5 companies leading in insurtech
Over recent years the insurance sector has gone through a vast amount of growth and technological development. Due to prosperity and growth in digital technology, more and more people are relying on online platforms to renew policies, compare insurance quotes and acquire faster, more efficient insurance. Many companies have thrived in this space, focusing their attention on revitalizing the insurance sector using insurtech.
Through this growth there are several companies that have some particularly compelling business models and products. Ranging from brand new, to staples of the insurtech world, here are some of the best:
1. Predictive Analytics - Embroker
Embroker combines traditional broker services with a digital platform. The company uses predictive analytics to provide optimized coverage for small to medium sized businesses, while simultaneously handling claim management and third party insurance.
Embroker believes that insurance should be easy to buy and use, and technology should make processes more efficient and transparent. They implement this idea through their 100% online services, allowing for the optimization of insurance spending through policy benchmarking tools. This provides a real-time interface to track & manage claims.
2. Policy Aggregator - Policygenius
Policygenius provides a highly tailored insurance checkup platform, where users can discover their coverage gaps and review solutions for their exact needs. Policygenius provides a unique online forum to shop for life, long-term disability, renters and pet insurance through its quoting engines that offer side-by-side comparisons of tailored policies.
3. Internet of things - Metromile
Metromile’s aim is to revolutionise car ownership to fit the urban lifestyle. They have created a device that captures mileage data to determine how much a person should pay for their car insurance policy. This insurtech startup is changing the way insurance companies provide insurance for the on-demand economy through their app which diagnoses the health of the car, location and offers tips to help the user with their daily commute.
Through taking their understanding of data and transforming it into information and services, they are making car insurance less expensive, more convenient and smarter.
4. Wearables - Oscar
Oscar is a new breed of health insurer, on a mission “to reinvent how care is delivered. Our goal is to have the happiest members paying the lowest costs for the healthiest outcomes.”
Along with a fantastic digital experience, Oscar customers can also benefit from rewards earned by living a healthy lifestyle. Oscar customers get a free Misfit step tracker and can earn up to $1 a day for reaching daily step goals.
5. Blockchain - Dynamis
Dynamis is setting up peer to peer supplementary unemployment insurance using smart contracts run on the Ethereum blockchain platform. While Dynamis is yet untested, it’s one of the first of what could be many companies using the power of blockchain to improve the management of insurance policies and claims.