July 27, 2016
A relatively young, but extremely vibrant history of InsurTech proves it to be one of the most electric industries to follow in 2016 and beyond. At least 80 amazing InsurTech startups are already shaking up the $4.5-trillion-dollar industry by leveraging technological capabilities. The use of disruptive technologies like big data, Internet of Things (IoT), mobile technology, AI, social network and blockchain are gaining momentum and InsurTech firms are looking for a scope to capitalize it.
The insurance industry has always been one of the most massive and complex ecosystems, but challenges presented by agile newcomers force large and powerful corporate players to take steps towards riding the wave of disruption. In fact, it is the biggest industry in the US with net premiums of $1.1 trillion in 2014. Insurance carriers and related activities contributed $421.4 billion, or 2.5% of the United States’ gross domestic product in 2013.
The rapid growth of InsurTech startups, interest from VC firms and the corporate world served as a sign that the ecosystem has a tremendous potential and requires action to leverage those opportunities. In response to the flourishing startup environment, opportunistic minds have built InsurTech-focused accelerators to nourish the next big idea and the next Uber of insurance.
Regardless of the doors that technology opened to newcomers in the insurance industry, in 2016, the speed of innovation requires a focus and the right choice of the most suitable challenges, supporters, accelerators and VCs who will be able to take a startup along the long road. In the variety of opportunities, there is a criterion we believe to be the most reliable in making a choice – experience.
Throughout the three years of dedicated deep research in the application of technology across traditional ecosystems such as financial services and emerged insurance technology, the LTP team has been building the map of modern disruptors and shaping the InsurTech ecosystem around the world.
Deeply committed research allowed the LTP team to build MEDICI – the ultimate platform for collaborative innovation that accumulated data on the international ecosystem of more than 4,500 technology startups (and the number is growing) disrupting banking and insurance industries and more.
Having profiled close to 300 InsurTech startups globally, the LTP team has developed a keen, well-tuned methodology for evaluating highly potent ideas, products and businesses.
In response to tremendous success of MEDICI Top 21 – Blockchain Award and our loyalty to the community of bright entrepreneurs and their innovative tech-powered solution in the insurance industry, the LTP team is now launching the MEDICI Top 21 – InsurTech Award to identify and showcase the most innovative startups who are applying advanced technology to fundamentally transform the insurance industry.
The MEDICI Top 21 – InsurTech Award is launched to recognize the best InsurTech startups in the world selected from thousands of applications from 55+ countries. We are always looking for innovative solutions, the next big things and the most promising players.
Relying on the Top 50 InsurTech influencers list built by InsurTechNews, one of the leading sources in the industry, the LTP team assembled the team of external professionals that will be evaluating participating startups.
Matteo is Principal in Bain & Company's Financial Services and Digital Practices, Founder and Responsible of the Connected Insurance Observatory, Thought Leader in InsurTech, Top 50 InsurTech Influencer.
He is strategic consultant on the Insurance sector, with a specialization on innovation.
Since 2006 he advised many Italian and European Insurance Groups and has wide experience which include set up of industrial and commercial plans, growth strategy definition and support in the start-up of new initiatives, digital strategy development, insurance products development, channel strategy and commercial model definition and advice M&A deals.</td> </tr>
Shwetank Verma is an innovator at MetLife, driving forward new revenue opportunities in health and FinTech and broadly focused on being an intrapreneur within the larger organization. Prior to joining MetLife, he was a serial entrepreneur with interests in health, education and financial inclusion. Shwetank is a qualified chartered accountant (UK). He also holds a Bachelor of Science in Economics and Econometrics from the University of Nottingham, where he was a Foreign and Commonwealth Office scholar.</td> </tr>
Having worked at various departments in both life and general global insurers, with his last two roles being COO of AIG Indonesia and VP Claims Operations of AIG APAC, George Kesselman is a highly experienced global insurance executive with a strong track record of management and leadership across Asia. In his relentless passion and pursuit to transform insurance, George cofounded an industry-wide innovation ecosystem in Singapore. Through InsurTechAsia, he aims to effectively attract, cultivate and rapidly scale entrepreneurial ideas in insurance; and ultimately contribute to the next wave of global revolution in insurance.
