The Pace for InsurTech is Thriving: Opportunities Exist to Maximize Success for Startup Acceleration in Hartford, CT, Part 3 of 3

Carmen Cotei is a Professor of Finance and Chair of the Economics, Finance, and Insurance Department at the University of Hartford’s Barney School of Business. She teaches Mergers and Acquisitions, Financial Markets and Institutions as well as Corporate Finance courses.

Ken Goldstein is a former global Cyber Security Product Manager at legacy Chubb Group of Insurance Companies. He is currently a Clinical Instructor at the University of Hartford’s Barney School of Business and teaches innovative InsurTech and Cybersecurity curriculum. Professor Goldstein and Dr. Cotei would like to thank Dawn LeBlanc, Managing Director of Hartford InsurTech Hub, and Leland Holcomb, former Head of Scouting and Investor Relations at Hartford InsurTech Hub, for their helpful insights and support in connection with this article.

This is Part 3. Part 1 of this article is available here, and Part 2 is available here

QUALITATIVE FACTOR ANALYSIS

As a part of the application process, there were key “qualitative” factors contributing to the Hub’s selection approach overall, especially for the top 20 startups attending selection days.[1] From Dawn’s and Leland’s perspective, the startup’s “management team” was the driving factor for selecting a particular startup for acceleration[2] For example, the Hub focused upon educational background, entrepreneurial experience, team mix, chemistry, and passion, how well the startup was executing upon their business plan (e.g., early successes), the company’s ability to network and fundraise to support the business, and whether the Hub objectively believed in the management team’s overall capabilities and potential synergies with the local insurance ecosystem.[3]

Beyond the management team, the next factor of importance related to “where” the companies were innovating.[4] With regard to the 2020 cohort, only property & casualty and health companies were requested to apply.[5] This request coincided with the ecosystem’s priorities and the Hub sought to obtain the proper mix of use cases for overall consideration.[6]

The third factor concerned the technology itself.[7] Stated differently, how were the particular startups innovating and would their technology resonate with the local ecosystem (most of whom were insurance company focused).[8] According to Dawn, “the more simplistic and understandable the technology was, the better it would be received by local insurers.”[9]

Lastly, the Hub’s overall scouting needs changed strategically by country each year. This was impacted by startups generally along with other accelerator programs looking to partner in the InsurTech space.[10]

DATA ANALYSIS

The Hub considered 355 international applicants for the 2020 cohort. In narrowing down the list to 11, there were critical firm characteristics that reinforced the probability of selection for acceleration purposes. These characteristics included the startup age (82% of the applicants were less than three years old), the number of founders (most of the accepted companies had multiple founders), whether founders contributed to startup financing (selected firms heavily financed with founders’ investment dollars), how advanced the startups were (a high percentage had paid users), the nature of the business model (most likely B2B), and whether external financing had been received (typically had at least seed or series A prior to being selected).[11]

RECENT COHORT SUCCESS

Over the last several years, companies that were accelerated via the Hub have experienced widespread success. For example, Aureus Analytics, which utilizes an artificial intelligence platform to assess company data for actionable insights, was selected by Insuritas for collaborative purposes.[12] Insuritas, a provider of white-labeled insurance agencies for financial institutions, was looking to tap Aureus’ DONNA platform to improve overall customer experience.[13] Beyond Insuritas, Aureus was able to obtain local investment dollars (as a part of a broader financing campaign) based upon relationships developed at the Hub.[14] Moreover, they received recognition at multiple competitions, earning first place at VentureClash and DXC Global.[15] Finally, they mined the local ecosystem for talent, including advisory board members and full-time employees.[16]

Similar to Aureus, Wysa, an AI conversational agent, was tapped by Aetna international to expand its suite of mental wellness services for its members arising from the Covid-19 pandemic.[17] The Aetna-Wysa partnership was specifically incubated at the Hub.[18] Since that time, Wysa has been selected to partner with Cincinnati Children’s Hospital to manage Covid-19 anxiety and Google’s assistant investment program as part of its first financial undertaking in Asia.[19] Overall, Wysa anticipates growing its customer base over the next three years from 3 to 50 million users.[20]

Lastly, beyond collaborative efforts, investment proceeds, competitions, and the tapping of local talent, Aureus, along with a more recent cohort member, Stable Insurance,[21] selected Hartford, CT for long-term office location purposes. Aureus’ co-founder, Anurag Shah, summed it up best by suggesting that they wanted to be closer to the heart of insurance business and Hartford, CT allowed them to engage with more insurance companies than anywhere in the world.[22]

SUMMARY AND CONCLUSIONS

Up against the odds, and notwithstanding Covid-19, InsurTech continues to flourish. As a central part of the equation, it is clear that startups often look to accelerator programs to maximize their success. With Connecticut in mind, and specifically Hartford as the insurance capital of the world, accelerators have positively stoked the flames of creativity and produced a number of local success stories.

