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.
DXC business targeted in ransomware attack
6th July 2020
IT services provider DXC Technology has confirmed that its subsidiary, Xchanging, has been targeted in a recent ransomware attack. Xchanging is an insurance managed services business based in London that operates on a standalone basis. DXC said it was confident that the incident is isolated to the Xchanging environment, and does not ... Read the full article
Lloyd’s Lab adds three start-ups to COVID-19 program
6th July 2020
Insurance and reinsurance marketplace Lloyd’s of London has started working with three new insurtech start-ups to help the market respond to the COVID-19 pandemic. As part of a package of measures to respond to the crisis, Lloyd’s has expanded the scope for new applicants to the Lloyd’s Lab innovation accelerator. The ... Read the full article
Lemonade secures $319m in IPO off $29 a share
2nd July 2020
Insurtech start-up Lemonade has raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share. Lemonade commenced its IPO last week with an expectation that it would offer 11 million shares of its common stock at a price of between $23 and $26 per ... Read the full article
Innoveo & SIMS partner on digital transformation in Middle East
1st July 2020
Zurich-based global technology provider Innoveo has partnered with Sidani Innovative Management Services DMCC (SIMS), a Dubai-based boutique and corporate innovation accelerator, to support the adoption of new technologies in the Middle East re/insurance market. Together, the companies will help clients implement digitalisation initiatives using Innoveo's no-code technology platform and SIM's digitalisation ... Read the full article
Health insurtech Oscar closes $225m funding round
29th June 2020
Direct-to-consumer health insurer Oscar has announced the closing of a $225 million funding round. Oscar notes how this latest funding will help ensure continued growth off its $2 billion revenue base and puts the company on a path to advance its mission of making health care simple. "Transforming the health insurance experience ... Read the full article
Insurtech may offer insurers a route out of the pandemic
24th June 2020
New research by Cass Business School has outlined how insurtech may offer a route out of the pandemic for insurance companies. It's suggested that Covid-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. They also suggest that the pandemic has uncovered the value ... Read the full article
Farmers Insurance to reinsure policies for fintech Jetty
24th June 2020
Jetty, a fintech company that helps property managers increase lease conversion, reduce bad debt, and streamline operations, has announced a new deal with Farmers Insurance. Under the terms of the deal, Toggle Insurance Company, a Farmers Insurance company, will become the exclusive reinsurance provider for all new policies written under Jetty's core ... Read the full article
Bold Penguin partners with State Automobile Mutual Insurance Company
23rd June 2020
Commercial insurance technology provider Bold Penguin has announced the integration of State Automobile Mutual Insurance Company into its platform. Bold Penguin says this integration allows users of its platform access to business use auto coverage through State Auto with other insurance products, to be launched in the third quarter. State Auto currently ... Read the full article
Insurtech growth to remain unaltered by COVID-19: Aon COO
19th June 2020
While investment in insurtech has seemingly been slowed by the ongoing COVID-19 pandemic, the macro growth trend in this space will likely remain unaltered by the crisis. This is according to John G. Bruno, Chief Operating Officer (COO) at Aon plc and Chief Executive Officer (CEO) for Data & Analytic Services, ... Read the full article
Munich Re’s Roanoke partners with travel insurtech battleface
15th June 2020
Roanoke Travel Insurance, a subsidiary of Munich Re Specialty Group North America, has partnered with the travel insurtech startup battleface to launch product sales in the US. battleface offers travel insurance products and assistance to travelers using an API-driven platform. The arrangement with Roanoke is expected to enable the insurtech to offer ... Read the full article
Insurtech Bold Penguin adds AmTrust to exchange platform
15th June 2020
Commercial insurtech provider Bold Penguin has announced it will integrate workers' compensation insurance coverage from AmTrust Financial on its exchange platform. "As the largest commercial insurance exchange, we're laser-focused on connecting agents and carriers in record time," said Ilya Bodner, Founder and CEO of Bold Penguin. "Our integration with AmTrust will strengthen ... Read the full article
AI insurtech Planck raises $16mn, backed by Nationwide & HDI
12th June 2020
Artificial Intelligence (AI) data platform Planck has announced that it secured $16 million in its series B funding round, bringing its total investment amount to $28 million. The round was led by Team8 Capital, with participation from all existing investors (Viola FinTech, Arbor Ventures, Eight Roads) alongside new strategic investor additions ... Read the full article
Flood forecasting insurtech Previsico targets US market
11th June 2020
Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced that it plans to target the US market, backed by funding from Innovate UK. The insurtech launched UK-wide in November 2019 to support insurers, brokers, and customers with live flood warnings, including uniquely for surface water ... Read the full article
Munich Re’s HSB launches online broker trading platform in Ireland
11th June 2020
HSB, the specialist engineering and technology insurance arm of Munich Re, has launched a new broker online trading platform in Ireland, called HSB Fast Track. HSB Fast Track e-trade platform will offer brokers in Ireland a suite of HSB products that includes Construction Annual, Construction Project, Contractors’ Plant, and Computer and ... Read the full article
Munich Re’s HSB backs new machine failure cover from Augury
10th June 2020
Munich Re member firm The Hartford Steam Boiler (HSB) has backed a new warranty offering by AI-based machine health solution provider Augury, which aims to minimise financial risk from industrial machine failures. The offering, called Guaranteed Diagnostics, combines with Augury’s Machine Health platform with a repair/replacement warranty that compensates customers in ... Read the full article
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