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.
Marsh adopts Concirrus’ AI-powered platform to drive marine insights
24th October 2018
Global re/insurance broker Marsh has partnered with the London-based insurtech Concirrus and will adopt the firm’s Quest Marine platform to drive new insights and placement strategies for clients, while identifying new opportunities for digital product development in the marine insurance industry. Quest provides a single web application to allow commercial marine ... Read the full article
London Market Group to deliver next wave of TOM tools
22nd October 2018
The London Market Group (LMG) has signed a contract with Sequel, Verisk’s InsurTech software firm, to deliver new solutions for approving and registering coverholders and generating delegated authority binder contracts. The new integrated tools form part of the London Market Target Operating Model (TOM) and will be designed to offer faster ... Read the full article
Scientific progress is expanding the ‘sphere of insurability’: SCOR’s Denis Kessler
19th October 2018
The development of new technologies and scientific research are the key factors driving the growth and transformation of the risk universe, and have required re/insurers to significantly expand their “sphere of insurable risks,” according to Denis Kessler, Chief Executive Officer (CEO) of SCOR. In his opening presentation at SCOR’s 2018 Annual ... Read the full article
Agile partners with OnRisk InsurTech on P&C structuring platform
18th October 2018
Agile Risk Partners, a London-based MGA start-up, has partnered with OnRisk, a U.S InsurTech start-up, on the development of an advanced, CAD-style platform for underwriting, structuring and distributing high-value property and casualty (P&C) risk. Under the terms of the strategic partnership recently concluded by the parties, Agile will become an ... Read the full article
Google-linked equity fund makes insurtech investment
18th October 2018
The growth equity investment fund of Google parent company Alphabet has made a minority investment in Applied Systems, a global provider of cloud-based software that automates the administration of clients and their policies for the insurance industry. Interestingly, this may constitute the first in a number of insurtech deals made by ... Read the full article
Named peril casualty cover is $90bn per year opportunity, says Praedicat CEO
17th October 2018
Robert Reville, Chief Executive Officer (CEO) of Praedicat, an InsurTech risk modelling and analytics firm, has claimed that developing named peril casualty cover is currently the biggest opportunity in re/insurance, representing a potential $90 billion annual growth opportunity. Praedicat analyses scientific literature to model more than 60,000 potential disease litigation scenarios, ... Read the full article
Greenlight Re unit continues insurtech drive with Click2Sure investment
17th October 2018
Greenlight Re Innovations, part of the specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in the digital insurance platform Click2Sure. South Africa-based Click2Sure has developed a comprehensive digital platform for distributing, managing and purchasing insurance at the point of sale. Launched by Daniel Guasco and Jacques Van Niekerk ... Read the full article
InsurTech start-up iX Technology Group appoints Executive Chairman
17th October 2018
iX Technology Group, an InsurTech start-up company with a focus on blockchain, has announced the appointment of Sally Coryn as Executive Chairman. Coryn most recently served at Canopius as Head of Corporate Development, and has more than 30 years’ re/insurance market experience spanning strategy, analysis, investor relations, communications and underwriting. She previously ... Read the full article
“InsurTech is not one size fits all”, says Claude Yoder, Guy Carpenter
17th October 2018
The rise of advanced technology alongside a need throughout the insurance and reinsurance value chain to improve efficiency has created a bourgeoning InsurTech start-up trend, but it’s important to find the right InsurTech fit, according to Claude Yoder, Guy Carpenter. Traditionally, the insurance industry has been slow to adapt and modernise. ... Read the full article
Softbank still targeting reinsurance tie-ups
16th October 2018
Japanese technology & telecoms investor & conglomerate SoftBank will continue to target tie-ups with unspecified reinsurance players in order to accelerate digital upheaval in the re/insurance industry, David Thevenon, a dealmaker at SoftBank’s Vision Fund, has told Reuters. In May, SoftBank’s efforts to take as much as a 25% stake ... Read the full article
Competition from insurtech to increase: Geneva Association
15th October 2018
A report by leading think tank the Geneva Association suggests the current symbiosis between insurtech startups and re/insurers is likely to shift, as an increasingly digitised business landscape looks set to blur the line for traditional players. Insurance startups and other market entrants have not had a major disruptive impact on ... Read the full article
Verisk releases updated personal injury claims calculator
15th October 2018
Data analytics provider Verisk has released the latest version of piCalculator, its solution for calculating schedules of loss for personal injury claims. piCalculator is an all-in-one software solution that handles all calculations in the injury claims process, which Verisk suggests has already helped lawyers, barristers, and large-loss claims handlers achieve around ... Read the full article
Travelers partners with Amazon on home insurance solutions
11th October 2018
American insurer Travelers has announced a partnership with Amazon that will see smart home kits, as well as insurance and risk management information, offered to its customers via a digital storefront on the Amazon site. The smart home kits, designed to protect homeowners from some of the most common causes of ... Read the full article
Pacific Life Re explores machine learning in medical data processing
10th October 2018
Pacific Life Re and the online comparison service UnderwriteMe are collaborating on a system which combines text mining and machine learning techniques to process unstructured medical textual data, such as doctors’ reports on life and health insurance applicants and claimants. With the emergence of electronic medical reports, the ability to improve ... Read the full article
Generali launches tech startup, introduces cyber platform
10th October 2018
Italian insurance giant Generali has announced the launch of CyberSecurTech, its own technology startup aimed at the provision of innovative cyber risk assessments for its customers. Furthermore, the wholly owned ‘startup’ will support Generali’s newly-launched technology platform Majorana, designed and developed entirely by the group’s team of IT security experts. The introduction ... Read the full article
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