Insurance giants are facing tough competition from budding startups and rising insurtech companies that are causing large-scale disruptions in the insurance industry. With rapid technological changes and ever-evolving customer demands, insurtech is on the rise. Let’s have a look at some of the most innovative insurtech companies in 2020:
Relay is an online Software-as-a-service(SaaS) solution that functions as a reinsurance platform for carriers. It provides a space for carriers and underwriters to structure and secure reinsurance, speeds up their placement process, and eliminate repetitive models that decrease efficiency. A truly self-serving application, Relay lets users assess risk in an online environment.
Zego is another insurtech company that focuses on insurance on commercial as well as personal auto insurance. Its policies are centered around entrepreneurs, freelance workers as well as self-employed businesses. Due to the nature of its customers, Zego offers flexible policies and promotes a pay-as-you-go structure alongside high customization for its customers. Zego also constantly monitors pricing levels and regulates its policies according to it.
Spot is another insurtech startup based out of Austin, Texas. This company specializes in injury and life insurance and they present a major departure from the way insurance functions in the world. Catering specifically to a demographic that thrives on adventure activities and follows an active lifestyle, Spot offers affordable short-term insurance coverage ranging from as little as 24 hours to a couple of weeks or months based on the customer’s requirements.
Founded in Washington, Halos created a one-of-its-kind product called Dobby which focuses on redefining the experience of homeowners insurance policyholders. Powered by AI, their product functions as a digital property manager and takes care of policyholder’s home maintenance needs. Dobby provides access to top service providers as well as keeps a record of all home maintenance records and relevant documents for its users.
Flock is a UK-based drone insurance startup that specializes in assessing drone flight risks and providing real-time insurance to its customers. Their policies present a pay-as-you-fly format which makes the process of getting insurance a very transparent and efficient one. Flock also incorporates Big Data to regulate their pricing for all their policies.
A departure from traditional insurance policies, Surround Insurance focus on a customer-centric approach where they serve modern customers. Selling comprehensive policies that focus on biking/walking, driving, rental, and freelancing, surround insurance provides affordable policies to its customers starting at $60 a month. With risk at the forefront, surround insurance assess individual policyholders and calculates the level of risk they have in their life.
Wrisk promises to deliver seamless and transparent consumer insurance experience for its users. Its users get a customized Wrisk score which makes them aware of the insurance risks that are involved in a clear-cut manner. For Wrisk, delivering the best policy options to its customers is the primary goal. Currently, they are the sole insurance provider for BMW in the UK and are planning to expand their business across Europe. Right now, Wrisk features a mobile app but they are developing and streamlining their services on other platforms to increase their reach.