InsurTech investment has tripled in recent years In the UK, making the country record the highest growth in the world. All indications are that more and more insurtech companies will come up as there is a move to digitize insurances services. This article brings to you, 10 popular insurtech companies in the UK.
Everledger is a private company founded in 2015. The company provides unique methods of insuring diamond and combating fraud. To achieve this, the company provides an application to the stakeholders in the diamond sector. In addition to employing technology, the company works in collaboration with anti-crime agencies to combat cross-border illegal activities such as money laundering and trans-border trade in counter fit diamond.
Kasko limited was also established in 2015 and has since brought insurance to the point of demand. The company allows the digital sale of contextually relevant insurance policies depending on demand. The company enables online businesses to obtain policies that best suit their needs.
QuanTemplate was established in 2011 by experienced reinsurers to utilize the latest big data and analytics technologies in the insurance industry. It uses technology to combine intelligence in the industry with internally generated data. This enables insurance brokers and underwriters to understand market dynamics and make appropriate decisions such as analyzing reserves and adjusting pricing of products.
Quantifyle was founded in 2015. It uses a smartphone application that aggregates data from a number of platforms to generate personalized insurance policies. The app also allows users to track and manage their fitness. Those who keep to their exercise plans earn rewards. There is a momentum score that is used to measure performance. Additionally, it connects users to wellness programs and health insurance providers.
Established in 2016, Spixii is a digital insurance agency that aims at making insurance easier, quicker and more personalized. Users can obtain information as to the insurance policy that would best suit their needs. You do not need to fill the traditional forms as everything is done online.
Founded in 2015, Brolly is a free and personal insurance concierge that you can access online or have it on your mobile phone. It is powered by artificial intelligence. Brolly tells you when you are over-covered or under-covered. It also tells you whether there are cheaper policies that suit your insurance needs. With Brolly, you can purchase policies online, manage your existing policies, information, and contacts.
CoVi Analytics was founded in 2015 and helps insurers reduce the cost of compliance by making quick decisions. It offers two products: CMILE which is a revolutionary platform that allows financial service providers explore and manage regulations and build communities. CORE is the other product and it uses artificial intelligence and superfluid visualisations to simplify and automate ongoing compliance. It also provides unique perspectives turning insights into aspirations.
Rightindem was formed in 2016 with the aim of making it easier for customers to pursue insurance claims. Its name derives from two words, right and indemnity, hence rightindem. There is a platform that prioritises service delivery to customers by allowing them to dictate the pace of recovery while at the same time providing regular updates to the customer. Rightindem enables insurers to deliver on their promises.
Founded in 2015, fitSense works with insurance firms to personalize health and life insurance. You only need a smartphone to access its data analytics platform.
Domotz was founded in 2014 and focuses on providing a comprehensive set of tools and technical support to both homes and business. This enables them access insurance services more conveniently.
With technology, you should no longer go through the traditional struggles involving paperwork, whether you are taking insurance cover or pursuing a claim. You could do everything from your smartphone or PC!