The Shortlist Of 20 The Most Disruptive Insurtech Startups In Insurance

 

Top 20 Insurtech Companies: Trends, Facts, Stories

The insurance industry exists on the verge of healthcare, e-commerce, and financial services. Insurance companies around the world help people to cover various losses related to health and property. Still, traditional underwriters are in great danger nowadays. The rising number of insurtech startups attract more customers thanks to innovative and personalized services, great user experience, and more beneficial offers.

In this guide, we’re going to talk about startup insurtech companies. You can find 20 the most successful, influential, and innovative teams, as well as their features and differences. 

What Is Insurtech?

First and foremost, let’s begin with a few definitions. To understand the essence of insurtech brands, you should know the concept itself. Put simply, insurtech is a portmanteau term that consists of two separate words: insurance and technology. It’s an industry that combines two approaches to reach new heights in all key aspects: efficiency, performance, personalization, customer satisfaction, revenue. 

The core idea of almost all top insurtech companies is to adopt innovative technologies to enable new values. Especially, it’s beneficial for brave new startups that outpace rigid and conservative underwriters. For instance, while traditional brands continue offering coverage after accidents, insurtech startups use AI and predictive insurance to prevent issues at all! Insurtech services are much more flexible, ultra-personalized, and responsive. 

Insurtech Trends to Watch in 2020

Insurance changes quicker and quicker so it’s a good idea to keep an eye on hot trends. To be honest, if you know about trends, most likely, you’re already late to jump into this bandwagon. However, it’s useful to know about current trends and their popularity. You don’t have to be the first to benefit from certain things, you know.

Source: 2020 Global Insurance Outlook by EY

In 2020, there are a few prominent trends praised by insurtech startups:

  • Artificial intelligence. AI solutions power various modern services. For instance, they improve analytics, helping insurers to provide more tailored and cost-efficient policies. AI tools also automate processes, reduce human errors. 
  • Chatbots. Partially based on AI, chatbots are pretty typical for all digital services. These machine-based operators can interact with clients, help them with various requests, guide them through processes, and free time of human workers.
  • Drones. Autonomous flying machines help insurers in several ways. They can assess risks to improve policy issuing, analyze damage after incidents, and even help with predictions, for instance, by monitoring weather and crops for farmers.
  • Internet of Things. Known as IoT, this technology provides for the network of interconnected devices like smart sensors, lights, locks, and other gadgets. IoT improves risk assessment and reporting when it comes to health, home, and car insurance.
  • Predictive insurance. Utilizing all of the aforementioned technologies, predictive analytics focuses on a brand-new type of insurance. It helps to understand customer behavior, deliver the required services, and even predict potential accidents.

In addition, the ongoing COVID-19 pandemic changes the landscape of health and life insurance. Thus, we should expect more changes and offerings related to infectious diseases, viruses, and ways to protect from them. Remember this point as it can be a real goldmine for insurtech companies soon. 

Top 20 Insurtech Startups Globally

Finally, let’s explore our list of brands. According to Crunchbase, there are over 770 insurance startups. This number includes a few unicorns like Root Insurance ($3.65 billion) and Next Insurance ($1 billion). We can’t cover all these stories here. So, let’s focus on 20 the most interesting insurtech startups. 

Tractable

Our first company focuses on AI and automation. Traditionally, insurers analyze various damages manually, by checking cars, houses, etc. Tractable develops its own AI solution that assesses vehicle damage and the impact of disasters. 

  • Insurance sector: property and casualty. 
  • Service/product focus: AI-based visuals analysis of the damage.
  • Monetization model: distribution of custom AI software.

Dinghy

Insurtech companies often target uninsured or underinsured clients. Freelancers are included in this audience. With Dinghy, people who don’t have employer-provided insurance can get flexible policies with tailored offers: professional indemnity, public liability, etc. 

  • Insurance sector: work and liability. 
  • Service/product focus: flexible insurance for freelancers.
  • Monetization model: paid policies, from 30 pence per day.

