The Rise of Insurtech Companies: Pioneering Innovations in the Insurance Sector

Insurtech companies have been seeing an increase in the adoption of their services over the years, since the start of the global COVID-19 pandemic. Forecast to reach a market size of $166.4bn by 2030, the space has been vital towards digitalizing insurance sector processes, helping to meet clients wherever they are.

Firms operating in this disruptive innovation space are digital natives that are “equipped with a good technological infrastructure so that they can easily switch their operations to remote,” writes Christian Wiens, co-founder and CEO, GetSafe in Information Age. Conversely, traditional insurers that have not adapted to going digital first, are under pressure. “Their sales are currently collapsing. A sudden switch to the digital world is often not possible. This is partly because the technology is lacking, but also because successful digital direct sales requires a different mindset,” he continued.

Here is our list of some Insurtech companies that are offering a variety of new, agile and flexible options to the traditional Insurance sector.

Zego built its core business around flexible policies catering for those in the gig economy, the self-employed and entrepreneurs. The pay-as-you-go structure and effective tailoring of policies via an app, phone and web mean that accessibility and ease are key to its services. Zego uses granular data streams to evaluate pricing levels to ensure it is at the right rates. The startup continues to launch new products and expand into new countries. It offers a range of flexible motor, professional, and commercial insurance options.

QuanTemplate is a London-based company, established in 2011 by insurance experts. It utilises machine learning, big data transformation and analytics to help companies and professionals traverse digital transformation trends. It offers a data integration, automation and analytics platform which enables insurance brokers and underwriters to understand market dynamics and is used by reinsurance, property and casualty and life insurers. The insurtech business is supported by investors such as Anthemis Group, Route 66 Ventures Inc. and Allianz.

Wrisk aims to give the customer transparency and make the process of finding a policy as clear as possible. One innovation they have introduced is the Wrisk score which makes their customers aware of insurance risks in a simple format. The company focuses on partnerships to provide its services, notably being the insurance provider for BMW in the UK. Wrisk has also partnered with Allianz Automotive to provide insurance schemes across Europe, as well as Volvo. Although focused on mobile apps to scale their business, leaders at Wrisk are looking to other platforms to streamline their services in the future.

Shift Technology is a Paris-founded tech firm that provides insurers with software-as-a-service (SaaS) centred around native AI solutions. Investors in the firm include Accel, Advent International and Elaia. The software offers insurance firms protections from fraud, cyber attacks or hacks, particularly focused on fraud detection. The company’s technology offers a rigorous backbone of security to insurance firms making sure financial or reputational damage doesn’t impact companies as insurance fraud networks become more sophisticated.

Initially founded in 2016 as IoT sensor tech provider LeakBot, Ondo specialises in sustainable risk reduction, working with home insurers globally to tackle the issue of water damage. Currently, Ondo works with insurers across Europe and the US, including Direct Line, Hiscox, and TopDanmark. Its LeakBot product is designed to help reduce water damage claims costs for private homes and commercial properties. Over 39,000 devices have been supplied to insurers. Ondo was the first UK-based insurance technology firm to achieve initial public offering (IPO) status, having joined the London Stock Exchange in March 2022.

An image depicting the seamless integration of technology in the insurance sector, capturing the essence of innovation and digital transformation.

Dinghy is a pay-by-the-second insurance provider that has been curating policies, especially for freelancers and businesses, since being established in 2017. It is a subsidiary of the Kingsbridge Group. The firm’s online and mobile-first approach allows users to switch their policies on and off as they need it. Dinghy teamed up with ARAG, the legal expenses insurer and advisor. The two companies teamed up to create the ‘Freelance Assist’ combining their offerings, which meant that freelance legal professionals received the flexible coverage of Dinghy with the online resources and advice of ARAG.

An insurance quote provider aimed at small businesses and freelancers, Next Insurance offers tailor-made coverage powered by AI. Its coverage portfolio ranges from general liability and business insurance, to commercial auto and property insurance. Founded in 2015 and based entirely online, Next Insurance claims to offer quotes in up to five minutes following a query, and provides customers with a live certificate for instant proof of insurance. In April 2021, the company raised a $250m funding round, bringing the insurance provider to a value of $4bn.

CoVi Analytics was founded in 2015 and is focused on reducing the cost of compliance for insurers, on a platform that also allows companies to build community connections. Its CORE product uses AI to simplify and automate reporting for ongoing compliance, which is constantly being updated and changed. The firm’s app suite also includes Policy 2.0 for policy monitoring automation, risk incident capture, and Process Mapper which visualises and presents processes for real-time updates and resilience. CoVi Analytics aims to make visualising compliance and introspective insights for businesses making them more efficient and more robust in the face of regulation.

Zipari is an Insurtech that provides a customer experience platform in the health insurance segment. Ready-to-go solutions made available by the company consist of comprehensive sales experience for customer retention; collaborative provider experience for cultivating partnerships with health providers; and member experience, for value generation. Founded in 2014, Zipari’s products cover customer relationship management (CRM) experience, digital experience, and CX orhestration. Practicing an API-first strategy, the platform is compatible with pre-built infrastructure.

ManyPets, formerly known as Bought By Many is a pet insurance company that started by focusing on social media comments, compiling them and providing better policies molded around customer feedback. It was the first pet insurance company to offer form-free online claims and places technology at the heart of its policy structure. Its focus on consumer feedback particularly from social media offers new insight into how Insurtech companies could use data and comments as a base for tailoring policies.

Our Perspective

As a leading digital consulting company, Pinnacle Digital Advisors recognizes the transformative nature of Insurtech companies in revolutionizing the insurance sector. These innovators are not only propelling the industry towards digitalization but also redefining customer experiences and increasing accessibility. The forward-thinking strategies and adaptable infrastructure of Insurtech companies resonate with our vision of pioneering consumer-friendly solutions that empower businesses to thrive in the digital era.

Pinnacle Digital Advisors

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