Top Trustworthy Insurtech Startups

• 30 August 2019 | 1723 Views | By Mint2Save

What is Insurtech?

Insurance companies are not a new concept. Ruling the market in different types for decades, it is long known to everyone. The insurtech is similar but the difference marked is, it offers insurance benefits with an innovative and efficient approach of the technology that we are upgraded to, every minute.  The literal meaning of insurtech also derives that it is formed of two words – insurance and technology. 

The use of Artificial Intelligence (AI), the Internet of Things (IoT), Big Data is on a massive scale in these industries. The majority of the capital that is invested is refined in these areas.

From Insurance to Insurtech

Insurance industry has been taking over many fields since past years but now that the world is inclining to digital mode so rapidly, the manual tasks of insurance has been picked up with many flaws, and that a single policy cannot be fitted to a variety of users and thus the insurtech tailors it individually according to the needs and requirements of the individual. This has earned great acclaim from people and the advances are prominent in this field. However, a certain group of people fears from the traps and misconceptions leading to the failure of the online market.

Insurtech Startups

To bridge a way to the technologies and the conventional ideas of insurance and the flaws experienced in this, the start-up has come a long way. Various companies have been keeping the customer’s needs the first priority and thus the mobiles, laptops are a handy and easy tool to use as everything is now on the fingertips and not to spend hours in manual work and document troubles.

There are many start-ups launched but these are the list of institutes that took the concept and the market on a storm and continue to strive, excel in performance.

1. Cystellar  

Cystellar, a UK based start-up is cloud-based analytics which will collect the data from the information obtained by satellites and can form an accurate decision making which can be helpful to the agriculture-based events. The data is drawn from satellites and with the help of complex algorithms set in Artificial Intelligence, the accuracy is settled. This is helpful to the clients to protect their valuable and avoid any sort of damage occurring to them. 

2. Lemonade

A New York-based start-up, lemonade is considered to be the ‘world’s first open-source insurance policy’. It uses artificial intelligence and chatbots to deliver the policies and handle everything on smart devices like mobiles, laptops, and PCs. Working the other way round, it first takes a fixed amount monthly, pays reinsurance and the later is used to pay the amount of the claim. The remainder amount of each user is then given to a fixed charitable trust. 

3. Trov 

Trov, a start-up that emerged from San Francisco, is generally designed for smaller property valuables like small digital gadgets such as laptops or photography equipment, etc. the tech can be helped to the individuals to start and stop or pause coverage of the item. Additionally, the claims can be managed and everything else is handled on a real-time messaging service platform. 

4. Oscar 

This start-up is spread in the health sector where the users are benefitted with free advice in medicine over the phone. Individuals who cannot get medical insurance from their employers are offered various benefits under this scheme.

5. Homelyfe 

Started in the UK, this is much more user-friendly as everything from managing claims, generating quotes and all are managed under a single application. It removes the involvement of the third party in any manner and to complete the process of home insurance under four minutes which is very encouraging and innovative to the users. 

6. Neos 

What’s an exciting feature about this UK based firm is that it offers you 24/7 support and monitoring house, looking for any type of damage and the problem like fire or water leakage or even burglary. The application will guard the house against any corner of the globe.

7. BIMA

When there’s a partition of people based on their incomes, there’s a lot of neglected groups falling below that point. BIMA is designed majorly for those unfortunate beings who fail to earn a basic amount sufficient for the necessities in everyday life. The insurtech is designed to help them with their health based insurance.

8. ZhongAN 

This Chinese property institute is regarded as ‘First complete online insurance company’ in china which is founded by the three business tycoons of the country. The unique point regarding this firm is that it not only sells claims but also does the entire business online which includes the buy and sale of products for the users. Spread in various sectors from household property to liability and cargo, this is sure to be one of the revolutionizing points in the Chinese market.

9. Shift technology

This is again one of the brilliant techs that emerged from Paris that uses SaaS (Software as a Service) to detect and resolve network of fraudsters issues. The concept of data science is very greatly handled here. The headquarters are in Paris but the firm has some sister locations around the corner.

10. Acko general insurance

Founded in India, this private sector general insurance company is a digital-based firm that is partnered by major institutions like Ola cabs, Amazon, SAIF partners. This insurance agency is generally for two-wheeler or car insurance in a quick fashion.

11. Slice 

The US-based start-up is unique in a way that it offers pay-per-use policy, a highly demanding option for the users. This institute offers Insurance Cloud Service (ICS) to the users.

12. Spixii

A personalized new experience all by a bot, spixii is an automated insurance agent that is made to handle the buying and selling of insurance through online message means. This is used as a tool by insurers to protect the insurances that are purchased and to manage them.

13. Metromile

This San Fransisco based start-up is based on automobiles as it offers to pay as you use service, which is again a beneficial point for the users. This can resolve a lot of issues, additionally also helps in car parking and finding basis. The drivers who drive up to or less than 5000 miles per year are actively involved in this scheme. 

14. Bandboo

This idea buzzed from Singapore, which uses a different protocol for insurance users. Here, the insurance is not paid on a yearly but daily basis and if any unfortunate death occurs of the member, it will payout. This is widely accepted by the users as it guarantees to cover all expenses related to insurances up to 4000 dollars and also a complete guarantee to rebate the amount if it is less than what was paid to them initially, throughout the membership.  

15. Yulife 

This is an insurance start-up based on modern business, which came out of London. This follows a simple mission that every individual should lead a happy and healthy life and thus it believes in rewarding the people who are involved with their insurance policy and also protecting and taking care of their loved one’s today, and tomorrow. The application is designed to encourage a healthy and happy productive lifestyle of the users.

Advantages and challenges in Insurtech

There’s no doubt that the insurtech industry is a new concept out of some conventional ideas which are to be now modified based on the current needs of the users. While this is taken positively by a major crowd, however, this is not fitting well with some people due to several reasons and uncomfortable issues.

The concept of one size for all is changed here, the policies are tailored differently for every person, which gives them a lot of flexibility and also the time-consuming methods are now transferred to the online basis, meaning less time and more accurate.

The start-ups are bound to be traveling on a barrier filled road and the consumers may find this not so appealing for a delicate industry like insurance, where there involves a chance of a lot of safety and monetary-based confidence to people.  

In a nutshell

Insutech is a term formed from two words- insurance and technology which is using the conventional manual insurance policies which are time-consuming to frame into new tech advanced methods in comparatively minimal time and flexible as per whatever is expected from the insurance seeking person. 

There are several companies which were originated as this idea and transformed the methods to a great extent. Different sectors ranging from automobile to health and home are covered and used by users on a positive note. However, there happen to be some flaws as this type of online transaction and funding is sometimes risky business.