Oscar

Oscar is among insurtech startups that want to make everything super-friendly and understandable. The company offers health insurance through a human-focused approach. You can get a custom plan, support, a dedicated care team, and even business packages.

  • Insurance sector: life and health.
  • Service/product focus: personalized health insurance plans.
  • Monetization model: paid plans and policies. 

Zego

This team helps individual and business drivers to get more flexible coverage. Zego offers different types of policies for full-time, part-time, and corporate drivers, insurance for fleets and vehicles. Payments are based on flexible pay-as-you-go models.

  • Insurance sector: work and vehicle.
  • Service/product focus: custom policies for drivers and business fleets.
  • Monetization model: paid plans and policies. 

Lemonade

Being one of the most successful top insurtech companies, Lemonade has raised a few billion. Its key offering is simple: personalized insurance with simple access and extremely fast claims, down to 3 seconds. The team also provides AI-based chatbots and customizable plans.

  • Insurance sector: contents and liability.
  • Service/product focus: AI, personalized policies, and innovative business model.
  • Monetization model: fixed fee for monthly customer payments from 2 euro.

Brolly

Launched in 2016, Brolly was another user-focused insurance service. It acted as a personal advisor that analyzes policies and plans, helps to spot gaps, and suggests better options. Note that Brolly was acquired by Direct Line Group in 2020 and no longer provides services.

  • Insurance sector: contents and property.
  • Service/product focus: personal insurance advisor.
  • Monetization model: subscription-based services, paid plans.

Hippo

A few insurtech startups choose specific niches to target customers better. Hippo is all about safe homes. The service supports several types of policies for different home insurance segments: appliances, water, repairs, etc. It also works with IoT gadgets closely.

  • Insurance sector: property and casualty, home.
  • Service/product focus: home protection divided into several categories, IoT. 
  • Monetization model: paid plans and policies.

Cuvva

Cuvva helps people to get the needed insurance much faster and in a simpler way than usual. You just should get an app, sign up, choose the desired offer (temporary or monthly car insurance, van protection, learner driver, single trip), and get your service.

  • Insurance sector: motor and travel.
  • Service/product focus: direct and quick individual insurance.
  • Monetization model: temporary and regular paid plans and offers.

Root Insurance

Being one of the aforementioned unicorns, Root eliminates paperwork and makes car insurance accessible for everyone. This insurtech company offers solid discounts to good drivers who focus on the road, don’t violate traffic rules, and drive carefully. 

  • Insurance sector: car, liability, and medical.
  • Service/product focus: personalized car insurance with discounts.
  • Monetization model: paid plans and policies.

Next Insurance

Business insurtech startups are rarer than personal-focused ones. Next works with SMEs and self-employed individuals, provides professional liability and commercial insurance to various professions, from electricians to DJs. 

  • Insurance sector: business liability, work, auto, and employees.
  • Service/product focus: tailored coverage for many small business types.
  • Monetization model: paid plans and policies. 

Trov

This team also targets businesses, small and large. It has two key offerings. Mobility insurance helps to protect commercial fleets using advanced monitoring and claiming solutions. And enterprise apps help to manage policies through simple yet powerful mobile applications.

  • Insurance sector: mobility and enterprise.
  • Service/product focus: tech-focused digital insurance for businesses.
  • Monetization model: paid policies and enterprise applications.

Thimble

Top insurtech companies for business coverage include Thimble, as well. This startup offers two models: on-demand with flexible insurance and pause periods and monthly with traditional approaches. Thimble also works digitally and spends 60 seconds to deliver your plan.

  • Insurance sector: liability, professional, drone, and event.
  • Service/product focus: quick and simple monthly or on-demand business policies.
  • Monetization model: paid plans. 

yulife

Professional insurance plans for companies are highly demanded today, when bosses are afraid of various illnesses. This startup offers three plans for business clients to cover their employees. What’s cool, yulife has cool motivational stuff like wellbeing rewards and walk-to-earn.

