As insurance companies tackle the mounting pressure to go digital, the rise of Insurtech products in the coming years is seen as a pathbreaking move in the industry. The challenge that today’s insurers face is to become more innovative with their services. And one way to improve on that front is to develop niche products that cater to specific problems that users, as well as people affiliated with the insurance industry, face in their day-to-day lives.
Our focus today is on such products that were built, keeping the customers primed at the center of product innovation. Let’s have a look:
Lemonadeis an up-and-coming homeowners and renters insurance provider featuring fast, easy and affordable policies to homeowners and renters against theft, damage, etc. The lemonade app walks you through the entire process of buying a policy in seconds. With the help of their AI bot, Maya, users get insured in seconds. Touted as a millennial-friendly application that is disrupting traditional property insurance business, Lemonade is already operating in 22 states in the USA. With its AI and automation capabilities, Lemonade offers policies at a very low price, starting at $5 a month for renters and $25 a month for homeowners. Their customer-centric and transparent approach has placed them second in rank when it came to customer satisfaction, behind only USAA.
Oscar is another revolutionary app that functions as a health care advisor. But it doesn’t stop there. It caters to American individuals who are unable to get medical insurance through their employers by providing them over the phone prescriptions. From providing medicare plans, finding doctors, documenting lab reports and prescriptions, managing a concierge team for you, as well as keeping a track of your deductibles, Oscar does it all. Its comprehensive plans cater to individuals as well as families.
Dedicated to providing auto-insurance, the Metromile app features a host of activities that include monitoring your car’s activities, taking care of your car’s performance and health and providing insurance quotes based on its assessment of your vehicle. Metromile simplifies the claims process by providing a guided system during claim submission from your end. Additionally, it allows instantaneous policy changes and also boasts of a mileage assessment device named “Pulse” which is attached to your vehicle. Your insurance premium is based on your driving pattern as well as mileage count. Offering comprehensive coverages that include collision, theft, natural damage from weather as well as animals, Metromile is a truly unique app for auto-insurance.
Another app focused on auto-insurance, Zendrive uses 180 billion miles of data for its analysis of average driving patterns in the USA. It uses the driver’s smartphone sensors to assess driving behavior and suggest better driving practices. With Zendrive’s powerful AI tools, collision detection, risk prediction, fuel efficiency are carefully monitored via the smartphone. With their focus on telematics, Zendrive has come up with a variety of virtual assistants such as DriveDetect, WreckDetect, DriveReveal, and FuelSip for enhancing driving accountability and efficiency.
5. Force Fraud Detection:
Developed by Shift Technology, Force Fraud Detection is a powerful AI-powered fraud detection solution. An insurer-centric app, it helps companies to flag potentially fraudulent insurance claims across all lines of business. Boasting of a 75% hit rate, Force Fraud flags both suspicious individual claims as well as network fraud attempts from organized crime groups. Its ever-improving algorithms always stay one step ahead of every potential fraud attempt.
JustEZ is touted as the last mile app for adjusters. Created while keeping in mind the needs of adjusters, this revolutionary app not just meets but exceeds the needs of adjusters by providing claims synchronization, inspection scheduling, navigation capabilities, photo captioning as well as building scoping reports for loss assessment. JustEZ integrates with google maps and Waze for navigation and applications Dropbox for claims management.
Root is another app working towards providing auto-insurance. Highly customizable in its approach, Root is a relatively new product that tracks your driving habits and provides better auto insurance rates to better drivers. Its AI-powered technology works with you as it determines your premiums based on how good a driver you are. Due to its personalized approach, Root offers quotes to its users only after they take a driving test within the app. Its developers claim that the powerful algorithms used in Root can detect if it’s really you who is driving or if you are being driven to disable fraudulent test attempts.
From intelligent data analysis to fraud protection to smart insurance, Insurtech is slowly and surely dismantling the age-old ways of the insurance industry with an approach that believes in the present while focusing on the future. With the advent of 2020, the next decade will see a transformation in how the entire industry operates.