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.
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
Amazon reported on verge of insurtech investment in India
2nd January 2018
Online retail and e-commerce giant Amazon is reportedly on the verge of making its first investment in an insurtech start-up, with the company said close to finalising an investment in online-only insurance start-up Acko. Acko wants to disrupt India's insurance industry through a digital-only platform, having raised $30 million and recently ... Read the full article
Swiss Re CEO not convinced on reinsurers acting as venture capital
2nd January 2018
Reinsurance firm Swiss Re's Chief Executive Officer Christian Mumenthaler is not convinced that insurers and reinsurers acting as venture capital funds are doing that right thing by investing in insurtech start-ups. Speaking to the Financial Times in an interview this week, Mumenthaler is said to be sceptical of ... Read the full article
InsurTech to open up opportunities in historically excluded risks
21st December 2017
Epidemic risk modeller Metabiota predicts that in 2018 insurers will focus more on speed with increased appetite for risk to reach the needed returns and innovation in the InsurTech space will make this possible, opening up opportunities in historically excluded risks such as terrorism and pandemics. Metabiota Head of Data Research ... Read the full article
Governments to help drive InsurTech start-up growth
15th December 2017
Digital initiatives and regulatory exemptions by the Indian, Australian, and Hong Kong governments are expected to spur the development of their local InsurTech start-up sector in coming years, as regimes seek to encourage economic growth through building an environment conducive to tech-innovation. In Clyde & Co's recent report on expectations for ... Read the full article
Lloyd’s names REG as new admin platform for coverholder compliance
15th December 2017
Lloyd's of London has announced its selection of online due diligence and regulatory compliance platform, Regulatory Efficiency Gains (REG), to help manage data and reduce the administrative burden of coverholder compliance. The REG platform will help with capture and maintenance of up-to-date public market data, initially on Lloyd's UK based coverholders, ... Read the full article
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