Insurance technology, now known more widely as Insurtech, has the potential to bring significant efficiency & disruption to reinsurance, ILS & risk transfer markets.
Insurtech a hot trend with everyone from traditional reinsurance incumbents, as they seek to improve efficiency and stay ahead of the game, to brokers who are seeking to avoid disintermediation, to insurance-linked securities (ILS) players who see it as a way to enhance the efficiency of their capital even further.
The potential for Insurtech and Fintech initiatives to bring efficient capital, such as ILS capital and alternative reinsurance capital from third-party investors, more directly into contact with risk is huge. The opportunities to use technology to shorten and optimise the chain from original risk, to insurance, to reinsurance, to retrocession (or final capital source), will create winners and losers in the market, making this a trend to watch closely.
Global consultancy Bain & Company has highlighted access to alternative sources of capital and the use of insurance-linked securities (ILS) as one of the key factors for insurers to consider as they look for success in what the company calls “a radically different future.”
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The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has partnered with Canopius owned MGA and insurance API platform Vave to offer parametric extreme temperature insurance to commercial property owners.
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Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a new partnership that aims to revolutionise the way parametric earthquake risks are transferred.
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As reinsurance market modernisation and digitalisation continues apace, there are still a lot more gains to be made and as a result the industry can expect to unlock greater value and insight across the entire market chain, according to speakers in our recent live webcast.
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Arbol, a technology-led company focused on parametric risk transfer and weather insurance markets, has announced the formation of Arbol Underwriters Ltd. (AUL), a registered insurance agent based in Bermuda, that will focus on matching reinsurance capacity with parametric insurance risks.
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Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) insurtech, has made another key hire, taking Amit Shah from Ariel Re as its new Chief Distribution Officer.
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Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, believes the reinsurance market will be unrecognisable a few years from now, as participants move towards trading more efficiently with the help of its software.
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Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, has announced another key hire, adding Well’s Fargo Securities insurance fixed income research leader Robert Hauff as Portfolio Manager for its Insurance-Linked Program (ILP) initiative.
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Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has opened its first office in London as it targets regional growth and improved access to international risks in the London market.
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Vesttoo, the technology company that uses proprietary artificial intelligence and machine learning solutions with the goal of helping companies assess and transfer risks to the capital markets, has announced a high-profile new addition to its advisory board, with former Swiss Re CEO Jacques Aigrain becoming Chairman.
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