Insuranceciooutlook

4 Promising Insurtech Startups Burgeoning Insurer Success

By Insurance CIO Outlook | Tuesday, September 03, 2019

Young entrepreneurs are discovering new ways to unleash the potential of insurance technology to the fullest. Innovative insurtech startup initiatives are attracting investors to open broader business opportunities. Read on!    

FREMONT, CA: With the focus on accelerating insurance technologies, insurance leaders are exploring possibilities with emerging innovations. Big data, cloud computing, artificial intelligence, blockchain technology, and many others contribute to increasing the growth and efficiencies of the industry. Insurtech reflects a digital ecosystem that modernizes the business model to provide insurance intelligence strategy for today's digital era. Young entrepreneurs successfully raise funds and establish insurtech companies with an aggressive approach. Improvising the different segments and their ways in the industry, high-tech tools and solutions offer better results, lower costs, and customer satisfaction. From significant funding to partnerships, insurance industry experiences improvisations and development in the products, services, and strategies.

· Coalition: Cybersecurity Insurance Solutions

Founded in 2017, Coalition, a cybersecurity provider for insurance companies offers free cybersecurity tools and insurance coverage, by raising $10 million as its recent funding. It helps to protect the insurance business from cyber threats and manage the risk problems. The provider enhances the insurance business-standard, apps for risk management for the organization, guides in security investments, and prevents loss. Coalition’s cybersecurity application can significantly reduce the costs to detect the threat, recover the lost data, and contain a breach over 40%.  

· CyberCube: Risk Management

CyberCube, a cyber risk analytics platform, offers software-as-a-service for cyber risk aggregation modeling and insurance underwriting. The platform focuses on solving the most sophisticated risk challenges in insurance with high-class analytics and unmatched data. It combines the expertise of data science, cybersecurity, artificial intelligence, software engineering, actuarial modeling, and commercial insurance. CyberCube’s risk analytics platform helps the organizations to configure frequency and severity controls in the probabilistic model, and create their risk view. It efficiently manages the tail risk of insurance portfolios by measuring the probability and loss potential of systemic cyber-attacks.

· Digital Fineprint: Data insights

Digital Fineprint, by receiving $3.1 million as its funds, develops SaaS-based solutions. The company’s product, the DFP Risk Atlas suite, provides a 360-view of real-time risk profiles and insurance needs for SMEs. It improves the customer reach and profitability in the insurance market. The advanced suite accesses and creates actionable insights, which helps the insurers to build a strong relationship and engage the customer. Collecting unique and useful data identifies any changes in the customers’ profile to track risks in real-time. The actionable insights open opportunities for up-selling and cross-selling by quickly understanding the customer’s insurance needs in real-time.

· Phinsys: Finance Automation

Phinsys, founded in 2012, builds a platform for intelligent insurance solution. The company’s integrated tools deliver systematic controls and optimize financial close and reporting processes. The automated tools provide improved financial management, regulatory compliance, and overall performance. It establishes a range of IT-based tools and provides building blocks for solving complex real-time problems. The company’s insurance product-range focuses on insurance credit control system to support management and reconciliations.

With the massive scopes and opportunities in the insurance industry, technology has opened doors to the futuristic tools and solutions. Insurtech startups have revolutionized the insurer ways of approaching customers and creating a profitable business. From precise risk monitoring facilities to automated insurance validation, insurtech experiences rapid growth and success in the global market. 

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