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 targets gig economy with new blockchain solution
3rd October 2018
Global re/insurance broker Marsh is working with data security platform Evident on the first blockchain-based verification solution for clients in the sharing and gig economies. Marsh has been considerably active in incorporating blockchain into its value chain since the company’s partnership with IBM was first announced five months ago. This new ... Read the full article
Parametric InsurTech Jumpstart launches with text-powered earthquake coverage
3rd October 2018
Jumpstart, a California-based InsurTech start-up, has officially launched with a new type of natural disaster insurance product that provides parametric coverage and text message driven payments for earthquake risks. The company uses technology to track real-time data and provide automatic payments initiated by text message following an earthquake of pre-specified intensity, ... Read the full article
AXA XL announces IoT partnership
2nd October 2018
AXA XL is to offer its clients enhanced loss mitigation and risk prevention services with Internet of Things (IoT) technology provided by venture-backed supply chain data platform, Parsyl Inc. This partnership with the Colorado-based firm will make it possible to cost effectively place IoT sensors alongside sensitive marine cargo, providing insights ... Read the full article
Marsh expands blockchain partnership with IBM
28th September 2018
Global re/insurance broker Marsh is expanding its blockchain partnership with IBM, five months after announcing its decision to use the technology to streamline proof of insurance processes. It’s hoped that blockchain technology will transform the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors ... Read the full article
Greenlight Re unit leads Galileo Series A funding round
28th September 2018
Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia. Greenlight Re Innovations believes the secure platform will reduce IT costs ... Read the full article
G20 Insurance Forum to outline insurers’ role in tackling global challenges
26th September 2018
A series of discussions are due to take place in Argentina this week as the G20 Insurance Forum examines the role of insurers in tackling global challenges. The forum’s first session will examine insurers’ role in boosting resilience and stability in society, and the part insurers play in food security and ... Read the full article
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
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