Thousands of new startups are founded every year, despite considerable disruptions and challenges to the global economy. To introduce you to emerging technologies and startups in the insurance sector, we analyzed a total of 470+ InsurTech startups & scaleups.
Global Startup Heat Map reveals 5 InsurTech Startups You Should Watch in 2021
Out of 470+, the 5 InsurTech startups to watch this year are chosen through the Big Data & Artificial Intelligence (AI)-powered StartUs Insights Discovery Platform, covering over 1.3 million startups & scaleups globally. The platform gives you the most exhaustive collection of solutions and ensures you continuously discover new startups, scaleups, and technologies. This enables you to easily scout for insurance technologies and startups that matter to you and drive innovation in your industry forward.
The Global Startup Heat Map below highlights the 5 InsurTech startups you should watch in 2021 as well as the geo-distribution of the other 471 startups & scaleups we analyzed for this research. The 5 highlighted InsurTech startups are hand-picked based on our data-driven startup scouting approach, taking into account factors such as location, founding year, relevance of technology, and funding, among others.
Saphron makes Insurance more Accessible to accelerate Financial Inclusion
Many emerging economies across the world do not have enough financial inclusion in their economy. Currently, however, the insurance industry is amidst a systematic change in business operations similar to the digital transformation seen in the financial service industry. By leveraging the widespread use of smartphones and internet access, insurance providers are marketing their products online so that everyone in the economy gets a chance to be financially included.
Philippines-based startup Saphron makes insurance more accessible to people in Southeast Asia in order to drive financial inclusion. NAN.AI is built for microinsurance agents to enable client onboarding in less than a minute. This makes insurance seamlessly accessible in the micro-market. Additionally, the startup offers SAPHRON MARKET, an online marketplace for on-demand protection and insurance accessories.
Cleverea offers Mobility Insurance
Considering the rapid increase in the different forms of transportation such as e-scooters and other micro-mobility solutions, the mobility insurance industry has the scope to make its product portfolio reflect this change. For example, insurance products that are available for users traveling by plane provide the user with flexibility in terms of canceling or rescheduling their travel. However, multi-modal transportation services offer barely any insurance products. To this end, startups develop micro-mobility insurance products and solutions that are flexible in nature and insure a variety of micro-mobility solutions.
Spanish startup Cleverea offers mobility insurance solutions to end-users. Motorcycle insurance, scooter insurance, and bicycle insurance are some of the products in the startup’s portfolio. All these insurance products are customizable in nature to meet specific user requirements. Further, the insurance products use GPS locator data to cover civil liability and to provide roadside assistance in case of emergencies.
Life & Health Metrics develops a Bio-Age Assessment Solution
Effective risk management is essential in terms of designing and pricing insurance products. However, aging, including life expectancy and mortality, is still extrapolated based on old historical data. Today, smartphones and smartwatches track the step count of users and gather data on other activities including social interactions. This enables artificial intelligence algorithms to analyze insurance risks and provide the necessary inputs for calculating premiums. Startups and scaleups leverage real-time data from users to assist the customization of insurance products.
US-based Life & Health Metrics, an InsurTech initiative of gero.ai, develops a tech-based bio-age assessment tool that calculates the lifespan of the insured. This supports insurance companies in terms of risk evaluation and customizing the insurance products accordingly for users. The startup leverages human locomotion activity in terms of steps for a trained neural network to determine age corresponding to movement patterns and deviations from chronological age. Further, the startup’s algorithms are validated on vast amounts of real data from the UK Biobank and NHANES.
FeenPOP builds a Business Process Services Platform to accelerate the Digital Transformation
The insurance industry along with the financial services industry is undergoing a digital transformation. For example, predictive analytics solutions assist with critical business insights and enable faster decision-making. Additionally, various manual and time-consuming processes are automated enabling insurance companies to strengthen their core business operations while increasing sales, productivity, and profits.
Swiss startup FeenPOP offers a business process services platform for the insurance industry. The startup analyzes compliance strength, innovation value, and business model execution of insurance products. Further, the startup’s open Platform-as-a-Service (PaaS) has a wide range of features whose aim is to select, connect, and operate business services and processes thereby speeding up digitization.
Agiliux offers Software-as-a-Service (SaaS) Solutions for Insurance Companies
Insurance companies across the world offer hundreds of customized policies through multiple channels. To reduce the associated costs, insurance companies sometimes choose to use third-party software for their day-to-day operations. To this end, global startups & scaleups take various insurance-specific parameters into account to provide software solutions that support insurance agents.
Malaysian startup Agiliux offers SaaS solutions for insurance companies, brokers & agents. The startup enables policy holders to submit their claims online by filling in the claim form through the portal thus maintaining full data integrity. The software solution also enables customers to upload any supporting documents or evidence(s) requested upon the claim submission. Further, Agiliux connects companies with other partners, making it easier to sell policies over SMS or telemarketing, for example.
Discover all 470+ InsurTech Startups
The 470+ InsurTech startups are only a small sample of what we identified during our research. Explore our free InsurTech Innovation Report for a broad overview of the industry or get in touch for quick & exhaustive research on the latest technologies and emerging solutions that will soon impact your company.