Fuelled by the Covid-19 pandemic and a projected market size of $166.4 billion by 2030, InsurTech companies are revolutionising the insurance industry.
These firms offer digital alternatives in a typically slow-to-change industry. Furthermore, their innovative solutions have empowered traditional insurers to accelerate digitalisation and streamline processes.
These are the leading firms that have helped this traditional field both adapt and start rapidly catching up to efficiency trends associated with more dynamic industries.
Introduction to InsurTech Innovation
The insurance industry is undergoing a transformative shift fuelled by InsurTech.
Innovating technologies for insurers is about finding novel solutions to longstanding challenges and harnessing emerging trends to shape the future of the industry.
Insurance leaders are almost unanimous in recognising that innovation as not just important, but critical to future success. Moreover, insurers who fail to embrace InsurTech advances, and the wave of digital insurance products and opportunities they represent, risk falling behind in an increasingly competitive and dynamic industry.
Oscar Health
Oscar Health built itself from the ground up with a tech-first approach focused on member service. This unique strategy aims to make healthcare more accessible and affordable for all Americans.
Oscar’s commitment to exceptional service is reflected in its sky-high Net Promoter Score (NPS) of 50 and a near-perfect 97% member satisfaction rate for virtual care. With a presence in over 577 counties across 20 states, Oscar Health’s impact on the InsuTech industry is undeniable.
NEXT Insurance
A leader in small business insurance, NEXT Insurance offers easy-to-understand, digital coverage designed specifically for the self-employed. Also, their recently launched Copilot tool empowers agents to serve micro-businesses efficiently. Copilot streamlines the process for both sides. Business owners can get quotes and bind coverage online instantly, while agents gain a simplified workflow to boost revenue.
Vouch
Since 2018, Vouch has emerged as a prominent force in the InsurTech space by transforming the way business insurance serves high-growth companies. Vouch recently launched AI Insurance, a groundbreaking product specifically designed to mitigate risks for AI startups in this rapidly developing field.
Hippo
Hippo stands out for its proactive approach to homeowners insurance. Partnering with homeowners to implement smart home devices and personalised safety recommendations, Hippo prioritises preventing hazards before they occur. This commitment has secured their position as a top InsurTech firm, protecting over 200,000 homes across most US states.
Bestow
Bestow prioritises simplifying insurance and boosting financial security for everyone. It believes the process shouldn’t be daunting, so they leverage cutting-edge technology and data throughout the entire value chain to streamline everything. Furthermore, its commitment to innovation is evident in the recent launch of permanent life insurance and the addition of AI features to its underwriting workbench.
QuanTemplate
Founded in 2011, QuanTemplate uses machine learning and big data to empower businesses through digital transformation. Its core offering, a data integration, automation, and analytics platform, equips insurance professionals with the tools to unlock valuable insights and gain a deeper understanding of market dynamics.
Dinghy
Dinghy caters to the changing insurance needs of freelancers and businesses with its innovative pay-as-you-go model and focus on online and mobile accessibility.
This focus on accessibility is further enhanced through its partnership with ARAG, providing ‘Freelance Assist’. This is a unique package combining Dinghy’s flexible insurance with ARAG’s online legal resources tailored for freelance professionals.
CoVi Analytics
CoVi Analytics tackles both regulatory compliance and operational efficiency for insurers. Its AI-powered CORE platform automates complex reporting for evolving regulations, while the app suite featuring Policy 2.0 simplifies risk incident capture and boosts operational efficiency.
ManyPets
ManyPets, formerly known as Bought By Many, has emerged as a leading pet insurance provider by taking a unique approach to customer needs.
Born from a focus on analysing social media commentary, ManyPets uses customer feedback to shape its insurance policies. This customer-centric approach extends to its technology focus, making ManyPets the first pet insurance company to offer form-free online claims.
Shift Technology
Shift Technology provides a suite of AI-powered Software-as-a-Service (SaaS) solutions specifically designed to address the insurance industry’s needs. Its focus lies in fraud detection, empowering insurers with robust protection against financial losses, reputational damage, and cyber threats.
Key Factors for InsurTech Success
Several key factors have fuelled the recent surge in InsurTech innovation. Digitisation plays a crucial role by speeding up information processing, leading to cost reductions, efficiency gains, and the development of new, customer-centric products.
Additionally, personalisation is another key factor, enabling insurers to tailor services to individual needs and preferences. They consider factors like age, location, and lifestyle before providing quotes. Finally, advanced analytics capabilities provide valuable insights into consumer behaviour, allowing insurers to better target customers, while also offering real-time risk assessment data.
- InsurTech
