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.
LMG’s delegated authority platform to launch this week, market uptake high
24th September 2018
With the London Market Group’s (LMG) Delegated Authority: Submission, Access and Transformation Solution (DA SATS) set to go live this week, market uptake from brokers and underwriters has reportedly been strong. DA SATS is powered by Tide from Charles Taylor Insurtech and provides a central service to standardise the collection, validation, ... Read the full article
Lloyd’s managing agents enjoy InsurTech advantages, analysts find
21st September 2018
Lloyd’s managing agents hold significant advantages in the technology ‘arms race’ due to their ability to quickly deploy supplier InsurTechs and take distribution platforms global, according to a new study undertaken for the Lloyd’s Market Association (LMA) by management consultancy Oxbow Partners. Analysts noted that Lloyd’s managing agents are generally more ... Read the full article
John Hancock doubles down on wearable-tech with Vitality partnership
20th September 2018
John Hancock, one of the oldest U.S life insurers, is to drop its previous business model and pair all existing policies with the tech-driven Vitality platform. Moving forward, John Hancock Vitality will utilise wearable technology to incentivise healthier choices linked to physical activity, nutrition and mindfulness. "For centuries, the insurance model has ... Read the full article
InsurTech deal count up but investment volume down at Q2: Willis Towers Watson
20th September 2018
The second quarter of 2018 marked a record high for InsurTech deals as a total of 71 funding transactions took place, although the collective investment value of $579 million was down 20% against the prior quarter, according to re/insurance broker Willis Towers Watson. The broker’s Quarterly InsurTech Briefing, produced in collaboration ... Read the full article
Munich Re’s HSB joins LoRa Alliance in push for IoT standardisation
20th September 2018
The Hartford Steam Boiler Inspection and Insurance Company, a subsidiary of reinsurance giant Munich Re, is to become a contributor member of the LoRa Alliance. The LoRa Alliance is a non-profit association dedicated to the standardisation of low power wide area networks (LPWAN); a technology that enables long-range, wireless connectivity between ... Read the full article
SCOR’s Channel Syndicate partners with InsurTech start-up on invoice protection
19th September 2018
SCOR Global P&C’s Channel Syndicate has partnered with InsurTech start-up Hokodo to provide an invoice protection product to small and medium sized businesses. The partnership will see the Channel Syndicate and SCOR Global P&C develop a range of insurance products which will then be underwritten and distributed using Hokodo’s innovative distribution ... Read the full article
Re/insurers overestimate the value of AI, says Swiss Re CEO Mumenthaler
18th September 2018
Reinsurers have overestimated the value of artificial intelligence (AI), which has shown very limited successes in the vast majority of the value chain and which will not be applicable in the foreseeable future, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in a German language interview with ... Read the full article
Companies that don’t embrace change face irrelevancy: Ed CEO Steve Hearn
14th September 2018
Companies that fail to embrace new dynamics and “Continue to peddle the old model” will ultimately become redundant, says Steve Hearn, Chief Executive Officer of the London and global insurance and reinsurance brokerage, Ed. In a conversation at the Reinsurance Rendez-vous with Hearn and Kieran Angelini-Hurll, CEO of Reinsurance at Ed, ... Read the full article
Blockchain not understood by enough insurers: PwC
11th September 2018
Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... Read the full article
Bermuda leading a “ReinsurTech revolution,” say industry experts
11th September 2018
Bermuda could spark a “ReinsurTech revolution” by combining its existing InsurTech capabilities with the island’s reinsurance expertise and regulations, according to panellists at an industry roundtable hosted by AdvantageGo, the commercial re/insurance software platform from NIIT Technologies. Experts agreed that Bermuda’s business environment is more accommodating to innovation than any other ... Read the full article
InsurTech innovations are assisting re/insurance processes: Yoder, Guy Carpenter
10th September 2018
Global Head of Innovation and Product Development at reinsurance broker Guy Carpenter, Claude Yoder, has noted the many challenges and opportunities insurers and reinsurers are facing as a result of the rise of InsurTech. As technology continues to influence the global insurance and reinsurance market, Yoder has called on companies to evaluate ... Read the full article
Tremor’s “smart market” platform is a new nexus for risk transfer: Founder & CEO, Sean Bourgeois
10th September 2018
Tremor Technologies, Inc.'s (Tremor) "smart market" platform can become a new nexus for risk transfer through its use of the latest technology that aims to improve both the efficiency and transparency of the wholesale risk and reinsurance industry, according to Sean Bourgeois, Tremor's Founder and Chief Executive Officer (CEO). Tremor ... Read the full article
Re/insurers must implement InsurTech strategies to compete effectively: PwC
9th September 2018
PwC has highlighted the need for insurers and reinsurers to develop and implement focused InsurTech strategies, in light of advancing technology and the ongoing maturity of the InsurTech space. According to PwC, InsurTechs are impacting the insurance and reinsurance industry in numerous ways, including the transformation of the existing value chain, ... Read the full article
Guy Carpenter launches GC Genesis, an expanded InsurTech advisory service
9th September 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has launched an expanded InsurTech advisory offering called GC Genesis. The new service represents a comprehensive, insurer-centric approach to the evolving space of data, analytics, and digital technology-based solutions, and is designed to go ... Read the full article
General Atlantic’s Verivox acquires digital broker unit of Getsafe InsurTech
5th September 2018
Verivox, the co-owned price comparison site of equity firm General Atlantic, has acquired the insurance broking unit of Getsafe, a German InsurTech start-up backed by Munich Re. Integrating Getsafe’s technology will allow over 8 million Verivox customers to manage all of their insurance policies on Getsafe’s web or mobile app, the ... Read the full article