10 Most Innovative Insurance Tech companies to Watch in 2023
Technology is making ground-breaking advancements in every industry today. From healthcare to manufacturing, marketing to insurance, we are witnessing a tremendous transformation on the anvil. Technologies like Machine Learning (ML), Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain are doing the rounds, and every field is undergoing dynamic changes.
The insurance industry is also catching up with various technology tools and programs to streamline how we deal with insurance. It has begun to utilize technology such as data analytics, AI, and IoT to strengthen its positioning and create better-priced products in the market. Insurtech is being used to effectively process claims, evaluate risk, underwrite policies, and process contracts that used to take days and weeks to complete.
Today, blockchain technology is used by insurance companies for applications such as Anti-money laundering (AML) procedures, Know-Your-Customer (KYC) processes, claim handling, and much more.
The disruption in the insurance industry is due to a surge in competitive product lines and hyper-personalization of social and individual policies. Several companies are testing the waters on a host of potentially game-changing technologies to help them accelerate their process. With greater accuracy, turnaround time, data-driven risk mitigation, and unprecedented visibility of several layers of the ecosystem, the insurance industry is witnessing its disruption today.
For example, the insurance industry relied heavily on customer service executives to assist in creating a seamless customer resolution experience 24/7. Today, chatbots are available to answer all queries around the clock and provide instant resolutions. Similarly, insurance companies are using AI and blockchain to create smart contracts and agreements that have increased the efficiency and speed of claim management.
The global insurance market size was valued at approx. USD 5.45 billion in 2022. It is set to expand at a phenomenal 52.7% CAGR from 2023 to 2030. This can only give you a glimpse of what is yet to come. Auto, life, and health are the most common insurance claims globally, and having automated systems in place will increase the accessibility and efficiency of processing claims.
As always, we present to you the views and opinions of the leading companies and insights from renowned industry leaders who will shed their knowledge about the industry and how it is set to change in the future.
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Hemant Shah: Co-founder and CEO
Nicos Vekiarides - CEO
Attestiv puts authenticity back into photos, videos, and documents by utilizing advanced technologies in mobile, AI, and blockchain. Attestiv products create new efficiencies, offer unrivaled fraud prevention, and maintain interoperability with existing infrastructure.
Freddy Macnamara - Founder, CEO
We’re the people behind radically better insurance. Cuvva is award-winning insurance that’s hassle-free and fit for the future. We’ve made it easy to get flexible coverage in minutes. Everything is managed in our app, from buying your policy to our unbeatable customer support.
Wemimo Abbey - CEO
Esusu is the leading platform for renter financial health that helps help low-to-moderate-income households unlock the ability to access high-quality financial products.
Through our rent reporting service, residents establish and build their credit scores while helping property owners improve their ESG strategies and reporting.
Because building long-term financial stability sometimes sees short-term setbacks, Esusu Rent Relief is available to our residents and properties. It helps renters experiencing financial hardships access 0% interest loans to cover the cost of rent.
Martin Einemo - CEO
We dedicate ourselves to creating win-win insurance experiences through the power of open data. That means, through our open insurance solutions, we help insurance companies, banks, and other financial platforms give proper peace of mind to their customers.
Insurely was founded in 2018 with the aim to make the insurance industry more open, and —to ignite a transformation within an industry that hasn’t changed for a very long time.
Joanne Safo - CEO
Making your dream a reality is no easy thing to do. We understand the creativity, hard work, and grit you’ve needed to make it happen, and we’re here to help you protect it. As a small business owner, naturally, you drive the vision, but sometimes business admin like insurance can be an afterthought. Lukango looks closely at your business and seamlessly builds policies around it. So, you can go about your day-to-day, knowing your dream is protected the right way.
William Wagner - Vice President of Marketing
Patra is a leading provider of technology-enabled services to the insurance industry. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers through our PatraOne platform.
Allister Yu, Senior Vice President Operations
Rhoads knows overcoming compliance complexities is essential to keep producers selling and keeping your business moving. Our software solution and add-on services to carriers, brokers, and agencies streamline and automate your most demanding and difficult work.
Maria (Miller) Goy - Founder, CEO
We’re on a never-ending journey to change how you think about insurance again and again. From a pragmatic chore to an opt-in lifestyle, from a transactional relationship to a community of like-minded. We approach insurance with creativity, continually revisiting, redesigning, and reimagining how it can be a force for better living.
Sherif Gemayel - CEO
Trufla understands the insurance industry because we come from it. We started by building the solutions we needed. Our tools give you a customer-centric ecosystem that reimagines the way people interact with insurance.
Trufla is a one-stop- shop with industry experts who will piece together the technology puzzle for you. It’s technology a la carte. Your brokerage can pick and choose the tools you need now, with the ultimate flexibility of being able to add others later. Total flexibility=total results.