UPDATED BY
Brennan Whitfield | Mar 29, 2024

Regardless of where you live or who you are, protecting your home, assets and loved ones will always be a key concern. In a world full of uncertainty, people from all backgrounds want to be sure they’re safeguarded from threats, potential disasters and loss of property. 

Enrolling in home, auto, health or other types of insurance can bring peace of mind, but as anyone who has tried to navigate the buying exchanges will know, this can often be easier said than done.

What Is Insurtech?

The mixing of insurance knowledge with technology like AI and data science to simplify the industry and streamline the enrollment process.

The barriers to enrollment are many, and with so many complicated coverage options, convoluted eligibility requirements and fine print to sort through, the insurance industry is in need of a makeover. Thankfully, the insurtech industry has arisen to do just that.

 

What Is Insurtech?

Insurtech companies blend tech with a deep knowledge of the insurance sector to help insurance companies and brokers become more successful and efficient. Insurtech innovators leverage technologies like AI and data science to reduce the need for repetitive processes and tailor plan options to what each customer needs, streamlining the journey from inquiry to enrollment.

Insurtech has enjoyed a steady rise to power as insurance companies work to provide better experiences for their customers. Globally, insurtech investments hit a record high in 2021

Take a dive into this list of insurtech companies that are making insurance more accessible and helping more Americans stay protected.

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Top 10 Insurtech Companies You Should Know

  1. Next Insurance
  2. Zipari
  3. MetroMile
  4. Corvus Insurance
  5. Policygenius
  6. Clearcover
  7. Lemonade
  8. GoHealth
  9. Oscar Health
  10. Bright Health

 

Insurtech Companies to Know

Location: Boston, Massachusetts

Founded by veterans of the insurance technology industry, Hi Marley provides communication tools centered around text messaging that help streamline communication between insurance professionals and their customers. In addition to facilitating SMS-based communication, its cloud-based platform offers a range of internal tools that allow reps to translate messages across 19 languages, collaborate with each other and receive real-time coaching.

 

Location: Denver, Colorado

Founded in 1998, SambaSafety helps companies analyze fleet data to identify high-risk drivers and intervene before accidents happen. The company’s models draw on decades of data collected about more than half a billion drivers and SambaSafety says customers using its continuous monitoring tools see a 22 percent reduction in driving violations. With its Volta platform, the company also works with insurance providers to make more informed and accurate underwriting decisions based on the risk profile of a company’s entire driver population.

 

Location: Boston, Massachusetts

How it uses insurtech: Simply Business is an insurance brokerage catered toward small business. It offers price-optimized choices to its clients through a proprietary quote comparison tool. Its platform takes into account various features in addition to pricing. These insights are driven by its rich data stores to pre-screen insurance offerings before presenting them to clients. 

 

Location: Fully Remote

How it uses insurtech: Gradient AI uses machine learning and AI to improve outcomes in underwriting and claims management. By using the AI’s ability to process massive data sets, the company’s software can identify drivers of claims costs and predict outcomes in a range of insurance contexts, from workers’ compensation underwriting to group benefits administration.  

 

Location: University Park, Illinois

How it uses insurtech: Applied Systems makes process and workflow software for the insurance space. Working with clients within digital ecosystems such as Epic, its products serve companies that offer health, property and casualty insurance, as well as benefits administration. Its in-house brands include Tarmika, a commercial quoting software that automates insurance quotes, and Applied Pay, an insurance payments processing platform.

 

Location: Seattle, Washington

How it uses insurtech: Trupanion provides medical insurance for cats and dogs to pet owners in the United States, Canada and Australia. Its Vet Direct Pay software ensures bills for veterinary services get sent directly to Trupanion and are fulfilled quickly. The company says 60 percent of those direct payments are taken care of in a window of one minute or less.

 

Location: Boston, Massachusetts

How it uses insurtech: Liberty Mutual Insurance offers automotive, property and other types of insurance coverage to individuals, businesses and corporations. On the homeowner and driver side, processes including filing a claim can be handled online, and for corporate buyers, Liberty Mutual has an umbrella policy that simplifies coverage, providing broad terms such as worldwide coverage, shaving of limits and tracking aggregates.

 

Location: Fully Remote

How it uses insurtech: Spot Insurance is an insurance company that provides coverage for trips, event passes and tickets and personal injury. It works with major providers of adventure sport experiences, like the International Mountain Bicycling Association and USA Cycling, to provide opt-in insurance coverage for athletes and event participants.

 

Location: Fully Remote

How it uses insurtech: Vouch provides insurance to technology companies in industries like fintech and digital health. Its offerings include general liability insurance, errors and omissions insurance, employment practices liability insurance and crime insurance. The company’s has worked with more than 4,000 clients, bringing them coverage options that are designed to grow with them.

