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.
Planck Re secures $12mn Series A funding to simplify commercial underwriting
5th July 2018
Planck Re, a 2016-founded startup aimed at simplifying commercial insurance underwriting, has secured $12 million in its Series A funding. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads. Based in Tel Aviv, Planck Re’s technology mines, ingests, cleans, and updates large amounts of data from ... Read the full article
Re/insurers must remain innovative to seize potential of new tech: Munich Re CEO
5th July 2018
Munich Re’s Chief Executive Officer (CEO), Joachim Wenning has highlighted the potential of new technologies and called for the insurance industry to “keep doing what it has been doing for centuries and remain innovative.” Speaking at the 45th General Assembly of the Geneva Association - a 90-member strong think tank designed ... Read the full article
Reinsurers must innovate to overcome pricing challenges: Hiscox’s McConnell
3rd July 2018
Reinsurers must respond to the challenges of the current pricing environment by innovatively adapting their portfolios and exposures, their use of technology, and their relationships with clients, according to Megan McConnell, Director of Underwriting, London at Hiscox. McConnell noted that reinsurance rates have not increased to the extent that was anticipated ... Read the full article
“Our DNA is changing”, says Munich Re CIO
3rd July 2018
The 2018 Tech Trend Radar report by Munich Re emphatically underlines the rate at which it expects new technologies to transform customers’ demands and expectations over the next two decades. This trend towards greater-connectivity is one that re/insurers must understand, accept and integrate into its framework into to secure longevity, says ... Read the full article
Chubb becomes first business to integrate TOM Structured Data Capture service
29th June 2018
Chubb has become the first business to go live with an integrated Structured Data Capture (SDC) service from the London Market’s Target Operating Model (TOM), according to the London Market Group (LMA). SDC enables the contents of documents such as Market Reform Contracts and binding authorities to be converted into consistent, ... Read the full article
Munich Re partners with digital insurer ONE on development of new product
28th June 2018
Munich Re has partnered with digital insurer ONE in the development of the new ONE Coach feature, a highly-personalised short-term insurance product based on individual lifestyle and location, in what it claims is the biggest joint-venture in Insurtech history. The feature will use encryption technology to utilise factors such as work ... Read the full article
Prudential develops digital claims solutions for hospitals
28th June 2018
Prudential Hong Kong Limited has developed two new digital solutions to streamline the way consumers and medical professionals manage hospital claims in Hong Kong. Its new ‘Hospital to Prudential’ portal is designed to provide a simple, paperless hospital claims process for both customers and operators, while its Chatbot Claims platform aims ... Read the full article
Product innovation key to MENA insurance penetration: PartnerRe’s Orlando
28th June 2018
The reinsurance industry needs to support insurers in creating and developing new products to address low insurance penetration in the Middle East & North Africa (MENA) region, according to Salvatore Orlando, Head of Middle East, Africa and Russia at PartnerRe. "Low levels of insurance penetration are a global problem, but one ... Read the full article
Insurers hopeful M&A will transform their business models: KPMG report
28th June 2018
A large number of global insurance industry executives are actively looking at acquisitions and partnerships in an effort to offset limited organic growth opportunities in an increasingly competitive landscape, which is being transformed by technological advances. This is according to the findings of a recent survey and accompanying report conducted by ... Read the full article
ACORD announces new cloud-based messaging solution for London market vendor
27th June 2018
ACORD, the re/insurance industry data standards body, has partnered with software provider DataPro Corporation to produce Conductor, a cloud-based messaging solution. Chris Newman, Managing Director of ACORD in London, commented, “The implementation of standards is overwhelmingly viewed positively across the global insurance industry, particularly in the London Market.” “As well as helping to ... Read the full article
Re/insurers slow to adopt new tech risk being replaced, says Simplitium’s James Lay
26th June 2018
Re/insurance companies who are slow to adopt the numerous benefits offered by new and emerging technologies are likely to be supplanted by more enterprising firms, according to James Lay, Commercial Director of Insurance Business at Simplitium, a financial services solutions provider. Speaking with Reinsurance News, Lay noted that re/insurers have generally ... Read the full article
Cape Analytics raises $17mn in Series B round of funding
22nd June 2018
A swell of new investors has helped Cape Analytics raise $17 million in its Series B round of funding. The start-up was founded in 2014 and utilises geospatial imagery, computer vision, and machine learning to provide accurate and up-to-date property data for re/insurers. The new round of financing was led by ... Read the full article
Amazon, Berkshire Hathaway, JPMorgan name CEO of new healthcare company
21st June 2018
Amazon, Berkshire Hathaway and JPMorgan Chase have appointed Dr. Atul Gawande as Chief Executive Officer (CEO) of the trio’s non-profit, U.S. employee healthcare partnership. The role, effective July 9, will see Gawande serve from the new company’s headquarters in Boston. Warren Buffett, Jeff Bezos and Jamie Dimon - CEOs of Berkshire ... Read the full article
MS Amlin partners with Cytora for AI driven commercial property underwriting
20th June 2018
Global insurer and reinsurer MS Amlin has announced a new partnership with artificial intelligence (AI) firm Cytora, which sees AI technology deployed into commercial underwriting processes to improve and assist with the automation of decisions throughout MS Amlin's commercial property portfolio. The new partnership will see MS Amlin use Cytora's solutions ... Read the full article
XL Catlin enters property underwriting agreement with Bamboo Insurance
19th June 2018
XL Catlin has entered into an underwriting agreement with Bamboo Insurance, a new InsurTech-focused program administrator, to provide property insurance in California. Bamboo will offer Home Owners HO-3 and Fire, Dwelling products through the XL Catlin Company, Catlin Insurance Company, Inc. John Welch, Chief Executive, Reinsurance North America at XL Catlin, commented ... Read the full article
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