Reinsurance News
Reinsurtech news
Reinsurtech news – Our news on reinsurance technology start-ups and initiatives, covering news on tech adoption within reinsurance, tech start-ups focused on the reinsurance market and other related tech-focused news and analysis.
Ed partners with InsurTech analytics firm SpatialKey
30th April 2018
Global re/insurance, wholesale, and specialty broker Ed has entered a partnership with SpatialKey, a geospatial data enrichment and analytics firm that provides solutions for the insurance and reinsurance industry. Ed believes the partnership will strengthen its data and analytics capabilities by allowing it to access SpatialKey’s advanced geospatial analytics technology. SpatialKey’s software ... Read the full article
ANZ, Suncorp, IBM collaborate on blockchain solutions for re/insurance
30th April 2018
ANZ and Suncorp New Zealand have announced plans to collaborate with IBM on developing blockchain solutions for the re/insurance market in New Zealand (NZ). The parties aim to leverage distributed ledger technology to help make data transfer and payment reconciliation processes between brokers and re/insurers faster and more transparent. The collaborative project ... Read the full article
Viability of blockchain tech dependent on handful of industry leaders: Fitch
27th April 2018
Fitch Ratings has asserted that although the implementation of blockchain technology offers many benefits for re/insurers in terms of cost, security and efficiency, it does not address any immediate crisis and its viability will thus be dependent on adoption by a select group of industry leaders. Fitch claimed that, currently, most ... Read the full article
Digital disruption could cost re/insurers 40% of revenue within 5 years: Accenture
26th April 2018
Accenture, a global management consulting company, has suggested that re/insurers are unprepared for the scale of potential digital disruption, and claims that some carriers could lose up to 40% of their traditional revenue within the next five years. The consultancy’s research indicated that, whilst re/insurance has so far been one of ... Read the full article
Technology will transform reinsurers’ efficiencies, says RenRe’s O’Donnell
20th April 2018
In the company’s Annual Report, reinsurer RenaissanceRe’s (RenRe) President and Chief Executive Officer (CEO), Kevin J. O’Donnell, has maintained that technologies like artificial intelligence (AI) and big data are key to transforming efficiencies, and will not diminish the value of reinsurers. O’Donnell stressed that RenRe continues to maximise shareholder value by ... Read the full article
Credit insurers prosper as tech investment increases: Moody’s
20th April 2018
Moody’s Investors Service has reported that the global credit insurance sector is currently benefitting from a supportive economic environment and new technologically-driven capabilities. Underwriting profitability for the credit sector has been strong since the financial crash, and the average combined ratio of the three leading insurers, Atradius Credito y Caucion S.A., ... Read the full article
Cyber remains top enterprise risk management priority: A.M. Best
18th April 2018
A.M. Best has reported that the assessment of cyber risk continues to remain a top enterprise risk management (ERM) priority for insurers and reinsurers, as InsurTech innovations have required companies to continually expand and enhance their risk management capabilities. The report contends that, as companies try to keep up with the ... Read the full article
Integrated tech contributes to broker sector growth: Moody’s
17th April 2018
Moody’s Investors Service has reported a stable 2018 sector outlook for re/insurance brokers, citing technological integration and investment as a contributing factor due to its capacity for promoting effectiveness and efficiency, and for reducing administrative and management costs. Although technology is already widely integrated in the sector, Moody’s predicts leading brokers ... Read the full article
Gen Re partners with tech company Thrive on mental health outcomes
16th April 2018
Gen Re has announced plans to collaborate with Thrive, a company that develops software for the prevention, screening and self-management of mental health conditions, to promote better mental health outcomes for insurance and reinsurance customers. Working together, Gen Re will help to deliver Thrive’s digital solutions to global life and health ... Read the full article
EY partners with InsurTech company Concirrus on AI-driven marine solutions
13th April 2018
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector’s traditional demographic based underwriting models, which rely on data like the ... Read the full article
Technology is redefining value chain roles, says Aon Benfield CEO Andersen
13th April 2018
Eric Andersen, Chief Executive Officer (CEO) of reinsurance broker Aon Benfield, has asserted that the integration of increasingly advanced InsurTech and data analytics is reshaping the re/insurance industry value chain and redefining the roles of brokers, insurers, and reinsurers within it. In an interview with A.M. BestTV at the Dubai ... Read the full article
Reinsurance CEOs confident they can fend off insurtech threat
12th April 2018
CEOs of major reinsurance firms believe that while the digitalisation of insurance and the current technology wave is something they have to embrace, they can successfully fend off the threat from digital-only InsurTech start-ups. Insurance and reinsurance is an industry that has been besieged by tech start-ups in recent years, once ... Read the full article
Intelligent machines will profoundly alter re/insurance industry: SCOR
12th April 2018
French-based insurer and reinsurer SCOR has predicted in a recent report that the re/insurance industry is likely to be profoundly altered by the growth and integration of intelligent machines, which will bring both significant opportunities and risks for companies. SCOR noted that the development of intelligent machines has recently been accelerated ... Read the full article
Gen Re partners with tech company PAI Health to reduce risk
11th April 2018
Gen Re is to collaborate with PAI Health, a technology company that uses algorithms to optimise health, to develop re/insurance solutions for life and health clients in the global market. Gen Re hopes to use the company’s PAI (Personal Activity Intelligence) to drive its customer engagement and reduce the risk of ... Read the full article
Asian InsurTech M&A tripled in 2017: Willis Towers Watson
10th April 2018
Global re/insurance broker Willis Towers Watson has reported that the total transaction volume of InsurTech mergers and acquisitions (M&As) in Asia hit US $460 million over 2017, a figure over three times greater than the one recorded over 2016. In its fourth Quarterly InsurTech Briefing, Willis Towers Watson attributed the surge ... Read the full article
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