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.
AI will help automate bespoke policies: Lloyd’s Trevor Maynard
17th June 2019
Artificial intelligence (AI) will create some “interesting possibilities” in terms of automating how the insurance market delivers bespoke products, according to Trevor Maynard, Head of Innovation at Lloyd’s. Speaking at the MMC Rising Professionals’ Global Forum in London last week, Maynard addressed the “wave of technology” currently sweeping across the market, ... Read the full article
ACORD to launch global data exchange service for re/insurers
13th June 2019
ACORD, the international standard-setting body for the re/insurance industry, has announced the launch of a global data exchange service called ACORD iConductor. The service is designed to operationalise the industry-backed ACORD Standards to transform, orchestrate and validate all bureau and non-bureau messaging data. Using APIs and new digital technology, it should enable ... Read the full article
L&G Re develops blockchain reinsurance platform for pension risk transfer
12th June 2019
Legal & General Reinsurance (L&G Re), the global reinsurance hub of the Legal & General Group, has announced the launch of estua-re, the first pension risk transfer (PRT) reinsurance platform to be powered by blockchain technology. The platform is reportedly capable of driving every stage of the PRT reinsurance value chain, ... Read the full article
Insurtech Lemonade launches in Germany, with reinsurance from AXA
11th June 2019
Insurance technology start-up Lemonade has taken its first steps in the European market with the launch of a new policy in Europe, backed by a reinsurance arrangement with AXA Germany. Germany is the first country to offer Lemonade’s Policy 2.0, which is designed to offer consumers contents and liability insurance instantly ... Read the full article
Charles Taylor InsureTech opens Dubai office
11th June 2019
Charles Taylor InsureTech has announced the opening of a new office in Dubai, as the company looks to build on its growth and success across Europe and Latin America. The new Dubai office has been launched to take advantage of increasing demand for technology-related business transformation programmes in the Dubai insurance ... Read the full article
New tech enables L&H re/insurers to improve risk selection: Tony Laudato, Hannover Re
10th June 2019
The growing influence of advanced technology is enabling life and health insurers and reinsurers to improve the efficiency and robustness of the risk selection process, according to Tony Laudato, a Vice President (VP) at reinsurance giant Hannover Re. The rise of technology and its increased focus on the risk transfer industry ... Read the full article
WTW launches new venture capital, growth board initiatives
5th June 2019
Global re/insurance brokerage Willis Towers Watson has announced the launch of two initiatives designed to spur organic and inorganic growth. WTW Strategic Ventures, the first of the two initiatives, will look to make early-stage investments in innovative companies. It’s hoped these kinds of investments will unlock new growth possibilities in relevant businesses ... Read the full article
New tech allowing more captives to profit from third-party risks: Marsh report
5th June 2019
The number of captive insurers writing third-party business is rising as new technologies expand the ways in which organisations can deliver insurance solutions, says re/insurance brokerage Marsh in a new report. By underwriting third-party risks in a captive, parent companies can bring in additional premium and generate profits should the captive ... Read the full article
Aon invests in CoverWallet, announces SME partnership
31st May 2019
Global re/insurance brokerage Aon and US-based insurtech CoverWallet have entered into a partnership that will see the two companies work together in the SME-space in Australia. In conjunction with this agreement, CoverWallet has received a strategic investment from Aon. Moving forward, Aon will partner with CoverWallet on furthering technological advancements and client ... Read the full article
Amazon could target P&C insurance as a broker: CB Insights
30th May 2019
Analysts at CB Insights have suggested that Amazon could enter the insurance space as a broker on the property and casualty (P&C) side, using its size as an e-commerce retailer and its huge member base to become a major distributor in the U.S. Amazon has already shown some interest in building ... Read the full article
Uber and INSHUR partner to provide digital insurance services
30th May 2019
Ridesharing giant Uber has partnered with INSHUR to provide a range of insurance services to drivers who use the Uber app. INSHUR is a mobile-first provider of commercial auto insurance for private hire drivers, and utilises information about average trips, location and driver ratings in near real-time. The data INSHUR collects ... Read the full article
Tech firm Geospatial Insight launches AI-driven property data product
29th May 2019
Geospatial Insight, a provider of independent research derived from the analysis of satellite, aerial and drone imagery, has announced the launch of its new product PropertyView. The product, available globally, combines artificial intelligence (AI) and scalable cloud computing to extract critical building information from satellite imagery. Customers are given access via a web ... Read the full article
Maiden Re-backed insurtech Betterview closes $4.5m funding round
28th May 2019
Betterview, an insurtech startup backed by Munich Re and Maiden Re, has announced the close of a $4.5 million Series A, bringing the company’s total funding to $10 million. The company, founded in 2014, started off as a drone-based property inspection platform and service. In late 2017, Betterview started building a new ... Read the full article
WTW integrates insurtech vendor Tia Technology into pricing platform
23rd May 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has partnered with insurtech vendor Tia Technology to enhance the offering of its Radar Live price delivery software. WTW intends to integrate the Tia rating engine into Radar Live, allowing users to take full advantage of both systems and providing more frequent ... Read the full article
Willis Re & Concirrus partner on specialty re/insurance using IoT
22nd May 2019
The global reinsurance arm of broker Willis Towers Watson, Willis Re, has entered into a strategic partnership with InsurTech firm Concirrus to transform specialty re/insurance products by leveraging data from the Internet of Things (IoT). Under the partnership, Willis Re will join London-based Concirrus' Power20, a community of visionaries who are ... Read the full article
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