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.
MAPFRE to make €25m insurtech fund investment
22nd November 2018
Spanish insurer MAPFRE has pledged a €25 million (US $28.5 million) investment in the Alma Mundi Insurtech Fund, with the aim of identifying early stage startups whose technology can be applied to the insurance sector. MAPFRE’s role as an anchor investor means it will play a key role in in the ... Read the full article
New tech key in narrowing protection gap: Swiss Re’s Jerome Haegeli
21st November 2018
Speaking yesterday at Swiss Re’s London offices, the firm's Chief Economist Jerome Haegeli, alongside the Head of Insurance Risk Research Dan Ryan, stated that it will take a combination of proactiveness and the deployment of new technologies to narrow the global protection gap. “More technology is a huge upside to the ... Read the full article
Plug and Play invests in drone Insurtech firm Betterview
21st November 2018
Plug and Play, a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups, has revealed plans to invest in Betterview, an InsurTech and drone start-up firm backed by Munich Re and Maiden Re. Betterview said that it plans to use the funding to ... Read the full article
Burns & Wilcox partners with cyber security firm
21st November 2018
Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has announced a partnership with BreachAware, a London-based cyber security firm. The partnership will provide B&W customers with a proprietary risk mitigation tool that scans the web 24/7 and identifies compromised assets such as company email addresses, passwords, and ... Read the full article
IoT to spur re/insurance innovation, amplify risk: Lloyd’s
21st November 2018
The rise of the Internet of Things (IoT) is set to revolutionise the capabilities of re/insurers while simultaneously ushering in a new age of increased complexity and amplified risk, according to new research by Lloyd’s. IoT will lead to data capture and management at an unprecedented scale, according to the report. This ... Read the full article
Allianz Life forms start-up accelerator with Securian Financial and gener8tor
16th November 2018
Allianz Life Ventures, part of Allianz Life Insurance Company of North America, has partnered with Securian Financial and start-up accelerator gener8tor to form the OnRamp Insurance Accelerator program, which will invest in new tech start-ups in the re/insurance industry. Based in Minneapolis, the initiative will provide a cash investment of $100,000, ... Read the full article
WTW launches claims benchmarking solution
15th November 2018
Global re/insurance broker Willis Towers Watson has announced the launch of Claim Metrics, a bespoke claims benchmarking solution for UK personal lines insurers. WTW says the service provides claims leaders with a tool for identifying performance improvements, as well as offering underwriters, pricing teams, actuaries and senior management vital insights into profitability ... Read the full article
Seeman Holtz marks 50th acquisition with insurtech platform purchase
13th November 2018
Seeman Holtz Property & Casualty has marked its 50th acquisition with the purchase of Boston-based online home and auto insurance technology platform, Goji (formerly consumers United). Goji operates an online analytics and data-driven personal lines insurance distribution platform that matches clients’ needs with coverage through an integrated network of over a ... Read the full article
SCOR Global Life eyes simpler underwriting experience with OnePath partnership
13th November 2018
SCOR Global Life, a division of the France-headquartered reinsurer, has said the Australia-based life insurance provider OnePath has succeeded in delivering customers a simpler and faster underwriting experience by utilising the behavioural economics insights and analytics it developed. SCOR Global Life says this has resulted in an improved application layout, simple ... Read the full article
B3i targets commercial insurance with Zürich workshop
12th November 2018
The Blockchain Insurance Industry Initiatives’ (B3i) first commercial insurance workshop has taken place in Zürich, a move aimed at identifying and exploring the ways in which blockchain technology can be successfully applied to the value chain. B3i has already overseen the launch of a property catastrophe excess of loss product and ... Read the full article
Bermuda aims to be the world’s insurtech capital: Premier Burt
8th November 2018
Speaking at an event on the island last week, Premier of Bermuda, the Hon. David Burt, JP, MP, explained that as well as being seen as the world's risk capital he would like to see Bermuda take the title of the world's insurtech capital as well. Premier Burt was speaking at ... Read the full article
Anti-fraud start-up Fraugster raises $14mn in funding, backed by Munich Re
8th November 2018
Fraugster, a software company that uses artificial intelligence (AI) to prevent fraud for online retailers, has raised $14 million in a Series B funding round that saw participation from HSB Ventures, the venture capital arm of global reinsurer Munich Re. Munich Re announced in April that it had agreed to ... Read the full article
Chubb partners with Munich Re’s HSB on IoT services
2nd November 2018
Global insurer Chubb has entered into a partnership with Munich Re’s Hartford Steam Boiler Inspection and Insurance Company that will provide the firm’s policyholders with access to Internet of Things (IoT) technology for homes and businesses. The IoT sensors and devices will target the threat of water damage by monitoring for ... Read the full article
Munich Re backed insurtech Ethos raises $35mn in funding
31st October 2018
Ethos, a life insurtech start-up backed by Munich Re and Assurity Life, has raised an additional $35 million in funding from a Series B financing round, led by venture capital firm Accel. Additional investors included Google Ventures (GV), previous investors Sequoia Capital and Arrive, a subsidiary of Roc Nation, and a ... Read the full article
Insurtech unicorns drive insurance tech funding in Q3: CB Insights
30th October 2018
Insurance technology funding in the third-quarter of 2018 was driven by the needs of so-called "unicorns", typically defined as insurtech start-ups valued at over $1 billion, as these high-growth tech companies need capital to drive growth. Start-ups that achieve unicorn status tend to need large amounts of capital to help them ... Read the full article
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