March 9, 2016
Updated on: September 11, 2019
InsurTech pertains to use of technology innovations designed to make the insurance industry more competitive and efficient. InsurTech is a combination of the words “insurance” and “technology.” While it is a commonly accepted fact that the insurance industry is ripe for innovation and disruption, InsurTech uses technology in more than one ways. One of the easiest solutions has been to digitize policy aggregation whereby a digital platform can be set up to replace the middlemen selling insurance policies to the users. This not only makes the process more efficient but also enables customization of policies depending on the specific needs of each user. Another revolution has been the use of technology to offer ultra-customized policies. With the deep inroads made by digital channels across all facets of life, there has been an explosion of data regarding each person using such channels. One of the ways in which this data has been used is to establish trends in people’s habits pertaining to health, travel, lifestyle, hobbies, etc., which are then used to offer such highly customized solutions to the users. Some disruptors in the InsurTech space are listed below.
Knip is an innovative digital insurance manager that provides users with an easy-to-understand overview and analysis of existing insurance policies, tariffs, and services.
Clark is an insurance platform that provides a transparent, cheap, and comprehensive insurance cover.
Brolly is a UK-based personal insurance management app and broker that allows users to manage their policies in one place and understand where they have duplicate or missing coverage.
FinanceFox provides users with the option of managing and optimizing all insurances in one app. Current insurances are retrievable with one click, and users can get personalized advice to optimize their policies.
Censio is a smartphone-only, usage-based insurance platform that helps in increasing adoption, reducing costs, and collecting better data to drive risk algorithms.
Trov offers web and mobile applications to help users track possessions and assist in advising in wealth and estate planning, property management, insurance coverage, private social connectivity, asset disposition, charitable giving, and more.
Sure claims to be the newest innovation in personal insurance. Sure will be launching on-demand insurance worldwide this year.
Insurify offers the fastest way to compare car insurance quotes.
ROOT is a tech company that offers an app to provide the best insurance rates for good drivers.
Snapsheet, previously known as BodyShopBids, is a free app for iPhone, Android, and the Web. It allows users to receive bids from local auto body shops.
Spex is a technology platform that enables users to handle disaster-related insurance claim inspections better.