Due to the application of tools such as big data or artificial intelligence, technology is changing different industries around the world. One of the industries that has benefited is the insurance industry, which has begun to use these technological tools to optimize its processes and change the way it provides products and services to customers. This interaction between new technology and the insurance industry has brought with it the term INSURTECH.
Insurtech seeks to change the way the insurance industry currently provides services. They seek a 360-degree understanding of customer needs and provide them with increasingly personalized products. Likewise, they seek to simplify requirements, rules, and procedures, and provide new underwriting opportunities
Regarding the growth of the Insurtech industry, it has been growing exponentially in recent years, having revenues of 532.7 million in 2018 and it is expected that by 2023 it will have revenues of 1.2 billion dollars (Research and markets, 2018).
This is definitely an industry to watch and here we present 25 Insurtech Startups to Watch in 2022:
Qover – Belgium
Headquartered in Brussels, Qover is one of Europe's leading Insurtech B2B companies focusing on the design, construction and distribution of innovative digital insurance solutions across Europe. Qover creates its own insurance products and makes them available in real time through open APIs. Any digital business model can incorporate or sell its products in a matter of minutes. In 2021, Qover secured a $ 25 million funding round, helping it continue to grow globally
Undo – Denmark
Uno was launched in Denmark in May 2018 and seeks to adapt insurance policies to each client. Policies can be bought within five minutes for the following products: travel, accident, home and motor insurance. Undo looks to satisfy especially the millennial generation and as of August 2020, Undo has reached 18,000 customers.
Penni – Denmark
Penni enables insurance providers to sell any insurance product online through any distribution partner. It delivers the fundamental infrastructure, functionality and end points for digital distribution at scale. In essence, Penni offers the ability to create embeddable insurance widgets, as well as a payment interface for end customers.
SingularCover – Spain
This Startup specializes in building and providing insurance products for small businesses and self-employed. SingularCover uses data analytics and artificial intelligence to propose clients the best prices for a fully personalized coverage that they can buy at any time, in a simple and transparent way, and be insured in just 5 minutes. In 2020, SingularCover got a round of financing of 4.5 million euros
Coverfy – Spain
Launched in 2016, Coverfy offers 100% mobile insurance brokerage through a free mobile app that enables users to optimize and manage their policies from all of their insurance providers from any device thanks to the use of digital technology and semi-automatic algorithms.
Elma – Spain
Elma's technology is designed to streamline doctor-patient communication in Spain. Elma's app offers health insurance and personalized medical services that can be accessed through a chat, a phone call or a videoconference, which allows patients to receive a fast and comfortable treatment, for any medical issue at any time
Wellmo – Finland
Wellmo is a cloud-based mobile platform for wellness service providers and corporate employers. It helps wellness program members track their health and wellbeing, aggregates health tracking data from popular devices and apps, and serves as an access point to wellness program services.
Alan – France
Alan is one of the leading Insurtech startups in the world and recently raised a $220 million funding round at a $1.67 billion valuation. Alan provides health insurance plans to companies of all sizes – from startups to large enterprises. It also combines its health insurance offering access to personalized health care information, proactive care, care delivery, payment, and post-care
Shift Technology – France
This Paris-based AI specialist is focused on helping insurance companies avoid fraud and automate claims. By addressing several critical processes throughout the insurance policy life cycle, the company helps insurers achieve faster and more accurate claims and policy resolutions. They detect potential insurance claim fraud with a 75% hit rate and currently work with leading insurers in more than 25 countries.
Moonshot Internet – France
Moonshot internet is an insurance-as-a-service platform that offers B2B2C insurance with a 100% digital experience that focuses on the risks of customers dealing with e-commerce, payments, travel and mobile network companies. The company has the ability to focus on the immediate downsides of a claim thanks to its cutting-edge technologies and API architecture.
Wefox – Germany
Headquartered in Berlin, wefox sells insurance via intermediaries and not via direct channels utilizing an analytics matrix. It recently raised a $650 million Series C funding and in December 2019, the company reported a $1.65 billion valuation. Wefox is a digital marketplace for insurance, leveraging technology to streamline and simplify the insurance industry by connecting insurance providers, distributors and customers.
