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.
London Market claims process needs urgent transformation: LMA’s Lee Elliston
17th January 2019
The London Market urgently needs to improve the efficiency of its claims processes to meet rising customer expectations, according to Lee Elliston, Claims Director at the Lloyd’s Market Association. Elliston argued that new claims models in the London Market need to focus on better leveraging modern technology to the benefit of ... Read the full article
Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace
16th January 2019
Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article
ArgoGlobal eyes gig-economy with Italian insurtech partnership
16th January 2019
ArgoGlobal Assicurazioni S.p.A, a subsidiary of Argo Group International Holdings, is providing gig-economy workers throughout Italy with a pay-as-you-go insurance solution by teaming up with specialised broker Axieme. Crucially, Axieme is connected to the digital platform Jobby, which enables users to activate their insurance when they accept a job. “The growth of ... Read the full article
MS&AD enhances digital capabilities with new partnerships
15th January 2019
MS&AD Insurance Group Holdings has enhanced its digital capabilities through two new strategic alliance agreements with U.S-based MGA CoverHound and German insurtech company ELEMENT. The company intends to use CoverHound’s expertise in the development and sales of digital insurance products to empower its own digital solutions, particularly in regard to the ... Read the full article
ACORD eyes more robust digital standards with LTI partnership
11th January 2019
ACORD, the insurance industry data standards body, has extended its partnership with global IT firm Larsen & Toubro Infotech to further develop a set of digital standards & solutions for the insurance industry. The partnership is aimed at extending the standardisation service ACORD already provides by constructing new and robust digital ... Read the full article
Cat modellers can learn from tech industry: Simplitium’s Lay & Jones
10th January 2019
With recent developments driving the need for ever more efficiency in the re/insurance industry, catastrophe modellers could benefit from emulating the approach of the technology sector, according to Simplitium’s James Lay and Matthew Jones. Lay and Jones noted that cost reduction was a central theme for many re/insurers during 2018, as ... Read the full article
AXA XL partnership to utilise AI for faster assessment of property site surveys
10th January 2019
AXA XL’s risk management solutions business is attempting to utilise the benefits of Artificial Intelligence (AI) for the assessment of property site surveys. By partnering with Expert System, an Italian software company, AXA XL Risk Consulting is hoping to exploit cognitive computing to drastically improve the rate at which its team ... Read the full article
Aon partners with SBC InsurTech
10th January 2019
Re/insurance broking powerhouse Aon has partnered with SBC InsurTech CoLab, a provider of innovation programs for the insurance industry, to better understand and address gaps in clients’ value chains through collaboration with growth-stage startups. Aon will be focusing on CoLab’s ‘Commercial and Specialty Lines’ sector, which will look at specific problems ... Read the full article
State Farm granted waiver to conduct damage assessment using drones
9th January 2019
State Farm has become the first company in the U.S to be granted a national waiver by the Federal Aviation Administration (FAA) allowing it to conduct damage assessment using drones. The waiver authorises State Farm to conduct drone operations over people (OOP) and flights beyond a pilot’s visual line of sight ... Read the full article
2019 shaping up as busy year for insurtech Tremor: CEO, Sean Bourgeois
8th January 2019
The Chief Executive Officer (CEO) of InsurTech start-up Tremor Technologies, Inc., Sean Bourgeois, says that 2019 is shaping up to be very busy for the firm, after the successful completion of the first fully programmatic placement of a property catastrophe reinsurance program. Tremor’s open, technology-driven, programmatic marketplace for reinsurance risk placement ... Read the full article
Online re/insurance platforms could hurt competition, finds Geneva Association
7th January 2019
While online re/insurance platforms entail many benefits with regard to market transparency, transaction costs and information asymmetries, they may also pose significant challenges to consumer protection and levels of competition, according to the Geneva Association (GA). A recent report by the international think tank, titled 'Virtual Competition: Online Platforms, Consumer Outcomes ... Read the full article
QBE to enhance underwriting decisions using Cytora’s risk rating tech
7th January 2019
Global re/insurer QBE Insurance Group has adopted Risk Engine technology from artificial intelligence (AI) company Cytora to enhance underwriting decisions across its commercial portfolio. QBE explained that its partnership with Cytora will enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better ... Read the full article
Global economy has become less resilient, but insurtech can help: Swiss Re
4th January 2019
The global economy has become less resilient to shocks in the ten years following the financial crisis, but new public-private partnerships, in combination with the use and development of new technological capabilities, can help to strengthen it, according to reinsurance giant Swiss Re. In the company’s latest sigma report, titled ‘Global ... Read the full article
Sun Life invests in Hong Kong’s first virtual insurer
24th December 2018
Sun Life Hong Kong, part of the Canadian financial services and life insurance company Sun Life Financial, has announced an investment in Bowtie Life Insurance Company, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong. Sun Life says the investment will further solidify its’ ... Read the full article
InsurTech funding doubles to $1.3bn from previous quarter: WTW
20th December 2018
More than $1.3 billion of InsurTech funding was completed during Q3 2018, double the figure from the previous quarter, according to a report by global brokerage Willis Towers Watson (WTW). While individual investment rounds were larger, WTW says the number of transactions reported actually declined 20% to 57. Q3 saw eight transactions ... Read the full article