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.
Will brokers role in value chain be disrupted by digital? Inga Beale
27th July 2017
As market middle men the role of brokers has come under fire with re/insurers moving further on down the value chain to access risk directly as their revenue and profitability is squeezed by the softening reinsurance market environment, and with the digital revolution disrupting all industry players, the brokers role in ... Read the full article
Aquiline Capital Partners closes InsurTech investment fund at $190 million
27th July 2017
New York private equity investor, Aquiline Capital Partners has today closed its Technology Growth Fund (ATG) with total capital commitments reaching about $190 million. The final ATG figure raised its original $150 million investment fund target by almost one-quarter. The ATG fund targets investment in InsurTech, asset management technology, benefits and retirement, ... Read the full article
InsurTech to significantly disrupt insurance distribution & impact rates
26th July 2017
Richard Kerr, the Chief Executive Officer (CEO) of U.S. domiciled insurance exchange, MarketScout, has said that for the first time in two decades insurance distribution is to experience significant disruption, which in turn will support lower premiums, all driven by the continued rise of InsurTech. "By utilizing new tech-enabled distribution, underwriters ... Read the full article
InsurTech spending up 248% to near $1 billion in Q2: Willis
24th July 2017
Willis Towers Watson has released its second quarterly InsurTech Briefing, revealing a stark increase of 248%, or nearly $1 billion in InsurTech investment from the first quarter and pointing to insurance claims management streamlining as the biggest opportunity for reinsurers. The 2017 second quarter (Q2) was characterised by a record number of transactions ... Read the full article
Re/insurers application of InsurTech growing: Report
21st July 2017
Application of InsurTech to re/insurance has seen a considerable shift this year, moving out of its fledgling stages of development into what could be considered an intermediate level of adaptation to technology and Artificial Intelligence (AI), Startupbootcamp InsurTech said in its latest tech trends report, issued in association with PwC after gathering ... Read the full article
B3i to launch blockchain reinsurance platform at Monte Carlo RVS 2017
20th July 2017
The Blockchain Insurance Industry Initiative, better known as B3i, is going to launch and present its blockchain reinsurance platform, showing a prototype smart contract management system at the 2017 Monte Carlo Rendez-Vous. B3i is an initiative with 15 members that are all leading firms in the insurance and reinsurance industry. ... Read the full article
Hong Kong set to become link for local re/insurers’ overseas expansion
17th July 2017
In response to questions from a member of the Legislative Council of Hong Kong, Hon Chan Kin-por, the Hong Kong Secretary for Financial Services and the Treasury, James Lau, shared his perspective on where Hong Kong needs to focus to further develop its insurance market, 7thspace reported. Lau said in ... Read the full article
Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg
5th July 2017
Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article
InsurTech & AI use of data to disrupt re/insurance: Willis Towers Watson
4th July 2017
While InsurTech expands data volume through providing a personalised link to clients, Artificial Intelligence will amplify the value of data sets by extracting more information, generating insights, and analysing and recognising patterns far beyond the capabilities of human intelligence. The use of InsurTech coupled with Artificial Intelligence is reshaping the meaning and ... Read the full article
InsurTech recognised as threat to re/insurance revenues by 86% in survey
29th June 2017
Of respondents to a new survey on attitudes to the adoption of technology in financial services, a huge 86% of insurance and reinsurance company executives questioned said that believe InsurTech threatens at least 20% of their revenues. PwC’s 2017 Global FinTech survey found that the insurance and reinsurance sector ... Read the full article
Innovative risk distributors as winners in the tech-age: John Doyle, Marsh
28th June 2017
Speaking at the MMC Young Professionals Forum, President of Marsh LLC, John Doyle, highlighted distributors of risk as winners of the tech-driven future saying that as the industry faces disruption middle market distribution will make gains as it "continues to consolidate." Doyle called attention to data and distribution as major drivers of change ... Read the full article
Munich Re backed carrier ONE acquired by InsurTech wefox
26th June 2017
A digital insurance carrier backed and reinsured by global player Munich Re is to be integrated into InsurTech start-up wefox's platform as an innovation partner from September 2017, as wefox acquires ONE. Wefox said that it is integrating digital insurer ONE, which was launched in 2016 by former Zurich Insurance ... Read the full article
Mainstream adoption of InsurTech to accelerate
26th June 2017
Adoption of technology based or bought insurance is expected to increase dramatically, as InsurTech's look poised to hit the mainstream, according to data from a survey by EY. Consultancy, assurance, tax, transaction and advisory specialist EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, ... Read the full article
RGA Re backs first European digital life insurance solution from Getsurance
21st June 2017
Reinsurance Group of America (RGA) has backed a new digital life insurance solution launched by German InsurTech startup, Getsurance, which aims to bring life insurance into the 21st century. The launch marks the first time a European digital life insurance product has been developed, and Getsurance created the solution in collaboration ... Read the full article
Reinsurance broking veteran O’Halleran joins InsurTech VC’s board
21st June 2017
Michael O'Halleran, a reinsurance broking industry veteran and former chairman of Aon Benfield, has joined the board of advisors of Insurtech focused venture capital (VC) fund ManchesterStory. O'Halleran is joining the ManchesterStory Group, a venture investing specialist in insurance related financial technology (fintech) and healthcare tech, as a special advisor and ... Read the full article