Major disruptions can be expected in the insurance industry in 2017 as insurance companies are becoming more aware of the FinTech revolution than ever. Traditional insurance companies are investing millions into research and modernization while others are exploring potential partnerships with ‘InsurTech’ start-ups.
InsurTech companies are transforming the industry on all levels, on every single market. Here is a look at the most innovative talents worth watching in the upcoming months.
The Edinburgh-based startup offers a new type of U.K. car insurance based on an hourly rate sold through their mobile app. The company is targeting infrequent drivers, more precisely those who are borrowing their friend’s or family member’s car for a few hours.
In the U.K. it is quite difficult to borrow a relative’s or friend’s car without making specific arrangements beforehand for the cover. Cuvva makes the process quick and easily accessible with their iOS application. All one needs to do is sign up, enter the license plate of the car with the estimated vehicle value, and tap pay.
Their new pay-as-you-go product, launching this April, aims to help drivers who pay for pricey insurance while their car is rarely used. The insurance can be bought via their monthly subscription which is priced depending on the car and habitation. Then a ‘top-up’ can be purchased during the time the car is actually used.
Cuvva has raised over £2 million since it’s incorporation in 2014.
This energetic startup - with headquarters in London - aims to disrupt the market by offering a single place for customers to browse, manage and buy their insurance via their mobile app.
The application can be broken down into three sections: Brolly Advisor, Locker, and Shop.
You can provide the Advisor with valuable information about your lifestyle and financials. Based on the shared information the algorithm offers you the relevant output, which can be analyzed to find potential gaps in your covers.
The Locker lets you access your documents, your purchased policies and contact information of your providers.
The Shop, their most demanded component is set to be launched this summer. The feature where the purchase of policies is only a ‘few taps away’ offers travel, motor, and home insurance. Brolly charges a commission for every policy sold through the application, in exchange, they offer high-quality customers to insurance providers.
Cyence was founded by MIT graduate, Arvind Parthasarathi, and George Ng. It is currently based in San Mateo, CA.
The company has raised over $40 million in 2016. It focuses on modeling the financial impact cyber events can possibly cause. They developed an economic risk modeling technology with the help of cyber security experts and economists.
With more and more breaches over the past couple of years, cyber attacks are no longer considered an IT issue, but a serious business risk.
U.S. based Trov offers an entirely mobile experience to ‘protect just what’s important to you’.
The list of your beloved items can be added with a specification to the mobile application. Then customers can set the duration of the coverage, with the option to turn the protection on or off at any time. Items can be covered against accidental damage, loss and theft and claims are managed through text messages.