Insurtech

Insurtech

Overview.

Insurance companies worldwide have been primary supporters of the validation and growth of novel technologies. With investments of over $1B in insurtech companies since 2012, an increasing number of entrepreneurs are entering the arena of technologies set to change the nature of insurance products from the inside out.


Almost every touchpoint between man and technology is now being reevaluated, remodeled and restructured accordingly. Onboarding new clients is transforming into a remote experience where a personalized offer is crafted using modern, data-driven underwriting models. Risk scoring from life and health insurance is syncing to the new sources of data generated by our smart watches, phones and homes. A new breed of claims processing is now being automated and enriched, from the client’s experience to the back-office routines. Supporting this entire cycle are new tech solutions for better regulation handling and legal processing.


Among our clients

Focus Areas

We work with the world’s most prominent insurance and reinsurance players and have been doing so for a long time. Through our cross-vertical expertise, we are able to scout solutions that streamline the insurance cycle; from onboarding & user-experience, to straight-through processing, underwriting, and claims processing.

Through the use of emerging technologies and innovations, insurance players large and small can realize more savings and efficiency as well as increase customer satisfaction over current insurance industry models and practices. 

In addition to the solutions for the core business of insurance, we also focus on cybersecurity, cyber insurance, explainable AI, data enrichment & analytics, auto insurance tech & UBI, digital health and wellness, and risk assessment.


01
Alternative Data Sources

Insurers are going beyond traditional data by adding alternative data sources to support underwriting practices. This includes streaming real-time data from IoT devices and analyzing unstructured data such as geospatial video, images, and text. As computer power has increased, insurers are tapping into data sources such as real-time location, weather, GPS/driving, personal health, and social media to enhance underwriting assessments.

02
New Insurance Products & Markets

Today’s insurance consumers are used to direct-to-consumer and e-commerce models that prioritize their happiness, meaning consumers expect ease and personalization when buying products more than ever. Improving user experience is one of the most highly active sectors of Insurtech today, and staying ahead means making consistent improvements in digital products and services to enable seamless and more personalized customer experiences.

03
Usage-Based Insurance

Consumer behaviors are changing, as is the way we operate, drive, live and consume products; bringing with it a process of digitization and transformation. Insurance clients are now demanding customizable products and changes to their insurance policies depending on the type of vehicle used, measured against time, distance, behavior and place.

04
Response to COVID-19

The global pandemic has been a significant catalyst for the insurance industry to address new digital initiatives and accelerate automation and modernization as an element critical to survival. As more people continue to work from home, remote communication tools for a connected workforce and enhanced digital workflows are becoming commonplace. Additionally, strong insurtech companies will be needed to navigate new risk modeling and develop innovative insurance products and services to deliver confidence against future unpredictable risks.

05
Digital Health and Insurance

The insurance industry has already utilized digital health technologies to their benefit. Collected information about an insured client’s general health, habits and behavior helps to create a new dimension for risk scoring; making all aspects of insurance products better for all parties. The underwriting, claims and overall experience are now more personalized than ever before. Insurance companies encourage their clients to adopt a healthier lifestyle, eventually leading to the reduction of total claims and lower premiums.

All focus areas
Fraud Detection
Process Automation
Data Enrichment & Analytics
Underwriting Products
Auto Insurance Tech
Home & Property
IoT
Drones
Process & Operations
Financial Wellbeing
Risk Assessment
Claims Processing
Usage-Based Insurance
Remote Inspection
COVID-19 Response

recent

insights

As customers are increasingly willing to buy insurance from big tech companies, two major players are moving forward:

After a disappointing launch back in 2019, Elon Musk has expressed his intention to roll out Tesla auto-insurance by the end of the year. By utilizing the data captured in the vehicle to build smart projections, Tesla is geared towards offering owners lower and tailored premiums.

Recently, Amazon has expanded its partnership with fintech Acko to provide online insurance in India, a market where only 50% of cars are insured and an increasingly growing fintech adoption rate, Amazon has a high probability of succeeding, taking into account the massive amounts of data collected from other products in the region.

in three main areas:
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