Throughout the three years of dedicated ongoing research in the InsurTech space, the LTP team has explored, defined and shaped the global InsurTech startup ecosystem unlike anyone else. Eventually, LTP established the foundation to build MEDICI – the ultimate FinTech platform for collaborative innovation. We have written about and covered a wide spectrum of startups in our articles on LTP, and our global team has extensive experience interacting with startups and exchanging ideas on a daily basis.
MEDICI is a strategy tool used by the world's biggest financial institutions and leading FinTech investors to boost the process of open innovation and to connect with emerging players. MEDICI provides unique industry insights and startup access sourced directly from 6,000+ FinTech/InsurTech companies globally, with deep segment analyses by domain experts across 45 FinTech sectors, supported by on-demand strategic consulting and bespoke research. It is a powerful tool to accelerate a company’s growth strategy through quick identification of target companies for a commercial relationship, partnership, investment or acquisition.
Having built such an extensive network and developed an expertise in FinTech across segments, at the end of July, we announced the MEDICI Top 21 – InsurTech Awards in order to identify and showcase the most innovative startups which are changing the Insurance business.
The MEDICI Top 21 – InsurTech Award was launched to recognize the best InsurTech startups in the world selected from around 480+ applications from around the world. Now, after rigorous screening and evaluation by our selected team of judges and our in-house experts, the LTP team is delighted to announce the winners – top 21 InsurTech startups across three regions (EMEA, APAC and Americas).
MEDICI team has been working very closely with the selected judges in order create an evaluation framework that could be applied across the eight InsurTech verticals and across the different product development stages.
Moreover, internal and external professionals evaluated business models on the indication of the evidence of product/market fit as well as examined the significance of business and technical risks. Teams behind the evaluated startups were screened for the right experience and advisors they were able to secure along with the investors and the infrastructures of projects. Financials and awards were also among the factors taken into consideration in the evaluation process.
Unveiling the international leaders applying insurance technology to build the next-gen solutions
The Top 7 InsurTech Startups in the Americas:
Trov is reinventing insurance for the mobile generation by making it simple, flexible and transparent. With the introduction of the world’s first on-demand, micro-duration insurance platform, Trov gives people the power to insure just what they want, exactly when they want, entirely from their mobile device. The Trov app also helps people easily organize important information about the things they own and back it up to the cloud, so it’s accessible when needed. In April 2016, Trov announced a $25.5 million Series C funding round led by Oak HC/FT, with participation from Suncorp Group, Guidewire and existing investor Anthemis Group. Trov launched in Australia in May 2016, and will roll out in the UK later in 2016, before launching in the United States and other regions in 2017. Trov is headquartered in the San Francisco Bay Area.
Hixme's technology and service platform was created to guide customers through the burden of taking on financial risks that have nothing to do with their core businesses while at the same time freeing the employee to make the best financial and health decisions possible for their family. This model is only possible due to less well-known provisions of the Affordable Care Act (ACA). Hixme's Benefit Workplace Market is an innovative technology-enabled service platform for larger employers providing workers a guided pathway into tailored ownership of their own benefits. The Workplace Market also releases employers from the burdens and restrictions of traditional 'Group Pooled' health benefits but facilitates continued support for the cost of their worker's coverage. Hixme's Workplace Market includes a proprietary benefit-bundling algorithm that creates a precise coverage 'bundle' for each worker and family member. These Hixme benefit 'bundles' are composed of carefully matched 'Qualified Health Plans' (QHPs), 'Gap Insurance' plans, and a unique 'Gap Financing' plan. Gap Financing establishes a healthcare-line-of-credit for all employees. Through Gap Financing, Hixme negotiates, settles, and spreads out-of-pocket cost exposures over 12-month payroll-based repayments. Similar to traditional employer group plans, Hixme establishes simple composite rating, pretax financing for both employer and workers, and protects the employer from any ACA-related penalties.
BIDU is an online insurance comparison platform for insurance products in the categories of auto, health, home and more. The platform aggregates results for leading solution providers to provide the optimum alternative to the user.
EaseCentral offers a cloud-based software platform for insurance benefits brokers featuring an automated paperless enrollment process and an easy onboarding and offboarding solution that keeps employers compliant with the storing of I9, W4 and other forms. The company team is equipped to train insurance agents and their staff to quickly and effectively manage their entire book of business.
TaCerto is an online insurance broker specializing in sales of car insurance, health insurance, travel insurance and other financial products. It is duly authorized by the Superintendent of Private Insurance (SUSEP). Through their online portal, buyers can also compare insurance from insurers like Allianz, AIG, MAPFRE, etc. and buy them over a call or online. The company claims to provide an online innovative service to learn about, compare and purchase financial products and services.
Insurify.com is a search engine which allows users to search, compare and buy insurance online. The platform uses robust technology to provide fast, accurate, personalized recommendations, helping users make smart decisions about car insurance coverage and then enables users to easily bind a policy online.
Lemonade is a P2P, technology-first and legacy-free insurance carrier. The startup has raised $13 million in initial funding and attracted a line-up of reinsurance partners, including Berkshire Hathaway's National Indemnity and leading Lloyd’s of London syndicates.
The Top 7 InsurTech Startups in the EMEA:
Neosurance provides the next generation virtual insurance agent for insurance disruptors and reinsurers that want to sell contextual insurances in the age of the customer.
