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.
Re/insurers to shift from products to platforms with cloud technology
16th November 2017
Insurance technology software provider, Majesco, said a new generation of cloud business platforms, Digital Insurance 2.0, are the stage from which re/insurers will achieve the digitisation of internal processes as well as bring new digital insurance solutions into the market, in its latest report on the capabilities of cloud platforms ... Read the full article
Xceedance invests in blockchain specialist start-up ChainThat
14th November 2017
Insurance consulting, technology and data sciences provider Xceedance has made a multi-million dollar equity investment in a re/insurance blockchain specialist start-up, ChainThat. As a pioneering InsurTech startup in blockchain and distributed ledger technologies, the ChainThat team provides secure online transactional services tailored for re/insurance processes and develops products for the commercial, ... Read the full article
Incumbents could be relegated, if tech giants come for re/insurance
10th November 2017
Incumbent insurance and reinsurance firms could be relegated if tech-savvy, customer focused players like Amazon or Google decide to enter the sector in a meaningful way, and it looks like at least one of these giants is preparing its first foray. While the insurance and reinsurance industry is focused on InsurTech ... Read the full article
Reinsurers funding big insurtech bets for their future: Wightman, PwC
8th November 2017
Global reinsurance firms are increasingly investing in insurtech start-ups, ranging from internet-first distribution channels, to advanced data and analytics start-ups, internet-of-things product manufacturers, and even drone operators. The range of technology investment opportunities being pursued by firms in the insurance and reinsurance world is broad, as insurtech and now reinsurtech waves ... Read the full article
Allianz’s captive insurance blockchain prototype shows efficiency potential
7th November 2017
Allianz Risk Transfer (ART), a division of Allianz Global Corporate & Specialty (AGCS), which is part of global insurer Allianz, has created and successfully implemented a blockchain prototype solution for a global captive insurance program of an existing ART client. ART collaborated with Ernst & Young (EY) as blockchain advisory service ... Read the full article
Reinsurance Group of America backs cryptocurrency startup Bitspark
7th November 2017
Hong Kong domiciled FinTech that provides cryptocurrency brokerage services to global Money Transfer Operators (MTOs), Bitspark Limited, has secured funding from Reinsurance Group of America's (RGA) innovation accelerator, RGAx. Bitspark's money exchange technology and placement in the blockchain sector offers a unique perspective on international cash-based remittance transactions. The announced funding from RGAx will see ... Read the full article
Property & casualty business now live on PPL
6th November 2017
The Board of PPL Ltd, a core component of the London Market Target Operating Model, has announced that property and casualty lines of re/insurance business are now live on its electronic placement platform. The move means that the area of London market insurance and reinsurance business with the greatest volumes can ... Read the full article
Reinsurers need to manage expense & invest in InsurTech: PwC
6th November 2017
In the consistently competitive, challenged and evolving reinsurance market, companies need to focus on cost optimisation and reducing expenses, in order to remain agile and be able to take advantage of future opportunities, according to PwC. Add on the impacts of recent catastrophic losses, which are estimated to total an industry-wide ... Read the full article
Emerging Asia speeds ahead in InsurTech race: Willis Towers Watson
3rd November 2017
Emerging markets are the potential forerunners of the innovation race - often able to bring new solutions to the market at a faster pace than peers operating in highly developed markets - according to Willis Towers Watson's Q3 InsurTech briefing. With an emphasis on the China and Emerging Asia operating environment, ... Read the full article
“Best innovation” comes when incumbents work in start-up environment
31st October 2017
"You get the best innovation when you combine an incumbent working alongside the start-up environment," said Chief Investment Officer (CIO) of SyndicateRoom, James Sore, at a panel session in London that looked at what re/insurers can do to create the best environment for start-ups to thrive. "A good few years ago ... Read the full article
QBE closes RiskGenius investment, enters into multi-year product agreement
30th October 2017
QBE Ventures, a division of QBE Insurance Group Limited, has now closed its first investment in machine learning company, RiskGenius, as part of its technology investment programme. RiskGenius assists carriers, brokers and regulators when analysing policy and endorsement language and aid in product development, and QBE has also entered into a multi-year ... Read the full article
Singapore aims to be global capital for Asian insurance and risk transfer
30th October 2017
The Monetary Authority of Singapore (MAS) has published a roadmap for the future of its financial services sectors, including insurance and risk transfer, aiming to become the leading hub in Asia and putting technology at the heart of industry transformation. The industry transformation map (ITM) for financial services, published by MAS, ... Read the full article
Insurdata raises $1 million for innovative risk data capture
25th October 2017
Insurdata - an insurtech firm pioneering the intelligent capture of risk data has raised over $1 million in seed financing from investors Menlo Ventures, Anthemis, Baloise Strategic Ventures and Plug and Play. The InsurTech firm intelligently captures and transfers high-resolution, peril-specific exposure and risk data, providing re/insurers building-level property data delivered ... Read the full article
“Disruption doesn’t bring opportunities, we have to earn them” – James Nash
23rd October 2017
“I believe there is substantial value creation potential in the future,” said Guy Carpenter's James Nash, at the Baden-Baden Reinsurance Symposium, “however, disruption does not automatically bring opportunities, we have to earn them. "We won't be able to capture this potential without transforming our industry and without extending our business models, ... Read the full article
Re/insurance essential to managing today’s megatrends: Industry experts
20th October 2017
The megatrends of today's world are driving new and additional risks to economies in all regions, highlighting the necessity and value of re/insurance protection in mitigating the risks and increasing global resilience. Speaking as part of a panel at the recently held Guernsey Insurance Forum in London, PwC's Global InsurTech Leader, ... Read the full article
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