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.
How artificial intelligence will impact re/insurance customers: SCOR’s Jennifer Coleman
4th April 2018
Despite all the potential benefits of artificial intelligence (AI), most re/insurers are not yet at a stage where they can harness the full potential of it within their business models. Even in its fledgling stages of innovation, AI has altered and improved the customer experience, driving efficiencies in underwriting, claims processing, ... Read the full article
Cape Analytics expands AI-driven property data coverage to national U.S market
4th April 2018
Cape Analytics, a re/insurance data analytics provider, has announced that its property data coverage has been launched across the entire continental U.S, and claims it is the first national coverage to provide instant, imagery derived property information. The expanded coverage will allow U.S re/insurers to instantaneously access data on over 70 ... Read the full article
Lloyd’s Chairman outlines disruptive technology challenges for re/insurers
3rd April 2018
In a recent interview with CNBC, Lloyd’s of London Chairman Bruce Carnegie-Brown has outlined how he believes disruptive technologies will impact the re/insurance market, and which sectors are likely to be susceptible to technological innovation. He explained that the sectors most likely to be affected were those “very highly commoditised ... Read the full article
Google, Amazon & Apple’s moves into healthcare could create opportunities
3rd April 2018
Google, Amazon, and Apple have all taken moves into the U.S. healthcare industry in recent months with a variety of tech-driven initiatives, and partnering with these new market entrants could provide re/insurers with new inroads into the market, according to GlobalData. Danielle Cripps, Life & Pensions Analyst at GlobalData, said; “the ... Read the full article
85% of re/insurance CEOs concerned about pace of tech change: PwC
28th March 2018
PwC has reported that 85% of Chief Executive Officers (CEO) in the re/insurance industry have expressed concern over the pace of technological change, a higher proportion than leaders in almost any other industry. 100 re/insurance CEOs participated in PwC’s 21st Global CEO Survey, which revealed a generally positive outlook among industry ... Read the full article
InsurTech may carry consumer protection risks for re/insurance industry
28th March 2018
Emerging technologies and innovative business models are already disrupting the re/insurance industry and bringing many advantages in terms of product design, risk assessment, cost, and efficiency, but InsurTech may also be increasing the risk of cyber-attacks and excluding lower income and higher risk consumers. InsurTech is generally considered to provide greater ... Read the full article
Lloyd’s challenge for 2018: the pace of market wide adoption of tech upgrades
27th March 2018
In recognition of the challenges facing Lloyd's with an expense ratio that's been materially higher than that of its competitors, the market has taken seriously the need to adapt to remain relevant and has introduced a dual strategy of cost-cutting and investing in its technological future; the challenge for 2018 ... Read the full article
InsurTech inflection point could change the re/insurance model: A.M. Best
27th March 2018
Re/insurers are owning the InsurTech wave with a sustained focus on modernisation as newer technologies drive efficiencies and strategic advantages and the market is said to be heading for an inflection point as a result. Most firms studied in a recent A.M. Best survey revealed plans underway to upgrade legacy underwriting ... Read the full article
B3i founders establish new start-up company
26th March 2018
The Blockchain Insurance Industry Initiative (B3i) has announced the incorporation of B3i Services AG, a new start-up company formed by the founders of B3i, which aims to commercialise innovative blockchain solutions for the re/insurance industry. B3i Services AG will use a blockchain platform to provide re/insurers and customers with increased speed, ... Read the full article
Maiden expands InsurTech initiative with innovation solutions team
23rd March 2018
Maiden Holdings has announced that its Technology Innovation Initiative will benefit from the addition of a new innovation solutions team, which will help customers leverage new re/insurance technologies. The new team, which will be led by Colin Fitt, Maiden’s Senior Vice President of Corporate Development, will support customers as they identify, ... Read the full article
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
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