As the coronavirus continues to disrupt the global economic climate and normal life, Insurtech companies are seeing improvements in the development of their solutions.
The Insurtech company is an electronics native “equipped with great technical facilities so they can easily outsource their procedures remotely,” wrote Christian Wiens, founder and CEO, GetSafe in the Information Age.
However, traditional insurance providers who have not adapted to electronics, are under pressure. “Their sales are currently collapsing. An unexpected switch to the world of electronics is often impossible. This is partly because the technology isn’t owned, but also because effective direct selling of electronics requires multiple frames of mind,” he continued.
Here’s a list of some of our Insurtech companies that offer new, agile and versatile options for the traditional Insurance industry.
Zego builds its core business on a multipurpose plan that caters to those in a working economic climate, self-employed and business owners.
The pay-as-you-go framework and effective plan customization via app, phone and internet implies that ease of access and convenience is the key to the solution.
Zego uses a granular flow of information to assess the degree of pricing to ensure it is at the right price.
The startup continues to introduce new items and expand directly to new countries. Offers a versatile range of electric, professional and industrial motor insurance options.
QuanTemplate is a London based company, founded in 2011 by insurance experts. It uses artificial intelligence, big information transformation, and analytics to help companies and experts traverse electronic transformation trends.
It offers integration of information, automation and analytics systems that enable insurance brokers and underwriters to understand market characteristics and is used by reinsurance, property and casualty and life insurance providers.
The insurtech business is supported by investors such as Anthemis Team, Path 66 Endeavors Inc., Transamerica and Allianz.
Keith Stonell, managing supervisor, EMEA at Guidewire Software, looks at how information analytics is changing the Insurance industry. Read here.
Wrisk aims to provide openness to clients and make the process of finding a plan as clear as possible. One of the developments they present is the Wrisk score, which makes customers familiar with the dangers of insurance in a simple style.
The companies concentrated on collaboration to provide solutions, most significantly ending up being the sole insurance provider for BMW in the UK. Wrisk is also partnering with Allianz Automobile to provide insurance packages across Europe.
While concentrating on mobile apps to reach their business, the leaders at Wrisk are looking to various other systems to improve their solutions in the future.
Shift Technologies is a Paris-based technology company that provides insurance providers with software as a solution (SaaS) centered on native AI solutions.
This software offers insurance companies securities from fraud, cyber attacks or hacking, mainly concentrated on fraud discovery.
The company’s technology offers a broad security base for the production of certain monetary or reputational loss insurance companies have no impact on the company as insurance fraud networks become more advanced.
Founded in 2016, Neos primarily deals with discreet home insurance, leveraging discreet devices to leverage the Internet of Points (IoT) so customers get broad coverage.
This UK based company has 24/7 assistance combined with discreet sensing units and interior security video cameras enabling customers to validate claims and feel safe.
Multinational insurance provider Aviva took a big risk in the company in 2018.
Dinghy is a pay-per-second insurance provider that lays out its plans, primarily for freelancers and companies.
This online and mobile-first approach allows users to activate and deactivate their plans when they need them.
Dinghy partners with ARAG, a legitimate cost insurance provider and consultant. The two companies teamed up to produce ‘Freelance Assist’ combining their offerings, meaning that independent legal experts receive Dinghy’s versatile coverage with online resources and advice from ARAG.
In this Q&A, Stewart Duncan, CDO at Wrisk, a UK Insurtech firm, talks about his role and the promise of a thriving industry. Read here.
Brolly, being the UK’s first insurtech advisory app powered by an expert system, provides customers with essential insights right into their own plans, coverage and pricing.
The company that was founded in 2015 provides free individual insurance officer solutions that can be accessed online or through applications.
The solution tells users whether they have over or undercover coverage and can suggest cheaper alternative plans that have the same coverage as the user’s previous insurance.
It also offers a system for users to manage their current plans, purchase plans online, and contact insurance providers.
CoVi Analytics was founded in 2015 and concentrates on reducing suitability costs for insurance providers. To do this, it offers 2 items: CMILE which allows financial providers to know and manage regulations, on a system that also allows companies to develop community links.
The second item, CORE, uses AI to streamline and automate coverage for a sustainable fit, which is constantly being improved and changed.
CoVi Analytics aims to obtain conformance visualization and reflective understanding so that companies produce them more efficiently and more durable in the face of policy.
Last summer Trōv moved from its customer items (on-demand insurance for single items, from a mobile app), to a B2B proposal, working with customers across retail, finance and movement.
Insurtech is currently divided into 2 business units, Enterprise and Movement. An example of the work Trov Enterprise is doing is its collaboration with the Lloyds Finance Team, with the two launching a tenant insurance item under the Halifax brand name.
Trov Enterprise is all about providing insurance providers and banks (employees) with a collection of white-labeled insurance that allows them to introduce innovative insurance items that modern customers anticipate.
Trov Movement, on the other hand, is a discreet insurance designed for movement and fleet companies, with Trov assisting the movement solutions that arise. Customers include Waymo, Groupe PSA, Suncorp (Australia) and Sompo (Japan), with Trov providing modern insurance solutions built with smart technology that reduce the total cost of risk through real-time information.
Bought By Many is a veterinary insurance company that started by concentrating on social media comments, structuring them and providing better plans for client comments.
It was the first veterinary insurance company to offer a formless online claim and put technology at the heart of its plan framework.
Its focus on customer comments especially from social media offers a new understanding of how insurance companies can use information and comments as a basis for customizing plans.