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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.

Evolving property/casualty industry at inflection point: VJ Dowling

20th June 2017

Disruptive technologies are driving widespread change across the insurance and reinsurance industry and the property/casualty (P/C) sector is now at an inflection point of the ongoing change, Vincent J. Dowling, Jr. told attendees at the Marsh & McLennan Companies Young Professionals’ Global Forum, 2017. "I have been following the property/casualty industry ... Read the full article

Start-up raises £180m to develop InsurTech focused “insurance challenger”

19th June 2017

Gryphon Group Holdings Limited, an InsurTech start-up, has raised £180 million (US$229 million) in funding as it looks to develop an insurance challenger designed to capitalise on substantial growth potential in the UK insurance market. The new company will have a focus on life, critical illness, and income protection insurance, and ... Read the full article

AIG utilises blockchain for “smart” insurance solution pilot

16th June 2017

Global insurer American International Group (AIG) and Standard Chartered have partnered with International Business Machines Corp (IBM) to create a "smart" insurance solution that utilises blockchain technology to make complicated insurance policies much simpler. AIG and UK-based international bank Standard Chartered have now completed a blockchain pilot, using the open-source Hyperledger Fabric protocol, which was built ... Read the full article

Re/insurers investment in tech to increase with focus on AI: Moody’s

15th June 2017

The Internet of Things (IoT) and Artificial Intelligence (AI) are becoming focal points for re/insurance investment, after 90% of firms said they'd successfully incorporated technologies to improve digital consumer engagement and Big Data use, according to a Moody's survey of 18 of Europe's biggest re/insurers. "In recent years, many groups have ... Read the full article

JLT Specialty USA to develop InsurTech Workers’ Comp solutions with Altumai

14th June 2017

Insurance and reinsurance brokerage JLT Group subsidiary, JLT Specialty USA, has announced a new partnership with Internet of Things (IoT) and analytics driven solutions specialist, Altumai. In addition, it's important to ensure worker safety across the agricultural and food sectors, and also to mitigate injury and any long-term health implications of ... Read the full article

MarketScout targets InsurTech & MGA facility expansion

7th June 2017

Texas based insurance exchange and managing general agent MarketScout has sold its $100 million workers compensation MGA and will use the proceeds to fund a change in strategy, as it switches its focus to Insurtech and MGA facilities. MarketScout owns the successful MarketScout Exchange, where it connects agents with insurers and ... Read the full article

EU insurance rules must be compatible with the digitisation revolution

6th June 2017

European insurers have voiced fears that new EU consumer protection rules - the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs) and the Insurance Distribution Directive (IDD) - could clash with consumers needs for digital-friendly products. Sergio Balbinot, European insurance and reinsurance federation’s president said at Insurance Europe’s 9th International Conference regulators needed ... Read the full article

Re/insurance experts set up InsurLab in Germany

5th June 2017

An InsurLab was set up last week in Cologne, Germany, to facilitate collaboration between InsurTech start-ups, re/insurers, and service providers, as part of a growing movement towards cooperation as re/insurers increasingly recognise a group effort is necessary to fully reap the benefits of the InsurTech innovation. The lab was established by ... Read the full article

Influence of InsurTech being felt in personal lines insurance: Conning

2nd June 2017

The rise of innovative technology and the resulting increased investment into technology-focused business models is impacting all industries of the world, including numerous areas of the insurance and reinsurance value chain and business systems. FinTech and InsurTech have become increasingly common words across the risk transfer industry, as a need for greater efficiency ... Read the full article

Second wave of savvy InsurTechs to follow industry shakeup: Report

2nd June 2017

Business consulting expert Oliver Wyman has produced a joint report with InsurTech investor Policen Direkt that looks at over 1,000 InsurTechs and relevant players to provide guidance on which activities and business models are the most likely to flourish in coming years. The report concludes that after tech start-ups saw a ... Read the full article

Insurtech Neos gets strategic support and capacity from Munich Re

26th May 2017

Home insurer Neos has formed a strategic partnership with reinsurance giant Munich Re, who has agreed to provide underwriting capacity through a managing general agent (MGA) towards an innovative home insurance product that uses smart home technology to proactively protect homes from fire, water damage and theft. Neos also announced having raised 5 ... Read the full article

Re/insurance challenges and opportunities of the future: EY

26th May 2017

As the re/insurance industry enters an era marked by shifting inner dynamics and fast-paced changes to macroeconomic conditions, EY analysts have outlined the unique challenges and opportunities set to create the market of the future. EY said the key long-term determinants of this changing scape were down largely to demographic shifts, policy ... Read the full article

Re/insurers must engage with InsurTech & AI: Celent

19th May 2017

As the InsurTech industry becomes an increasingly important part of insurance and reinsurance, the industry is in its experimental phases of introducing artificial intelligence (AI) for processes and advisory purposes, replacing traditional practices. To answer questions on AI usage by insurers, financial services advisory firm Celent, released a report, looking at the extent clients ... Read the full article

Ruschlikon and London’s TOM to align modernisation efforts

17th May 2017

Ruschlikon, the global community of insurers, brokers and reinsurers, has agreed to align its modernisation efforts with the London Market TOM (Target Operating Model), building on what's been an outstanding past year for the platform's growth after meeting in a London General Assembly. The community also set a renewed a focus on ... Read the full article

InsurTech firm Sherpa & Gen Re partner to disrupt traditional re/insurance model

16th May 2017

InsurTech firm Sherpa has announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting process and account for all risks insured, replacing and simplifying traditional methods of insuring on a product by-product basis with separate policies and processes. The new business ... Read the full article

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