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.
ZhongAn announces tech-driven partnership with Sompo Japan
26th September 2018
ZhongAn International, a subsidiary of China’s largest online-only insurer ZhongAn Online P&C Insurance, has entered into a partnership with Sompo Japan Nipponkoa aimed at providing a cloud-based, end-to-end insurance service. Through the new partnership, ZhongAn International will be expected to help Sompo, one of Japan's largest insurers, approach digital transformation; increasing ... Read the full article
Blockchain smart contracts unlikely to replace traditional processes: Solidum
26th September 2018
The nuanced complexity of a re/insurance contract makes it an unrealistic candidate for replacement by blockchain smart contracts, according to independent investment management firm Solidum Partners. A smart contract is essentially an immutable piece of code embedded into the blockchain that can execute binary decisions such as the automatic transfer of ... Read the full article
Boost Insurance launches Paladin Cyber InsurTech program
26th September 2018
Boost Insurance, a recently established InsurTech development platform, has announced the launch of its first InsurTech program, Paladin Cyber. Boost said that, by utilising its technology and end-to-end insurance infrastructure, Paladin’s admitted, multi-state SMB cyber program was brought to market in just four and a half months, which compares with an ... Read the full article
Concirrus InsurTech raises £5mn in funding, led by IQ Capital and Eos
25th September 2018
Concirrus, a London-based InsurTech company focused on the Marine and Motor Analytics market, has raised an additional £5 million in equity funding, bringing the total raised to £12 million. The latest round of funding was co-led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture ... Read the full article
Almost 90% of re/insurers believe innovation is critical: A.M. Best
25th September 2018
Nearly 90% of re/insurers believe that innovation is critical to the success of their organisation in terms of addressing customers' needs, gaining a competitive advantage, and realising operational efficiencies, according to the results of a new A.M. Best survey. The survey, which questioned more than 450 re/insurers across 48 markets, found ... Read the full article
Further digital integration key to Lloyd’s efficiency, says COO Khoury-Haq
25th September 2018
Adapting to technological change and better integrating digital capabilities to make placing and processing business more efficient is the key to overcoming the challenges of poor expense ratios at Lloyd’s, according to Chief Operating Officer Shirine Khoury-Haq. Implementation of key parts of the London Target Operating Model (LM TOM), as well ... Read the full article
LMG’s delegated authority platform to launch this week, market uptake high
24th September 2018
With the London Market Group’s (LMG) Delegated Authority: Submission, Access and Transformation Solution (DA SATS) set to go live this week, market uptake from brokers and underwriters has reportedly been strong. DA SATS is powered by Tide from Charles Taylor Insurtech and provides a central service to standardise the collection, validation, ... Read the full article
Lloyd’s managing agents enjoy InsurTech advantages, analysts find
21st September 2018
Lloyd’s managing agents hold significant advantages in the technology ‘arms race’ due to their ability to quickly deploy supplier InsurTechs and take distribution platforms global, according to a new study undertaken for the Lloyd’s Market Association (LMA) by management consultancy Oxbow Partners. Analysts noted that Lloyd’s managing agents are generally more ... Read the full article
John Hancock doubles down on wearable-tech with Vitality partnership
20th September 2018
John Hancock, one of the oldest U.S life insurers, is to drop its previous business model and pair all existing policies with the tech-driven Vitality platform. Moving forward, John Hancock Vitality will utilise wearable technology to incentivise healthier choices linked to physical activity, nutrition and mindfulness. "For centuries, the insurance model has ... Read the full article
InsurTech deal count up but investment volume down at Q2: Willis Towers Watson
20th September 2018
The second quarter of 2018 marked a record high for InsurTech deals as a total of 71 funding transactions took place, although the collective investment value of $579 million was down 20% against the prior quarter, according to re/insurance broker Willis Towers Watson. The broker’s Quarterly InsurTech Briefing, produced in collaboration ... Read the full article
Munich Re’s HSB joins LoRa Alliance in push for IoT standardisation
20th September 2018
The Hartford Steam Boiler Inspection and Insurance Company, a subsidiary of reinsurance giant Munich Re, is to become a contributor member of the LoRa Alliance. The LoRa Alliance is a non-profit association dedicated to the standardisation of low power wide area networks (LPWAN); a technology that enables long-range, wireless connectivity between ... Read the full article
SCOR’s Channel Syndicate partners with InsurTech start-up on invoice protection
19th September 2018
SCOR Global P&C’s Channel Syndicate has partnered with InsurTech start-up Hokodo to provide an invoice protection product to small and medium sized businesses. The partnership will see the Channel Syndicate and SCOR Global P&C develop a range of insurance products which will then be underwritten and distributed using Hokodo’s innovative distribution ... Read the full article
Re/insurers overestimate the value of AI, says Swiss Re CEO Mumenthaler
18th September 2018
Reinsurers have overestimated the value of artificial intelligence (AI), which has shown very limited successes in the vast majority of the value chain and which will not be applicable in the foreseeable future, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in a German language interview with ... Read the full article
Companies that don’t embrace change face irrelevancy: Ed CEO Steve Hearn
14th September 2018
Companies that fail to embrace new dynamics and “Continue to peddle the old model” will ultimately become redundant, says Steve Hearn, Chief Executive Officer of the London and global insurance and reinsurance brokerage, Ed. In a conversation at the Reinsurance Rendez-vous with Hearn and Kieran Angelini-Hurll, CEO of Reinsurance at Ed, ... Read the full article
Blockchain not understood by enough insurers: PwC
11th September 2018
Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... Read the full article
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