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.
Akinova, the start-up aiming to launch a platform or marketplace for the transfer and trading of insurance and reinsurance risks, has donated some of its data assets related to ILS to global standards-setting body ACORD.
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Insurance-linked securities (ILS) market growth is expected to be driven by technological developments, new catastrophe risk models and ILS funds ability to get close to the source of the risk.
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W. R. Berkley Corporation recently revealed an investment in programmatic reinsurance risk placement marketplace provider, Tremor Technologies, Inc., technology that the re/insurer told us can deliver efficiency to the entire market.
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The reinsurance industry faces an ongoing evolutionary change of its business model and a continued abundance of capital, which is driving home the need for new revenue streams to be found, as value creation for clients remains key.
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Broking giant Aon has announced the launch of auction technology which it is making available for clients to use at the upcoming January 2020 reinsurance renewals.
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With the great and good of the reinsurance and insurance-linked securities (ILS) industry descending on Monte Carlo for the 63rd edition of the Reinsurance Rendez-Vous de Septembre event, we thought those travelling here may like some reading material and thoughts on topics for discussion at the event.
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Tremor Technologies, Inc., the programmatic insurance and reinsurance risk transfer marketplace provider, has announced a fundraise of new investment capital totalling $10 million, featuring backing from well-known traditional and ILS industry names.
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Meteo Protect, the specialist parametric and weather index insurance underwriting agency that is a Lloyd’s of London coverholder, has launched an innovative API (application program interface) to its parametric insurance products, allowing anyone to launch a parametric insurance program more simply.
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Hudson Structured Capital Management Ltd. (doing its insurance investment business as HSCM Bermuda), the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has invested in the latest funding round for insurtech start-up Kin Insurance.
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The use of advanced technology and data analytics can bring multiple benefits to insurance and reinsurance firms, according to Swiss Re, which we would add holds true also for insurance-linked securities (ILS) players.
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