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Analyze Re. This Verisk company, founded in 2013, offers software analytics designed to help reinsurers and insurers move faster on pricing and portfolio decisions. “Helping all companies in the reinsurance value chain to become more efficient, improve combined ratios and increase profits using predictive analytics,” is what the firm says it does. The eReinsure technology platform has been around since 1999 developing Internet-based applications for the re/insurance market. It was bought by specialty broker AmWINS Group in 2013. eReinsure enables insurers, reinsurers and brokers to network with their business partners anywhere in the world. This January, it announced it will offer a blockchain service linked to its reinsurance platform. “Distributed ledger capabilities can potentially create a new paradigm for the way information is shared between the parties to reinsurance contracts, so blockchain fits nicely with our efforts to streamline the reinsurance market with cost-effective services,” says Igor Best-Devereux, CEO of eReinsure.

Extraordinary Re. This startup is creating a trading platform run by Nasdaq for investors to trade assets tied to insurance liabilities. It is inspired by the lofty goal of alleviating the protection gap that prevents most of the world from obtaining the benefits of insurance. The platform offers the opportunity for investors to diversify their portfolios outside traditional stocks and fixed-income assets with a new investment class that does not correlate with the risks of other investments. For insurers and reinsurers, the platform presents an innovative way to access the capital markets to buy reinsurance capacity to absorb a wide range of risks.

Insurdata. The focus here is on high-resolution property data developed for reinsurers and insurers so they can better understand their portfolio risks. “The risk and exposure data which the re/insurance industry currently relies upon is woefully insufficient,” the startup says. This form promises peril-specific, current, accurate data at the highest resolution, globally and for all perils and lines of business.

omni:us.Using artificial intelligence, this company extracts insights from unstructured data so otherwise manual, paper-based claims processes can be automated. “Every claim is a series of decisions and actions. omni:us automates data-intense workflows and provide adjusters with a holistic view on a claim to
make contextual, data-driven decisions—based on the data available and not limited by the requirements of your processes,” it says.

Quantemplate. This machine-learning startup focuses on data transformation and analytics for insurance professionals. “The Quantemplate platform is specifically tailored to the day-to-day needs of insurance and re/insurance companies, putting the tools to manage data into the hands of the people who best understand it,” it says.

RiskBook. Focused on building a better reinsurance marketplace by delivering a central digital platform for brokers and reinsurers to drive a closer alignment between distribution and capacity. “We believe that technology should do more than cut costs—it should amplify the capabilities of brokers and underwriters,” says the company’s website.

Tremor Technologies. This startup is building and managing SmartMarkets, which it calls a platform that utilizes state-of-the-art auction technology that matches risk with capital so that reinsurance contracts can be placed in real time online.

Topics InsurTech Tech Reinsurance Market