The insurance industry represents a huge opportunity for innovation, and is another area which is ripe for disruption from new competitors. With recent research from CB Insights showing that since 2010 there has been rapid investor growth into insurance tech, with funding into the insurance tech companies hitting an all-time high in quarter two this year.
Last week, Lloyd’s, the leading specialist insurance market, hosted a seminar to explore the benefits that technology can bring to the insurance sector, and according to the CB Insights paper, insurance incumbents are failing to create compelling digital experiences for consumers and falls significantly behind personal banking in consumer satisfaction with online experience.
In light of recent developments, bobsguide has listed some insurance tech companies that are raising the bar in the sector and are proving themselves to be ones to watch below.
Philadelphia-based Livegenic won an award for leading insurance disruptor from Accord earlier this month. Their real-time guidance for claims product is a video platform for insurance, which gives much of the control over the insurance claim adjustment process to the claimant by enabling live video, claimant-provided photographs and audio.
Insurity also won an award from Accord this month, and was named as the top innovator for its development of a system that eliminates data conversation challenges faced by insurers. The Hertford-based company has designed a product named Insurance Enterprise View, which reduces the need for insurers to choose between data and analytics, versus core insurance modernisation and instead, allows them to do both effectively, according to Accord.
Cloud software start-up EaseCentral helps insurance brokers to modernise their operations and is run by long standing insurance and benefits executives. Valued at $4.5 billion last year, the San-Francisco-based company addresses tasks such as employee onboarding and automated paperless enrolment. “We can work with any vendor to make sure that the platform is integrated with whatever payroll system that employer uses,” CEO David Reid said in a company blog post, according to Fortune.
Gibraltar-based QuanTemplate also has offices in London and New Jersey, and provide a insurance analytics platform built for the complex world of wholesale and re-insurance. Backed by Allianz and Anthemis Group, and formed by experienced re-insurance executives, the start-up provide data and analytics solutions to the sector.