11 Top Insurtech Companies

11 Top Insurtech Companies

11 Top Insurtech Companies
By 
Charles Munyi
May 10, 2022
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Insurance is an old business. But now, insurance agencies are using technology to improve underwriting processes and business operations. 

InsurTech startups are adopting technology to increase the efficiency of the current insurance model. These firms use artificial intelligence, machine learning, mobile applications, and cloud computing to enhance speed in product development, service delivery, underwriting, and claims processing. 

Now more than ever, insurance companies have to lean on innovative models to drive growth. Learn about the top InsurTech companies and what it means for the insurance providers. 

What is InsurTech?

InsurTech or insurance technology is a set of new insurance innovations in products, distribution methods, and risk evaluations, enabling the delivery of efficient insurance services.

Insurtech has driven service delivery in the insurance sector by providing customer-friendly products. Top InsurTech firms have designed customer-facing applications, tracking tools, and auto-monitoring devices for personal insurance, leading to better price discovery and improved service. On the commercial side, it's now easier for small businesses to compare quotes from different insurers.

  

Insurtech has benefited insurance companies by:

  • Reducing costs in customer acquisition and onboarding by providing online and remote access to insurance services
  • Providing new distribution channels, such as online and mobile applications
  • Reducing risk through AI and machine learning models to analyze data sets and output robust underwriting programs
  • Improving fraud detection by deploying sophisticated anti-money laundering tools and electronic know your customer processes.

 

Commercial InsurTech facilitates insurance optimization by offering customers digital tools to compare insurance prices, complete applications, and modify coverage. Insurers now have modern technology to price risk and process claims.

11 Top Insurtech Companies

Modern insurance companies have recognized the need to offer efficient services through innovation. Below are some of the top InsurTech businesses.

1. Pathpoint

Pathpoint top insurtech company

Pathpoint is a digital E&S insurance wholesaler. Our robust technology platform gives insurance agents the ability to quote and bind available coverage and issue policies in one place. Behind the technology is a responsive team that is excited to make buying insurance simpler for everyone.

Our customers can get instant, bindable E&S quotes without an upfront appointment. You can now access multiple A-rated markets in just a few minutes. Pathpoint offers coverage for Contractors, Cyber Liability, Lessor's Risk Only, Monoline Property, Vacants, and Restaurants.

2. Tarmika

Tarmika top insurtech company

Tarmika is an independent insurance agent solution founded by former client representatives and insurance professionals. It expands the market reach of insurance agents by helping acquire new customers and providing a better customer experience.

It offers The Bridge, a comparative rating application that enables agents to contrast rates by various insurance companies across different lines. Tarmika’s second product, The Tunnel, provides a user-friendly software platform for buyers. It includes data prefills, a simple underwriting process, and multiple real-time pricing coverage options.

3. Bold Penguin

Bold Penguin top insurtech company

In more than 30 states, Bold Penguin links small businesses to various insurance policies issued by large insurance companies, such as Progressive and Nationwide. Its APIs link to insurance carriers, allowing agents to provide consistent quotes to customers.

Bold Penguin supports integration with thousands of carriers. Its platform enables quick onboarding for new carrier products and connects insurance agents to insurance buyers through the Bold Penguin Terminal. Using their terminal, agents can complete an application and provide several quotes.

4. Otonomi

Otonomi top insurtech company

Otonomi provides instant algorithmic underwriting for cargo insurance policies by applying intelligent blockchain technology. Ontonomi automates the whole insurance process: detection, activation, and payment.

Otonomi provides dynamic and transparent pricing through its parametric products, and it extends this efficiency when dealing with claims. With detection APIs powered by Chainlink and adjudication powered by blockchain, Otonomi delivers quick claim settlements. This essential tool also leverages its statistical analysis on massive data sets to prudently manage risks.

 

5. Arbol

Arbol top insurtech company

Arbol is a weather risk insurer that deploys innovative solutions for farmers, institutions, and governments worldwide. Arbol has embraced smart technology to eliminate paperwork from insurance, and its product uses smart contracts to provide competitive pricing and contactless payouts. 

Arbol processes payouts based on objective, verifiable metrics decided beforehand. They rely on trusted third parties, such as NASA and NOAA, for their data. When the conditions in the contract are met, Arbol immediately processes the payout without any need for paperwork. 

6. Ladder

Ladder top insurtech company

Ladder is a leader in modernizing life insurance. It combines speed in underwriting, ease in application, and low prices to provide consumers with best-in-class life insurance.

Ladder's real-time underwriting allows for immediate quotes for the customer. This whole process can be completed online by the customer from the comfort of their home, eliminating the unnecessary paperwork and conveyance costs. Moreover, Ladder's pricing is affordable with total transparency and no hidden fees.

7. Clearcover

Clearcover top insurtech company

Clearcover has revolutionized the car insurance industry with the fastest claim-to-coverage period. Their Coverage Wizard helps consumers find the right coverage. They can file a claim by taking photos and answering questions, and then they can track the claim on their mobile app.

Clearcover uses machine learning models to confirm coverage and promptly dispatch payments. Claims are paid fast, with a current record of 7 minutes. Its technology-first approach has led to efficiency and superior customer service.

8. Snapsheet

Snapsheet top insurtech company

Founded in 2011, Snapsheet is another InsurTech revolutionizing the claims process. Snapsheet has fully automated the claims process through its cloud-based automation accelerator. It provides a visually intelligent claim engine with real-time performance management. 

It exceeds expectations by providing rich features, such as automated customer prompts and self-service tools. Snapsheet is also driving efficiency in the payment cycle. Snapsheet Payments has reduced the claim payment period for carriers from days to minutes.

9. FRISS

FRISS top insurtech company

FRISS enables insurance companies to gain more insight into their data and manage risks. Since its founding in 2006, FRISS has worked on delivering honest insurance by preventing and detecting fraud.

FRISS is helping insurers detect fraud by creating a data-driven underwriting process that ensures continuous risk assessment. It provides a real-time detection solution that prevents fraud by identifying suspicious claims. FRISS differentiates itself by moving beyond fraud detection to optimize investigations and prosecutions, creating an end-to-end fraud and risk strategy.

 10. Accelerant

Accelerant top insurtech company

Accelerant partners with MGAs and program administrators to provide detailed insight into specific insurance verticals. It uses technology to enhance collaboration between members. Their approach involves providing data to the whole value chain and matching specialty underwriters with the appropriate risk capital.

Data such as neighborhood crime, claims distribution, and proximity to emergency services is a critical component in risk assessment for Accelerant. These insights help identify minor problems before they morph into challenges.

11. Kin

Kin top insurtech company

Reimagining home insurance is the goal of Kin Insurance. This company provides home insurance through a direct-to-consumer model that reduces premiums for consumers without jeopardizing coverage.

Kin analyzes a large set of property data points to provide customized prices and coverage for customers. It uses overlooked data such as satellite imagery and previous property records to offer a unique rating structure.

Take Advantage of Insurtech

Insurtech is driving innovation, enhancing market reach, and bringing efficiency to the industry. Pathpoint is an InsurTech leader and the future of insurance. Get an E&S quote for your client today.

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