For the last five years, the insurance industry has experienced marginal growth in the European continent due to low-interest rates and complex products. However, the margins have slightly improved over the years and many more opportunities are expected to arise in the wake of individuals looking for their retirement savings and income, whether through life or pensions. Thus, insurers, today, need a concrete and future-proof plan in place that would prepare them for the fluid insurance market for years to come.
At the initial stage of their planning, insurtech firms must ensure to constantly modify and tailor their insurance services and products as per the customers’ demands. Insurtech companies/startups are assessing their current operational workflow and gradually adopting the latest technologies such as artificial intelligence (AI), cloud computing, internet of things (IoT), big data, and more.
One of the imperative technologies revolutionizing insurance sector is AI by enabling an automated and personalized buying experience for the insured individuals. The use of chatbots powered by AI allows insurtech companies to extract and gather the customers’ demographic data to provide specially curated offers to each person. Similarly, IoT allows insurers to utilize real-time data and improve their business objectives such as revenue recovery and customer service. AI and IoT can even be coupled together to personalized data to pricing platforms, allowing drivers to pay less for vehicle insurance and people with healthier lifestyles to pay less for their health insurance.
Another technology making its way into the insurtech companies is big data analytics. With advancements in analytics and big data, insurers could extract a vast amount of data available in their system and leverage that information to gain a competitive edge in the market. Analytics further brings in a great opportunity for insurtech firms to make sense of unstructured data that come in different formats such as real-time video, social posts, and live blogging.
Even augmented reality (AR) is beginning to mark its presence in the insurance market. Use of AR in the insurance landscape includes raising risk alerts, explaining insurance plans remotely, estimating any potential damages beforehand, and increasing brand awareness. Additionally, the alternate forms of AR such as virtual reality (VR), mixed reality, and extended reality are entering the insurtech market and improving the overall AR experience for both the insurers and insured.
In the last few years, many similar developments have been recorded in the insurance market that is simplifying as well as bolstering the insurtech landscape for both the parties involved. To bring out more such transformative solutions available in the market within the reach of several insurtech firms, a distinguished panel comprising of CEOs, CIOs, VCs, and analysts along with the editorial panel of Insurance CIO Outlook has selected the Top 10 InsurTech Startups in Europe 2019. These start-ups, while in their nascent stage, are bringing in never-thought before strategies and innovative ideas on the surface to reshape the insurance industry.
We present to you Insurance CIO Outlook’s ‘Top 10 InsurTech Startups in UK 2019’
HUGHUB offers a holistic platform that collects consumer data from disparate legacy infrastructures in a central repository. The company helps insurance providers harmonize the collated data to create a single display of all the products that client “A” has purchased―individual or commercial entity — to improve their understanding about “A.” In doing so, HUGHUB gives a facelift to the services provided by insurance firms. The hyper-personalized consumer experience that team HUGHUB helps create, leads to an increase in conversion rates, improvement in loss ratio, and better profitability. The innovative HUGHUB platform is brand-agnostic and doesn’t rely on any particular backend application. Further, HUGHUB can develop and deliver the platform in an expedited timeline as they follow the agile methodology and work with the clients collaboratively
Check This Out: HUGHUB
Policy Expert was launched in 2011 because the organization wanted to put people first. Within two years they became the number 1 rated UK home insurance provider on Review Centre — an accolade they have held ever since. In the present time, they are trusted by half a million customers across the UK, and they are still putting people first. The company has been awarded a Crystal Mark from the Plain English campaign for their jargon-free policies. They have won several coveted industry accolades, including the awards decided by customer votes
Check This Out: Policy Expert
QOMPLX started with the vision to harness complexity for everyone. After over 750K hours of engineering, they launched foundational capabilities ranging from data handling, analytics, and reporting to advanced algorithms, simulations, and machine learning to help companies see their world differently and in greater detail to solve their toughest challenges. In the present time, QOMPLX makes it faster and easier for organizations to integrate all of the disparate data sources across the enterprise into a unified analytics infrastructure to make better decisions. QOMPLX:OS, an enterprise operating system, also powers QOMPLX’s decision platforms for cybersecurity, insurance underwriting, and quantitative finance
