UK’s status as an innovation leader in InsurTech (insurance technology) was underlined today by the inclusion of 20 UK-based companies in the InsurTech 100, a list of innovative companies that every leader in the insurance industry needs to know about in 2019.
The 100 companies were chosen by a panel of analysts and industry experts who reviewed an analysis of thousands of InsurTech companies that was conducted by FinTech Global, a specialist research firm.
Selected companies were recognized for their innovative use of technology to solve a significant industry problem or to generate cost savings or efficiency improvements across the insurance value chain.
“The most successful of these companies will a have huge impact on the insurance industry, which could potentially be measured in billions of pounds,” said Richard Sachar, a director of FinTech Global. “It’s essential that established insurance companies are aware of which innovative companies are leveraging new technologies to disrupt the traditional insurance models. They need to identify prospective competitors or future partners,” he added.
Among UK’s leading InsurTech companies are the following:
By Miles: offers flexible pay-per-mile car insurance for low mileage drivers, plus a flat annual fee to cover their car, targeting those driving less than 7,000 miles per year.
Canopy: offers a solution to landlords and renters called Deposit Free™, which eliminates the need for expensive security deposits by providing insurance against rent arrears and damage.
Digital Risks: provides a range of commercial insurance products, such as professional indemnity and office insurance, designed to meet the evolving needs of technology and media businesses.
Homelyfe: launched a B2B platform, Aventus, which enables incumbents to create a modern, mobile-first insurance experience that consumers expect in the digital age.
Spixii: provides end-to-end integrated insurance chatbot solutions to automate insurance services from distribution to claims.
The Floow: a telematics provider, using cutting edge-technology and innovations in social science, to deliver solutions to insurers, auto manufacturers and fleet operators
ThingCo: provides telematics technology which can be used to provide personalised driving scores, access to cheap motor insurance and a better experience if they have a claim.
Waggel: a pet insurance platform where policyholders are like members; paying a subscription rather than a premium.
A full list of the InsurTech 100 and a summary description of each company can be downloaded for free from the website: http://www.TheInsurTech100.com.