InsurTech

15 Startups Disrupting the Car Insurance Industry

MEDICI

As InsuranceTech becomes one of the hottest FinTech sectors around the world, the growing numbers of bright entrepreneurs are looking to enter the race for a trillion-dollar industry disruption. Although January 2016 wasn’t particularly fruitful for InsuranceTech startups in terms of funds raised (1% of all funds raised within FinTech), in 2016, we may see more InsuranceTech startups expanding the presence and gathering more attention and funding given that InsuranceTech demonstrated its amazing potential with some recent exciting (or scary?) news on an AI bot replacing humans.

The LTP team has been actively following InsuranceTech and developed an expertise in various sectors of the large industry. Recently, we wrote about some of the interesting and promising InsuranceTech companies disrupting healthcare industry. However, healthcare is not the only trillion-dollar industry that has developed into a complex and cumbersome system around the world. Car insurance sector is another one where bright entrepreneurs are actively looking for ways to improve customer experience and reduce the costs of necessities like insurance for a personal vehicle.

Here are some of the interesting and promising InsuranceTech companies that are disrupting the car insurance industry.

Censio is a smartphone-only, usage-based insurance platform that helps increasing adoption, reducing costs and collecting better data to drive risk algorithms.

CoverFox is an online insurance destination containing all types of policies across carriers that can be directly bought on the platform.

The Zebra is the nation’s largest quote comparison platform which focuses on car insurance. Car owners can anonymously compare dozens of insurance companies in real time and begin seeing estimated quotes with as little as two pieces of information. Real-time updates provide a transparent shopping experience.

Cuvva was launched in October as an iOS app that enables the user to sign up, get a quote and buy cover in less than 10 minutes. Cuvva offers a completely digital experience run from a smartphone. It is a totally new type of UK car insurance that gets users covered on a car for only as long as they need it—from a single hour to a whole day.

Claim Di is a mobile application for facilitating communication and claims between drivers and their insurance companies. The drivers or car owners can download Claim Di and shake the phone near the phone of another party who also uses Claim Di. The insurance companies of both sides will issue claim reports via the Claim Di application, drivers can then separate immediately without the need to wait for surveyors.

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RenewBuy offers the simplest way to renew car insurance in a couple of minutes, providing quotes. RenewBuy focuses on car & bike insurance and aims to offer the lowest premiums and issue your policy instantly. The platform works in real time and provides the best available price specific for the vehicle model.

insuremyrentalcar.com provides collision damage waiver and loss damage waiver policies for use with rental vehicles in the US. The company’s package starts from $5 a day to $93.99 per year.

Acculitx provides world-class expertise for identification of driver risk to the fleet safety.

CoverHound offers a platform for consumers to shop for car insurance.

Insurify offers the fastest way to compare car insurance quotes.

Metromile has created a device that captures mileage data to determine how much a person should pay for their car insurance policy. Free plug-in device turns ordinary cars into smart cars. The device works with Metromile’s smartphone app (Metronome), which diagnoses the health of the car, location and offers tips to help the user with their daily commute.

ComparaOnline is the leading price comparison site for financial and insurance services in Latin America.

Goji combines the personalized, comparison shopping experience of a local agent with the ease and convenience of buying car insurance directly from a carrier.

Guevara offers a whole new way to think about car insurance. The service allows users to pool premiums online to save money. Unlike traditional insurance, any money left in the pool at the end of the year stays with the group and lowers everyone’s price next year. Users that keep claims low can save up to 80%.

EverQuote is a quantitative Internet marketing firm focused on applying sophisticated mathematics and enterprise-class technology to the car insurance industry.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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