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.
Swiss Re partners with MassMutual’s LifeScore Labs on risk assessment algorithm
23rd March 2018
Swiss Re has announced that it will collaborate with LifeScore Labs, a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to support a new standards-based algorithmic risk scoring solution for the life re/insurance industry, called LifeScore360. LifeScore360 will be offered as an additional analytics option for Magnum, Swiss Re’s existing automated ... Read the full article
Monetary Authority of Singapore promotes sustainability and technology in re/insurance
23rd March 2018
In a recent speech at the General Insurance Association of Singapore Annual General Meeting Luncheon, Daniel Wang, Executive Director of the Monetary Authority of Singapore (MAS) suggested that MAS will be working closely with re/insurers to promote sustainability and technological innovation in the industry. According to Wang, MAS will encourage re/insurers ... Read the full article
Allianz X & Tencent Holdings co-lead mobile bank platform N26 funding round
22nd March 2018
Allianz X and Tencent Holdings have co-led European mobile bank N26's $160 million series C funding round, and have joined its Board of Directors alongside other notable investors. The funding will be used primarily for N26’s overall growth strategy and international expansion, particularly throughout the U.S. and UK. Solmaz Altin, Chief Digital Officer ... Read the full article
Munich Re’s digitisation to “enhance core business & push back boundaries”: Joachim Wenning
22nd March 2018
As Munich Re invests in digital transformation, Chairman of Munich Re's Board of Management Joachim Wenning said in his letter to shareholders, the strategy is not to imitate business models of data and internet companies but to enhance core business and push back boundaries by adding digital elements. The reinsurance giant ... Read the full article
Lloyd’s Chairman Carnegie-Brown highlights shift towards risk-based oversight
22nd March 2018
In an annual investor call last year, Lloyd's Chief Executive Officer (CEO), Inga Beale, reiterated Lloyd's efforts towards making market oversight increasingly risk based as well as a new approach adopted by account managers in which portfolio assessment identifies worse performing portfolios and syndicates. Now in a recent letter to the ... Read the full article
Tech disruption of re/insurance could be a reality in 2018: Clyde & Co
21st March 2018
2018 could be the year where re/insurance industry disruption from technology giants becomes a reality as new entrants such as Amazon and Google threaten established models, heaping further pressure on traditional insurers, according to Clyde & Co's Insurance Growth Report. To remain relevant in coming years traditional players have to revamp ... Read the full article
Re/insurers “almost obliged” to develop covers that better meet clients’ needs : Jeworrek, Munich Re
21st March 2018
Munich Re’s Chairman of the Reinsurance Committee, Torsten Jeworrek, placed the onus on insurers and reinsurers to adapt product offerings to better suit client needs after 2017's catastrophe levels highlighted the extent of the global protection gap (the gap between insured and economic losses post-event). In 2017 economic losses from natural ... Read the full article
Everest Re to partner with Hudson Structured and co-invest in InsurTech
20th March 2018
Bermudian reinsurer Everest Re Group, Ltd. has announced plans to enter into a strategic agreement with Hudson Structured Capital Management, Ltd. (HSCM), an investment adviser specialising in re/insurance and transportation, which will see them collaborate across a number of areas, including co-investment in new InsurTech opportunities. The partnership will combine HSCM’s ... Read the full article
Munich Re looks to reshuffle the value chain
19th March 2018
Global, Germany-based reinsurance giant Munich Re is looking to transform its business model in order to get closer to the client, essentially reshuffling the value chain with the help of technology and digitisation to reduce complexities and boost efficiency. As part of its recent annual 2017 recap and 2018 outlook, Munich ... Read the full article
Insurers “remain at the intial stage of data maturity”: A.M. Best
19th March 2018
Although most insurers anticipate major industry changes in the next couple of years and have begun diverting company resources for additional technology research that focuses on better and cheaper ways to do business, the industry lags behind other industries when it comes to technological innovation. Re/insurers are revving up for change with ... Read the full article
Insurance CEOs optimistic on growth, pessimistic on digital skills: PwC survey
16th March 2018
Although industry experts anticipate the 4th Industrial Revolution will bring wide-ranging new opportunities for insurers, most insurance Chief Executive Officers (CEOs) remain concerned over regulation, cyber threats and speed of technological change, according to PwC’s 21st Global CEO survey. The PwC report highlighted that although attracting the right talent will be ... Read the full article
BMS launches new Innovation Labs platform
15th March 2018
Specialist insurance and reinsurance broker BMS Group Limited has announced the launch of a new platform to support both the company and the wider risk transfer industry, called BMS Innovation Labs. The platform will focus on driving innovation by using new technologies and business approaches to deliver optimal outcomes for clients, ... Read the full article
Insurance Europe welcomes European Commission’s Fintech Action Plan
15th March 2018
Insurance Europe has welcomed the European Commission’s latest FinTech Action Plan which sets out how the Commission plans to assist Europe in becoming a global hub for FinTech, with EU businesses and investors able to take advantage of the single market, while protecting customers' interests. The plan includes a pan-European label for platforms that will ... Read the full article
Big data, cyber security, and AI top InsurTech trends: Survey
15th March 2018
Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business ... Read the full article
Insurance M&A market more sophisticated as sector boundaries blur: EY
14th March 2018
The insurance merger & acquisitions (M&A) market is becoming increasingly sophisticated as the sector transforms in response to the impact of technological innovation, driving convergence between sectors and the growth of digital ecosystems. Lines in both InsurTech application and investor-types have become blurred as digital ecosystem-based distribution platforms open up industries ... Read the full article