This article provided an overview of the role of accelerators in the performance of InsurTech startups. It started with a primer about the definition, purposes, and importance of InsurTech, financing included. It then transitioned to accelerator programs as a potential avenue for startup success. Beyond that, the Hub was analyzed in detail, including its background and overall selection methodology. Lastly, the article tackled an examination of the Hub’s data along with several success stories during its three years in existence.

This is post is Part 3 of this article. Part 1 is available here, and Part 2 is available here

[1] Id.

[2] Id.

[3] Id.

[4] Id.

[5] Id.

[6] Id.

[7] Id.

[8] Id.

[9] Id.

[10] Id.

[11] Id.

[13] Id.

[14] Id.

[15] Id.

[16] Id.

[18] Id.

[21] See www.stableins.com.

[22] AUREUS ANALYTICS, supra note 61.

The Pace for InsurTech is Thriving: Opportunities Exist to Maximize Success for Startup Acceleration in Hartford, CT, Part 2 of 3

Carmen Cotei is a Professor of Finance and Chair of the Economics, Finance, and Insurance Department at the University of Hartford’s Barney School of Business. She teaches Mergers and Acquisitions, Financial Markets and Institutions as well as Corporate Finance courses.

Ken Goldstein is a former global Cyber Security Product Manager at legacy Chubb Group of Insurance Companies. He is currently a Clinical Instructor at the University of Hartford’s Barney School of Business and teaches innovative InsurTech and Cybersecurity curriculum. Professor Goldstein and Dr. Cotei would like to thank Dawn LeBlanc, Managing Director of Hartford InsurTech Hub, and Leland Holcomb, former Head of Scouting and Investor Relations at Hartford InsurTech Hub, for their helpful insights and support in connection with this article.

This post is Part 2 of 3. Part 1 is available here, and Part 3 will be posted on the blog tomorrow. 

FINANCING OF INSURTECH STARTUPS

From a general financing perspective, technology startups have the potential to benefit greatly from external funding in order to maximize their overall success.[1] In fact, notwithstanding Covid-19, the global market provided $7.1 billion in backing for startups in 2020 alone.[2] This included 377 deals, which is the highest number in any calendar year.[3] Moreover, a substantial portion of year-end 2020 funding was related to property & casualty business in particular.[4] At the same time, the market saw an overall increase in mid-stage (Series B and C) funding opportunities and certain companies were consciously rewarded with $100 million or more in financing.[5] Not surprisingly, the InsurTech industry is poised to grow rapidly over the coming years.[6]

ACCELERATOR PROGRAMS

As a part of a concentrated growth strategy, InsurTech startups often look to collaborate with accelerator programs to positively impact their potential for success, including the likelihood of future funding and partnership.[7] Accelerators are unique in that they focus upon early-stage companies and include all of the following criteria:

  • Fixed term
  • Cohort based
  • Mentorship driven
  • Culminate in graduation[8]

To expand further upon the process, acceleration ordinarily includes applying for, and getting accepted to, an accelerator program, obtaining funding from the program (e.g., seed in exchange for equity), maintaining focus over a defined timeframe and in a designated location, enhanced learning opportunities via seminars, workshops, and mentorship, the ability to network with peers, industry support providers and potential investors, and a graduation day opportunity (e.g., a ‘demo day’ where startups present and pitch).[9]

CONNECTICUT LANDSCAPE

With accelerator programs in mind, Connecticut provides an ideal place to support next-generation insurance innovation.[10] For starters, Connecticut has close to 1,500 domestic and non-domestic insurance carriers doing business in the state for potential collaboration purposes.[11] In addition, “these insurers write $39.1 billion in direct written premiums for the CT market and $193 billion in premiums written in all markets.”[12] Furthermore, from an industry sector perspective, Connecticut ranks #1 in the U.S. in direct written health insurance premiums, #6 in direct written life insurance premiums, and #6 in direct written property & casualty premiums.[13]

