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.
Free coronavirus cover offered by insurtech WeSure
17th February 2020
WeSure, the insurance platform launched by Chinese multinational conglomerate Tencent in 2017, says over 100,000 medical professionals across the country signed up to its free coronavirus cover. The company has been active in establishing partnerships and products designed to tackle Covid-19, with one plan advertising up to £65,000 of protection for ... Read the full article
Aon’s PathWise platform implemented by Korean insurer Kyobo Life
13th February 2020
Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes. The company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), ... Read the full article
B3i’s blockchain platform places 30 reinsurance contracts at 1/1
12th February 2020
The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article
Tokio Marine deploys Metromile’s AI tech across auto book
12th February 2020
Japanese insurer Tokio Marine Group has deployed artificial intelligence (AI) powered technology from Metromile across its $13 billion auto insurance book in a move that it hopes will significantly improve customer claims. Using Metromile’s digital first notice of loss product, Metromile REPORT, Tokio Marine hopes to simplify the claims process by ... Read the full article
Insurtech firm Sapiens acquires sum.cumo
12th February 2020
Sapiens International Corporation, a global provider of software solutions for the re/insurance industry, has announced the completion of its acquisition of sum.cumo. sum.cumo is a German-based technology provider that offers digital solutions mainly to the insurance sector. The acquisition is expected to enable Sapiens to expand its footprint by offering its complete ... Read the full article
Satellite imagery home insurer Luko adds Julien Gigoi as Chief Actuary
7th February 2020
French satellite imagery home insurer, Luko has appointed Julien Gigoi to the role of Chief Actuary. Luko describes itself as France’s first neo insurance, and since the AI powered InsurTech launched roughly one year ago, it’s already attracted 10,000 customers in France and, this is despite it only offering protection for ... Read the full article
Travel insurtech Blink launches parametric solutions platform
7th February 2020
Travel insurtech Blink has announced the launch of a platform designed to offer a range of parametric insurance solutions. Blink Parametric’s platform-based solutions span the travel, climate, energy and IoT sectors. Blink Travel offers customers a real-time insurance service with real-time compensation options for issues like flight delays or cancellation. Blink Climate is ... Read the full article
Policygenius secures $100 million investment led by KKR
6th February 2020
InsurTech Policygenius, an online marketplace for comparing and purchasing insurance, has announced $100 million in Series D funding led by global investment firm, KKR. Existing major investors in Policygenius, which includes Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the latest ... Read the full article
Xceedance partners with cloud-based insurance platform Novidea
6th February 2020
Re/insurance service provider Xceedance has partnered with data-driven insurance distribution platform Novidea to help its broker management platform meet growing market demand. Novidea provides a core cloud-based platform designed to connect insurance distributors to a modern insurance ecosystem which leverages the Salesforce Cloud and artificial intelligence. By partnering with Xceedance for assistance ... Read the full article
Boost Insurance raises $14mn for insurtech development platform
5th February 2020
Boost Insurance has secured $14 million in a Series A round of funding, which will be used to expand its infrastructure-as-a-service (IaaS) insurtech development platform. The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and ... Read the full article
RGA introduces digital health data scoring solution
5th February 2020
Life and health reinsurer, Reinsurance Group America, has made its Digital Health Data Risk Scoring service available to US life insurers. The service evaluates structured electronic medical record and medical claims data and provides an underwriting risk score for integration within a carriers underwriting system. “Electronic medical records and claims data are ... Read the full article
TransRe partners with Allphins to launch energy reinsurance platform
5th February 2020
Global reinsurer TransRe has partnered with energy InsurTech firm, Allphins, to create a data analytics platform for offshore energy reinsurance business. Under the terms of the agreement, TransRe will leverage Allphins software to digitalise its treaty reinsurance arrangements, monitor its aggregate exposures, and identify opportunities within the marketplace. The Chief Executive Officer ... Read the full article
Gallagher partners with FloodFlash on parametric policy
3rd February 2020
Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients. The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of ... Read the full article
Why building your own reinsurance software systems no longer makes sense
30th January 2020
In the heyday of reinsurance 20 years ago people did not ask if they should build or buy their reinsurance software tools, writes Dmitry Mnushkin, President of Treefrog Consulting. The combination of plentiful funds with lack of commercially available products meant that hiring a dozen developers was the sensible move. As a ... Read the full article
Insurtech investment soared to $6bn in 2019, says WTW
30th January 2020
The insurtech sector received $6.37 billion in investments throughout 2019, with nearly $2 billion of that figure coming from the fourth quarter alone, a Willis Towers Watson report has found. During the year, eight rounds of investment took place which led to the creation of five insurtech start-ups valued at over ... Read the full article
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