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.
PwC works with Early Metrics to scale-up promising InsurTech businesses
3rd May 2018
PwC and Early Metrics, a ratings agency for start-ups and innovative SMEs, are launching a collaborative programme to support high potential scale-up InsurTech businesses by promoting mutually beneficial relationships with established re/insurance organisations. The Scale | InsurTech programme currently consists of nine promising international InsurTech businesses that have been selected to ... Read the full article
Beazley and Weather Decision collaborate to automate claims payment
2nd May 2018
Beazley, a specialist re/insurer and provider of weather-related coverage for event organisers, has partnered with Weather Decision Technologies (WDT) to automate the payment of claims under its Beazley Weather Guard policy. The collaboration will allow Beazley to offer a digitised, personalisable policy that automatically pays policyholders based on the occurrence of ... Read the full article
Beazley partners with Risk Cooperative and Bitfury on blockchain registry
2nd May 2018
Beazley has partnered with Lloyd’s coverholder Risk Cooperative and blockchain technology company Bitfury to develop a blockchain-based risk registry for crisis re/insurance and risk management. The blockchain based-system aims to provide a single source of accurate, real-time information on a policy so that re/insurers and service providers can react more quickly ... Read the full article
Nat Re adopts DXC Technology’s SICS life reinsurance software
30th April 2018
National Reinsurance Corporation of the Philippines (Nat Re) has selected DXC Technology’s SICS software to support the operational efficiency of its life reinsurance business. DXC, which is an independent, global end-to-end IT services company, will work with Nat Re to implement SICS, which is a standardised solution designed specifically for assumed ... Read the full article
Ed partners with InsurTech analytics firm SpatialKey
30th April 2018
Global re/insurance, wholesale, and specialty broker Ed has entered a partnership with SpatialKey, a geospatial data enrichment and analytics firm that provides solutions for the insurance and reinsurance industry. Ed believes the partnership will strengthen its data and analytics capabilities by allowing it to access SpatialKey’s advanced geospatial analytics technology. SpatialKey’s software ... Read the full article
Online underwriting platforms may not hold up in court, warns Clyde & Co
30th April 2018
Global law firm Clyde & Co has warned that poorly designed and operated online underwriting platforms can threaten a re/insurer’s ability to defend itself in court. The firm claimed that it is critical that re/insurers review the manner in which these platforms issue documentation and collect information on risks, as these ... Read the full article
ANZ, Suncorp, IBM collaborate on blockchain solutions for re/insurance
30th April 2018
ANZ and Suncorp New Zealand have announced plans to collaborate with IBM on developing blockchain solutions for the re/insurance market in New Zealand (NZ). The parties aim to leverage distributed ledger technology to help make data transfer and payment reconciliation processes between brokers and re/insurers faster and more transparent. The collaborative project ... Read the full article
Viability of blockchain tech dependent on handful of industry leaders: Fitch
27th April 2018
Fitch Ratings has asserted that although the implementation of blockchain technology offers many benefits for re/insurers in terms of cost, security and efficiency, it does not address any immediate crisis and its viability will thus be dependent on adoption by a select group of industry leaders. Fitch claimed that, currently, most ... Read the full article
Digital disruption could cost re/insurers 40% of revenue within 5 years: Accenture
26th April 2018
Accenture, a global management consulting company, has suggested that re/insurers are unprepared for the scale of potential digital disruption, and claims that some carriers could lose up to 40% of their traditional revenue within the next five years. The consultancy’s research indicated that, whilst re/insurance has so far been one of ... Read the full article
Tokio Marine Kiln partners with Australian InsurTech firm Evari
25th April 2018
Tokio Marine Kiln (TMK) has entered a strategic agreement with Australian InsurTech firm Evari, which will allow TMK to access Evari’s digital re/insurance platform and on-demand products in the Australian market. Evari offers re/insurance products for small-to-medium enterprises (SMEs) that monitor a business’s accounting system and data through the cloud, allowing ... Read the full article
Marsh and IBM to streamline proof of insurance with blockchain tech
25th April 2018
Insurance broker Marsh has announced a collaborative partnership with IBM, ACORD, and ISN, which will leverage blockchain technology to provide commercial solutions for proof of insurance. The companies believe blockchain technology will streamline the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors and ... Read the full article
Israel’s Kovrr launches predictive cyber risk modelling platform
24th April 2018
Tel Aviv, Israel headquartered cyber risk modeller, Kovrr, has announced the launch of a predictive cyber risk modelling platform for the property and casualty (P&C) insurance and reinsurance sectors, designed to enable re/insurers to better manage and underwrite cyber risks. According to Kovrr, on a daily basis it analyses millions of ... Read the full article
Munich Re backs InsurTech start-up on AI-driven online sales security
23rd April 2018
Munich Re has tested and re/insured the security algorithm of German-Israeli InsurTech start-up Fraugster, which uses artificial intelligence (AI) technology to instantaneously check whether online payment transactions are fraudulent. Fraugster’s self-learning algorithm allows online sellers to approve transactions faster and more reliably, which reduces costs and boosts profits by limiting the ... Read the full article
Lloyd’s collaborates with consulting and InsurTech specialists on Innovation Lab
23rd April 2018
Lloyd’s of London, the specialist insurance and reinsurance marketplace, is to collaborate with The Boston Consulting Group (BCG) and innovation and InsurTech specialist, L Marks on the development and operation of its planned technology Innovation Lab. Announced in February, the Lab is set to launch in September 2018 and will ... Read the full article
Insurance distribution M&A’s increased in 2017 in drive for scale & efficiency: Conning
23rd April 2018
2017 was a trail-blazing year for insurance distribution and services mergers & acquisitions (M&A) with the distribution space leading the way driven by the search for greater scale and efficiency, according to a recent Conning report. Matt Sternat, Vice President, Insurance Research at Conning, said; “2017 global insurance distribution merger and ... Read the full article