Beyond the number of insurers and their premium footprint, Connecticut also affords a significant pipeline of talent for companies to consider.[14] In fact, Connecticut is #1 in the U.S. in insurance employment and has top-performing business, engineering, and other Colleges and Universities supporting its insurance ecosystem. [15] For example, over the past several years, UConn School of Business, in collaboration with UHart’s Barney School of Business, successfully co-taught a seminal InsurTech Venturing course to high-performing undergraduate and graduate students.[16] Post-course, a cohort of students were competitively selected to intern for InsurTech startups as a part of Hartford-based accelerator programs. [17] Aside from the support associated with CT-based talent and education, the state’s ecosystem also affords venture capital investment opportunities and mentors to support the acceleration process generally.[18]

ANALYSIS OF ACCELERATORS IN HARTFORD, CT

With regard to Hartford, CT in particular, there are a number of accelerator programs historically driving innovation on behalf of the state.[19] These programs include STANLEY + Techstars, Upward Labs, the reSET Impact Accelerator, Nassau Re/Imagine, Hartford’s Digital Health Accelerator, and more.[20] Below is a visual overview of the accelerators by name and purpose.

Name Purpose
Digital Health CT Aims to identify, entice, and retain digital health entrepreneurs; catalyze innovation in healthcare; and provide networks of local students and faculty interested in learning about digital health technologies with opportunities to help create and contribute to company growth.
Nassau Re/Imagine An incubator for cutting-edge InsurTech companies looking to have a presence in Hartford; actively supports individuals and teams committed to building a vibrant InsurTech ecosystem in the heart of our insurance community.
reSET Accelerator catalyzes social entrepreneurs in the Greater Hartford area who are tackling society’s toughest challenges; focuses on connecting start-ups to early-stage customers and industry-specific experts and mentors, and on providing coaching along important start-up milestones.
STANLEY + Techstars Global industry leader, Stanley Black & Decker, partners with Techstars to run an accelerator focused on AI in Advanced Manufacturing.
Upward Labs Accelerator program that was most recently focused upon building technology and senior care.

 

HARTFORD INSURTECH HUB

As a part of this article, we analyzed one seminal, legacy leader in detail regarding technologies impact upon insurance. Specifically, the Hartford InsurTech Hub (“the Hub”) Powered by Startup Bootcamp, which was co-funded by Cigna, Travelers, and The Hartford, had historical success in accelerating three cohorts between 2018-2020. They offered a market leading program for InsurTech companies, and while their program was adversely impacted by Covid-19, including the ability to travel globally for scouting purposes, they built a robust, contemporary model worth exploring. This model was based upon active collaboration between local insurers, City of Hartford Representatives, and Community Stakeholders looking to innovatively develop Connecticut’s InsurTech ecosystem. [21] In fact, the Hub’s international reach for diverse startups was purposeful and powerful.[22] In fact, they supported breakout growth by attracting next-generation talent, making investor connections, and advancing originality in diverse segments of insurance, including health, life and property & casualty business.[23]

Based upon an interview with the Hub’s Managing Director, Dawn LeBlanc, and their former Head of Scouting & Investor Relations, Leland Holcomb, there were several steps that the Hub took to evaluate startup talent before accepting companies to their accelerator program.[24] After a competitive application process opened and international startups within the Hub’s network were notified, the Hub engaged in significant outreach, including a concentrated social media campaign.[25] Thereafter, in-bound and outbound referrals took place and fast track pitch events were scheduled globally to focus upon startups of interest.[26] To create additional efficiency in the process, the Hub considered consolidated applications as a part of live pitch days.[27] They also regularly engaged in follow up discussions (e.g., calls, Skype) for non-fast track pitch companies to support designated time with their legacy team.[28] After the application process closed, the Hub selected one hundred companies (from a much larger pool), narrowed things down to fifty, and obtained a contractual commitment from twenty to attend selection day events (the contractual commitment reinforced a startup’s agreement to join the accelerator program if selected by the Hub).[29] Ultimately, after the Hub’s selection days concluded (a natural speed dating of sorts), eleven companies were formally invited into their 2020 program for acceleration purposes.[30]

This post is Part 2 of 3. Part 1 is available here, and Part 3 will be available tomorrow. 