 

Location: New York, New York

How it uses insurtech: Chapter provides guidance that helps people make decisions about their Medicare coverage. Chapter’s online tools link its users with advisors and advocates who can inform them about when to enroll, the options available to them and finding the right plan to meet their needs. The company also has online calculators that can be used to lay out associated costs and enrollment windows.

 

Location: Denver, Colorado

How it uses insurtech: Parsyl uses data and sensors to bring insurance and risk management solutions to shipping and logistics customers. The company says its services can help organizations save money, while also enabling greater supply chain visibility and reducing waste.

 

Location: New York, New York

How it uses insurtech: MetLife has been providing insurance since the 1800s, and today offers annuities, employee benefit programs and coverage on everything from health, life and auto to long-term and disability care. To simplify coverage for small business, MetLife rolled out Simply Smart Bundles: employee benefits product packages that are fully customizable and allow small business owners to offer comprehensive benefits in one transaction.

 

Location: Chicago, Illinois 

How it uses insurtech: High Definition Vehicle Insurance helps commercial trucking fleets get competitive, discounted insurance rates. The company’s technology lets their customers track safety metrics and set safety goals for the trucks, and safe driving is rewarded with discounted monthly premiums.

 

Location: Austin, Texas

How it uses insurtech: Acrisure Innovation provides AI-enabled insurance solutions for both individuals and businesses. Acrisure’s offerings also cover reinsurance, cyber services and mortgage origination.

 

Location: Chicago, Illinois 

How it uses insurtech: Choosing a healthcare plan can be confusing, but GoHealth is working to streamline this process. An advanced platform relies on machine learning algorithms to match consumers with plans that meet their unique needs. Licensed agents and telecare teams provide support during and after the selection stage.

 

Location: Austin, Texas

How it uses insurtech: ePayPolicy believes the independent insurance market has an outdated process of making payments, so the company delivers secure, online payments for insurance customers. Besides being more convenient for customers, insurance companies receive API integrations like AutoPay, support from an insurance payment expert, automated check payments and a customizable payment page that can link across communication software.

 

Location: Cambridge, Massachusetts

How it uses insurtech: EverQuotes strives to reshape how customers shop for insurance plans. As insurance shopping shifts to the digital marketplace, the company ensures customers can save money and uses advisors to educate what plans customers should consider. Insurance agents utilize the platform to view customer profiles and discover leads.

 

Location: Bellevue, Washington

How it uses insurtech: Healthcare Management Activities employs data to design affordable and customized healthcare plans for employers. With 35 years of experience, HMA has also developed a member portal with administrative support services like locating an in-network doctor or viewing coverage details.

 

Location: Austin, Texas

How it uses insurtech: The Helper Bees is on a mission to help older adults remain healthy and independent while staying in the home they love. The company partners with insurance carriers and health plans to improve in-home care through data collection, which is performed with the company’s aging-in-place platform and collected from in-house and network staff. From there, experts can determine which personalized teams and equipment should be delivered.

 

Location: New York, New York

How it uses insurtech: Pumpkin provides insurance plans for cats and dogs, and its goal is to make pet insurance more affordable and accessible to owners. With these insurance plans, owners submit claims online and then receive reimbursement for the vet expenses. Pumpkin also offers Preventive Essentials — a wellness package for routine care — that includes parasite screenings, annual wellness checkups and vaccines.

 

Location: Fully Remote

How it uses insurtech: Sure offers digital insurance plans to consumers and powers API-based platforms for global brands and carriers, who can use Sure to manage insurance distribution, policies, claims and agent communication. The platform strives to simplify and centralize business data securely. The modular components work to streamline services for consumers too, like quotes, billing details and claim payments.

 

Location: Boston, Massachusetts

How it uses insurtech: Corvus Insurance implements AI technologies in its risk prediction platform to help insurance brokers better anticipate losses and better protect policyholders. In order to help clients better secure their assets in the digital era, Corvus Insurance provides cyber coverage services designed to protect people from cyber threats.

 

Location: Chicago, Illinois

How it uses insurtech: Kin Insurance is a home insurance company that seeks to provide homeowners in high risk regions with coverage for their properties and assets. The company simplifies the process of insuring a home by utilizing advanced analytics to turn home data into tailored policies, all while maintaining affordable pricing.

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Location: Austin, Texas

How it uses insurtech: CertifID works with realtors, law firms, home buyers and sellers, title companies and lenders to prevent wire fraud with its digital identity and device verification platform and insure wire transfers of up to $1 million dollars. The platform secures bank details for each transaction to validate each party’s identity before the transaction is complete.

 

Location: New York, New York

How it uses insurtech: Cover Genius designs platforms for embedded insurance for consumer purchase. The company distributes customizable insurance bundles, rental car insurance and warranty and shipping protection. Other services include XClaim, which manages claims and claim payments, and BrightWrite for product recommendations and pricing analytics. Cover Genius is available on eBay, RyanAir and more.

