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.
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
Tech disruption of re/insurance could be a reality in 2018: Clyde & Co
21st March 2018
2018 could be the year where re/insurance industry disruption from technology giants becomes a reality as new entrants such as Amazon and Google threaten established models, heaping further pressure on traditional insurers, according to Clyde & Co's Insurance Growth Report. To remain relevant in coming years traditional players have to revamp ... Read the full article
Re/insurers “almost obliged” to develop covers that better meet clients’ needs : Jeworrek, Munich Re
21st March 2018
Munich Re’s Chairman of the Reinsurance Committee, Torsten Jeworrek, placed the onus on insurers and reinsurers to adapt product offerings to better suit client needs after 2017's catastrophe levels highlighted the extent of the global protection gap (the gap between insured and economic losses post-event). In 2017 economic losses from natural ... Read the full article
Everest Re to partner with Hudson Structured and co-invest in InsurTech
20th March 2018
Bermudian reinsurer Everest Re Group, Ltd. has announced plans to enter into a strategic agreement with Hudson Structured Capital Management, Ltd. (HSCM), an investment adviser specialising in re/insurance and transportation, which will see them collaborate across a number of areas, including co-investment in new InsurTech opportunities. The partnership will combine HSCM’s ... Read the full article
Munich Re looks to reshuffle the value chain
19th March 2018
Global, Germany-based reinsurance giant Munich Re is looking to transform its business model in order to get closer to the client, essentially reshuffling the value chain with the help of technology and digitisation to reduce complexities and boost efficiency. As part of its recent annual 2017 recap and 2018 outlook, Munich ... Read the full article
Insurers “remain at the intial stage of data maturity”: A.M. Best
19th March 2018
Although most insurers anticipate major industry changes in the next couple of years and have begun diverting company resources for additional technology research that focuses on better and cheaper ways to do business, the industry lags behind other industries when it comes to technological innovation. Re/insurers are revving up for change with ... Read the full article
Insurance CEOs optimistic on growth, pessimistic on digital skills: PwC survey
16th March 2018
Although industry experts anticipate the 4th Industrial Revolution will bring wide-ranging new opportunities for insurers, most insurance Chief Executive Officers (CEOs) remain concerned over regulation, cyber threats and speed of technological change, according to PwC’s 21st Global CEO survey. The PwC report highlighted that although attracting the right talent will be ... Read the full article
BMS launches new Innovation Labs platform
15th March 2018
Specialist insurance and reinsurance broker BMS Group Limited has announced the launch of a new platform to support both the company and the wider risk transfer industry, called BMS Innovation Labs. The platform will focus on driving innovation by using new technologies and business approaches to deliver optimal outcomes for clients, ... Read the full article
Insurance Europe welcomes European Commission’s Fintech Action Plan
15th March 2018
Insurance Europe has welcomed the European Commission’s latest FinTech Action Plan which sets out how the Commission plans to assist Europe in becoming a global hub for FinTech, with EU businesses and investors able to take advantage of the single market, while protecting customers' interests. The plan includes a pan-European label for platforms that will ... Read the full article
Big data, cyber security, and AI top InsurTech trends: Survey
15th March 2018
Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business ... Read the full article
Insurance M&A market more sophisticated as sector boundaries blur: EY
14th March 2018
The insurance merger & acquisitions (M&A) market is becoming increasingly sophisticated as the sector transforms in response to the impact of technological innovation, driving convergence between sectors and the growth of digital ecosystems. Lines in both InsurTech application and investor-types have become blurred as digital ecosystem-based distribution platforms open up industries ... Read the full article
XL Catlin joins InsurTech Asia Association as founding member
13th March 2018
Global insurer and reinsurer XL Catlin has been revealed as one of the founding members of the InsurTech Asia Association, an independent re/insurance industry initiative designed to advance insurance in Asia through the utilisation of insurance technology. XL Catlin has joined as a founding member through the XL Group Ltd company ... Read the full article
Moody’s predicts consolidation and technology will drive industry’s future
12th March 2018
Moody’s has predicted in a recent report that industry consolidation is likely to continue at the scale observed since 2015, and that emerging technologies will transform the insurance and reinsurance business model and create new opportunities. Although it concedes there are fewer obvious targets or combinations for consolidation than in previous ... Read the full article
Greenlight Capital Re launches InsurTech innovation unit
6th March 2018
Specialist property and casualty reinsurer Greenlight Capital Re has launched Greenlight Re Innovations, a new unit set to be head up by Greenlight Re's Chief Operating Officer (COO), Michael Belfatti. The innovation unit's central mission will be to support commerce and personal health and welfare through technology and risk enterprises that ... Read the full article
Munich Re’s ERGO agrees on life portfolio management partnership with IBM
1st March 2018
Munich Re's ERGO has agreed on a life portfolio management partnership in cooperation with IBM Deutschland which will see the insurer migrate the management of its book of six million traditional life insurance contracts to a new IT platform. Clemens Muth, member of the Executive Board of ERGO Group AG responsible for ... Read the full article
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