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.
U.S. based insurtech startup OnRisk is collaborating with Agile Risk Partners Limited, a start-up focused on underwriting direct & facultative property risks and channeling them to both traditional and alternative reinsurance capital, to develop structuring technology to support this goal.
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John Seo, Co-Founder and Managing Principal at Fermat Capital Management LLC, feels that the insurance and reinsurance market will need to make greater use of InsurTech in order to match the efficiency of capital provided by the insurance-linked securities (ILS) market.
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Using technology to enable real-time portfolio optimisation will transform the way that ILS and traditional reinsurance placements are made, improving costs and efficiencies and allowing capital providers to get closer to the original risk, according to the team at InsurTech MGU Ventus.
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The largest independent insurance broker Lockton has hired two new investment banking and technology experts to its recently launched Lockton Capital Markets division, with the goal of connecting insurtech start-ups with the capital markets.
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At this time of year, as peak-conference season begins, the market tends to reflect on conditions and the drivers setting up dynamics for year-end and beyond.
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A private insurance-linked securities (ILS) or catastrophe bond issuance completed using the blockchain by Solidum Re has been listed on The International Stock Exchange (TISE), in what is a first for the market.
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Tullett Prebon, a leading electronic and voice interdealer broker and part of the TP ICAP group, has launched a new issuance and trading platform for what it has termed Insurance Linked Notes, initially featuring catastrophe industry-loss instruments that will be fully-securitised to have the benefits of secondary liquidity.
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Artemis spoke with Sean Bourgeois, Founder and CEO of insurance technology (InsurTech) start-up Tremor Technologies, Inc., to discuss its mission to create an open, technology-driven, programmatic marketplace for reinsurance risk placement.
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Digital risk trading insurtech start-up Akinova, which promises a digital platform for trading insurance and reinsurance risks and will begin with an industry-loss warranty (ILW) type product, has appointed Thomas Heise of Insurance Income Strategies (IIS) to its advisory board.
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SCOR, the French global reinsurance giant, has reorganised its SCOR Global P&C division and added a new unit named P&C Partners which will have a remit including third-party capital and retrocession activities, as well as alternative solutions, InsurTech investing and other partnerships.
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