February 6, 2016
As we have been exploring the world of InsuranceTech, there are various sectors worth paying attention to within a single industry. Previously, we have looked at some of the most promising InsuranceTech startups focusing on health insurance and car insurance. There is another important segment to cover – life insurance. As we mentioned before, InsuranceTech is becoming one of the hottest industries attracting significant attention and funding. Therefore, entrepreneurs are looking to enter the industry to get a slice of the trillion-dollar pie. Let’s look at the players rethinking the life insurance segment.
PolicyGenius: The company offers a highly tailored insurance checkup platform, where users can discover their coverage gaps and review solutions for their exact needs. PolicyGenius provides the only place online to shop for life, long-term disability and renters and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
Sureify is a life insurance technology company focused on creating innovative life insurance products. Sureify’s product offering has two fronts, one consumer facing and the other carrier facing. On the consumer side, the Sureify product ties life insurance to the latest in health tracking devices, allowing policyholders to save on premiums each month as a reward for meeting health goals.
Ladder combines the power of innovative technology with world-class financial and insurance expertise to make it easy for anyone to access life insurance. The company aims to make a tectonic change in the life insurance market and has some very notable investors backing its mission, among which are Lightspeed (Snapchat), Formation 8 (Oscar), and NYCA (digit).
Bima is the leader in mobile-delivered insurance in emerging markets. Launched in late 2010, Bima currently reaches seven million people across eight countries in Africa, Asia, and Latin America, including Ghana, Senegal, Tanzania, Mauritius, Bangladesh, Sri Lanka, Indonesia, and Honduras.
Haven Life is a New York City-based online provider of term life insurance. Haven Life relies on computers to quickly make decisions on policies up to $1 million via an online questionnaire, state motor-vehicle records, prescription-drug histories and other data.
Policybazaar is India’s prominent online life insurance and general insurance aggregator that specializes in making comparative analyses of the insurance products of various insurance policies based on price, quality and key benefits. The company aims to empower customers with comparative and accurate information on insurance products combined with solution-driven customer service.
BankBazaar.com is a neutral online marketplace that provides instant customized rate quotes on loans and insurance products. The platform allows the user to instantly search, compare and apply for loans, credit cards and insurance products. Since the company partners with India's leading financial institutions and insurance firms, users have an access to a comprehensive range of policies and rates.