Top 5 Insurtech companies disrupting the insurance industry
This article was written by Tom Ball and is reprinted courtesy of Computer Business Review.
Insurtech is set to disrupt an industry that is among the oldest and most complex in the world.
Insurtech is building momentum quickly as it receives massive amounts of funding, with this new investment providing fuel for new entrants in the emerging space. These new Insurtech companies are harnessing cutting edge technologies that are targeting numerous use cases across the insurance industry.
Some of the technologies involved include Internet of Things (IoT) devices, blockchain, artificial intelligence (AI), and machine learning. These technologies are currently top trends throughout the tech industry, and the world is eager to witness their potential.
In this modern world people have come to expect convenience, and for technology to work as they expect it to. That is why this list of the top Insurtech companies is grounded upon the disruption of traditionally arduous processes. Insurtech companies are poised to change the insurance world as we know it.
We have looked into the future of car insurance, but home insurance is also set to be disrupted dramatically due to the rapid emergence of the Internet of Things (IoT).
IoT is another major tech trend at the moment, despite the security concerns that have come to light surrounding it. With IoT enabled hardware, contents and building cover can be linked, and you are also able to gain a high level of mobile control via an app on your smartphone.
For example, you could have much faster access to assistance in the event of either a fire or flood. Neos centres its offerings on communication and connection that heighten the customer’s control.
Neos provides a set of IoT enabled devices for providing the customer with a full spectrum of connectivity to vital aspects of your home linked directly to a smartphone app. Within this package are leak detectors, a wireless camera, smoke sensors and door sensors.
IoT is crucial to the rise of Insurtech, because it levels the playing field between insurers and customers, providing a large amount of information to insurers that have been in the dark up until now. This change will ultimately benefit the customer as well, as it can mean for a much better policy.
Cyence aims to offer a platform that can be used to ascertain the financial impact of cyber risk and for the management of risk portfolios.
This company is very interesting, as the product it provides may help business owners and executives to understand the potential risks posed by the current threat landscape, which many are failing to rise to the challenge of.
Mapping economic cyber risk and presenting a monetary value to users will highlight the threats to people who on average are still not presenting inadequate cyber awareness. Evaluating the risk in this scenario is truly essential, as there is no method in existence by which an organisation or individual can negate cyber risk entirely.
If you have not yet been attacked, then at some point you will be, and this is becoming a resounding mantra for those who have become aware of the full scale of the cyber threat. On the topic of inevitability, Cyence not only helps to measure and manage risk, it does also insure companies, focussing on cyber-attacks.
The popularity gained by this company is testament to the gap it intends to fill as the first to provide management services for cyber-risk and attack, while also offering insurance directly.
This example is among Insurtech companies that will be a joy to learn about for any motorist, because traversing the process of getting or renewing car insurance is not an easy process, and getting the right price is crucial, especially as a young driver.
A growing trend of subscription based services and renting rather than owning has taken hold and is becoming widespread. Particularly within the modern metropolis it is becoming far less practical and necessary to have your own car ready to go at all times. This is due to more densely populated areas, and modern transport services.
Top 5 Insurtech companies disrupting the insurance industryThe genius behind Cuvva is that it provides a pay-as-you-go basis for car insurance, meaning that you do not need an expensive, long term policy if you are going to need to use a vehicle intermittently or rarely at all. You can even be insured by the hour, starting at around £7.80.
This company is able to provide these services due to advances in data-sharing technology and smartphones. Cuvva also claims to be the first insurance product that works and is accessible via an app.
There is no way we could have left Brolly off of our top five list, and not solely because it uses artificial intelligence (AI) to power its processes. This company provides a simple means by which to track down and find the insurance you need, disrupting the original process with a handy tool.
The UK firm regards its service as a concierge, smoothing the traditionally rough task of tracking down insurance into a pleasant experience through the use of AI. AI is undoubtedly a frontrunner among the top tech trends that are currently taking the industry by storm.
You can streamline the process of owning insurance as well as finding it by using Brolly, as it can be used to store all of the insurance policies from all of the providers you have previously been involved with. This provides enhanced visibility of your position so as to best inform future moves and stay on top of existing policies.
A new project called The Brolly Shop is going live this year, and it is geared towards providing you with cover at record speed. This could mark a new era of purchasing insurance, leaving behind the arduous experiences of the past.
Founded in 2015, Everledger is a prime example of an Insurtech company leveraging the most cutting edge technology in its pursuit of disruption in the insurance industry. For example, blockchain and smart contracts are at the core of the Everledger offerings.
With ‘ledger’ in the company name, distributed ledger technology, better known as blockchain forms the central process of Everledger. All of the details valuable assets are collated into a profile that is added to the blockchain.
Once this information is applied permanently to the blockchain, it can be accessed safely by stakeholders on a global basis. Insurtech companies are lining up to utilise blockchain to streamline complex processes.
READ MORE: 7 need-to-know things about emerging market Insurtech
Everledger can also verify authenticity of products and increase overall transparency. The wider goal of this company is to bring trust back to global trading marketplaces using cutting edge technology.