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.
Hudson Structured Capital Management Ltd., investing in insurance and reinsurance as HSCM Bermuda, has participated alongside venture investors in a $100 million Series C fund raise for Embroker, a digital business insurance platform.
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Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, has experienced strong demand in the run-up to the renewals, with more than $700 million of reinsurance capacity sought from its platform by clients in May 2021 alone.
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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 launched a new initiative through which it aims to democratise access to climate data that is useful for risk transfer, insurance or reinsurance transactions.
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Tencent Holdings Ltd., the Chinese multinational technology conglomerate, has provided one of the clearest examples of a tech giant wanting to own its access to reinsurance capital, a trend we’ve been anticipating would emerge.
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Vesttoo has launched a new Insurance-Linked Program (ILP) offering and announced a key hire from the capital markets, as it expands its business to assist investors to pledge high-quality assets as collateral and earn returns from reinsurance and risk transfer business.
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Bermuda headquartered ILS fund and investment manager ILS Capital Management has provided a seed round of funding to commercial auto insurance tech startup Pouch, while also agreeing to let the insurtech use its insurance carriers and presumably its reinsurance capital as well.
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Insurance-linked securities (ILS), reinsurance, insurtech and transportation focused investment manager Hudson Structured Capital Management Ltd. has invested in home insurtech company Kin Insurance for the third time.
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A new insurance technology start-up named Stere has been launched to provide a digital ecosystem for insurance programs, targeting capacity provision and digital enablement for MGA’s, insurtech’s and programs, with a desire to help them access ILS fund capacity as well as traditional.
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Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) reinsurtech company, has announced another key hire in Bermuda, bringing onboard Kevin Copeland, an executive with collateralized reinsurance experience as its Chief Financial Officer (CFO).
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Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, has now integrated AM Best ratings into Panorama, becoming the first online marketplace to integrate ratings programmatically into its offering.
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