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.
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
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
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