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.
2019 shaping up as busy year for insurtech Tremor: CEO, Sean Bourgeois
8th January 2019
The Chief Executive Officer (CEO) of InsurTech start-up Tremor Technologies, Inc., Sean Bourgeois, says that 2019 is shaping up to be very busy for the firm, after the successful completion of the first fully programmatic placement of a property catastrophe reinsurance program. Tremor’s open, technology-driven, programmatic marketplace for reinsurance risk placement ... Read the full article
Online re/insurance platforms could hurt competition, finds Geneva Association
7th January 2019
While online re/insurance platforms entail many benefits with regard to market transparency, transaction costs and information asymmetries, they may also pose significant challenges to consumer protection and levels of competition, according to the Geneva Association (GA). A recent report by the international think tank, titled 'Virtual Competition: Online Platforms, Consumer Outcomes ... Read the full article
QBE to enhance underwriting decisions using Cytora’s risk rating tech
7th January 2019
Global re/insurer QBE Insurance Group has adopted Risk Engine technology from artificial intelligence (AI) company Cytora to enhance underwriting decisions across its commercial portfolio. QBE explained that its partnership with Cytora will enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better ... Read the full article
Global economy has become less resilient, but insurtech can help: Swiss Re
4th January 2019
The global economy has become less resilient to shocks in the ten years following the financial crisis, but new public-private partnerships, in combination with the use and development of new technological capabilities, can help to strengthen it, according to reinsurance giant Swiss Re. In the company’s latest sigma report, titled ‘Global ... Read the full article
Sun Life invests in Hong Kong’s first virtual insurer
24th December 2018
Sun Life Hong Kong, part of the Canadian financial services and life insurance company Sun Life Financial, has announced an investment in Bowtie Life Insurance Company, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong. Sun Life says the investment will further solidify its’ ... Read the full article
InsurTech funding doubles to $1.3bn from previous quarter: WTW
20th December 2018
More than $1.3 billion of InsurTech funding was completed during Q3 2018, double the figure from the previous quarter, according to a report by global brokerage Willis Towers Watson (WTW). While individual investment rounds were larger, WTW says the number of transactions reported actually declined 20% to 57. Q3 saw eight transactions ... Read the full article
Tremor completes reinsurance auction using programmatic marketplace
19th December 2018
Tremor Technologies, a venture-backed programmatic risk transfer platform, has announced the successful pricing and placement of a large panel property catastrophe program to what it describes as a top 20 U.S property and casualty insurance company. The Connecticut based start-up says nearly 50 reinsurers from the traditional U.S, Bermuda, Lloyd’s, European ... Read the full article
InsurTech developers Prima Solutions and Effisoft complete merger deal
19th December 2018
InsurTech software developers Prima Solutions and Effisoft have completed a merger deal as part of a growth strategy to accelerate their development in the property and casualty (P&C), health and personal protection re/insurance markets. Prima Solutions and Effisoft claimed that their consolidation will produce one of the largest and most comprehensive ... Read the full article
JLT Re (North America), Pact Insurance announce insurtech partnership
17th December 2018
The North American arm of JLT Re has partnered with Pact Insurance, a personal auto Insurtech company, to create a digital insurance solution that covers established and emerging mobility risks. Ed Hochberg, Chief Executive Officer of JLT Re (North America) said the partnership is a testament to the unique and highly ... Read the full article
Lloyd’s turns to IoT for marine cargo performance improvement
17th December 2018
Lloyd’s has joined six lead market syndicates - AXA, QBE, CNA, Ascot, Antaras and Beazely - on a new initiative to begin using Parsyl, a venture-backed supply chain data platform that utilises Internet of Things (IoT) technology. The new initiative is designed for products that require specialist transport and storage, such ... Read the full article
IAG partnership to develop ethical AI-based systems
17th December 2018
Australian primary insurer, Insurance Australia Group Limited (IAG), has partnered with The Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Data61 group and The University of Sydney on the creation of an independent, not-for-profit organisation founded to research the ethics of artificial intelligence (AI). The Gradient Institute’s goal is to develop ethical ... Read the full article
Hiscox targets European growth with INSTANDA InsurTech partnership
14th December 2018
Specialist re/insurer Hiscox has announced a new partnership with InsurTech firm INSTANDA to further its European growth strategy. Working together, the parties plan to explore opportunities for further growth across Hiscox’s commercial and personal lines business, through multiple distribution and service channels. “We are always looking to take a progressive approach to ... Read the full article
LMG exceeds targets for delegated authority platform adoption
13th December 2018
The London Market Group (LMG) has announced that market uptake for its Delegated Authority: Submission, Access and Transformation Solution (DA SATS) has been high, with 100% of managing agents involved in live delegated authority business now signed up for the platform. Additionally, 88 brokers in the coverholder market have also signed ... Read the full article
Threat of disruption driving re/insurer tech investment: Moody’s
12th December 2018
As technology becomes more affordable and accessible, consumers are becoming more demanding and have higher expectations from financial service providers like re/insurance companies, according to Moody’s. This high potential of disruption is in turn propelling re/insurers to invest in tech to remain relevant with consumers and boost profitability, which faces headwinds ... Read the full article
CoverWallet launches platform for insurance agents
11th December 2018
U.S-based Insurtech startup CoverWallet, an online platform founded in 2015 that simplifies the purchase and management of insurance for businesses, has announced the launch of a dedicated platform for insurance agents. Through CoverWallet for Agents, the company says agents will benefit from a fast, simple, and efficient way to provide commercial ... Read the full article
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