd March 2020
Tractable, a technology firm developing AI for accident and disaster recovery, has raised $25 million in its Series C investment round. The round nearly doubles the total amount raised by Tractable and is expected to help the firm accelerate its expansion into new markets from the nine countries in which it ... Read the full article
Verisk, SCOR partnership targets automated life insurance underwriting
28th February 2020
Data analytics firm Verisk is partnering with SCOR on an automated life insurance underwriting platform. The new platform leverages artificial intelligence to help life insurers process electronic health records faster. It’s hoped this will reduce the time needed to obtain an attending physician statement and enable accelerated underwriting. “Electronic medical records have the ... Read the full article
Anthemis raises $90mn for insurtech-focused venture growth fund
28th February 2020
Venture investment platform Anthemis has raised $90 million for a new insurtech-focused fund directed at companies driving significant impact within the insurance industry. Anthemis Insurance Venture Growth Fund I (AIVGF I) was made possible thanks to backing from Aflac Global Ventures, Sumitomo Life and Nürnberger Versicherung in partnership with Daido Life ... Read the full article
Ascent integrates AI tech across transactional liability portfolio
26th February 2020
Specialty MGA Ascent Underwriting has integrated Luminance’s machine learning technology in an effort to expose potential risks across its transactional liability portfolio. Luminance is an artificial intelligence platform leveraging a pattern-detection approach and its proprietary technology LITE, or, Legal Inference Transformation Engine. This integration is hoped to enhance underwriter decision-making processes and ... Read the full article
London Market upping tech investment to maintain relevance: survey
25th February 2020
Research from consulting and IT services provider NTT DATA UK suggests London Market investment in modernisation efforts will double over the next three years. The research surveyed 100 senior London Market syndicates, brokers and managing agents, and revealed that 60% of respondents consider business-as-usual to be unacceptable over the next three ... Read the full article
How to secure your re/insurance future (with software)
24th February 2020
The insurance and reinsurance sector's tendency to become reliant on large, often unwieldy internal software systems can leave it open to disruption, Dmitry Mnushkin, President of Treefrog Consulting writes. When I first started working in the reinsurance industry in 1999 I was fortunate enough to work with RenRe, one of the ... Read the full article
Hippo expands reinsurance panel, establishes captive
19th February 2020
California-headquartered, homeowners focused InsurTech firm, Hippo, has announced the expansion of its reinsurance panel and the establishment of its own captive as it eyes continued growth. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. The InsurTech company first ... Read the full article
Swiss Re iptiQ, IKEA launch home insurance offering
18th February 2020
Swiss Re iptiQ and Swedish furniture retail firm IKEA have announced the launch of a home insurance offering designed to be easily bought online and cancelled at any time with next day effect. Swiss Re’s iptiQ platform effectively allows the company to shorten the value-chain by reducing the number of steps ... Read the full article
Insurtech Concirrus secures further $20mn of funding
18th February 2020
London-based marine and automotive insurtech firm Concirrus has secured $20 million in a Series B funding round led by AlbionVC. The funding also included participation from current investors IQ Capital, EOS Venture Partners and several angel investors. The investment will help to support the continued development of Concirrus’ behavioural-based underwriting platform, Quest. Quest ... Read the full article
Free coronavirus cover offered by insurtech WeSure
17th February 2020
WeSure, the insurance platform launched by Chinese multinational conglomerate Tencent in 2017, says over 100,000 medical professionals across the country signed up to its free coronavirus cover. The company has been active in establishing partnerships and products designed to tackle Covid-19, with one plan advertising up to £65,000 of protection for ... Read the full article
Aon’s PathWise platform implemented by Korean insurer Kyobo Life
13th February 2020
Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes. The company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), ... Read the full article
B3i’s blockchain platform places 30 reinsurance contracts at 1/1
12th February 2020
The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article