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.
P&C focused InsurTech service provider, Combined Ratio Solutions launches
16th September 2019
A new InsurTech service provider focused on the property and casualty (P&C) industry has been launched by industry veterans Luke Magnan and Michael Jones, called Combined Ratio Solutions. Based in Hartford, Connecticut, Combined Ratio, an InsurTech service provider, is focused on delivering technology solutions that create overall value for insurers and ... Read the full article
Mario Vitale appointed President of cyber analytics InsurTech, Arceo.ai
16th September 2019
Provider of risk analytics for the cyber insurance and reinsurance market, Arceo.ai, has named Mario Vitale as its President, effective September 3rd, 2019. As President of Arceo, which is a newly created position, Vitale will bring his extensive insurance industry experience to lead the firm in blending cyber security expertise, credible ... Read the full article
Insurtech data provider NeuralMetrics announces launch
16th September 2019
NeuralMetrics, an insurtech data provider that uses natural language processing (NLP) technologies to power a real-time data engine for commercial lines general and P&C re/insurers, has announced its official launch. The company is headquartered in New York City, with additional offices in the UK, Europe, the UAE, and India, and was ... Read the full article
Auto insurtech Root raises $350m, hits $3.6bn valuation
13th September 2019
Auto insurtech Root Insurance has raised $350 million in a Series E funding round led by DST Global and Coatue, raising the firm’s total value to $3.65 billion. The funding brings the total amount secured to $523 million, with an additional $100 million in debt financing, and will be leveraged to ... Read the full article
AXA XL, insurtech Neptune Flood strike underwriting partnership
12th September 2019
Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US. Chris Bressette, Senior Vice ... Read the full article
Digital success requires both tech partnerships & internal agendas: GC’s Steven Jones
11th September 2019
Success in the increasingly digitalised re/insurance industry will require companies to focus equally on collaboration with insurtech firms and on improving internal transformation agendas, according to Steven Jones, Global InsurTech Client Services Lead at Guy Carpenter. Jones argued that technology in the re/insurance industry is advancing at an ever-increasing pace, with ... Read the full article
Beazley to leverage Guidewire’s Cyence analytics solution
11th September 2019
Specialist insurer Beazley has selected Guidewire Software’s Cyence product to help improve underwriting, capital and pricing efficiencies. Cyence offers a data listening and risk analytics solution that combines curation of external data with machine learning and risk modelling. Beazley will implement Cyence data models to augment its existing data modelling applications for ... Read the full article
Munich Re announces new risk analysis services for wildfire & hurricane
8th September 2019
Munich Re has announced two new risk analysis and claims settlement services for wildfire and hurricanes, which aim to accelerate indemnification for policyholders. The reinsurer’s Wildfire Risk Score will support clients in evaluating wildfire risks in North America and in estimating damages following an event. The solution combines loss data from past ... Read the full article
Aon to introduce auction capability for 1/1 renewals
8th September 2019
Global re/insurance brokerage Aon is set to implement an auction capability for the January 1 renewals, as the company looks to leverage new technology in order to speed up the process of pricing negotiations and contract certainty. Aon says the technology, offered as part of its suite of services, enables pricing ... Read the full article
Prudential set to acquire insurtech Assurance IQ
8th September 2019
US insurance and investment firm Prudential Financial has agreed to acquire Assurance IQ, an insurtech firm that matches buyers with customised insurance solutions. The transaction includes a total upfront consideration of $2.35 billion, plus an additional earnout of up to $1.15 billion in cash and equity, contingent upon Assurance achieving certain ... Read the full article
AIG to back new media finance vehicle by fintech firm FastPay
6th September 2019
Global insurer American International Group (AIG) is to provide funding and trade insurance for a new receivables securitisation program launched by financial technology firm FastPay. The program will offer significant capital to the media and technology sector and allow FastPay to open the door for larger, global media and tech clients ... Read the full article
Tremor reaches $1bn of reinsurance quotes, adds new investors
4th September 2019
Tremor Technologies, the programmatic risk transfer platform, has passed $1 billion of total reinsurance quotes and lines bound of nearly $500 million, and has announced $10 million in financing from new investors. The company has now completed six reinsurance placements, with quotes from more than 70 reinsurers, ILS funds, and Lloyd’s ... Read the full article
SCOR to invest €250m in tech-focused ‘Quantum Leap’ strategy
4th September 2019
Global reinsurer SCOR has launched its new 'Quantum Leap' strategy, a two-and-a-half year plan which emphasises the integration of technology, as the company looks to create the "reinsurance company of tomorrow.” This new strategy is SCOR’s seventh since 2002, and follows the ‘Vision in Action’ plan implemented in 2016. Over the period ... Read the full article
China’s Ping An to develop nationwide ‘innovation platform’, reports
30th August 2019
Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily. The National Open Innovation Platform for Next Generation Artificial Intelligence will ... Read the full article
China’s digitisation opening up previously uninsurable risks: Swiss Re
30th August 2019
The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article