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.
You wouldn’t try to revolutionise an industry, a business model, or dramatically change its strategy, without including an element, participant, or driver that is one of the fastest growing parts of that industry, model or strategy. Would you?
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Tensorflight, an artificial intelligence insurtech start-up that offers property data to help insurance and reinsurance firms better understand their exposures has closed a $2 million funding round with support from ILS managers Hudson Structured Capital Management and Nephila Capital.
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Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has led an investment round for automotive insurtech Noblr.
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Risk transfer is often overlooked in discussions relating to climate change and adaptation to it, as instruments including weather risk transfer and catastrophe reinsurance are able to send price signals to help public and private sector entities better understand the economic value at risk.
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ChainThat has been approved as the first company to join The Bermuda Monetary Authority’s (BMA) Innovation Hub and will house its Distributed Ledger Technology (DLT) driven risk and capital exchange there for the duration of its trial period.
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The use of efficient capital from the insurance-linked securities (ILS) market, along with advanced technology and expanding amounts of data, can help the world in addressing climate risk, comments by Barney Schauble, Managing Principal at Nephila Advisors suggest.
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Investment in technology is key for insurance-linked securities (ILS) managers looking to deliver high-performing portfolios of insurance and reinsurance linked investments, according to Twelve Capital.
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Another first has been achieved by Tremor Technologies, Inc., the programmatic reinsurance risk placement marketplace provider, as the firm priced and placed the first ever programmatic parametric swap transaction in insurance form.
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ChainThat, an insurance technology (insurtech) provider of distributed ledger (often called blockchain) solutions for the insurance and reinsurance industry, has appointed Kathleen Faries as a Bermuda Advisor.
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Law firm Clyde & Co. has developed what it’s calling a first, a connected parametric insurance policy that runs on smart contracts and can automate payouts for weather-linked risk transfer arrangements.
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