Thinksurance – Germany
Thinksurance connects insurers, multi-channel distributors and commercial customers on its platform. Thinksurance leverages its proprietary technology to make the process of finding, comparing and finding the right insurance coverage for its clients as easy as possible, e.g. with several APIs for CRM distributors and insurance systems.
Simple Surance – Germany
This Startup offers consumers in various countries an easy and convenient way to purchase product insurances up to a couple of months after they have purchased a device, enable cross-selling of product insurances directly at the point of sale in e-commerce and also enables consumers to manage their insurance policies digitally via a multi-device app
Hellas Direct – Greece
Hellas Direct is a digital-first, full-stack insurance company that primarily uses artificial intelligence and is focused on insurance for your car, your motorcycle and your home. In 2021 it has raised a further EUR 32m in funding in its latest financing round, bringing the total raised to date to EUR 56m.
Axieme – Italy
Axieme is one of the most important Insurtech in Italy and it focuses on the distribution of fully digital policies, choosing from the best guarantees and simplifying access to the concept of Insurance. Is the only player in Italy that distributes policies with Giveback: a claims-free refund with a social impact
Lokky – Italy
Founded in 2018, Lokky is the first Italian Digital Insurance Broker focusing on more than 6 million entrepreneurs and micro-enterprises with less than 10 employees who want to protect their business with 100% personalized coverage. Lokky uses new technologies to analyze clients' needs and understand their real insurance needs, automatically combining products to cover the specific risks of their business.
Poleecy – Italy
Poleecy allows you to search, choose and purchase the insurance policy of your interest through its App. Poleecy uses Blockchain to underwrite your policies in maximum security and as quickly as possible. It also uses geolocation to suggest the most economic policies wherever you are. Finally, they use AI to offer you the micro policy that best suits your needs.
Bright Pensioen – Netherlands
This Startup offers flexible pension accounts at cost price for freelancers. Bright invests your money in a neutral and/or defensive fund: the Bright LifeCycle Fund. Bright does not aim for the highest return, but a 6% return for as many people as possible. Their main aim is to reform the Dutch pension system into a fairer, more flexible and sustainable system.
Infermedica – Poland
This Polish startup helps insurance, healthcare and pharmaceutical companies increase efficiency, improve patient flow, and reduce costs thanks to the use of AI. Infermedica tackles the problem of inappropriate use of medical services and misdiagnosis, providing insurance companies, hospitals, and health systems with a set of advanced preliminary diagnosis and triage tools.
Telemedi.co – Poland
Born in 2014, Telemedi.co offers intuitive telemedical platform technology and remote consultations with doctors of various specialties, via internet or telephone, with 24/7 service, 365 days a year. Telemedi offers a mix-and-match set of plug-and-play solutions
Insurello – Sweden
Founded in 2016 and headquartered in Stockholm, Insurello helps consumers find insurance previously unknown to them and get the compensation they are rightly entitled to. In 2021, the company raised €15 million in fresh funding. Also, despite the ongoing pandemic, Insurello handled more than 200,000 cases and received more than €20 million in compensation for its customers.
Paladino Insurtech – Switzerland
Paladino Insurtech offers a technology that makes new insurance solutions marketable faster and more efficiently. It is an end-to-end insurance service provider with whom people can handle all customer processes centrally, automatically and completely digitally. Using ML and AI Paladino also enables real-time optimization of offerings as well as disruptive claims processing (smart contracts, Blockchain), and more.
Zego – UK
Zego is a startup based in the UK and it is defined as a commercial motor insurance provider that powers opportunities for businesses, from entire fleets of vehicles to self-employed drivers. Since its inception in 2016, Zego has protected over 200,000 vehicles for thousands of businesses, from sole traders to fleets to global corporations.
Cytora – UK
Cytora is a technology company that transforms underwriting for commercial insurance. It allows insurers of any size to underwrite more accurately and efficiently, improve underwriter productivity and drive profitable growth thanks to the use of Machine learning
Instanda - UK
This Insurtech enables carriers and MGAs to create, build and implement complex insurance products in a matter of weeks or months. INSTANDA’s no-code and cloud based product design platform is built on a powerful set of insurance specific calculations, processing and workflow capabilities.
Source:
https://www.researchandmarkets.com/reports/4702677/insurtech-market-forecast-up-to-2023