Check This Out: QOMPLX
Blocksure has developed a next generation (re)insurance and insurance processing platform for the life and general insurance industries, Blocksure OS. It provides full cycle capabilities for all sales, policy administration activities and key claims processes. It also enables the creation of decentralised networks that allows parties to trade much more effectively. At Blocksure, the teams come to work every day because they want to solve some of the biggest challenges in the insurance industry. They are pleased to have simplified the insurance with their platform (Blocksure OS), education, as well as community
Check This Out: Blocksure
ChainThat is an insurance blockchain solutions provider. They work with business leaders across the insurance industries that have a problem extracting business value from technology. Their solutions deliver real, transformational, business efficiency by coordinating and streamlining operational processes across business networks. The company technology allows clients to leverage Distributed Ledger Technology (DLT) and smart contracts to cut frictional costs, boosting combined operating ratios. Using ChainThat Insurance Blockchain Framework the team has built insurance market solutions that enable speed, trust, a single source of truth, and contract certainty
Check This Out: ChainThat
Concirrus take a fresh approach to solve the challenges faced by the insurance industry. Their Quest products access and interpret large sets of static demographic and dynamic behavior-based data sets, and combine these with historical claims information to reveal the behaviors that correlate to claims. Through the company analytics work with leading London and Global insurers, they have proven that behavioral data is a better indicator of risk than traditional demographics. With every customer, they have delivered insights and new rating factors that did not exist before allowing increased profits and reduced administration costs
Check This Out: Concirrus
Cytora transforms underwriting for commercial insurance. Using their API Platform, insurers can underwrite more accurately and efficiently, and deliver fairer prices to the customers. Cytora is a trusted partner to global insurers, backed by leading venture capital, and supported by builders of some of the world’s most successful technology companies. With a world-class team of experts in machine learning, risk modeling, and strategy, Cytora is architecting the future of commercial insurance. The team believes that in the next decade, insurance will become pure, frictionless, and transparent, driven by the exponential growth in data liquidity.
Check This Out: Cytora
Digital Fineprint (DFP) is an award-winning insurance technology provider funded by Pentech Ventures, Eos Venture Partners, RAW Capital, and a stellar group of angel investors. They use ground-breaking predictive analytics and AI to turn open data into insurance data. The company’s mission is to help protect all small businesses. Their technology helps to educate SME customers on their digital and non-digital risks, supporting insurers to preserve the livelihoods of millions of people across the UK. Digital Fineprint focuses on protecting all small businesses by equipping, empowering, and enabling the insurance industry with the right tools to generate actionable SME insights.
Check This Out: Digital Fineprint
MotionsCloud helps property and vehicle insurers to streamline and automate claims processes through mobile self-service, AI damage evaluation, and live video inspection technologies modules which can plug into existing claims systems. The solution reduces claims cycle time from days to hours, reduces claims processing cost up to 75 percent, and improves the customer claims experience. The value of the damages is estimated in real-time through the MotionsCloud estimation engine. The evidence collected is of the highest quality and in various kinds of media forms, including text, audio, photo, and video.
Check This Out: MotionsCloud
RightIndem is aSaaS-based, self-service insurance claims platform for multiple insurance verticals, that reduces insurers and loss adjusters workload while improving customer service. Operating globally, with pilots in Automotive, Home and Marine insurance, the software platform helps improve productivity and reduce cost within insurers while providing a much better user experience for end customers. To address the issues regarding poor customer experience, RightIndem developed a self-service platform based on the premise that customers can handle it efficiently. The customer-centric approach of the company allows insurance customers to interact with their claim in their own time and improves claim cycle times and customer satisfaction
Check This Out: RightIndem