DigitalTech-International was founded to leverage on the experience of the Italian innovative telematics cluster and design a new generation of disruptive digital solutions. Founded by Andrea Silvello, who has 15 years of experience in strategy consulting, including Bain & Co. and BCG and Luciano Pezzotta and is the Lead Consultant of Blue Ocean Strategy in the Asia-Pacific. Incubated by Business Support SpA, a high-growth European 'boutique' strategy consulting and financial advisory firm and ECSI Consulting a global innovation consultancy. The company is the first connected insurance service provider for the insurance carriers at a global level on all the personal lines (car, home, health and life). DigitalTech-International's solution is a plug & play SaaS which enables insurers to manage the insurance IoT value chain from data gathering to service delivery with a smartphone-based cross-business line, putting the customer at the center. It is all based on an ecosystem of partners that are connected to the different lines of 'connected insurance.'
Passportcard's real-time travel insurance solution revolutionizes the relationship between the insurer and its customers, introducing a new holistic approach with no out-of-pocket expenses, no paperwork and no long claim process, available already to hundreds of thousands of travelers. It is the world’s first travel insurance solution facilitating claims payout in real time – on the spot when the customer really needs it! In a price-driven market characterized by low engagement where Uber, Amazon and Airbnb are setting the customer’s service expectations, PassportCard’s award-winning solution is an opportunity for leading insurers and assistance companies to offer an innovative co-branded disruptive service and superior customer experience. Based on its big data and predictive analytics technologies and global payment platform, PassportCard is operating in Germany and Canada both in collaboration with Allianz and in Israel, where in less than four years, it has reached 30% market share, high customer satisfaction and an 85% customer return rate! As part of its global penetration strategy, PassportCard is currently expanding into the UK travel market, Scandinavia and other significant markets. PassportCard, a UK-based company, is a joint venture between White Mountains Insurance Group (NYSE: WTM) and DavidShield.
Amodo provides a state of the art customer behavior analytics and usage-based insurance platform. Amodo is a post revenue company which has achieved a very steady and rapid growth since the very founding date (end of March 2013). With Amodo’s technology, insurers leverage on digital channels and connected devices such as smartphones, connected cars and wearables to acquire and engage new customers. Amodo collects data from smartphones and a number of different connected consumer devices in order to build holistic customer profiles, providing better insights into customer risk exposure and customer product needs. Amodo's technology is used in some of the fastest-growing and most successful usage-based insurance programs today.
Digital-Risks is a specialist insurance provider that focuses 100% on the needs of digital businesses. Partnering with leading underwriters, Digital-Risks has developed a cover for today’s complex and evolving technical risks, with a subscription model ideally suited to startup and small businesses.
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 five minutes. 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.
QuanTemplate is an insurance technology company formed by experienced re/insurance professionals and world-leading computer scientists, bringing the latest innovations in data and analytics to the insurance industry. The company delivers technology solutions for the key issues surrounding distribution, bordereaux management, underwriting performance and regulatory reporting. The QuanTemplate platform takes clients from their raw data, through to actionable insights, utilizing all proprietary software, comprising data integration tools integrated within a high-performance data infrastructure and analytics and reporting environment.
The Top 7 InsurTech Startups in the APAC:
Zhong An Online P&C Insurance Co. is China’s first online-only insurer. The Chinese insurer was started in 2013 with backing from Chinese Internet giant Alibaba Group Holding Ltd.’s financial-services affiliate. Zhong An innovative insurance is an Internet-based insurance company data. Big data allows insurers cannot meet the needs of the past becomes possible.
Coverfox is an online insurance broker which uses proprietary technology and algorithm-based platform to help potential buyers compare, understand and buy insurance products. It offers multiple insurances including health insurance for parents & senior citizens, two-wheeler and car insurance, travel and home insurance.
TongjuBao is a peer-to-peer community risk-sharing information platform. It establishes a community of shared interests and social relations, among Internet users, spreading mutual assistance. It also helps the users to communicate with other members to discuss how best to avoid the risk and to join a specific community safety agreement.
PoliceX is an IRDA-approved insurance comparison portal helping consumers compare, choose and buy policies online. It provides health, motor, life, travel and corporate insurances from a wide range of insurers.
Prince Insure is an early-stage InsurTech startup looking to innovate through a technology platform the affinity/professional lines space worldwide. The company is currently developing a professional-to-professional insurance platform, based on the peer-to-peer insurance concept. Prince, in partnership with professional member associations, will provide professional liabilities insurance to professional communities and bring professional communities together. Its aim is to change the way professionals interact with their professional insurance and build social communities where professionals can engage with their peers/colleagues. This interaction will make them change their behavior that gives rise to claims & improve insurance portfolio performance. Professional Insurance Communities (PIC) will also be able to see in real time how their insurance portfolio is performing from a claims, expense and profit point of view. All profits get paid back to the professional communities. All these functions will be on the digital insurance platform which is in development. Prince is all about protecting, investing & enhancing professional communities.
GreenLife Insurance is India's largest web & mobile app-based marketplace that makes insurance procurement effortless. Customers come for the convenience of use, saving time and finding the best deals by comparing. It offers a personalized service through a personal dashboard, policy history, claim status, knowledge portal, renewal reminder, SMS & FAQ.
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