The startup world is changing every aspect of our lives, especially with the rapidly growing technology. The term ‘Insurtech’ is one of them. But what is insurtech – really? This term is made up of insurance technology. It is a broad category that includes all things related to technology used in the insurance sector and covered by insurtech startups as well. With everything digitised and automated, why should the insurance sector be left out?
The insurtech definition is an exciting one as it holds any new technology that is used by an insurance company to increase the efficiency of its operations. This is a big world and the insurtech startups are surely the best actors. According to the Association of British Insurers, the insurtech UK market was the fourth largest in the World, and the largest in Europe, with an estimated total premium volume of just under $220B, in 2017.
Currently, according to Technavio’s recent report on its latest market research report titled InsurTech Market by Value Chain Positioning and Geography – Forecast and Analysis 2020-2024, the Global Insurtech Market revenue is valued at $5.48B in 2019 and is expected to reach $10.14B by 2025, growing at a CAGR of 10.80% during the period 2019-2025. As this is a rapidly growing and young sector, the insurtech news and insurtech events hold a critical point to keep up with the freshness of the sector and even to get insurtech investment for your startup!
The belief driving insurtech companies and investments by venture capitalists in the space is that the insurance industry is ripe for innovation and disruption. Insurtech companies, startups, and entrepreneurs explore avenues that large insurance firms have less time and need to exploit, like offering ultra-customized policies, social insurance, or using new data from web-enabled devices to give different offers to different observed behaviour.
The insurtech world is really exciting, so we want to dive deep into the top insurtech London startups that have made their way up the success ladder!
Zego is a commercial auto and ‘New Mobility’ insurance provider, powering opportunities for modern business by saving time and money. They have started in London and sold their first policy in 2016. Currently, they have insured their 200,000th vehicle! Although Zego might seem like just an insurtech startup, they provide safety and flexibility for changing circumstances. In 2018 they integrated with Deliveroo and Uber Eats to give their riders the best experience and coverage. Their service is for everyone from carpenters to corporations.
Tractable is a leading AI company that help the largest P&C insurers, manufacturers, fleet owners worldwide with their AI-based products. They apply artificial intelligence to photos and video to create fast and accurate assessments. With Tractable, you think you get one service, but the technology behind it actually gives you more than one solution to your different problems.
Wrisk was founded in 2016 in London and has 30+ employees. They have created a customisable platform that helps brands to build frictionless, mobile-first insurance experiences that their customers will love. They put the customer to the core of their business and redesign the customer insurance process with their high-tech platform. The platform can build, launch and operate insurance experiences that your customers will love. This techy platform is sure to give your company a fresh new turnaround with your customers’ satisfaction and engagement as the core value.
Dear Londoners, this one is for you! Laka is a bicycle insurance company with a large community, and we all know how important this is in London. A recent survey showed that the number of cyclists in London has risen by 120% in the last year. Well, Laka is the perfect place to be in terms of community and insurance! When you’re a Laka member, you won’t get charged with a fixed rate but will pay a calculated monthly fee. Their community and bike gurus really make you feel in safe hands as they are well praised for their warm hospitality. This bicycle insurance system covers theft, loss, and damage with the freedom of cancelling your subscription at any time.
Urban Jungle is the perfect example of how changing times can be integrated into old systems. With the young population gaining more and more power over their own life, some old doings were getting pretty old fashioned -just like young people with flatmates or renters wanting to get insurance. With their flexible, pay as you go policy starting from £5 a month, everything about this insurtech startup is fast and young! With over 8 matters that you can get coverage on, the Urban Jungle promises you transparency and full safety on nearly all aspects of your life.
Cytora is a London-based insurtech startup founded in 2014 by Richard Hartley. Putting their machine learning systems to the core, Cytora also cooperates with leading insurers to give the perfect process of underwriting for commercial insurance. “Cytora digitises every risk that flows through your business, evaluates them against your underwriting strategy, and routes them to the right place in your organisation, the first time,” as they put it. Another best practice of theirs is their blog on engineering, technology, and culture. The tech-savvy team shares their experience and the works behind their machine learning system through their blog.
Technological advancements also shape the insurtech trends. And the buzzing technology of drones is surely the most trending right now! Well, good news for drone owners because Flock has your back. Whether you are an individual user or have a fleet of drones, you can get insurance for your device. Plus, their online and personalized insurance systems allows you to get service either for an hour, a month or a year -totally up to you! Their contributions to the drone industry are not limited to insurance policies, they also have a YouTube show called #FlockFridays that will surely feed the appetite of drone lovers!
SME’s this one is for you! With Digital Fineprint’s technology, you can improve your risk assessment and pricing, find and target the intact customer segment with add-on tools to ease your process and an easy way to integrate into your existing system. They were founded in 2016 and are a multi-award-winning insurtech startup with AI-based solutions for better processes. The team is well aware of the challenges the small and medium enterprises may encounter, so they create solutions exactly for what they need. With their Risk Alerts and Broker Profile solutions, they are probably the next best thing that can happen to any SME!