Computer Business Review took a crack at five insurtech companies that are disrupting the industry around the world:
1. Neos: An Internet of Things (IoT) technology company applying it to insurance. That means faster access to assistance in the event of either a fire or flood. Neos centers its offerings on communication and connection that give the customer greater control.
Neos provides a set of IoT enabled devices for providing the customer with a full spectrum of connectivity to vital aspects of home including leak detectors, a wireless camera, smoke sensors and door sensors. The sensors can be contolled through a smartphone app.
IoT is crucial to the rise of Insurtech, because it levels the playing field between insurers and customers, providing a large amount of information to insurers that have been in the dark up until now,” Computer Business Review says. This change will ultimately benefit the customer as well, as it can mean for a much better policy.
2. Cyence: Cyence aims to offer a platform that can be used to ascertain the financial impact of cyber risk and for the management of risk portfolios.
“This company is very interesting, as the product it provides may help business owners and executives to understand the potential risks posed by the current threat landscape, which many are failing to rise to the challenge of,” Computer Business Review says.
Mapping economic cyber risk and presenting a monetary value to users will highlight the threats to people who on average are still not presenting inadequate cyber awareness. Evaluating the risk in this scenario is truly essential, as there is no method in existence by which an organization or individual can negate cyber risk entirely.
3. Cuvva: Renewing car insurance is not an easy process, and getting the right price is important to all drivers, especially the young.
Cuvva is pay-as-you-go for car insurance, meaning that you do not need an expensive, long term policy if you are going to need to use a vehicle intermittently or rarely at all. You can even be insured by the hour, starting at around $8.50.
This company is able to provide these services due to advances in data-sharing technology and smartphones. Cuvva also claims to be the first insurance product that works and is accessible via an app.
4. Brolly: This company provides a simple means by which to track down and find the insurance you need, disrupting the process with a handy tool. The UK firm regards its service as a concierge, smoothing the traditionally rough task of tracking down insurance into a pleasant experience through the use of AI. AI is undoubtedly a frontrunner among the top tech trends that are currently taking the industry by storm.
You can streamline the process of owning insurance as well as finding it by using Brolly, as it can be used to store all of the insurance policies from all of the providers you have previously been involved with. This provides enhanced visibility of your position so as to best inform future moves and stay on top of existing policies.
A new project called The Brolly Shop is going live this year, and it is geared towards providing you with cover at record speed. This could mark a new era of purchasing insurance, leaving behind the arduous experiences of the past.
5. Everledger: With ‘ledger’ in the company name, distributed ledger technology, better known as blockchain forms the central process of Everledger. All of the details are collated into a profile that is added to the blockchain.
Once this information is applied permanently to the blockchain, it can be accessed safely by stakeholders on a global basis. Insurtech companies are lining up to utilise blockchain to streamline complex processes.
Everledger can also verify authenticity of products and increase overall transparency. The wider goal of this company is to bring trust back to global trading marketplaces using cutting edge technology.