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 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
Lemonade files for NYSE IPO & reveals new reinsurance arrangements
9th June 2020
Insurance technology start-up Lemonade has announced plans for an initial public offering (IPO) of its common stock, while also revealing the arrangements of its new reinsurance program. The firm, which is backed by Japanese conglomerate SoftBank among others, filed a registration statement with the US Securities and Exchange Commission (SEC) to ... Read the full article
Up to 300% ROI for automation in London Markets: NTT DATA
9th June 2020
IT services and consultancy firm NTT DATA UK says automation could drive ROI of between 30% and 300% annually in London Markets, depending on the process. NTT DATA notes how the approval of claims can reduce the time taken from hours, to just minutes, meaning more claims can be processed in ... Read the full article
Lloyd’s to trial virtual underwriting room in COVID-19 response
1st June 2020
As part of its response to the COVID-19 pandemic, insurance and reinsurance marketplace Lloyd’s of London is planning to explore options for a “virtual” underwriting room. The idea is to add online elements that allow brokers and underwriters to connect in a similar way to the physical 1 Lime Street location ... Read the full article
AXA XL to launch digital construction platform
29th May 2020
AXA XL's North America Construction insurance business is set to launch an integrated digital platform that monitors and aggregates data to help contractor clients manage risks. The Construction Ecosystem will be made available to a number of current customers from June, with wider access planned for later in 2020. AXA XL claims ... Read the full article
Munich Re Specialty partners with Duck Creek on digital platform
27th May 2020
Munich Re Specialty Group (MRSG), a division of global reinsurer Munich Re, has partnered with Duck Creek Technologies to develop a digital offering via the Duck Creek OnDemand platform. OnDemand is Duck Creek’s end-to-end SaaS solution that provides services, support and computing resources for carriers. The platform includes Duck Creek Policy, Duck ... Read the full article
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