[1] Mike Butcher, InsureTech startup Counterpart raises $10M in funding round led by Valor Equity Partners, TECHCRUNCH (March 23, 2021), Insuretech startup Counterpart raises $10M in funding round led by Valor Equity Partners | TechCrunch; Shreya Ganguly, Insurtech startup Symbo raises $9.4M in round led by CEFIF, Think Investments, YOURSTORY (March 4, 2021), [Funding alert] Insurtech startup Symbo raises $9.4M in round led by CEFIF, Think Investments (yourstory.com); Rebecca Ayers, Insurtech Rhino raises $95 million in funding round, FINLEDGER (January 26, 2021), Insurtech Rhino raises $95 million in funding round – FinLedger.

[2] BUSINESS INSURANCE, INSURTECH INVESTMENTS REACH RECORD $7.1B in 2020: WILLIS, Insurtech investments reach record $7.1B in 2020: Willis | Business Insurance.

[3] Id.

[4] Id.

[5] BUSINESS INSIDER, supra note 5 (noting that late-stage mega-rounds drove the momentum, with Bright Health securing $500m in a single quarter and Hippo scoring $500m over consecutive quarters).

[6] BUSINESS WIRE, GLOBAL INSURTECH MARKET WILL GROW BY ALMOST USD 15.63 BILLION DURING 2019-2023, Global InsurTech Market Will Grow by Almost USD 15.63 Billion During 2019-2023 | Technavio | Business Wire.

[7] Alejandro Cremades, How Startup Accelerators Work, FORBES (January 10, 2019), https://www.forbes.com/sites/alejandrocremades/2019/01/10/how-startup-accelerators-work/#2130b0cc44cd; Danni Santana, How accelerators link insurers and insurtechs to fast-track innovation, DIGITAL INSURANCE (May 3, 2018), How insurtech accelerators link insurers and startups to fast-track innovation | Digital Insurance (dig-in.com).

[8] FORBES, supra note 26.

[9] Id.

[10] Claire Hall, Hartford Has Become One of Top 5 Cities for Techies, UCONN SCHOOL OF BUSINESS (January 25, 2021), business.uconn.edu.

[11] PWC AND CT IFS, 2020 CT INSURANCE MARKET BRIEF (October 2020), CH15-0006 2014 CT Insurance (pwc.com).

[12] Id.

[13] Id.

[14] Id.

[15] Id.

[16] HARTFORD BUSINESS JOURNAL, UHART, UCONN SET TO LAUNCH INSURTECH CURRICULUM (August 20, 2018), UHart, UConn set to launch insurtech curriculum | Hartford Business Journal.

[17] InsurTech Initiative | Connecticut Center for Entrepreneurship and Innovation (uconn.edu).

[18] PWC AND CT IFS, supra note 30.

[19] See Incubators & Accelerators – Innovation Destination Hartford (innovationhartford.com) (provides a broad listing of local incubators and accelerators).

[20] Id.

[21] See  https://hartfordinsurtechhub.com/.

[22] Id.

[23] Id.

[24] LeBlanc, Dawn and Holcomb, Leland. Hartford InsurTech Hub 2020 interview.

[25] Id.

[26] Id.

[27] Id.

[28] Id.

[29] Id.

[30] Id.

The Pace for InsurTech is Thriving: Opportunities Exist to Maximize Success for Startup Acceleration in Hartford, CT, Part 1 of 3

Carmen Cotei is a Professor of Finance and Chair of the Economics, Finance, and Insurance Department at the University of Hartford’s Barney School of Business. She teaches Mergers and Acquisitions, Financial Markets and Institutions as well as Corporate Finance courses.

Ken Goldstein is a former global Cyber Security Product Manager at legacy Chubb Group of Insurance Companies. He is currently a Clinical Instructor at the University of Hartford’s Barney School of Business and teaches innovative InsurTech and Cybersecurity curriculum. Professor Goldstein and Dr. Cotei would like to thank Dawn LeBlanc, Managing Director of Hartford InsurTech Hub, and Leland Holcomb, former Head of Scouting and Investor Relations at Hartford InsurTech Hub, for their helpful insights and support in connection with this article.

