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.

North P&I partners with insurtech Concirrus

24th January 2020

North P&I Club, the UK-based marine mutual liability re/insurer, has partnered with insurtech Concirrus as it looks to bolster its loss prevention and risk assessment capabilities. Concirrus platform Quest Marine P&I brings together billions of rows of dynamic marine and customer data into a single web application. Furthermore, the predictive risk modelling ... Read the full article

Markel & RenRe back new policy from AI start-up Cowbell Cyber

23rd January 2020

Reinsurers Markel Global Reinsurance Company and Renaissance Re Holdings are among a group of companies that have provided backing for a new policy from Cowbell Cyber, a start-up focused on AI-powered cyber insurance for SMEs. The policy, called Cowbell Prime 100, is designed to enable insurance agents to issue personalised cyber ... Read the full article

Indian insurtech Digit secures $84m from equity investors

23rd January 2020

Digit Insurance, an India-based insurance start-up backed by Fairfax Group, has secured regulatory approval to raise $84 million from three growth equity investors, bringing total investment to $224 million. Digit started its operations in October 2017 and has since expanded its distribution through direct channel partners such as e-commerce giants Policybazaar, ... Read the full article

The Institutes launches blockchain innovation hub

20th January 2020

The Institutes RiskStream Collaborative, the industry’s largest enterprise-level blockchain consortium, has created a new hub designed to accelerate innovation. 'RiskStream Labs' will serve as a resource for both member and nonmember organisations and will be dedicated to quickly vetting and advancing blockchain initiatives, specifically at the proof-of-concept phase. Headed by RiskStream Collaborative ... Read the full article

AXA-backed insurtech Sayata Labs adds King Flynn from Beazley

17th January 2020

Sayata Labs, an insurtech start-up focused on cyber risk assessment for insurers and SMBs, has appointed King Flynn as head of insurance. Flynn joins the Sayata executive team and will report to Chief Executive Officer, Asaf Lifshitz. As head of insurance, he will lead the company's growth and distribution strategy to deliver ... Read the full article

Berkshire Hathaway unit looks to AI with CLARA analytics deal

17th January 2020

Berkshire Hathaway Homestate Companies has selected CLARA analytics, a provider of artificial intelligence technology in the commercial insurance space, as it looks to advance its workers’ compensation claims operations. BHHC will integrate the full suite of CLARA products, including CLARA providers, CLARA litigation and CLARA claims as well as its popular ... Read the full article

Sompo releases travel insurance product in Thailand with Slice Labs

17th January 2020

Sompo Holdings (Asia), part of international insurer Sompo Holdings, has partnered with Slice Labs, an on-demand insurance platform, to release a joint travel insurance product in Thailand called TravelJoy. The product will include life and medical, flight delay/cancellation, and baggage/belongings coverage, and will be made available using the LINE LIFF Platform. “SOMPO’s ... Read the full article

SCOR automates financial processes with Accenture tech

15th January 2020

SCOR has improved the efficiency of its internal functions by utilising technology from professional services firm Accenture, which has enabled the reinsurer to automate financial processes, among other benefits. Previously, many of SCOR’s key processes within the finance function, including the quarterly-close process, were conducted manually, using spreadsheets, email and the ... Read the full article

Insurtech Corvus secures $32mn in venture funding

13th January 2020

Boston-based insurtech firm Corvus has secured $32 million in a Series B round of venture funding, led by Telstra Ventures. As part of the funding arrangement, Marcus Bartram, Partner at Telstra Ventures, will now join Corvus's Board of Directors. The funding round also included participation from Obvious Ventures and existing Corvus investors ... Read the full article

QOMPLX secures 12 US tech patents in 2019

10th January 2020

QOMPLX, an intelligent decision platform provider startup formerly known as Fractal, has announced that it was awarded 12 US patents for innovations in 2019. The patents, which span cybersecurity, insurance, finance and data infrastructure, allow QOMPLX a 20-year period of exclusivity to the technologies. The most recent patent, issued on December 24, ... Read the full article

Insurtech start-up fund Brewer Lane Ventures launches

10th January 2020

Brewer Lane Ventures, a fund focused on investing in insurtech start-ups, has announced its launch, and the appointment of key members of its team. The company was founded by John Kim, the former President and Chief Investment Officer at New York Life Insurance Company. Also joining Brewer Lane Ventures is Managing Partner ... Read the full article

Hiscox partners with Concirrus to drive digitalisation

8th January 2020

Hiscox London Market, one of the oldest Lloyd's of London syndicates, has entered into a partnership with InsurTech Concirrus in an effort to deliver progressive, analytics-based underwriting. Under the terms of this new multi-year deal, Hiscox is to embed Concirrus' behaviour-based data analytics platform, Quest Marine Hull. An announcement on the deal ... Read the full article

WTW & eBaoTech to provide one-stop insurance middle office platform

7th January 2020

Global re/insurance broker Willis Towers Watson (WTW) has entered into a new partnership with digital insurance solution provider, eBaoTech, to offer a bundled solution designed to accelerate digitisation across the industry. This new collaboration sees WTW's Radar Live rating engine integrate with eBaoTech's middle office platform, InsureMO, which is specifically designed ... Read the full article

Auto start-up Clearcover raises further $50mn in funding

7th January 2020

Auto insurance start-up Clearcover has raised $50 million in a Series C round of funding, led by OMERS Ventures. This brings Clearcover’s total funding to more than $104 million since its 2016 founding, following a Series B round in January 2019 that raised $43 million. As part of the funding arrangement, Michael ... Read the full article

Finding new talent critical to advancing insurtech: EY

31st December 2019

Re/insurers agree that finding new talent is critical to build on investments in technology and digital transformation, but attracting and retaining will require better communication and more customer-centric approaches, according to analysts at EY. As part of a new report, EY noted that re/insurance industry growth had remained stagnant for another ... Read the full article

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