Insurance, Insurtech, Startup

27 INSURTECH STARTUPS I DECIDED TO LIST IN THE INSURTECH BOOK

Karl Heinz Passler

KHPassler

My article „Real“ InsurTech Startups Do it Differently! is part of the recently published The InsurTech Book. I present in the article a framework for categorizing Insurtechs and decided to assign 27 leading insurance technology startups into the two main categories.

The first category of InsurTechs looks at the current insurance industry as it is. The companies in this group do three distinct things. They improve the Customer Experience; technically enable insurers, and get into the risk carrier business themselves.

The second category of InsurTechs challenges insurance’s underlying assumptions. These startups do the following three activities. They apply real-time data and Artificial Intelligence; adopt usage-based pricing, and run alternative business models.

Out of over 1.000 Newcomers, I decided to list the following 27 in my InsurTech Book article and assign them to their corresponding category and typical activity. I supplemented the alphabetically sorted entries with information from >> https://www.crunchbase.com.

1. Bold Penguin

Bold Penguin takes the industry as it is and enables incumbent insurance providers. The company is where technology meets the human touch in commercial insurance. Location is Columbus, USA. Founded n.a. Website >> boldpenguin.com. Founder Ilya Bodner.

2. Bought By Many

Bought By Many takes the industry as it is and improves the Customer Experience. The company is a multi-award-winning insurtech start-up using social media to disrupt insurance distribution. Location is London, UK. Founded in 2012. Website >> boughtbymany.com.Founders Guy Farley, Steven Mendel.

3. Check24

CHECK24 takes the industry as it is and improves the Customer Experience. The company is a German comparison portal offering insurance, energy, finance, telecommunications and travel comparisons. Location is Munich, Germany. Founded in 1999. Website >> www.check24.de. Founders n.a.

4. Clark

Clark takes the industry as it is and improves the Customer Experience. The company is an insurance platform providing transparent, cheap and comprehensive insurance cover. Location is Frankfurt, Germany. Founded in 2015. Website >> www.clark.de. Founders Christopher Oster, Marco Adelt, Steffen Glomb.

5. CoverHound

CoverHound takes the industry as it is and improves the Customer Experience. The company is a technology company offering a platform for consumers to shop for car insurance. Location is San Francisco, USA. Founded in 2010. Website >> www.coverhound.com. Founders Basil Enan, Joel Hayhurst, Rory Joyce.

6. Cuvva

Cuvva challenges the insurance industry’s underlying business model. The company offers car insurance that gets customers covered on a car for only as long as one needs it. Location is London, UK. Founded in 2014. Website >> cuvva.com. Founders Freddy Macnamara, James Billingham.

7. DataRobot

DataRobot takes the industry as it is and enables incumbent insurance providers. The company provides a predictive analytics platform to rapidly build and deploy predictive models the cloud or an enterprise. Location in Boston, USA. Founded in 2012. Website >> datarobot.com. Founders Jeremy Achin, Thomas DeGodoy.

8. DreamQuark

DreamQuark takes the industry as it is and enables incumbent insurance providers. The company is helping banks, insurance companies, and asset management firms for all their artificial intelligence needs. Located in Paris, France. Founded in 2014. Website >> www.dreamquark.com. Founder Nicolas Meric.

9. Element

Element takes the industry as it is and starts as a full-stack risk carrier. The company is the digital next step in the world of insurance. Location is Berlin, Germany. Founded in 2016. Website >> www.element.in. Founders Eckardt Weber, Henning Groß, Inna Leontenkova, Richard Hector, Sascha Herwig, Wolff Graulich.

10. Insurista (discontinued, formerly Insurgram)

Insurista takes the industry as it is and enables incumbent insurance providers. The company offers a quick and convenient way to find the best insurance whenever they want, through smart chat bots via conversational interfaces like Facebook Messenger. Location is Berlin, Germany. Founded in 2016. Website >> n.a. Founders Antonia Ermacora, Matthias Nannt.

11. KASKO

Kasko takes the industry as it is and enables incumbent insurance providers. The company offers insurance providers a digital network that allows them to quickly and easily integrate insurance products into a site, service, or app. Location is London, UK. Founded in 2015. Website >> www.kasko.io. Founders Matthew Wardle, Nikolaus Suehr.

12. Knip (now part of the Digital Insurance Group)

Knip takes the industry as it is and improves the Customer Experience. The company is an innovative digital insurance manager for an easy-to-understand overview of existing insurance policies, tariffs, and services. Location is Zürich, Switzerland. Founded in 2013. Website >> www.knip.ch. Founders Christina Kehl, Dennis Just.

13. LAKA (formerly Insure A Thing)

LAKA challenges the insurance industry’s underlying assumptions and business model. The company offers straightforward bicycle insurance powered by the community on top of a new business model. Location is London, UK. Founded in 2017. Website >> www.laka.co.uk. Founders Ben Allen, Jens Hartwig, Tobias Taupitz.

