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TOP 10 Innovative Insurtechs of 2022

4 minutes 42 seconds read

Amidst rapidly growing inflation in India, catastrophic war situations in Ukraine and Russia, and an economic crisis in Sri Lanka, the outset of 2022 has been witnessing uncertainties, risks, and financial crises worldwide. Financial stability has become a global priority now. And the key focus has now shifted to insure everything around whether it’s people, pets, or things.

With this emerging customer demand for insurance solutions comes the challenge of providing an exceptional customer experience. AXA Insurance launched a multiplayer online game to spread awareness about the need for insurance. More than 600,000 players visited the AXA office in real life within five months of the launch.

According to Mantra Labs’ latest findings, insurance surpassed other industries by 15 times when it came to an increase in CX maturity.

The State of CX in Insurance, 2022
Source: The State of CX in Insurance

The insurtech industry is at the cusp of exponential growth garnering massive investment deals and leveraging technology like never before. Recently, Amulet secured $6 million in its latest funding round to provide insurance coverage in the Web 3.0 world. The first Rust-based decentralized finance (DeFi) insurance protocol will utilize Solana’s PoS network to offer insurance service and stable returns. According to Gallagher’s report, 143 deals were recorded worldwide in the first quarter of 2022. Keeping innovation and customers at the center, here’s a look at the top 10 innovative insurtechs of today (in no particular order) –

ManyPets

ManyPets (formerly known as Bought by Many) is the first pet insurer in the UK to offer online form-free claims. Launched in 2012, the firm introduced its own branded policies backed by Munich Re’s Great Lakes Insurance. ManyPets built its policies using a customer-led model, which leverages anonymized search data and customer reviews to identify shared customer needs unserved by competitors. The current offering includes tailor-made insurance solutions like lifetime and accident coverage for cats and dogs.

DINGHY

Dinghy is a London-based pay-by-the-second insurance provider that customizes coverage for freelancers and businesses. Using online and mobile-first solutions, customers may switch their policies on and off as needed without any upfront premiums, interest, credit checks, or fees. Dinghy also introduced ‘Freelance Assist’ where freelance legal professionals receive the flexible coverage of Dinghy with online resources and advice.

Root Insurance Co

Root is a US-based insurtech that offers insurance solutions to drivers in case of collisions as well as comprehensive protection and medical payments, personal injury protection, and more. At first, drivers need to download the mobile-app and perform test driving for a couple of weeks. Once the driver passes the driving test, they are offered a premium based on their driving score generated during the test drive which differentiates the company from traditional car insurance.

Riskwolf

Riskwolf is a Switzerland-based insurtech that enables insurers to build and operate parametric coverage for digital risks using real-time data and dynamic risk modeling. This prevents loss of income from internet disruptions due to bad weather, natural disasters, or accidental cable cuts. Riskwolf enables telecommunication, internet service, e-commerce, and other digital platform providers to raise real-time insurance claims by detecting connectivity problems and automating the payment process.

Fitsense

Fitsense is an Australian insurtech that enables health & life insurers to customize products and services by using the app and device data. The platform captures health data from multiple wearable devices and health-tracking apps and then combines it to generate unique scores for its customers. These scores are then used to create personalized insurance policies to suit individual needs in real-time which helps insurance firms to minimize claims and increase revenue streams. 

SHIFT TECHNOLOGY

Shift Technology is a Paris-based tech firm focused on creating AI-native solutions for insurance companies. The insurtech enables insurers to defeat fraud, cyber-attacks, or hacks, and automate claims. 

Hippo Insurance

Hippo is a US-based insurtech that provides property & casualty insurance, which covers the policy holder’s home and belongings as well as liabilities from accidents that occur on the protected property. The company leverages public data, satellite images, and smart home devices like water-leak sensors to accelerate the application process and reduce claims. Hippo claims a customer quote time of just 60 seconds and offers a complimentary smart home monitoring system to eligible customers combined with a discount. 

NEOSURANCE

Neosurance, headquartered in Milan, provides insurers with customer insights and a profiling platform. A push notification is delivered to the user’s smartphone along with a 7-second insurance policy sign-up. This enables the insurer to send the right insurance offer whenever the customer needs it. 

Coincover

Coincover provides corporate and consumer protection for NFTs through an insurance-backed solution. The company protects its partners’ wallets and the NFTs they possess from hacking, phishing, and other illegal activity, while also providing an insurance-backed guarantee if something goes wrong. Their offering also includes a disaster recovery service, which is a backup key recovery service that allows NFTs to be recovered in the event of lost passwords.

LIVWELL

LivWell Asia is a blockchain-based gamified insurtech and health engagement application. The insurtech aims to make insurance accessible to millennials by making it rewarding and activity-based. Its offering includes low-cost bite-size health and term insurance in India and Vietnam aimed toward Gen-Z. 

Businesses are heading to metaverse-based ecosystems where solutions based on blockchain technology are on the rise. Unique insurance solutions are clear evidence of rapidly evolving customer expectations. Hong Kong-based virtual insurer OneDegree teamed up with Munich Re to insure digital assets due to increased demand from Non-Fungible Token (NFT) holders seeking security against hacking and theft. With investments and advancements on the go, the future of insurance sure looks promising.

(Note: The insurtechs highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today.)

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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