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Summary List Placement

Insurance has always been a valuable option for those looking to protect themselves from potential threats, and the pandemic has even further reenforced the importance of preparing for the unexpected. However, some customers have been deterred from enrolling in insurance coverage with traditional companies, due to barriers like complicated coverage options and unclear eligibility requirements. 

Fortunately, tech-savvy insurance companies have disrupted the insurance industry, leveraging Artificial Intelligence (AI) and data science to offer an improved user experience at a more affordable price.

Insider Intelligence has put together a list of the top insurtech firms, which have shaken up the fintech space. We break down the features that have helped them stand out, and explore how other firms can leverage these insights to achieve success in this market.

Bought by Many 

Bought by Many offers lifetime and accident-only cat and dog insurance, and was voted MoneyWise’s Most Trusted Pet Insurance Provider of 2019. They attribute their success to their customer-led model, which uses anonymized search data to identify shared customer needs unmet by competitors, and then personalizes products and experiences for their preferences.

Slice Labs

Slice Labs is an on-demand insurance platform that has changed the way people buy insurance by using big data to assess customer risk on the spot whenever coverage is needed. For instance, they offer pay-per-use policy for Uber and Lyft drivers while they are on the job.

Shift Technology

Shift Technology was founded in 2014, using innovative technology to solve the challenges facing the global insurance industry. Their AI-native SaaS solutions help insurers defeat fraud and automate claims. Users can focus on the most suspicious instances, and save time by avoiding false positive cases. 

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Cuvva

Launched in 2015, this UK-based company provides insurance on a car for only as long as the customer needs it, whether that’s an hour or a day. Cuvva is designed to be mobile first, and boasts that customers can get covered on a car through the app with only three clicks. They can buy a monthly subscription, but they also must purchase a premium ‘top up’ insurance via the Cuvva app and pay an hourly rate during the time the car is being driven.

Steppie

Steppie, formerly known as WeSavvy, was designed to capture and agregate lifestyle data and provides insurance policy rewards for healthy behaviors such as walking, running, and bicycling. The company has transformed the traditional insurance model from one that compensates customers for harm or loss to one that is more focused on prevention.

Knip

Knip launched in 2014 as Europe’s first digital insurance broker, using technology and data analytics to offer supervised robo-advice to insurance consumers. It uses machine learning to better understand its customers and tailors on-demand products to their needs. The mobile insurance company now has offices in Switzerland, Germany, and Serbia.

Roost

Roost has disrupted the traditional property insurance with their smart home technology solutions. They started with a smart 9V battery to detect smoke, leaks and …read more

Source:: Business Insider

      

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