Willis Re partners with insurtech Concirrus to transform specialty reinsurance markets
Willis Re, the reinsurance division of broker Willis Towers Watson, has entered into a strategic partnership with London-based insurtech company Concirrus.
The partnership intends to utilise the vast data available from the Internet of Things (IoT) and transform specialty reinsurance products.
Willis Re will also join Concirrus’ Power20, which it described as "a community of like-minded visionaries who are committed to working in collaboration to achieve long term success".
“The evolution of the insurance space embracing the digital era has now reached the shores of specialty business lines. Our strategy is to lead this new digital era with like-minded (re)insurance partners. Together, we will develop methods and products that will reward early adopters by delivering positive client results,” explained Printhan Sothinathan, chief of strategy at Willis Re Specialty.
Graeme Moore, CEO of Willis Re Specialty, added: “In the past few years we have seen the commoditisation of pricing and products. Our customers now need reinsurance products that reflect and react to the changing landscape of risk. Combining our analytics expertise and considerable distribution with Concirrus’ enterprise capabilities will shift the operating model for the specialty market.”
Concirrus CEO Andrew Yeoman commented: “It’s difficult to overstate the gravitas that Willis Re has in the market. We’re excited to start working alongside the team to apply behavioural analytics to the specialty reinsurance markets.”
Yeoman added: “This is all about ensuring that the building blocks are in place to help the market return to profitability and we’re looking forward to supporting our clients through this transformation journey.”
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