Insurtech Insights

Bermuda-based specialty insurance carrier Relm Insurance Ltd has completed its expansion into the MENA region through the acquisition of B&F Partners Ltd, now operating as Relm Insurance Mena Ltd. The expansion will allow Relm Insurance to initiate operations via its Dubai-based affiliate, which holds a Category 4 Licence from the Dubai Financial Services Authority (DFSA). Relm Insurance, regulated by the Bermuda Monetary Authority, will introduce its specialised underwriting expertise and insurance products to the MENA market. Joseph Ziolkowski, (pictured) Founder and CEO of Relm Insurance, commented: “This acquisition opens up new avenues for Relm Insurance to work more closely with its distribution partners in the UAE and the broader MENA region to cater directly to the insurance needs of businesses operating in rapidly evolving industries such as AI, Web3, and the space economy." Bruno Bertucci, CEO of Relm Insurance MENA, added: "This global expansion initiative furthers Relm’s dedication to our mission of contributing to the building of the future by creating solutions for complex risks for innovative markets.” #InsurtechInsights #InsuranceNews #MENA

In the wake of Labour's recent triumph in the UK General Election, UK industry experts are weighing in on the potential impacts this political shift may have on the insurance sector. Rory Yates, Global Head of Strategy at EIS Ltd, says: "Government collaboration with insurance is vital. Insurance has a profound impact on cost of living, concerns around risk, how well our business is enabled to grow, and so on. So why is it often left out of the big processes of change?" Also commenting are Julian Hucks of Starpeak Insurance Solutions and Beatriz Benito of GlobalData Plc. Read the full story here: 👉 https://lnkd.in/eUbjnXc5 #insurtechinsights #insurance #ukelection #geopolitics

Pete Osheim, MBA, Senior Director of Sales for LexisNexis, sat down with Insurtech Insights' Global Partnerships Lead, Rory Pyke, at Insurtech Insights USA 2024 in New York last month, to discuss the critical contributions being made by data-driven workflows to carriers. Osheim says: "Theres a whole lot of data out there in the universe and I think its probably overwhelming for most carriers. And it's not only overwhelming within of itself, it's tough to decide what's important, what's relevant - and then, 'how do I consume it?'" #insurtechinsights #insurance #data #workflows #lexisnexis

PLATFORM Insurance Management Inc., the boutique insurance broker, has announced the launch of a captive insurance and alternative risk financing practice group to be led by Braedy Walker (pictured). Walker commented: “The formation of this practice group represents a significant step forward for PLATFORM. I am excited to lead this new initiative and look forward to working with our clients to develop tailored solutions that provide greater flexibility and control over their risk management strategies.” Read the full story here 👉 https://lnkd.in/exmfqSym #InsurtechInsights #InsuranceNews #Leadership

TrustID, a company known for its expertise in identity verification, has announced its partnership with IDVerse - An OCR Labs Company, a startup pioneering AI identity solutions. TrustID is recognised for its veteran human-in-the-loop identity services, whilst IDVerse excels in applying automated reinforcement learning to identity solutions. The partnership aims to solidify the capabilities of TrustID’s identity verification services through IDVerse’s advanced generative AI technology. Tony Machin, CEO of TrustID, commented: “We are excited to continue our advancement in identity verification automation with IDVerse and leverage their innovative approach to identity technology." Read the full story here 👉 https://lnkd.in/eSaY8EmG #InsurtechInsights #InsuranceNews #IdentityVerification #AI

In this latest Thought Leadership piece, Dani Katz, Co-founder and Director of Optalitix, discusses the role of the underwriter in a landscape increasingly peppered with AI tools and solutions. He writes: "In today’s increasingly AI-driven world, underwriters now have a host of new tools at their disposal that can optimise these processes for speed and efficiency – sometimes achieving a three- to fourfold improvement. Whilst at the same time, according to Accenture, 40% of underwriters’ time is spent on non-core and admin tasks, creating between $17-32bn of annual underwriting efficiency losses." Read the full story here: 👉 https://lnkd.in/eVyK9zUH #insurtechinsights #insurance #underwriting #ai #lloydsoflondon

Global reinsurer MAPFRE RE has announced that on 2 July 2024, it obtained approval from the National Financial Regulatory Administration of the People’s Republic of China to open a branch in Beijing. Miguel Rosa, CEO of MAPFRE RE (pictured), commented: “The opening of this branch reinforces our commitment to the Chinese market and to continue increasing our services in Asia, a continent in which MAPFRE RE has a direct presence – in addition to China – in the Philippines, Japan, Malaysia and Singapore." #InsurtechInsights #Reinsurance #InsuranceNews

Natural Capital Research (Natcap), a startup specialising in nature and biodiversity intelligence, has announced it has successfully raised $10 million in a Series A funding round. Natcap’s platform was founded in 2018 and assists businesses in measuring, reporting, and acting on nature-related risks, dependencies and opportunities within their operations, products, and supply chains in order to embed resilient nature strategies. Natcap CEO Sebastian Leape said, “It has been truly exciting to see the level of investor interest in our company, particularly in a less-than-optimal fundraising environment globally. " #InsurtechInsights #Climate #Investment

Howden’s fourth annual cyber report has found a market stabilisation following significant volatility in 2020 and 2021. The “Risk, Resilience, and Relevance” report found a 15% decrease in rates from their peak in 2022. Howden also found that carriers and brokers have improved price stability, coverage clarity, and consistency of terms and conditions in recent years. Howden predicts a projected global premium of US$43 billion by 2030, with significant growth expected to stem from expanding beyond the US and through serving more SMEs. Sarah Neild, Head of Cyber Retail UK Howden, commented: “At no other point has the market experienced the current mix of conditions: a heightened threat landscape combined with a stable insurance market underpinned by robust risk controls. The foundations for a mature cyber market, with innovation and exposure-led growth at its core, are now in place.” #InsurtechInsights #CyberResilience #CyberInsurance #InsuranceNews

Insurtech UK recently released a set of policy recommendations for the next UK Government, to ensure the Insurtech sector thrives and reaches its full potential. The Roadmap sets out how the next government can pave the way for UK insurtech to flourish through three overarching themes: a regulatory regime that enables more new entrants, an investment environment that facilitates funding, and more action to unlock opportunities to scale. #InsurtechInisghts #InsurtechUK #Insurance #Success