Reinsurance InsurTech investing hits record highs in Q3: Gallagher Re's Scarratt

Reinsurance InsurTech Investment Reaches New Heights in Q3

In a recent discussion at the PwC Insurance Summit held in Bermuda, Freddie Scarratt, Global Deputy Head of InsurTech at Gallagher Re, highlighted a significant trend in the reinsurance sector. According to his insights, investments in reinsurance InsurTech have surpassed 50 deals in the third quarter of this year.

AI at the Forefront

A noteworthy detail from Scarratt's remarks is that approximately 75% of these deals are driven by artificial intelligence (AI). This suggests a growing emphasis on technology to streamline processes, improve risk assessment, and enhance overall operational efficiency within the reinsurance space.

What This Means for the Industry

The increase in investment signals a robust interest in InsurTech solutions among industry players. It may indicate a shift in how reinsurance companies are adapting to technological advancements that can potentially transform their business models. Insurers looking to stay competitive might find opportunities to leverage AI to gain insights and improve service delivery.

Looking Ahead

This trend points to a continuing evolution in the reinsurance marketplace, where technology plays an increasingly pivotal role. As more companies embrace AI solutions, we can expect to see further innovations that could redefine traditional practices within the industry.

Overall, with over 50 investment deals in the last quarter alone, the momentum in reinsurance InsurTech seems set to continue, reflecting a broader industry trend toward digitization and efficiency improvements.

Original Source: https://www.insuranceinsider.com/article/2flookdyt1e0opdtdo4xs/insider-on-air/reinsurance-insurtech-investing-hits-record-highs-in-q3-gallagher-res-scarratt