Hannover Re US partners with insurtech company

Hannover Life Reassurance Company of America, the US unit of Germany’s Hannover Re, has struck a global strategic partnership and investment with Sureify Labs, a Silicon Valley-based insurtech company.

Sureify Labs strives to bridge the digital gap between insurers and their customers. Its new enterprise software solution “LifeTime Platform” claims to enable life insurers to acquire, engage and cross-sell throughout policyholders’ lifetimes on web and mobile applications.

Hannover Re’s automated underwriting solution, hr | ReFlex, will integrate with Sureify’s LifeTime Platform. As a result, insurers will have the option to deploy a rules engine that supports accelerated underwriting programs, enabling them to make the most precise risk assessment decisions at the point of sale, according to Hannover Re.

The combined technological platform gives insurance carriers around the world the technology they need to speed up digital transformation initiatives that target the next generation of insurance buyers who prefer web and mobile experiences, according to the press release.

“The combination of their open and modern technology platform, hr | ReFlex, deep insights into the life insurance industry and ability to innovate and execute new ideas have demonstrated their commitment to growing the life insurance market,” said Dustin Yoder, CEO, Sureify.

Tony Laudato, vice president, Partnership Solutions, Hannover Re US, added: “The LifeTime Platform has the promise to truly revolutionize the life insurance buying experience and post-policy issue customer engagement. […] As our insurance carrier partners develop the next generation of products enabling an enhanced buying experience and agile underwriting processes, Hannover Re US will support our insurance carrier partners with innovative reinsurance coverages to help them smartly grow their top and bottom lines.”

Hannover Re’s move comes shortly after its German competitor Munich Re partnered with app-based insurance provider Wrisk, an insurtech venture, to become its exclusive carrier for business underwritten in the UK, Europe and US.

As part of the agreement, Wrisk will also get access to some underwriting platform services from Digital Partners, a subsidiary of Munich Re.