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.
Munich Re acquires tech firm relayr in IoT push
4th September 2018
Global reinsurance giant Munich Re has announced that via its subsidiary Hartford Steam Boiler (HSB), it has acquired technology company relayr, of which it will hold 100% of the shares upon completion. relayr is valued at $300 million, and offers industry participants end-to-end solutions in the area of the Internet of ... Read the full article
InsurTechs still growing despite unsustainable loss ratios: Industry execs
30th August 2018
InsurTech start-ups have continued to record robust premium growth so far in 2018, however, generating a sustainable loss ratio below 100% remains a challenge, according to analysis by two industry executives. A recent article co-authored by Adrian Jones, Head of Strategy & Development at reinsurance giant SCOR, and Matteo Carbone, Founder ... Read the full article
SCOR Global Life partners with health intelligence insurtech HLI
29th August 2018
SCOR Global Life, a division of the France-headquartered reinsurer, has announced a partnership with Human Longevity, Inc (HLI), a provider of in-depth and sophisticated health information services. HLI aims to prevent, reduce or postpone the onset of preventable conditions by combining genome sequencing, machine learning, full-body MRI scans and blood samples ... Read the full article
Travelers acquires majority stake in FinTech start-up Zensurance
23rd August 2018
The Travelers Companies, Inc. has acquired a majority (60%) stake in Zensurance, a Canadian FinTech start-up that helps businesses find and manage their insurance packages, for a price of roughly CAD $16 million (USD $12.3 million), according to BetaKit. Zensurance’s Chief Executive Officer (CEO) Danish Yusuf and Chief Technology Officer (CTO) ... Read the full article
Guy Carpenter and RPC Consulting partner on reinsurance analytics platform
22nd August 2018
Guy Carpenter & Company LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has entered into a multi-year strategic partnership with Reynolds Porter Chamberlain Consulting LLP (RPCC) to license and develop applications for RPCC’s Tyche analytics software. As part of the arrangement, Guy Carpenter will have exclusive ... Read the full article
Shanghai Stock Exchange partners with insurers on new blockchain project
22nd August 2018
The Shanghai Stock Exchange (SSE) has entered into a partnership with a number of major re/insurance industry players, including the Insurance Asset Management Association of China (IAMAC), to improve the efficiency and security of the insurance industry using blockchain technology. Shanghai Securities News reported that the SSE and IAMAC had joined ... Read the full article
IBM Blockchain platform to host new AAIS regulatory solution
20th August 2018
Not-for-profit insurance advisory organisation AAIS is to launch its new openIDL (open Insurance Data Link) product on the public cloud service platform, IBM Blockchain. Designed to help automate insurance regulatory reporting, openIDL hopes to leverage the decentralised, fast and paperless nature of blockchain to turn expensive regulatory and compliance requirements into ... Read the full article
ZhongAn receives overseas InsurTech investment from Softbank Vision
20th August 2018
ZhongAn International, a subsidiary of China’s largest online-only insurer ZhongAn Online P&C Co., has entered into a Shareholder Agreement with Japanese technology & telecoms investor SoftBank Vision Fund to help expand ZhongAn’s InsurTech solutions businesses in overseas markets. The agreement will see ZhongAn establish a new operating entity to partner with SoftBank ... Read the full article
Google’s Alphabet invests $375m in Oscar Health insurtech
16th August 2018
Alphabet has invested $375 million in heath insurtech startup Oscar Health, a deal that sees the Google parent receive a 10% share in the six-year-old, New York-based company. Oscar’s vision of a more streamlined, agile and tailored healthcare experience has struck a chord with investors; a $165 million round of funding ... Read the full article
Amazon sizing up UK insurance price comparison site: Reuters
16th August 2018
Amazon has been in talks with some of Europe’s leading insurers as it weighs up a move that would see the online giant launch a UK price comparison website, according to Reuters. The type of insurance Amazon would look to sell via such a site remains unknown. However, the popularity of ... Read the full article
RiskBlock Alliance expands to 30 member companies
16th August 2018
The Institutes RiskBlock Alliance, a not-for-profit enterprise-level Blockchain consortium for the risk management and re/insurance industry, has added 12 new member companies - bringing the total number of participating firms to 30. Created in 2017, RiskBlock Alliance was designed to enable the development of blockchain-based tools and create new products - ... Read the full article
Tremor Technologies launches programmatic reinsurance marketplace
14th August 2018
Tremor Technologies, Inc., a venture-backed start-up based in Greenwich, Connecticut, has announced that its programmatic risk placement marketplace is now fully operational, with significant buyers and sellers of reinsurance in place. The reinsurance trading platform is designed to establish fair and efficient market prices for reinsurance risks and programs, powered by ... Read the full article
Mapfre and AgriTask launch digital claims system for agricultural insurers
14th August 2018
Spanish insurer Mapfre has partnered with AgriTask, an international precision agriculture provider, to develop a digital claims management system for insurance companies operating in the agricultural sector. The new system integrates relevant geographical information of plots covered by insurance and correlates inspection protocols to the actual location of all policyholders, providing ... Read the full article
UK MGAs warm to InsurTech, raise Brexit concerns: MGAA survey
13th August 2018
UK Managing General Agents (MGAs) have become more receptive to the potential benefits of greater InsurTech integration, but remain concerned about the impact of continuing uncertainties around Brexit, according to the latest MGAA Matters survey. The survey, which represents a research based partnership between the Managing General Agents Association (MGAA) and ... Read the full article
AIG launches suite of app-based travel solutions
10th August 2018
AIG Singapore has partnered with Australia-based payments platform provider United Networks to offer its travel insurance customers global wifi connectivity and access to an app-based SOS emergency product that supplies users with updates on significant natural and man-made unfolding nearby in realtime. “We are pleased to be working with AIG Singapore’s ... Read the full article