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6 Insurtech Startups Reshaping Customer Service

By Insurance CIO Outlook | Friday, September 06, 2019

With insurance pacing up, insurtech startups are leveling up to provide exceptional customer experience with innovations.   

FREMONT, CA: Insurtech drives insurance companies to step up their competition in terms of customer service and contributions. Making solutions which are customer engaging and delivering tailored results could be challenging. Customers also want their insurance products to be accessible via smartphones or tablets. Insurance companies work in conjunction with rising insurtech innovations to cater to modern demands. Seeing this as an opportunity, a multitude of startups are sprouting the change.  

Pie Insurance

Pie Insurance is pioneering a completely fresh approach to small business insurance, starting with workers compensation with a fully digital experience. The company leverages data analytics, access online features, and a seasoned team of insurance experts to revolutionize workers' comp for small businesses. With extensive high-quality data sets, Pie Insurance leverages the small business companies accurately assessing risks and passing savings on to small business owners. The company recently closed an $11 million funding.

Kin Insurance

A leading online home insurance provider, Kin Insurance is an insurtech startup. It is fixing home insurance through automatic tech, inexpensive pricing, and world-class customer assistance. With innovative approaches, the company is committed to assisting catastrophe-prone areas and coastal homeowners most affected by climate change. Kin Insurance uses data to tailor policies for a home, continually trying to innovate and create exceptional coverage and to keep costs low. The Chicago-based company raised $13 million as funds.

Check out: Top Customer Service Companies

Hippo Insurance

With a tech-driven approach, Hippo Insurance offers home insurance. With the help of innovative minds, the company is providing a simpler process, smarter coverage, and an entirely new approach to how people care for their homes. Hippo offers intuitive and proactive home insurance by taking a more intelligent approach. With an estimated annual turnover of $70 million, Hippo Insurance believes that home insurance is designed to serve the needs of the customers actively.

Metromile

Metromile is a leading car insurance company using data science and machine learning to offer drivers innovative and fairer insurance. The company has come with its creative idea by building a loyal community of drivers coming for the savings and staying for the experience. It is a pay-per-mile car insurance service where the driver has to pay the insurance as per the miles they drive. The company raised $90 million with its innovative idea.

Root

Root is a car insurance carrier using an app to rate drivers based on how they drive. Using the app, the company understands individual driver behaving. Its yearly estimated funds that are raised is $100 million. Coming up with logical thinking, Root lets the people pay less for insurance according to the rating as they are much more safe-proven drivers.

Oscar                

Oscar is a health insurance company employing technology, and data to refine health care. The company offers plans that include access to a network of doctors, a personalized concierge team, and round-the-clock telemedicine under its health insurance policies. With its innovative measures, the company has raised $375 million as strategic funds.

Insurtech can better speculate the nuanced reality of a customers' everyday life, rather than forcing them to fit in an industry's conventional definition of needs. Insurtech can also make the method of obtaining insurance much more accessible. Being one of the oldest and most traditional industries, insurance was resistant to change, but not anymore. Insurtech companies are focusing on increased personalization and higher speed and effectiveness of services to meet changing consumer requirements. 

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