This is Part 1 of 3. Part 2 will be available on the blog tomorrow. 

“There’s no shortage of technology providers eager to partner with insurance businesses.”[1]

ABSTRACT

An international healthcare leader collaborates with an innovative technology startup to expand its suite of mental wellness services during the Covid-19 pandemic. An AI platform that is used to assess company data is selected by a provider of white-labeled insurance agencies for customer insights. A company offering an insurance and analytics platform for mobility, the on-demand economy, and commercial auto insurance selects the insurance capital of the world to call home. What do these companies have in common? They were all part of a pipeline of startup talent accelerated for success locally in Hartford, CT!

This article will provide an overview of the role of accelerators in the performance of InsurTech startups. It commences with a primer about the definition, purposes, and importance of InsurTech, including high-level applications within the context of insurance company operations. It then transitions into the topic of accelerator programs as a potential avenue for startup success. Along these lines, the article examines why Connecticut, especially Hartford, is an ideal location for accelerator programs. As a part of the discussion, a legacy accelerator is analyzed in detail, including its background and overall selection methodology. Lastly, the article concludes with an analysis of sample data from the legacy accelerator program along with startup success stories during its three-years in existence.

INTRODUCTION

            The pace for InsurTech growth is thriving.[2] Notwithstanding the Covid-19 pandemic, 2020 generated the highest amount of deal making activity as compared to any other calendar year.[3] Furthermore, 2021 is off to an exceptionally “hot start!”[4]

In order to maximize success at an early stage, startups often look to accelerator programs for support. This can range from education and mentoring to enhanced financing and collaborative opportunities with industry insiders.

With insurance in mind, Connecticut continues to provide an ideal location for accelerator programs, including the “the insurance capital of the world,” Hartford, CT.[5] In fact, accelerator programs in Hartford are part of a robust ecosystem to support next-generation, early-stage companies – startups looking to breakout from the pack![6]

This article begins with an overview of InsurTech, including its definition, purposes, and importance within the context of insurance company operations. This foundational understanding will allow us to segue more deeply into methods for supporting startups, including via accelerator programs.

Next, the article transitions into the topic of accelerators as a potential avenue for startup success. Accelerators place startups into a better position to thrive in terms of education, collaboration, financing, and more. As a part of our discussion, we examine why Connecticut, especially Hartford, is an ideal location for startups to consider.

Thereafter, we analyze a legacy accelerator in detail, including its background and overall selection methodology for participation. This includes the “secret sauce” associated with selection, ranging from simplicity and understandability of the technology at issue to management team characteristics, areas of innovation, and more.

Lastly, the article concludes with an examination of sample cohort data from the legacy accelerator along with startup success stories during its three-year run. This shines the light on the importance of accelerator influence and local ecosystems opening up avenues for timely exploration.

INSURTECH DEFINED

InsurTech, in its simplest form, combines the terms “insurance” and “technology.”[7] As a subset of FinTech,[8] it includes startup companies that leverage technology to provide cost savings and efficiency associated with the insurance value chain.[9] While there are a variety of examples reinforcing the benefits of InsurTech, some of the more important concepts include artificial intelligence[10], big data underwriting[11], and the use of internet-connected-devices.[12]

Within the context of insurance, InsurTech applications might be better appreciated by briefly assessing key components of insurance company operations. For example, actuaries are in a prime position to benefit from “new and interesting sources of data” to solve a variety of strategic business issues.[13] On the underwriting side, telematics is being more consistently used to evaluate customer risk and price insurance coverage.[14] With regard to claims handling, chatbots and virtual assistants have the ability to manage less complex inquiries from customers and claimants, freeing up examiners to handle more intricate issues.[15] From a regulatory and compliance perspective, “AI-based insurance automation solutions ensure the accuracy of data and maintain a complete log of [insurer] actions.”[16] Finally, InsurTech startups are actively approaching reinsurers for catastrophe protection as they navigate into different areas of risk transfer.[17]

This post will be continued on the PLUS Blog tomorrow. 

[1] Elana Ashanti Jefferson, 11 InsurTechs to watch in 2021, PROPERTY CASUALTY 360 (January 27, 2021), 11 InsurTechs to watch in 2021 | PropertyCasualty360.