14. Lemonade

Lemonade takes the industry as it is and starts as a full-stack risk carrier. The company offers homeowners and renters insurance powered by artificial intelligence and behavioral economics. Location is New York. Founded in 2015. Website >> www.lemonade.com. Founders Daniel Schreiber, Shai Wininger.

15. massUp

massUp takes the industry as it is and enables incumbent insurance providers. The company offers a white-label platform for online sales of annex and niche insurance products by brokers. Location is Mainz, Germany. Founded in 2015. Website >> massup.de. Founder Fabian Fischer, Dominik 🐬 Groenen.

16. Metromile

Metromile challenges the insurance industry’s underlying business model. The company offers a pay-per-mile car insurance that saves low-mileage drivers a ton of money. Location is San Fransisco, USA. Founded in 2011. Website >> www.metromile.com. Founders David Friedberg, Steve Pretre.

17. Neosurance

Neosurance takes the industry as it is and enables incumbent insurance providers. The company provides the Next Generation Virtual Insurance Agent for Insurance Disruptors and Reinsurers that sells Contextual Insurances. Location is Milan, Italy. Founded in 2016. Website >> www.neosurance.eu. Founder Andrea Silvello.

18. Picsure (formerly Snapsure)

Picsure takes the industry as it is and enables incumbent insurance providers. The company provides a service to insure with a snapshot. Their AI-platform generates insurance proposals based on image information within seconds. Location is Munich, Germany. Founded in 2017. Website >> picsure.ai. Founders Enrico Bolloni, Florian Bischof, Michael Theodossiou, Ole Roel.

19. PolicyGenius

PolicyGenius takes the industry as it is and improves the Customer Experience. The company offers insurance help without the insurance agent. Location is Greater New York, USA. Founded in 2014. Website >> www.policygenius.com. Founders Francois de Lame, Jennifer Fitzgerald.

20. Rightindem

RightIndem takes the industry as it is and enables incumbent insurance providers. The company is a white-label insurance claims platform that works with insurers to enhance claimant’s customer experiences. Location is Nottingham, UK. Founded in 2016. Website >> rightindem.com. Founders David Stubbs, Graham Blaney, Steve Weston.

21. Simplesurance

Simplesurance takes the industry as it is and improves the Customer Experience. The company creates a platform for simple access to insurance to combine traditional insurance industries with digital business. Location is Berlin, Germany. Founded in 2012. Website >> www.simplesurance.com. Founders Felix Jankowski, Ismail Asci, Patrick Frey, Robin von Hein.

22. Slice

Slice Labs challenges the insurance industry’s underlying business model. The company taps into the new market of the on-demand economy offering on-demand insurance. Location is New York, USA. Founded in 2015. Website >> www.slice.is. Founders Ernest Hursh, Stuart Baserman, Tim Attia.

23. Snapsheet

Snapsheet takes the industry as it is and enables incumbent insurance providers. The company is the pioneering provider of virtual claims technology to personal and commercial auto insurance carriers. Location is Chicago, USA. Founded in 2010. Website >> snapsheetapp.com. Founders Brad Weisberg, CJ Przybyl.

24. SPIXII

SPIXII takes the industry as it is and enables incumbent insurance providers. The company offers an automated insurance agent (chatbot) dedicated to making insurance quicker, easier and more personal than ever before. Location is London, UK. Founded in 2016. Website >> spixii.ai. Founders Alberto Chierici, Alberto Pasqualotto, Renaud Million.

25. The Climate Corporation (established, formerly WeatherBill)

The Climate Corporation challenges the insurance industry’s underlying assumptions and business model. The company offers superior products helping people and businesses manage and adapt to climate change. Location is San Francisco, USA. Founded in 2016. Website >> climate.com. Founders David Friedberg, Siraj Khaliq.

26. Trov

Trov challenges the insurance industry’s underlying business model. The company offers an on-demand insurance platform that collects details of the things important to a user and protects them. Location is Danville, California, USA. Founded in 2012. Website >> trov.com. Founders Mark Dowds, Scott Walchek.

27. Virado

Virado takes the industry as it is and enables incumbent insurance providers. The company offers an app that allows insurance brokers to sell products and niche insurance in a fully digital way. Location is Cologne, Germany. Founded in 2014. Website >> virado.de. Founders Dominik 🐬 Groenen, Armin Molla, Achim Hepp, Christian Berlage.

Your Template to Distinguish Insurtech Startups

These 27 insurance technology upstarts are a good representation of how InsurTech is reinventing the way insurance business is imagined, funded, created, and operated. By assigning them to their corresponding category and activities, you now have a tested template to distinguish and categorize upcoming InsurTech startups on your own.

Check the summary of my article at Fintech Circle:http://fintechcircle.com/insights/discover-real-insurtech-startups-differently/

Discover more and order The INSURTECH Book:https://www.amazon.co.uk/INSURTECH-Book-Technology-Entrepreneurs-Visionaries/dp/1119362210/