  • Insurance sector: health and life, group. 
  • Service/product focus: protection for employees, motivational rewards.
  • Monetization model: paid plans and policies. 

Anorak

Well, we talked about insurtech startups that provide policies. However, Anorak is an independent advisor and aggregator. It suggests the most relevant policies from partners after careful data science-based analysis of your needs. 

  • Insurance sector: health, life, and income.
  • Service/product focus: simple insurance aggregator with custom suggestions.
  • Monetization model: commissions from the partner insurers.

Coverly

Launched in 2019, this team focused on small and medium enterprises. It provided general business coverage through convenient digital platforms. Despite high demand, the team hasn’t survived the crisis. Coverly isn’t working now, the startup closed recently. 

  • Insurance sector: business and commercial.
  • Service/product focus: pay-as-you-go on-demand business policies.
  • Monetization model: paid plans. 

Digital Risks

Top insurtech companies often help businesses, as you can see. Digital Risks is a team that provides numerous services to dozens of industries. Everything’s online so clients can get liability, E&O, professional, legal, and even work-from-home offers quickly. 

  • Insurance sector: contents, liability, professional, cyber, health, and management.
  • Service/product focus: online business packages with on-demand activation.
  • Monetization model: paid plans and offers, from 5.13 pounds.

Laka

Laka is a unique team that targets cyclists. This startup provides digital-based insurance policies that cover theft, damage, loss, health and wellbeing recovery, and liability issues related to your bicycle. Claims are paid from the common fund powered by the clients’ payments.

  • Insurance sector: bicycle, recovery, liability. 
  • Service/product focus: special offers for cyclists, paid from the collective fund.
  • Monetization model: paid plans, from 6 pounds.

Peppy

This startup is another one that helps businesses and workers. It offers smartphone-based insurance quotes, policies, claims, and management. Peppy helps with different aspects of health and wellbeing, including healthy minds, financial health, parenthood, etc.

  • Insurance sector: business and professional.
  • Service/product focus: business insurance apps for employers and employees.
  • Monetization model: paid plans and policies.

Wrisk

Wrisk is a unique company that doesn’t provide insurance or comparison services. Instead, it develops digital-first insurance solutions for various businesses. It builds custom products and design flows to improve customer experience and boost business revenue. 

  • Insurance sector: all sectors.
  • Service/product focus: insurance software and strategy development.
  • Monetization model: paid services and software solutions.

Marshmallow

Insrutech companies prioritize several sectors, and car insurance is one of them. Marshmallow offers online instant quotes, claims, and convenient management for tailored car insurance packages. Generally, it covers many issues: damage, theft, injuries, repairs, etc. 

  • Insurance sector: car.
  • Service/product focus: instant and digital car insurance. 
  • Monetization model: paid policies and plans.

Why Do You Need to Test Your Insurance App?

Well, there’s a lot of insurtech startups to explore and analyze. Right now, you can clearly see that the majority of companies rely on mobile or web applications that ensure user-friendly and clear digital experience. It’s cool that customers don’t have to wait in lines, reach call centers, and sign tons of papers. Everything’s digitalized so it’s easy to get suggestions, choose an insurance plan, manage and pay for it via a single app.

On the other hand, digital solutions require close attention from the owner’s side. If you build an insurtech company and focus on a digital-only app-centered approach, you should be sure of the software’s reliability. That’s why all startups should care about testing. Proper software tests help to get rid of bugs, ensure that all modules meet your requirements and that clients can access and use them seamlessly. 

At the end of the day, insurtech relies on different trends. But digital applications and online services remain cornerstones of these startups. And that’s why we want you to get the most powerful and efficient applications. If you’re going to provide insurance services, you should be ready for fierce competition. Respectively, well-tested reliable apps can help you to attract new customers and improve their loyalty.

Get started today
Grzegorz Kłos
Co-Founder
office@apphawks.com
Grzegorz Kłos - Apphawks Co-founder
© 2020 Apphawks. All rights Reserved.