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.

InsurTech firm Sherpa & Gen Re partner to disrupt traditional re/insurance model

16th May 2017

InsurTech firm Sherpa has announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting process and account for all risks insured, replacing and simplifying traditional methods of insuring on a product by-product basis with separate policies and processes. The new business ... Read the full article

AGCS & Praedicat combine science with risk management to identify future liability risks

11th May 2017

Allianz Global Corporate & Specialty (AGCS) has collaborated with InsurTech firm Praedicat to utilise big data, advanced data analytics, and comprehensive predictive modelling techniques to better identify future catastrophe liability exposures. AGCS is the corporate insurance carrier of global insurer and reinsurer Allianz, and together with Los Angeles, U.S., domiciled InsurTech ... Read the full article

BIBA forms Innovation Working Group to help unlock InsurTech potential

10th May 2017

Vivek Banga, Chief Digital Officer (CDO) at Arthur J. Gallagher, has been appointed Chair of the British Insurance Brokers' Association's (BIBA) newly-created, cross-industry Innovation Working Group. BIBA first announced plans for the establishment of the working group in January as part of its Manifesto in the House of Commons, with its aim ... Read the full article

Tokio Millennium Re CEO discusses refined capital markets strategy & broader reinsurance market trends

5th May 2017

Stephan Ruoff, Chief Executive Officer (CEO) of Tokio Millennium Re (TMR), discussed the firm's main target markets and operating strategies in a recent interview with Reinsurance News. Ruoff highlighted the firm's commitment to income diversification through gaining momentum in two major areas, and also discussed the rise of InsurTech, the global political ... Read the full article

Munich Re’s HSB Ventures leads $29mn Next Insurance capital raise

5th May 2017

Munich Re's venture capital subsidiary, HSB Ventures, has led a $29 million Series A round of funding for Next Insurance, an online insurance platform designed for small to medium sized businesses. Reinsurance giant Munich Re's HSB Ventures led the capital raise alongside Markel, Nationwide, and other existing investors, says Next Insurance. "The small ... Read the full article

Risk managers not up-to-par on disruptive technologies: Marsh/RIMS

3rd May 2017

Risk management professionals show an "alarming" lack of understanding and preparation to assess risks from disruptive technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, said insurance broker Marsh in a joint report with the Risk Management Society (RIMS). 60% of respondants surveyed said they don't conduct ... Read the full article

InsurTech start-ups partnering with small insurers could take the lead in digital innovation: Willis

3rd May 2017

Small insurance businesses could be the front-runners of the digital transformation revolution, with 25% of their total premium digitally underwritten by 2020, Willis Towers Watson and CB Insights said in a dual Q1 report on InsurTech industry trends. In the innovation game, small insurers could have an edge over their larger ... Read the full article

The 2017 technological trends set to disrupt re/insurance business as usual

27th April 2017

Technology Vision has released its 2017 report on emerging technology trends with the most potential to disrupt the re/insurance industry; the analysis revealed that re/insurance experts' top priority for getting technology right is more about having the right ecosystems and distribution platforms than in grabbing hold of the latest gizmos ... Read the full article

​Barbican launches online automated quote and bind system

24th April 2017

Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's syndicates, has launched a new technology platform that will automate quoting and binding of new business through certain distribution channels. With the launch of 'The Hub', as the platform is named, Barbican hopes the online, automated quote and bind system will ... Read the full article

IT spending by global re/insurers to reach $184.8 billion by end of 2017

20th April 2017

Analysis from research and advisory firm Celent shows that global insurance and reinsurance industry IT spending is expected to reach $184.8 billion by the end of this year. Celent estimates IT spending, on software technology and infrastructure as a percentage of premium and says that digitalisation, data analytics, and legacy and ... Read the full article

Berkshire Hathaway’s Gen Re reveals growing predictive analytics uptake

20th April 2017

Berkshire Hathaway’s Gen Re - a leading life/health and property/casualty reinsurer - released results from its first global predictive analytics survey for life and health insurers, revealing low but growing levels of analytics uptake within a sector still struggling to innovate. The report surveyed 136 insurance carriers across 23 countries, and ... Read the full article

Ex-Goldman analyst Nannizzi Joins W. R. Berkley to focus on insurtech investments

19th April 2017

Michael Nannizzi, who was previously the lead equity analyst covering insurance at Goldman, Sachs & Co., is joining insurance and reinsurance group W. R. Berkley Corporation to take on a role focusing on evaluating investments in insurtech start-ups. Reflecting the importance of emerging insurance technology companies in the re/insurance industry, Nannizzi ... Read the full article

Hiscox appoints new Chief Information Officer

19th April 2017

Insurance and reinsurance group Hiscox has appointed a new Chief Information Officer (CIO), naming Ian Penny, previously CTO of Barclays in the role. At Hiscox, Penny will be in charge of the Group's IT, with a team of 300 under his leadership and will report directly to CEO Bronek Masojada. Penny replaces ... Read the full article

Technology – shifting global awareness and perception of re/insurance: Swiss Re

13th April 2017

Swiss Re’s Chief Executive Officer (CEO) of Reinsurance, Moses Ojeisekhoba, has pointed to “encouraging” signs that technology is shifting global perception and awareness of insurance, as it simultaneously transforms the industry’s products into shorter-term, bite-size, and more cost-efficient solutions. Ojeisekhoba suggested people’s perceptions of insurance and its use is the “most important thing ... Read the full article

R3 and ACORD launch centre of excellence for distributed ledger tech

12th April 2017

R3, the financial technology, distributed ledger and blockchain consortium, have joined forces with ACORD (Association for Cooperative Operations Research and Development) to launch a Centre of Excellence for distributed ledger technology (DLT) for the global insurance industry. R3 has major insurers including MetLife, AIA and Suncorp Group, as well as other ... Read the full article