Munich Re, AXA XL, Swiss Re, and Allianz are among the (re)insurers driving tech partnerships globally.
For (re)insurers, strategic partnerships with tech companies encompass a broad array of use cases including:
- providing capacity to startups operating as managing general agents
- offering insurance solutions through various internet platforms to consumers and service providers
- rolling out enterprise products such as data automation or risk rating technology within their organizations
Since the start of 2017, there have been more than 180 partnerships struck between (re)insurers and tech companies around the world. The number of partnerships occurring each quarter has grown from fewer than 20 in Q1’17 to over 30 in Q4’18.
As strategic partnerships have risen, several (re)insurers have more actively entered into agreements than others. Since 2017, 16 (re)insurers have made three or more strategic partnerships. 7 have entered into more than five.
Munich Re, AXA (inclusive of partnerships struck by XL Catlin), Chubb, Swiss Re, and Allianz top the list of most active (re)insurers entering strategic partnerships since 2017. A full list of strategic partnerships by quarter can be found in the Willis Towers Watson Quarterly InsurTech Briefing.