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.
Property data startup Insurdata secures $3m in seed funding
16th April 2019
Insurdata, an InsurTech startup specialising in the augmentation of peril-specific exposure and risk data, has secured $3 million in seed funding from a group of investors led by Anthemis and Menlo Ventures. Insurdata was launched in 2017 to address the lack of property-specific data available to the re/insurance market. By providing access ... Read the full article
Generali turns to blockchain for enhanced employee benefits offering
16th April 2019
Professional services firm Accenture and Generali Employee Benefits (GEB) have announced a blockchain-powered solution aimed at enabling participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors via smart contracts and automated reconciliation. The solution is expected to streamline GEB’s employee benefit ... Read the full article
InsurTech Lemonade secures $300m in latest funding round
11th April 2019
InsurTech start-up Lemonade has announced the signing of a $300 million Series D funding round led by SoftBank Group, with participation from Allianz, General Catalyst, GV, OurCrowd, and Thrive Capital. Lemonade is one of the most high-profile companies to emerge from the insurance technology wave with aims to digitising the entire ... Read the full article
Aon leverages AI to extract data insights from historical insurance documents
11th April 2019
Global insurance and reinsurance broker Aon has leveraged Groundspeed's artificial intelligence (AI) technology to uncover invaluable insights, helping the firm identify underlying causes of claims. The AI technology harvested critical data from thousands of historical insurance documents, identifying 170 million data points. Aon states that the manual process of extracting data resulted ... Read the full article
IA Capital Group raises $150mn for insurtech-focused venture capital
4th April 2019
IA Capital Group, an insurtech-focused venture capital firm, has announced that it has raised $150 million across three funds, representing its sixth, seventh and eight investment vehicles. The funds include: Inter-Atlantic Stonybrook Insurtech Ventures, a multi-LP fund focused on P&C insurtech Inter-Atlantic; G Fund, a single-LP fund focused on life/annuity/retirement insurtech; ... Read the full article
Advent appoints Jack Smith as Head of Operations
1st April 2019
Advent Insurance Management, the InsurTech-led Lloyd’s & London market service provider, has appointed Jack Smith as Head of Operations, a newly created role. Smith, whose appointed is effective immediately, brings over 35 years’ experience to Advent. He will be based in the company’s Chelmsford offices. Prior to Advent he worked for Tasker ... Read the full article
AXA-backed insurtech Sayata Labs launches with $6.5mn in funding
26th March 2019
Sayata Labs, a new insurtech start-up focused on cyber risk assessment for insurers and SMBs, has announced today that it has launched with $6.5 million in seed funding. The Tel Aviv-based company is already partnering with re/insurance broker AXA to enhance its cyber risk capabilities, while Israeli venture capital firm Elron ... Read the full article
AI insurtech omni:us adds Joost Heideman as strategic advisor
26th March 2019
omni:us, an insurance-focused artificial intelligence (AI) solutions business, has appointed Joost Heideman as strategic advisor to help drive its global expansion plans. Heideman has more than 25 years experience in the insurance industry and was until January 2019 Chief Executive Officer of Dutch mutual insurance company Univé. In his new role, Heideman ... Read the full article
B3i raises a further $16 million, shuffles board
26th March 2019
According to reports, the Blockchain Insurance Industry Initiative (B3i) now has total capital of more than $22 million, after raising a further $16 million over the last month. Corporate registry filings in Switzerland reveal that just over half, approximately $8.34 million, was raised in the form of cash, with the remainder ... Read the full article
Technology is Swiss Re’s solution to market challenges: Ojeisekhoba
25th March 2019
Swiss Re views the integration of new technologies as both a critical opportunity for growth and the solution to many of the challenging market conditions that have tested the re/insurance industry in recent years. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that ... Read the full article
Concirrus adds former Munich Re Exec Dieter Berg to Board
25th March 2019
London-based insurtech Concirrus has added former President of the International Union of Marine Insurance, Dieter Berg, to its Board as Non-Executive Director. Berg served across a number of senior positions at Swiss Re before joining Munich Re as an Executive Manager in 2001. He would go on to serve in a ... Read the full article
USAA joins Roost’s smart-home telematics program
21st March 2019
USAA, a provider of insurance for U.S military personnel, has joined the Home Telematics Program (HTP) of Roost, a California-based company that specialises in smart-home technology. Operating in partnership with broker Willis Towers Watson, the HTP applies advanced analytics to produce insights regarding the effect of home telematics on loss mitigation ... Read the full article
Spanish insurers focusing on tech as growth opportunities shrink: A.M. Best
20th March 2019
Spanish insurers are increasingly utilising technology to cross-sell products and target niche markets as growth opportunities both domestically and abroad continue to shrink, according to analysts at A.M. Best. The rating agency concluded that the Spanish insurance sector remains profitable, but margins are under pressure and the low interest rate environment ... Read the full article
Chaucer enters marine insurtech partnership with Concirrus
19th March 2019
Chaucer, the specialty international (re)insurance group, has announced a new partnership with insurtech firm Concirrus, which is focused on driving technological change in the marine insurance market. The partnership will enable Chaucer to benefit from the use of Concirrus’ Quest Marine platform, which analyses billions of historical and real-time data to ... Read the full article
Arch Insurance International invests in personal lines MGA Archipelago
19th March 2019
Arch Insurance International has announced an investment in Archipelago Risk Services Limited, a tech-driven managing general agency (MGA) backed by underwriting capacity from Arch Insurance (UK) Limited. The Archipelago platform is a trading system that supports personal lines business by helping distribution partners grow and manage their client accounts through automation ... Read the full article
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