InsuranceTech has been another extremely hot topic lately. While there are certainly some challenges for those trying to disrupt the long-untouched sphere, there are also great opportunities.
Insurance carriers and related activities contributed $421.4 billion, or 2.5% of the United States’ gross domestic product in 2013, according to the US Bureau of Economic Analysis. Yet, with $3 billion coming into FinTech in Q4 2014, the insurance industry in the US—with a massive distrust and caution to the players—has not seen wide disruption from technology companies.
In this article, we are taking a look at some most popular InsuranceTech companies offering alternative insurance methods:
Lemonade: Lemonade is a P2P, technology-first and legacy-free insurance carrier, offering a product that is instantaneous, un-conflicted and delightful. The company—which has not been launched yet—raised $13 million from Sequoia Capital, Expansion Venture Capital and Aleph.
Oscar: Oscar is a FinTech unicorn ($1.5 billion valuation) in the insurance space with notable investors like Google Ventures, Google Capital, Goldman Sachs, Khosla Ventures and others. Oscar aims to revolutionize insurance through data, technology and design.
Guevara: Guevara is 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%.
Insureon: Insureon is an online insurance agent for small and micro-businesses. Services include professional liability, errors and omissions, general liability, business owner policy, workers’ compensation, umbrella/excess liability, property, employment practices liability and cyber liability.
PolicyGenius: The company offers 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, renters and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
Elliptic: Elliptic is the world’s first company to secure insurance for blockchain assets. It is also the world’s first company of a type to achieve accreditation from a Big Four audit firm, KPMG. The company offers a real-time AML protection for bitcoin.
Censio: Censio is a Boston-based company making driving safer and more affordable. The company is currently focused on Smartphone-only Usage Based Insurance.
Driveway: Driveway is a robust, smartphone-deployed, cloud-based technology that provides auto insurers with comprehensive insured driving data for better pricing intelligence – maximizing the opportunity for lower loss ratios and higher profits.
Collective Health: Collective Health is a technology company working to create the healthcare experience we all deserve. Today, the company help the best companies in the U.S. take better care of their people with our complete health insurance solution
Gravie: Gravie helps employers and their employees shift from group-based insurance to individual insurance.
Gusto: Gusto helps customers manage payroll, employee benefits and workers' compensation — all in one sleek, easy-to-use and personal application. Taxes, charitable donations and benefit payments are all deducted error-free, automatically.
Goji: Goji combines the personalized, comparison shopping experience of a local agent with the ease and convenience of buying directly from a carrier. The company don’t sell or push one brand of insurance — its priority is to find the right company for your particular situation. The company representatives are licensed insurance agents, not salespeople.
iMoney: iMoney is SE Asia's biggest and fastest-growing financial comparison portal with headquarters in Kuala Lumpur and operations in Singapore, Indonesia, Philippines, Hong Kong and Thailand.
The company compare credit cards, loans, broadband and insurance by providing consumers with the convenience of online comparison and the benefit of telephone-based advice.
Clover: Clover Insurance Agency, Inc. was started over 40 years ago in Chicagoland with the goal of providing low-cost auto insurance for its many clients
Financefox: FinanceFox gives you the option to manage and optimise all your insurances in one app. Current insurances are retrievable with one click and you can get personal advise in order to optimise your policies.
Zenefits: Manage all your HR—payroll, benefits, compliance, and more—online, in one beautiful dashboard.
Seamlessly connect your company's payroll, health insurance, paid time off, and other HR systems with Zenefits in just a few seconds without having to change vendors, plans, or pricing. And if your business doesn’t have these things yet, Zenefits can give you quotes and set you up in just a couple of minutes.
Remedy Partners: Remedy is an innovative healthcare services and technology company specializing in “bundled payment” programs. Bundled payments are a new payment model that includes financial and performance metrics for a defined period of time known as an episode. Episode payment programs represent an important advance in the organization and financing of health care services in both the public and private sectors.
Change Healthcare: At Change Healthcare, the company is focused on enabling smarter healthcare. Everyday, the company are re-imagining how insights can lead to smarter healthcare, and the company is committed to delivering products, services , innovations, and experiences to our clients across the continuum of care.
hCentive: At hCentive, the company mission is to empower everyone to gain access to health benefits through intuitive and personalized digital solutions. They are the industry leader and innovator in public and private benefits marketplace solutions that simplify the distribution and management of health insurance and ancillary benefits.