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.
Allianz to automate legal proceedings for injury claims using AI
28th January 2019
Allianz Insurance has launched a new digital proposition, called Defendant Hub, that uses artificial intelligence (AI) technology to automate Ministry of Justice Stage 3 injury claims. Developed in partnership with UK law firm Keoghs, Defendant Hub will provide Allianz’s injury claims handlers with an end-to-end solution for Stage 3 claims. This is ... Read the full article
Insurers collaborate to establish blockchain in healthcare industry
28th January 2019
A collaboration featuring leading health insurers and led by IBM, Health Care Service Corporation, and PNC Bank hopes to enhance patient care and reduce unnecessary costs by designing and implementing a network using blockchain technology. The collaboration, which includes CVS Health’s business Aetna and U.S insurer Anthem, says major improvements in ... Read the full article
AmTrust adopts PCMI software for reinsurance business
25th January 2019
Property and casualty re/insurer AmTrust Financial Services has signed an agreement with Policy Claim Management International (PCMI) Corporation to use its integrated software solutions for AmTrust’s reinsurance business. AmTrust plans to implement the Policy Claim and Reporting Solutions (PCRS) - Reinsurance Module from PCMI, which it says will provide its clients ... Read the full article
Incumbent insurers need to embrace tech, innovation: Simplitium
24th January 2019
Innovation across the insurance industry is about more than just new technologies and solutions, but includes behaviours and attitudes. And while incumbent insurers are increasingly looking to purchase InsurTech firms, there's a risk of complacency, according to James Lay and Matthew Jones from Simplitium, a provider of risk analysis. In a recent ... Read the full article
Fourth Industrial Revolution “transforming modern life”: Swiss Re’s Ojeisekhoba
24th January 2019
Swiss Re’s Chief Executive Officer of reinsurance Moses Ojeisekhoba has emphasised the re/insurance industry’s place within the so-called 'Fourth Industrial Revolution' - which he says is transforming every part of modern life with unprecedented speed and scale of technological progress and digitisation - amid the World Economic Forum’s (WEF) annual ... Read the full article
AXA Venture Partners raises $150m for early stage insurtech investments
23rd January 2019
AXA Venture Partners (AVP), the venture capital arm of French insurer AXA, has raised $150 million for its second early stage fund, AVP Early Stage II. Similar to AVP’s first early stage fund, which was completed back in 2015 and raised $110 million, AVP Early Stage II will focus on North America, ... Read the full article
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
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