The financial sector, particularly insurance, is becoming congested with new technology and even newer firms utilising it. However, which startup insurance company is going to really make a difference? LII has researched a number of startups renovate the insurance sector. They do this by using products, services and platforms that have technology at the core.
The startup companies below aim to solve issues within the insurance sector by providing a streamlined user-centric approach to their products.
Homelyfe is an startup insurance company with a digital home insurance service which aims to provide customers the ability to buy and find cover in minutes.
The technology that is used in the customer-centric app – enables customers to avoid the ‘unnecessary questions’ that are a part of traditional methods of applying for insurance.
Launched in 2017, it promise customers a quote in under four minutes and the technology behind the app contains a unique rating system and a broker emulating system which uses third party data to provide as much information about the user.
Based in the UK, the company presently focuses on home insurance, with cat travel and pet insurance to follow this year.
This insurtech startup company was founded in 2014 and focuses solely on pay-as-you-go car insurance.
Customers can get cover on their friend’s car and provides infrequent drivers the means of getting car insurance as and when they need it.
The app works by the user filling in information on the registration number, the value of the car they will be using, the time period they want cover for, and a picture of the car. From this, an instant quote is provided.
Cuvva has also collaborated with Facebook so that users can identify which of their friends have cars that they can borrow.
Cytora was founded in 2014 out of the University of Cambridge and is an artificial intelligence (AI) company providing commercial insurers a new way to target, select and price risk.
Its goal is to make the insurance industry more transparent by enabling insurers to price risk accurately and give customers a fair price. Cytora was founded by specialists in the tech sector including; machine learning scientists, data engineers and strategists.
ThreatInformer provides cyber risk intelligence to the insurance sector and was founded in 2016. The aim is to renovate the way that cyber insurance proposals work – eliminating the factors of them being too basic or taking too long to complete. It works with existing data it has on the client and the platform automatically collects and identifies with the data that’s on its external IT systems.
The company essentially provides tools to change the way risks are placed and written.
Startup insurance company Buzzmove is an insurtech firm based in London. Its goal is to simply make moving house easier for customers. This is done through its easy-to-use online comparison of the removals industry.
It offers everything from helping to choose the right mover, to moving guides, and even offering customers customised deals with selected partners. This has the aim to help settle them into their new area.
Spixii aims to design chatbot technology based on the premise of understanding customers as individuals.
Spixii allows users to manage and buy insurance through the firm’s chat interface. It utilises chatbox design principles, white labelled chatbox solutions, integration to legacy systems, insurance analytics, and a customer insights platform.
Worry+Peace is an insurtech startup company based in Buckinghamshire. It uses its Pouch platform allowing customers to directly purchase insurance products and enables them to manage it as well.
The startup insurance company covers products from cheap insurance deals to plus premium insurance. Its marketplace offers over 100 products from 27 insurers, with new providers consistently joining the marketplace every week.
Which of these new age firms is set to make an impact? Every single startup insurance company has the goal to move from a challenger to an imcumbent. What is clear is that technology is pushing this new wave and the old players need to start playing catch up now before they are overtaken.