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.
LIIBA sees electronic placement as main re/insurance distribution tool for London
22nd January 2018
London and International Insurance Brokers’ Association (LIIBA) said it is determined to see electronic placement as the "predominant distribution tool" in the London insurance and reinsurance market by the beginning of 2019. Christopher Croft, Chief Executive Officer (CEO) of LIIBA, explained that the organisation is, "Determined to see PPL become the ... Read the full article
Ecosystems a “huge opportunity for insurers who can react fast”: McKinsey
19th January 2018
The rise of ecosystems is a "huge opportunity for insurers who can react fast" with those who can respond quickly to the changes required by the digital technology era being most likely to gain a competitive advantage over their counterparts, said McKinsey & Company in a report on the rise ... Read the full article
Aioi Nissay Dowa to acquire remaining shares in Box Innovation
19th January 2018
Part of MS&AD, Aioi Nissay Dowa Insurance Europe (the ANDIE Group), has revealed plans to acquire the remaining 24.99% of shares in Box Innovation Group Limited (BIGL), with plans to fully integrate the business within the ANDIE Group sometime during 2018. The ANDIE Group acquired 75.01% of the shares in BIGL, ... Read the full article
JLT Re launches economic capital modelling solution ANSER
19th January 2018
Reinsurance broker JLT Re has launched its own economic capital modelling solution for clients, named ANSER, ANalytics Software for the Evaluation of Risk. ANSER has been developed with the help of Ultimate Risk Solutions (URS), a leading independent economic capital modelling (ECM) software developer and has been designed to provide a ... Read the full article
AI to replace 90% of Mitsui Sumitomo Insurance sales office work in 2018
18th January 2018
90% of Mitsui Sumitomo insurance sales staff office work is set to be replaced by Artificial Intelligence next year, driving an expected 20% reduction in the firm's overall workload. Mitsui Sumitomo Insurance's sales division will use AI for responding to inquiries from customers or agents and processing insurance applications. The implementation of ... Read the full article
Fourth industrial revolution poised to transform re/insurance: Amit Tiwari, Xceedance
18th January 2018
The fourth industrial revolution (4IR) continues to gain traction, resulting in a wave of smart and connected technologies which look set to transform the global insurance and reinsurance industry, according to Amit Tiwari, Chief Technology Officer, Xceedance. In an interview with Reinsurance News, Tiwari discussed re/insurance operations in the era of ... Read the full article
Munich Re partners with insurtech Betterview for drone imagery, analysis, reporting
18th January 2018
Global reinsurance player Munich Re has entered into a partnership with insurance technology and drone start-up Betterview, that will see the Munich Reinsurance America, Inc. unit offering drone imagery, analysis and reporting to its insurance company clients. Munich Re will refer any of its insurance company clients that might benefit from ... Read the full article
Health InsurTech Oscar Health & AXA announce multi-year reinsurance agreement
16th January 2018
Health InsurTech start-up Oscar Health has entered into a multi-year quota share reinsurance arrangement with AXA's International Employee Benefits Division, according to reports. The new deal is designed to assist Oscar Health's growth plans, after the firm increased its individual market presence in the states, according to reports in Healthcare Analytics ... Read the full article
Weather network & analytics provider Understory announces U.S. expansion plans
12th January 2018
Weather network and analytics provider Understory has announced plans to expand its national coverage to over 90% of U.S. weather catastrophes, growing its network from 500 to 5,000 sensors a ten fold increase by the end of 2019. “The insurance industry has never been able to access such geospatially-specific data on storm-related ... Read the full article
Zurich backs FCA sandbox tested insurtech Laka
11th January 2018
Global insurer Zurich is financially backing an insurance technology (insurtech) start-up named Laka that has tested its product in the UK's Financial Conduct Authority’s (FCA) Regulatory Sandbox. Formerly known as Insure a Thing and now renamed Laka, the start-up offers a new model for insurance, only earning fees when acting in ... Read the full article
InsurTech Hippo partners with Spinnaker to expand U.S. smart home cover
11th January 2018
California-based InsurTech firm Hippo announced a strategic partnership with Spinnaker Insurance Company, with the ambitious aim to expand its U.S. presence and smart home cover to over 60% of the population by the end of the year. The partnership - Spinnaker's first with an InsurTech - enables Hippo to leverage Spinnaker's ... Read the full article
RGA’s innovation accelerator to acquire LOGiQ3 Group
9th January 2018
Reinsurance Group of America's (RGA) innovation accelerator subsidiary, RGAx, has announced an agreement to acquire the LOGiQ3 Group of companies, which includes LOGiQ3Corp., APEXA, Cookhouse Lab, and Tindall Associates Inc. (TAI). The group of companies acquired by RGAx provides technology, consulting, and outsourcing solutions to the life insurance and reinsurance industry in North ... Read the full article
eReinsure adding blockchain service to its reinsurance platform
8th January 2018
eReinsure, a provider of reinsurance related technology solutions, is to offer its clients a blockchain based solution on its widely-used platform, providing users a simple way to embrace distributed ledger technologies. eReinsurer said this morning that its platform was widely used at the renewals, with 6,741 reinsurance professionals at 489 companies ... Read the full article
CLARA raises $11.5mn Series A funding for AI insurtech claims solutions
5th January 2018
Artificial intelligence (AI) and data science company, CLARA Analytics, has announced a $11.5 million Series A funding round led by OAK HC/FT, a venture growth-equity fund investing in Healthcare Information & Services and Financial Services Technology. CLARA builds AI-based solutions that are focused on claims operations for both the property & casualty and ... Read the full article
Milliman launches InsurTech solution for re/insurers loss reserving
3rd January 2018
International consulting and actuarial firm, Milliman, Inc., has announced the release of advanced analytics software for loss reserving for the insurance and reinsurance sector, called Arius® Enterprise. The new cloud-based InsurTech solution enables processes to be streamlined and improves the efficiency for actuarial reserving departments. The new solution is part of the company's Arius ... Read the full article