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.
Second wave of savvy InsurTechs to follow industry shakeup: Report
2nd June 2017
Business consulting expert Oliver Wyman has produced a joint report with InsurTech investor Policen Direkt that looks at over 1,000 InsurTechs and relevant players to provide guidance on which activities and business models are the most likely to flourish in coming years. The report concludes that after tech start-ups saw a ... Read the full article
Insurtech Neos gets strategic support and capacity from Munich Re
26th May 2017
Home insurer Neos has formed a strategic partnership with reinsurance giant Munich Re, who has agreed to provide underwriting capacity through a managing general agent (MGA) towards an innovative home insurance product that uses smart home technology to proactively protect homes from fire, water damage and theft. Neos also announced having raised 5 ... Read the full article
Re/insurance challenges and opportunities of the future: EY
26th May 2017
As the re/insurance industry enters an era marked by shifting inner dynamics and fast-paced changes to macroeconomic conditions, EY analysts have outlined the unique challenges and opportunities set to create the market of the future. EY said the key long-term determinants of this changing scape were down largely to demographic shifts, policy ... Read the full article
Re/insurers must engage with InsurTech & AI: Celent
19th May 2017
As the InsurTech industry becomes an increasingly important part of insurance and reinsurance, the industry is in its experimental phases of introducing artificial intelligence (AI) for processes and advisory purposes, replacing traditional practices. To answer questions on AI usage by insurers, financial services advisory firm Celent, released a report, looking at the extent clients ... Read the full article
Ruschlikon and London’s TOM to align modernisation efforts
17th May 2017
Ruschlikon, the global community of insurers, brokers and reinsurers, has agreed to align its modernisation efforts with the London Market TOM (Target Operating Model), building on what's been an outstanding past year for the platform's growth after meeting in a London General Assembly. The community also set a renewed a focus on ... Read the full article
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
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