Insuranceciooutlook

How Insurtech is taking over the world

Brian Collins, Fintech Managing Director, Startupbootcamp

Brian Collins, Fintech Managing Director, Startupbootcamp

Insurance incumbents around the globe are seeing the same trends: dwindling revenue for younger demographics, increasingly complex customer service channels, and larger concerns around upcoming regulatory and compliance changes.As they deal with this change in the dynamic of the industry, they are consistently found looking for new partners to radically transformtheir innovation journeys. And, it is startups and scaleups that are beginning to fill this void.

Insurtech is and has been one of the fastest growing verticals in tech. From Property to Life Insurance, the industry is spending hundreds of millions (and sometimes billions) in acquiring and investing in new technologies and opportunities. Recently in the US, Prudential acquired the Insurtech Assurance for $2.35b, cementing the trend. Multiple startups, such as Lemonade, have moved into the coveted “unicorn” status of startups worth more than 1billion USD.

As such, incumbents should be keeping their eyes open on opportunities both at home and abroad. Below we’ve collected some of the Insurtechstartups we’ve been keeping our eye on here at Startupbootcamp:

Tractable,London, UK

This insurtechstartup is reshaping how car insurers work on claims by using AI in accident and disaster recovery. Customers can take photos of asset damage and the technology can predict repair costs all in real time. This can bring the timing down from weeks to minutes for claim settlements.

Handdii,Melbourne, Australia

A two-sided marketplacethat is connecting customers directly with the tradesmen for home insurance companies.Handii allows consumers to connect directly with tradesmen on smaller damage around their properties. The tradesmen then determine if the damage is caused by insureable event. If it is, work can begin right away, instead of having to wait weeks and months for claim review and processing. Handdii has raised $1.5 million and is now an alumni of the coveted Hartford Insurtech Hub in Connecticut.

InsureVite,Singapore, Singapore

Insurevite may look like a chatbot at first glance, but it’s so much more than that. Focused on health insurers, the company is able to integrate its technology into any chat program out there (Facebook Messenger, WeChat, Whatsapp, etc) and allow customers to make all customer service requests into that single communications channel. That includes claims, finding new providers, upgrading or downgrading their plans, and general customer inquiries in one user flow.

My-Insurer,Singapore, Singapore

My-insurer, based in Asia, is a real-time platform that allows consumers to get a view of their entire portfolio of insurance coverage. It also allows for consumers to update or change plans directly from their electronic wallet, instead of having to go to multiple sites and companies. Meanwhile, for intermediaries this creates a new lead generation model where potential customers can connect with the intermediaries through chatbots, set renewals, and manage quotations, all in one place.

Cake Insure, Denver, USA

Cake is a mobile-centric platform for business owners who need a straightforward solution for workers’ compensation. The platform makes it easy for employers to access workers’ compensation insurance, which ultimately provides greater flexibility and options for business owners. Cake leverages AI to classify the business’ needs based on their responses in the algorithm and match them with the best option. 

This is a very small subset of the truly global and incredible startups across the Insurtech space and it’s one of the most exciting areas to watch over the next few years.

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