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.
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
Everest Insurance partners with drone start-up Airware
19th June 2018
Everest Insurance has entered into an agreement with San Francisco-headquartered drone analytics providers Airware for this year’s hurricane season. The partnership will give Everest access to Airware’s aerial data analytics and machine learning (ML) capabilities, with the objective of providing greater precision and efficiency to the claims management process. Director of Everest ... Read the full article
Lloyd’s looking to ‘redefine’ tech use with new innovation lab partners
18th June 2018
Inga Beale, Chief Executive Officer (CEO) at Lloyd’s, has said that the company is looking to redefine the way it uses technology as it begins the process of searching for entrepreneurial start-ups to partner with its Innovation Lab, due to be launched later in 2018. Lloyd’s recently announced that it ... Read the full article
B3i confirms switch away from blockchain to R3’s Corda
18th June 2018
The Blockchain Insurance Industry Initiative (B3i) has announced a platform switch away from Hyperledger Fabric's blockchain to Corda, an open source distributed ledger product created by New York-headquartered technology firm R3. The decision comes following a report by B3i Services AG that reviewed open source blockchain technologies against the B3i ... Read the full article
Zurich partners with Insurtech platform Digital Insurance Group
14th June 2018
Zurich has signed a multi-year collaboration deal with Amsterdam-headquartered insurtech platform Digital Insurance Group (DIG). Parallel to the agreement, DIG has received $15 million via a funding round co-lead by Zurich Insurance and Finch Capital. This deal bolsters Zurich’s digital capabilities moving forward, providing access to a next generation technology experienced ... Read the full article
Blockchain could bring greater efficiency & higher profits for re/insurers: BCG
14th June 2018
Blockchain’s promise of a more efficient, secure and cost-effective ecosystem for re/insurers is very real, but the logistical and regulatory shift required to leverage its benefits is considerable and will require years of further examination and experimentation. A report by BCG estimates that blockchain, properly integrated and deployed, could reduce the ... Read the full article
New technologies to stimulate struggling engineering sector: Swiss Re
13th June 2018
The adoption of new technologies in construction could lead to significant improvements in efficiency for engineering insurance, a sector that has largely stagnated in recent years, according to a new study by Swiss Re’s sigma. Global engineering insurance premiums were estimated to total around $21 billion in 2017, but have suffered ... Read the full article
Amazon could bring major disruption to re/insurance industry: Altus Consulting
12th June 2018
Altus Consulting, a specialist provider of financial sector consultancy services, has cautioned that Amazon’s entry into the insurance industry could act as a major disruptor for traditional re/insurers. In 2016, Amazon launched its first product protection insurance cover, Amazon Protect, and has since begun investing in InsurTech start-ups and partnering ... Read the full article
Zurich invests in Insurtech startup Coverwallet
11th June 2018
Zurich has acquired a minority stake in U.S. based Insurtech startup Coverwallet, an online platform founded in 2015 that simplifies the purchase and management of insurance for businesses. This announcement builds upon an agreement between the two companies in February that saw the launch of Zurich, Powered by Coverwallet (ZPC) - ... Read the full article
Amazon sizes up potential home insurance move, property market reacts
8th June 2018
With it only a matter of time until Amazon officially takes its long-rumoured dive into insurance, supposed insider-information published by news website The Information linking the e-commerce giant to the home insurance market quickly reverberated throughout the industry. The rumoured offering from Amazon is planned to tie in with its connected ... Read the full article
SCOR Global Life and Transamerica Ventures invest in iBeat health tech
8th June 2018
SCOR Global Life and Transamerica Ventures, the venture capital arm of the Aegon Group and Transamerica, have invested in wearable health technology company iBeat in support of its wellness and safety platform. The investments include enterprise partnerships and booked revenue for iBeat’s cardiac monitoring smartwatch, which will eventually be rolled out ... Read the full article
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