Compared to many other fintech sectors, the past year has been particularly difficult for insurtech businesses. Fortunately, tech-savvy insurance firms have revolutionized the market by using Artificial Intelligence (AI) and data science to provide better customer service at a lower cost.
We have compiled a list of the top insurtech companies that have revolutionized the fintech industry. We examine how other businesses might use these insights to succeed in this industry by breaking down the characteristics that have made them stand out.
Roost
With their smart home technology solutions, Roost has reshaped the market for traditional property insurance. To detect smoke, leaks, and other problems in the home, they first created a smart 9V battery. More recently, they created Protection360, a commercial SMB loss prevention service with round-the-clock alarm monitoring.
Steppie
This 2015-founded UK business offers auto insurance for only the time the consumer requires it, whether that’s an hour or a day. Cuvva says that customers may purchase coverage for a car using the app in only three simple clicks and is built with mobile users in mind. In addition to paying an hourly fee while the car is being driven and purchasing a premium “top up” insurance through the Cuvva app, they can purchase a monthly subscription.
Cuvva
Launched in 2015, this UK-based company provides insurance on a car for only as long as the customer needs it, whether that’s an hour or a day. Cuvva is designed to be mobile first, and boasts that customers can get covered on a car through the app with only three clicks. They can buy a monthly subscription, but they also must purchase a premium ‘top up’ insurance via the Cuvva app and pay an hourly rate during the time the car is being driven.
Shift Technology
Shift Technology was established in 2014 with the goal of utilizing cutting-edge technology to address the issues affecting the worldwide insurance sector. Their AI-native SaaS solutions aid insurers in automating the fight against fraud. Users can focus on the most suspicious instances, and save time by avoiding false positive cases.
Bought by Many
As the 2019 winner of MoneyWise’s Most Trusted Pet Insurance Provider award, Bought by Many provides lifetime and accident-only insurance for cats and dogs. They credit their success to their customer-led model, which leverages anonymised search data to pinpoint common customer demands that aren’t being satisfied by rivals before tailoring experiences and goods to suit those preferences.
Cocoon
With its innovative AI-powered all-in-one security system, Cocoon can defend additional rooms by using infrasound motion detection. Through an intuitive app, it keeps individuals informed about what is happening in their houses. To give their clients a 15% house insurance discount, they have teamed up with Policy Castle.
Friendsurance
One of the earliest peer-to-peer insurance companies in the world, Friendsurance, made its debut in Germany in 2010. Small user groups are rewarded at the end of the year with cash back bonuses if they don’t make any claims. By putting the consumer first during the search and purchasing processes, Friendsurance disrupted the insurance market and encouraged other leading insurtech firms to follow suit.
Teambrella
According to Teambrella, it was the first Bitcoin-based community insurance company. Each other’s users give coverage for it. Within the team, when someone makes a claim, the other members pay the claimant out of their own pockets. While Teambrella focuses mostly on collision deductibles and pet insurance, the business hopes to soon broaden its coverage.
Kasko
London-based, the first digital insurance platform, Kasko, enables brokers and insurance companies to easily launch new on-demand insurance products. Through a plugin or API, it enables online marketplaces and booking services to promote pertinent insurance products to its users.
Slice Labs
Slice Labs is an on-demand insurance platform that has revolutionized the insurance market by utilizing big data to instantly assess consumer risk whenever coverage is required. For instance, they provide Uber and Lyft drivers with a pay-per-use policy while they are working.