[2] Alex Wilhelm, InsurTech Startups are leveraging rapid growth to raise big money, TECHCRUNCH (April 20, 2021), Insurtech startups are leveraging rapid growth to raise big money | TechCrunch.

[3] Victor Chatenay, Global insurtech funding reached $7.12 billion across 377 deals, the most in any year to date, BUSINESS INSIDER (February 1, 2021), Global insurtech funding reached record high in 2020 (businessinsider.com).

[4] Id.

[5] www.innovationhartfod.com/about-us/ (noting that “The Hartford Region is a robust destination to start, grow, and build businesses”).

[6] Id.

[7] Marshall Hargrave, InsurTech, INVESTOPEDIA (August 20, 2019), https://www.investopedia.com/terms/i/insurtech.asp.

[8] NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, INSURTECH, https://content.naic.org/cipr_topics/topic_insurtech.htm (noting that “InsurTech … is a subset of FinTech, or financial technology).

[9] Gilad Shai, “InsurTech and the Promise of Property Value Hedging Technology,” in The InsurTech Book: The Insurance Technology Handbook For Investors, Entrepreneurs and FinTech Visionaries, edited by Sabine L. B. VanderLinden, Shan M. Millie and Nicole Anderson (Wiley, 2018), 280.

[10] Ramnath Balasubramanian, Ari Libarikian, and Doug McElhaney, Patrick Szakiel, Insurance 2030 – The Impact of AI on the Future of Insurance, MCKINSEY & COMPANY (March 12, 2021), Insurance 2030–The impact of AI on the future of insurance | McKinsey (AI will support an insurance shift from “detect and repair” to “predict and prevent”); See also What Is InsurTech? Terms, Benefits, and Definition, LEARNING HUB (December 17, 2018), https://learn.g2.com/insurtech (highlighting the ability to use machine learning to process massive amounts of information to reinforce improvements in efficiency and effectiveness).

[11] NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, BIG DATA, Big Data (naic.org) (noting that big data can support insurance company operations, including underwriting, rating, marketing, and claims settlement practices); Learning Hub, supra note 12 (suggesting that analytic tools, such as wearables, can mine and assess vast amounts of data for highly personalized insurance rates).

[12] EMBROKER, HOW THE INTERNET OF THINGS IS AFFECTING THE COMMERCIAL INSURANCE INDUSTRY, How IoT is Affecting the Insurance Industry – Embroker (suggesting that the commercial insurance industry stands to benefit greatly from IoT); Learning Hub, supra note 12 (emphasizing internet-connected technology that supports customizable insurance policies, including for micro-events).

[13] Ed Plowman, Action on InsurTech, THE ACTUARY (July 8, 2020), Action on insurtech | The Actuary; Anthony R. O’Donnell, Q&A: The Future of Actuaries in the InsurTech Era, INSURNACE INNOVATION REPORTER (November 15, 2019), Q&A: The Future of Actuaries in the InsurTech Era | Insurance Innovation Reporter (iireporter.com) (noting that “[a]ctuaries love data, and … see emerging opportunities to analyze [it] in ways [they] could only have dreamed of in the past.”).

[14] NAIC, TELEMATICS/USAGE-BASED INSURANCE, Telematics/Usage-Based Insurance (naic.org) (“Usage-based insurance … is a type of auto insurance that tracks mileage and driving behaviors); Gregory DL Morris, 4 Key Telematics Themes That Should Bridge the Gap Between Brokers, Carriers, and Insureds, RISK & INSURANCE (December 23, 2020), 4 Key Telematics Themes That Should Bridge the Gap Between Brokers, Carriers and Insureds : Risk & Insurance (riskandinsurance.com).

[15] Ashish Upadhyay, Transforming Claims Management Through InsurTech, MEDIUM (May 20, 2020), https://medium.com/justez/using-insurtech-to-improve-claims-management-b95a6615b3e.

[16] WORKFUSION, TOP USE CASES FOR AUTOMATION IN THE INSURANCE INDUSTRY, Top Use Cases for Automation in the Insurance Industry | WorkFusion.

[17] ARTEMIS, INSURTECH, INSURANCE TECHNOLOGY IN REINSURANCE AND INSURANCE-LINKED SECURITIES (ILS), Insurtech – Insurance technology fintech in reinsurance & ILS news – Artemis.bm.