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.
Munich Re backed insurtech Bestow secures more funding
30th April 2020
Bestow, a digital life insurance platform backed by Munich Re unit Munich American Reassurance Company, has secured a further $50 million of funding in its Series B financing round. The round was led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new ... Read the full article
COVID-19 a catalyst for digital transformation: Getsafe CEO
28th April 2020
The COVID-19 pandemic could turn out to be a catalyst for digital transformation in the insurance sector, according to Getsafe CEO and founder Christian Wiens, who sees the crisis as potentially beneficial for insurtech firms. Speaking in an interview with Reinsurance News, Wiens noted that the pandemic has forced many re/insurance ... Read the full article
Slice Labs & AXA XL extend cyber cover to Lenovo users
28th April 2020
Slice Labs has announced that its cloud-based cyber insurance for small to midsize businesses (SMB), provided by one of the affiliated insurance companies of AXA XL, will now be offered Lenovo SMB customers. Accessible through the Security Advisor suite of the Lenovo Vantage platform, users will be able to access information ... Read the full article
Pick re/insurance software the right way and keep your job
27th April 2020
Choosing the right insurance or reinsurance software platforms and tools can be a challenge in itself, but it's vital to approach this in the right way, Dmitry Mnushkin, President of Treefrog Consulting writes. Part 1 in a 3-part series of articles dealing with how people can help their companies survive during ... Read the full article
Hyperion X upgrades digital platforms to support remote working
23rd April 2020
Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, has launched an upgrade to its digital platforms to support higher demand for remote working. The firm reported that it has experienced record demand across multiple areas of trading as the market undergoes rapid change in the midst ... Read the full article
Bold Penguin partners with Markel Specialty to expand commercial offerings
23rd April 2020
Commercial insurance platform provider Bold Penguin is expanding commercial offerings on its exchange to include excess and surplus (E&S) coverage, after partnering with Markel Specialty. Bold Penguin operates a digital exchange platform designed to help small-medium businesses, their brokers, and major carriers connect as fast as possible. The company believes adding E&S ... Read the full article
Omniscience launches first life insurance underwriting automation suite
21st April 2020
Palo Alto-based firm Omniscience has announced a new software suite designed to automate life insurance underwriting decision-making. By using new underlying technology from Omniscience, this suite is designed to accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result. Omniscience notes how the issues ... Read the full article
Berkshire Hathaway’s Wellfleet partners with EIS Group on new solution
17th April 2020
Wellfleet, a Berkshire Hathaway insurance company, is partnering with industry technology firm EIS Group on an insurance administration platform designed to meet the evolving demands of the employee benefits market. In the complex voluntary benefits landscape, brokers and their clients commonly work with multiple systems, fighting to integrate with carriers’ patchworked ... Read the full article
Insurtech Sprout.ai secures $2.5mn investment
17th April 2020
Sprout.ai, a London-based claims automation platform previously called BlockClaim, has secured $2.5 million in its second seed round, with funding from Amadeus Capital Partners. Amadeus Capital Partners, a specialist in deep tech investing, led the round and was joined by Playfair Capital and Techstars. The investment will allow Sprout.ai to build its ... Read the full article
AXA Climate partners with VanderSat on parametric drought cover
15th April 2020
AXA Climate and dutch firm VanderSat have entered a strategic partnership to offer a satellite data-driven parametric cover against drought-related losses. The parametric insurance product features policies that will pay out based on high-precision microwave technology measuring soil moisture in individual field zones. Soil Moisture is a direct indicator of water available ... Read the full article
Cape Analytics expands partnership with Kin insurance
15th April 2020
Re/insurance data analytics provider Cape Analytics has expanded its partnership with Kin insurance. A home insurance technology company, Kin is using Cape Analytics’ geospatial property intelligence to inform its homeowner insurance offering. The integration of Cape Analytics’ data allows Kin to provide customers with policies tailored to individual property and coverage needs. Cape ... Read the full article
Beazley launches Virtual Care insurance in Canada
15th April 2020
Specialist insurer Beazley has launched its Virtual Care insurance policy in Canada, providing protection against risks associated with technology-enabled healthcare and lifestyle management services. Beazley noted that the COVID-19 pandemic has sharply increased demand for telemedicine, and many providers are expanding or adding these services to meet demand and to protect ... Read the full article
ACORD to release new standards for data exchange
9th April 2020
ACORD, the international standards-setting body for the insurance sector, has announced the release of Version 1.0 of its new digital standards for insurance data exchange. Developed in partnership with various industry organisations, the standards aim to enable omnichannel information exchange across any technology interfaces. ACORD explained that they will support data transfer ... Read the full article
RiskBook approved by Lloyd’s as reinsurance e-placement tool
9th April 2020
RiskBook Ltd., an independent provider of reinsurance placement technology, has been approved by the specialist Lloyd's of London re/insurance marketplace as a recognised electronic placement system for open market reinsurance business. The announcement marks the first time that brokers from any firm can leverage a single user-friendly placement tool for global ... Read the full article
Coronavirus + broker M&A distribution disruption raises threat to carriers: Hyperion X
3rd April 2020
While the immediate impacts and losses from the Covid-19 coronavirus pandemic are top of mind in threatening the businesses of insurance and reinsurance carriers right now, the fact it coincides with the biggest disruption to the distribution chain ever seen adds more pressure, Hyperion X said. Hyperion X, the data and ... Read the full article
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