TransRe partners with analytics firm Concirrus
Who’s involved? US-headquarteredTransatlantic Reinsurance is to work with UK marine analytics insurtech company Concirrus
What’s happening? The teams will use Concirrus’s Quest Marine data and analytics software, to assess changes in marine insurance portfolios and develop marine reinsurance products and services
Significance of deal: A lack of data about a portfolio’s aggregate risk can add uncertainty when creating reinsurance programmes. The partnership aims to enable insurers to have “a data-driven dialogue” with reinsurers
Timeline: The partnership was announced on 26 November
AGCS extends Praedicat partnership
Who’s involved? Allianz Global Corporate & Specialty (AGCS) has extended its partnership with US insurtech analytics company, Praedicat
What’s happening? The partnership means AGCS liability policyholders will be able to assess to Praedicat’s software, ChemMeta, which delivers science and regulatory risk analytics for industrial companies
Significance of deal: AGCS said those companies opting to use the ChemMeta software will better understand which substances are more likely to negatively impact human health, or trigger regulatory action in the future
Timeline: AGCS and Praedicat began their partnership in 2014
Humania Assurance launches customer loyalty startup
Who’s involved? Canadian mutual insurer Humania Assurance
What’s happening? Humania Assurance has launched an internal insurtech startup, called Lead2action.ca.
Significance of deal: Lead2action aims to improve customer loyalty and enable partners to promote insurance products to specific audiences. It will do this by using algorithms to create an automated digital marketing campaign.
Timeline: Lead2action began operations in Canada in November 2018.
German insurtech Element raises €23m in financing
Who’s involved? White-label insurtech Element and international investors from the insurance, real estate and finance sectors
What’s happening? Element has raised €23m ($26m) from investors includingSBI Investment; SBI Insurance Group; Engel & Völkers Capital; and the Spanish Insurtech investor Alma Mundi Ventures.Investment was also secured from German financial services company Signal Iduna and fintech company builder Finleap
Significance of deal: The €23m of additional capital will allow Element to expand its technological platform that allows partners to offer bespoke insurance products, which can be white-labelled. Element manages the insurance value chain including initial actuarial calculations, underwriting, policy administration and claims management
Timeline: Having announced the funding at the end of November, Element has said it plans to expand into new industries and enter international markets in 2019