17 insurtechs to watch in 2017
Technology is without a doubt changing the insurance landscape, as a result we have seen exciting new innovations and new business models. There has been a massive increase in the number of start-up insurtech companies being potentially innovative and disruptive. The Insurance Networking News has listed some insurtech companies to look out for in 2017…
It’s no secret that 2016 was the year that insurtech – the growing community of technology startups focused on the insurance industry – took center stage. The sheer number of companies that came of age and began plying their wares to carriers vitalized the industry. Around the world, from Silicon Valley to Des Moines to London, accelerators and incubators aimed at cultivating these companies and their missions sprouted as well, bringing technology companies into contact with the businesses they are trying to disrupt. Following are some of the most notable startups making moves at the end of 2016 that should build momentum in 2017.
This company uses machine learning to identify the risk level at underwriting of properties, based on aerial imagery. It can detect changes from the time between shots as well. Cape recieved $14 million in Series A funding in November and participated in the Plug & Play insurtech accelerator program in 2016.
This company is developing a smartphone-centered data exchange platform that guides policyholders through an inspection of their property for remote agent and underwriter evaluation. It participated in the Global Insurance Accelerator’s insurtech week this October.
Backed by Allianz, Toyota, and BMW, Nauto is developing a telematics and camera platform that supports fleet management, usage-based insurance, and autonomous vehicles. It was the winner of Plug & Play’s 2016 insurtech expo.
This South American company is using drones to get data on the agricultural, logistical, and mining industries to establish risk levels and increase efficiently. It is a member of the 2017 Startupbootcamp insurtech accelerator, which will begin in January.
MassMutual Ventures invested in this company, which is making a technology platform to help life insurance agents refine their roles in the underwriting process, this July.
Cambridge Mobile Telematics
This company’s Drivewell program was adopted by several insurance companies for their usage-based product launches in 2016.
This company allows customers shopping for insurance to drive with its app running for a few days, at which point the technology develops a quote for that customer based on his or her driving habits.
Sharenjoy: Another member of Startupbootcamp’s 2017 cohort, Sharenjoy also offers durational insurance for attendees of events
This Startupbootcamp 2017 insurtech is providing on-demand insurance for “moments” when customers are at higher risk.
Another Plug & Play participant, insurance companies and other interested parties can contract Betterview to use drones to examine properties.
XL Innovate made a $4 million investment in Stonestep, which is working on a way to better distribute microinsurance products.
Dropin has developed a platform for live streaming video from drones or smartphones to help insurers adjust claims remotely. It also was in Plug & Play’s accelerator this year.
Co-founded by former Great American CIO Piyush Singh, Terrene is aggregating big data to help speed up the insurance application process.
Spun off from Social Intelligence in the fall, Carpe Data participated in Plug & Play’s accelerator to refine its platform for aggregating social media and other third-party data to aid underwriting.
Verifly sells insurance for drone flyers on demand from their smartphones.
Another participant in the Global Insurance Accelerator’s October Insurtech Week, Denim provides an analytics-powered social media marketing platform for insurers.
This company is attempting to smooth out the process of getting proof of insurance between all interested parties.