The global market for insurance post-pandemic has grown three-folds. This had a domino effect on insurtech too, with more than $4.15B deployed into insurance tech startups globally. Due to stringent norms and regulations, lengthy back-end processes, barrage of paperwork, insurance companies are trying to optimize customer onboarding and engagement; and Insurtech is helping them to deliver better products and services, and enhance their overall customer experience.
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Also Read: Insurance Digital Transformation: Digitization in a Disrupted Landscape
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What is Insurtech?
Insurtech (Insurance technology) refers to various technologies that are used in the insurance industry to enhance their products, processes and operations. Insurtech helps insurance providers by leveraging latest technologies such as AI, ML, IoT, blockchain to optimize their products and services. In short, Insurtech acts as a conduit between Insurance companies and technology.
Investment in Insurtech industry is growing rapidly. Overall investment in InsurTech has grown from $0.3B in 2013 to $5.48B in 2019. Insurtech startups are thus leveraging the inflow, to make disruptive changes in the insurance industry and fostering industry growth.
Here are 5 Insurtech companies that are shaping up the insurtech of tomorrow.
- Oscar Health
Oscar Health, an Insurtech company founded in 2012 in New York City, is ranked number 1 on Top Insurtech Companies in the world, according to Bizvibe Top Insurtech Companies in the world list. Oscar Health focuses on telemedicine, transparent claims pricing systems, and healthcare-focused technological interfaces for the insurance industry. Oscar Health recently surpassed $1.5 billion in private funding — making it one of the best insurtech companies in the world.
- ZhongAn
ZhongAn is a China-based online-only insurance company, and ranks at number 2 in Bizvibe’s top Insurtech companies list. ZhongAn has issued over 5.8 billion insurance policies and has more than 460 million users. They use cloud-based systems to optimize computational power and consider fluctuations in turnover. By automating underwriting and other processes, they have achieved 99% automation in policies underwriting and more than 95% for claims settlement. Its Chatbot serves more than 300,000 users simultaneously on any given day.
- Zesty AI
Zesty uses Artificial Intelligence to help the insurance industry with risk assessment. They use AI and deep learning on more than a billion data points of residential as well as commercial properties to extract key features to model the potential impact of both catastrophic and non-catastrophic events. A lot of insurance companies have tied-up with Zesty AI to underwrite risk more accurately.
- Spot
Spot is another disruptive startup in the list with focus on customers with an active and adventurous lifestyle. It serves these niche audience by offering micro-insurance. It allows its users to buy, month-to-month policies, short-term policies at an affordable price through their platform.
- Attestiv
Known for their AI & ML capabilities in the digital media industry, Attestiv is transforming the insurance industry by using AI & ML to identify deep-fakes in video and image registrations. With the help of distributed ledgers, proprietary deep learning models, and Enterprise workflows/security, Attestiv computes more than millions of data to identify and validate the authenticity of images and videos from its origin, to help insurance companies weed-out scammers and uses with fake identities. This has helped insurance companies with faster user onboarding and to process claims at lower cost.
Conclusion
Changing technology landscape has brought a radical shift within the insurance industry. Insurtech has helped to bridge the gap between insurance and technology, and is well-poised to satisfy even the most unique coverage needs. These Insurtech companies are responsible for fulfilling the ever-growing need for consumer-centric and innovative insurance solutions.