Stanley Gabriel is the Head of Innovation at Old Mutual’s Personal Finance Business, with work experience in West, East and South Africa. He is a B.Sc graduate from the University of Cape Town and also completed a Diploma in Actuarial Techniques from the Institute of Actuaries in the UK. He is passionate about providing financial services for low to middle income markets with a focus on innovative customer-centric approaches. On a personal level Stan is an ardent traveller and wine lover who is willing to explore unknown and less ventured locations especially within the African continent.</td> </tr>
Volker has been working within the financial services sector for more than 11 years. Following his international education, he was with a large American management consulting company for seven years, advising large international banks and insurance companies. He then switched to the insurance sector, where in his latest roles, he was in charge of strategy and business development for a leading online insurer before he took over responsibility for Group Innovation at Generali.</td> </tr>
I am fascinated by the application of technology to the insurance industry. I work with an amazing team to apply machine learning to insurance policies.
Chris Cheatham is the CEO of ClaimKit LLC. His company created RiskGenius, the Google of insurance policies. RiskGenius leverages artificial intelligence to help insurance professionals review and research insurance policies faster. Chris is a recovering insurance attorney and lives in Overland Park, Kansas.
Passionate InsurTech movement supporter. Strong believer of the benefits innovation could bring in the financial world. Currently active in transaction banking and deeply interested in new trade related solutions development.
Eleanor is passionate about how innovation and collaboration are shaping and shifting a different way of working in Liberty, creating a skill-set that allows people to think outside the box and drive behaviors required to disrupt ourselves and our competitors. She is a natural problem solver who finds ways to remove obstacles, move ideas into action and into reaction, and then into measurable outcomes. She believes that ideas are valuable tools for creating disruptive change, but this value can only be realized when we harness our ability to make them real.
A powerful and active change agent, Eleanor lives in two worlds, one in thinking and one in doing, which makes her an invaluable asset in innovative thinking and doing.
I started my career as a strategy consultant at The Boston Consulting Group in 2007 where I focused on TelCo projects. I then started a fashion Internet startup and developed it across Europe. Prior to joining AXA Strategic Ventures, I was investment manager at Affine, a property company and investor at Newfund, a tech VC fund based in Paris. I am an engineering graduate from Telecom ParisTech and and business school graduate from HEC Paris.</td> </tr>
With an IT Engineering degree at University of Genoa (Italy) and an MBA at Henley Management College (UK), after 10 years of IT consultancy at IBM, I started the experience within the BNP Paribas Cardif, at the beginning as manager of international projects, then owning a regional Shared Service Center.In 2013, I managed the project to launch the first telematics home insurance product in Europe (Habit@t), then as Head of Research and Development within Marketing dept. I’m managing product and technology innovation for Cardif Italy. In 2014, I managed the startup of the Cardiff Open F@B, the annual Call 4 Ideas contest for startups, and in 2015, the launch of InsuranceUp, the innovation reference platform for InsurTech.</td> </tr>
I hold a university degree in Economics and Mathematics and my professional career has been in the FinTech sector. I have been the CTO for several of the largest financial institutions in the country including the Central Bank of Bolivia, the largest private consumer bank, as well as microfinance institutions, the local bankers association and others. I was also chief architect for the modernization of the country’s electronic payment systems. Currently, I work as a consultant for FinTech, advising IP-based voice communication systems deployments as well as business intelligence applications.
Paul is Head of Innovation & New Business for the Aviva Group and leads engagement with the external tech community out of the London Digital Garage. A proven Senior Operations Leader and Senior IT Manager with a wealth of experience gained from over 20 years working in both the Operational Business and IT & Change Delivery environments of multiple insurance companies.
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The application is automatically submitted when a startup fills out its rocket profile on goMEDICI.com. After the profiles are registered and completed, MEDICI analysts will identify the Top 100 InsurTech startups based on company-specific metrics.
At this point, MEDICI analysts have already pre-selected and invited 20 InsurTech startups out of the future pool of 100 companies.
After rigorous screening and completion of the top 100 InsurTech startups, the final step will be performed by MEDICI’s resident experts in cooperation with industry thought leaders to identify the MEDICI Top 21 InsurTech Startups.
As the industry professionals and LTP’s in-house experienced analysts will choose the finalists, MEDICI Top 21 InsurTech Startup results will be presented to the global technology startup community and the 60k+ LTP audience.
All applicants will receive complimentary access to the MEDICI startup plan for 1 year – which is worth $900! In addition, the companies will receive ongoing LTP media coverage.
And most importantly, the companies will receive premium exposure on MEDICI as featured ‘Rocket Profiles,’ which will be visible to 75+ dedicated investors, 50+ banks and hundreds of financial institutions globally.
To create a profile and kick off your outstanding success among the best, go to goMEDICI.com and fill out the information about your company.
Apply here for MEDICI Top 21 – InsurTech Award and stay tuned for further updates and notifications, as the MEDICI team will continue the quest of identifying and exposing top startups across segments.
Read and learn about FinTech topics you are interested in.