The global reinsurance arm of broker Willis Towers Watson, Willis Re, has entered into a strategic partnership with InsurTech firm Concirrus to transform specialty re/insurance products by leveraging data from the Internet of Things (IoT).
Under the partnership, Willis Re will join London-based Concirrus’ Power20, a community of visionaries who are committed to working in partnership in order to achieve long-term success.
“It’s difficult to overstate the gravitas that Willis Re has in the market. We’re excited to start working alongside the team to apply behavioural analytics to the specialty reinsurance markets.
“This is all about ensuring that the building blocks are in place to help the market return to profitability and we’re looking forward to supporting our clients through this transformation journey,” said Concirrus Chief Executive Officer (CEO), Andrew Yeoman.
Chief of Strategy at Willis Re Specialty, Printhan Sothinathan, commented: “The evolution of the insurance space embracing the digital era has now reached the shores of specialty business lines. Our strategy is to lead this new digital era with like-minded (re)insurance partners. Together, we will develop methods and products that will reward early adopters by delivering positive client results.”
Graeme Moore, CEO of Willis Re Specialty, added: “In the past few years we have seen the commoditisation of pricing and products. Our customers now need reinsurance products that reflect and react to the changing landscape of risk. Combining our analytics expertise and considerable distribution with Concirrus’ enterprise capabilities will shift the operating model for the specialty market.”