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3 Disruptors Striding Over the Insurtech Market

Insurance CIO Outlook | Monday, September 23, 2019

There has been a lot of transformation and progress in the insurance sector as innovative startups drive increased interspersion of technology with policies, products, and business models.  

FREMONT, CA: The definitive distinction between technology vendors and insurance providers has blurred today, with the emergence of insurtech companies. The insurtech players are bringing forth a new era in the insurance industry by creating an ecosystem with infinite potential for innovative products and services. Insurtech companies now have the attention of investors, well evident with the increased flow of funds. The market valuation of most insurtech startups is rising significantly. According to a report by Statista, investments worth $7.6 billion were made for insurtech firms across the world in 2018. Three leading companies that are influencing the insurance sector with their capabilities and diversified range of products are listed below.    

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Covr Financial Technologies

The company, founded in 2013, has a set of offerings for financial institutions that simplify the policy buying and selling processes. By partnering with firms, it makes life insurance and long-term care insurance products easily accessible to customers. To make the internet a viable platform for buying and selling insurance products, it provides firms with turnkey solutions and enables better digital performance. Covr Advisor, Covr Consumer and Covr Insight are the three major offerings from this insurtech firm. Under Covr advisor, clients get to use a co-branded dashboard that promotes the ease of matching customers with the right insurance policy. It takes into consideration several aspects, and provides comparable results from which policy advisors can conveniently pick suitable coverage policies. Covr Consumer is a platform where insurance companies can enlist their products and policies for online customers. Covr Insight delivers dynamic management capabilities to insurance firms with monitoring and analytics tools. 

Check This Out: Top Insurtech Startups

Tremor Technologies Inc.

Tremor provides a smart platform for both buyers and sellers in the insurance sector. With transparency being the driver, the company has created an independent marketplace that allows the trade to prosper while the buyers are also benefitted from the transparency in pricing. The process of quoting becomes convenient on Tremor with its quoting language. The online marketplace is defined by rules that have the power to map quotes optimally and make the best possible allocations. From insurance to reinsurance, every process is designed to be conducted under managed risk scenarios that minimize vulnerabilities. The service provider offers an excellent opportunity to introduce trust and accuracy with its technologically advanced back-end systems and matching algorithms.

Pineapple

Pineapple is an innovation-led insurtech company that upgrades the peer-to-peer insurance segment. The company ticks all the right boxes concerned with modernized insurance services. With its app-based platform, it provides users with comprehensive coverage within a few minutes. The process is extremely simplified and ensures the maximum amount of efficiency. The pricing system on the platform is flexible and eliminates extra charges. The whole process is digital and does not involve any calls or paperwork. The services can be availed throughout the day, with instant coverage being the principal feature. Pineapple functions in a transparent manner with fair pricing models that cover anything and everything, ranging from furniture to appliances. Users can take a picture and upload the same on the app, and the service providers take care of the rest. With high-end technology at the back, Pineapple gives the best services and customer experience.

Insurtech is enabling the insurance industry to welcome services and solutions that give insurance companies better opportunities and customers a better experience. As the market matures, the number of entrants will rise, leading to a competition, which is fuelled by innovation.  

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