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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.

Berkshire Hathaway’s Wellfleet partners with EIS Group on new solution

17th April 2020

Wellfleet, a Berkshire Hathaway insurance company, is partnering with industry technology firm EIS Group on an insurance administration platform designed to meet the evolving demands of the employee benefits market. In the complex voluntary benefits landscape, brokers and their clients commonly work with multiple systems, fighting to integrate with carriers’ patchworked ... Read the full article

Insurtech Sprout.ai secures $2.5mn investment

17th April 2020

Sprout.ai, a London-based claims automation platform previously called BlockClaim, has secured $2.5 million in its second seed round, with funding from Amadeus Capital Partners. Amadeus Capital Partners, a specialist in deep tech investing, led the round and was joined by Playfair Capital and Techstars. The investment will allow Sprout.ai to build its ... Read the full article

AXA Climate partners with VanderSat on parametric drought cover

15th April 2020

AXA Climate and dutch firm VanderSat have entered a strategic partnership to offer a satellite data-driven parametric cover against drought-related losses. The parametric insurance product features policies that will pay out based on high-precision microwave technology measuring soil moisture in individual field zones. Soil Moisture is a direct indicator of water available ... Read the full article

Cape Analytics expands partnership with Kin insurance

15th April 2020

Re/insurance data analytics provider Cape Analytics has expanded its partnership with Kin insurance. A home insurance technology company, Kin is using Cape Analytics’ geospatial property intelligence to inform its homeowner insurance offering. The integration of Cape Analytics’ data allows Kin to provide customers with policies tailored to individual property and coverage needs. Cape ... Read the full article

Beazley launches Virtual Care insurance in Canada

15th April 2020

Specialist insurer Beazley has launched its Virtual Care insurance policy in Canada, providing protection against risks associated with technology-enabled healthcare and lifestyle management services. Beazley noted that the COVID-19 pandemic has sharply increased demand for telemedicine, and many providers are expanding or adding these services to meet demand and to protect ... Read the full article

ACORD to release new standards for data exchange

9th April 2020

ACORD, the international standards-setting body for the insurance sector, has announced the release of Version 1.0 of its new digital standards for insurance data exchange. Developed in partnership with various industry organisations, the standards aim to enable omnichannel information exchange across any technology interfaces. ACORD explained that they will support data transfer ... Read the full article

RiskBook approved by Lloyd’s as reinsurance e-placement tool

9th April 2020

RiskBook Ltd., an independent provider of reinsurance placement technology, has been approved by the specialist Lloyd's of London re/insurance marketplace as a recognised electronic placement system for open market reinsurance business. The announcement marks the first time that brokers from any firm can leverage a single user-friendly placement tool for global ... Read the full article

Coronavirus + broker M&A distribution disruption raises threat to carriers: Hyperion X

3rd April 2020

While the immediate impacts and losses from the Covid-19 coronavirus pandemic are top of mind in threatening the businesses of insurance and reinsurance carriers right now, the fact it coincides with the biggest disruption to the distribution chain ever seen adds more pressure, Hyperion X said. Hyperion X, the data and ... Read the full article

Aon enhances reinsurer trading portal for Lloyd’s & IUA markets

1st April 2020

Re/insurance broker Aon has enhanced its reinsurer trading portal, ABConnect Placements, to electronically bind treaty placements with Lloyd’s of London and International Underwriting Association (IUA) markets from 1 April renewals. The new bind feature enables Lloyd’s and IUA markets to complete and bind Aon's treaty reinsurance placements without the need for ... Read the full article

Insurtech wefox launches broker platform amid COVID-19 concerns

30th March 2020

Berlin-based insurtech firm wefox Group has announced the launch of a new technology platform, which will be made available to brokers for free amid concerns that the coronavirus (COVID-19) pandemic is affecting sales. wefox explained that it brought forward the release of its platform, wefoxGo, after realising that COVID-19 could put ... Read the full article

RiskGenius launches COVID-19 risk checklist

27th March 2020

RiskGenius, an insurtech using artificial intelligence to evaluate emerging risks across insurance portfolios, has released a checklist of potential coverage issues associated with the coronavirus pandemic. The checklist has been launched to help carriers assess and quantify potential exposure to the virus, as firms struggle to comply with rapidly changing legislative ... Read the full article

Ageas partners with tech firm on AI car damage assessments

27th March 2020

Brussels-headquartered multinational insurer Ageas is using an artificial intelligence (AI) solution developed by technology company Tractable to create car damage assessments and repair estimates. The AI-powered technology is able to support some of the complex tasks usually carried out by human assessors, such as identifying which parts of a vehicle have ... Read the full article

Munich Re-backed Sepio Systems hits $15mn in funding

27th March 2020

Global reinsurer Munich Re has acted as lead investor for Sepio Systems, a leader in Rogue Device Mitigation. Following the recent Series A round, Sepio secured an additional $4 million from Munich Re Ventures and Hanaco Ventures, which brings the total investment in the company to $15 million. Alongside the investment, Sepio ... Read the full article

FWD Philippines opts for digital solution from Pacific Life Re

26th March 2020

Pacific Life Re has announced a new partnership with FWD Philippines, which will see FWD adopt a digital solution from Pacific Life Re’s insurtech subsidiary, UnderwriteMe. The solutions was built on the Underwriting Rules Engine and is designed to enable a much shorter application process, while minimising the review time needed ... Read the full article

Tremor to launch weekly online ILW auctions

26th March 2020

Programmatic insurance and reinsurance risk transfer marketplace Tremor is set to open weekly online Industry Loss Warranty (ILW) auctions in an effort to ensure the market continues operating during the unfolding coronavirus pandemic. Auctions begin on April 2 and will leverage catastrophe loss estimates for the US, Canada, Japan, and the ... Read the full article

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