 

Location: Chicago, Illinois

How it uses insurtech: Clearcover seeks to connect car owners with insurance options at more affordable rates, offering a centralized mobile app with which customers can file claims, keep track of billing and view their insurance ID information.

 

Location: Dallas, Texas

How it uses insurtech: Bestow is an insurtech company that focuses on life insurance, offering software technologies that empower users to learn and discover life insurance options that better protect themselves and their families. Bestow’s tools deliver price quotes on demand in seconds, removing barriers to enrollment and helping users get the best coverage for their needs.

 

Location: Ann Arbor, Michigan

How it uses insurtech: Groundspeed Analytics’ team leverages the power of machine learning and AI technology to help companies in the insurance industry unlock the potential of their unstructured data. Groundspeed Analytics guides companies in using data to increase their revenue, gain better insights and automate repetitive processes.

 

Location: Washington, D.C.

How it uses insurtech: Pie Insurance is dedicated to providing tech-enabled workers’ compensation programs to small businesses across the United States, utilizing data analytics to assess risks and help companies save money. Pie Insurance works with companies in a broad variety of industries ranging from food service to landscaping, and works with a client base spread across 38 states and Washington, D.C.

 

Location: San Francisco, California

How it uses insurtech: At-Bay is an insurance provider that employs cyber experts who are equipped to assess clients’ digital risk in order to enhance insurance coverage and minimize the potential for exposure. The company offers cyber, technology errors and omissions and miscellaneous professional liability insurance.

 

Location: San Francisco, California

How it uses insurtech: Embroker’s intelligent business insurance platform uses technology like AI and machine learning to make seeking business insurance simpler and less expensive. The company provides policies for a range of industries, including tech, law and cannabis.

 

Location: Chicago, Illinois

How it uses insurtech: Clients use Snapsheet for its virtual appraisal technology and cloud-native claim management software. The company’s products include automated tools for payments and Intelligent Photo Acquisition so that customers can submit photos for claims via SMS or email.

 

Location: Denver, Colorado

How it uses insurtech: Vertafore provides technology solutions for insurance agencies and brokers, carriers and managing general agents. The company’s InsurLink product, for example, lets agencies provide clients with a 24/7 self-service digital portal, while WorkSmart helps to streamline workflows.

 

Location: New York, New York

How it uses insurtech: Policygenius works to make shopping for insurance easier, providing a one-stop shop where customers can compare insurance rates and sign up for the best ones for their needs. Policygenius’ online platform displays a broad range of policy options for various use cases, from life and disability insurance to pet insurance.

 

Location: San Francisco, California

How it uses insurtech: Doma, formerly known as States Title, is a real estate insurance and loans company that utilizes smart technologies to make escrow and loan closing more streamlined and efficient. Doma’s technologies for homeowners, lenders and agents has been shown to speed up the process of closing loans, and offers features like remote closing, instant underwriting and more.

 

Location: San Francisco, California

How it uses insurtech: Extend works with retailers and merchants to upgrade their warranties and protection plans to meet the needs of the digital era. Extend’s warranty and product insurance tools can be integrated with pre-existing e-commerce sites to make enrollment in protection plans more intuitive.

 

Location: San Francisco, California

How it uses insurtech: Newfront Insurance has the goal of fully modernizing the insurance industry with the help of high-tech software and machine learning tools. Working with both clients and brokers, the company’s web platform reduces challenges to buying and selling and helps clients build customized plans to manage the risks in their particular industries.

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Location: Fully Remote

How it uses insurtech: Stride is an insurance broker that helps people discover the right health plans. The company is a partner with Healthcare.gov and other state marketplaces, so users can compare these plans to private plans too. Additionally, the company can track income, deductions, mileage, automate tax fillings and supply exclusive discounts on prescriptions, eyewear and more. Stride also offers plans for individuals and businesses for dental, vision and life insurance.

 

Location: Palo Alto, California

How it uses insurtech: Ladder utilizes modern digital tools to connect users across the country with life insurance plans entirely on the internet. Ladder’s services feature no hidden fees and scalable coverage, and its AI-powered platform works to connect more and more users with plans and reduce accessibility barriers to getting insured.

 

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Location: Minneapolis, Minnesota

How it uses insurtech: Bright Health offers customers a digital-based health insurance service platform that connects users with broker partners in order to reduce complications in enrollment. The company’s streamlined platform also offers solutions for providers looking to better serve and connect with their patients, helping to reduce the costs of insurance while increasing patient satisfaction.

 

Location: Palo Alto, California

How it uses insurtech: Next Insurance works with enterprise clients in a broad range of industries from retail to construction, offering a digital platform with which companies can protect their assets and boost their growth. Its platform helps small businesses stay covered, offering services like liability insurance, workers compensation, equipment insurance and other options.

 

Location: New York, New York

How it uses insurtech: Haven Technologies is a SaaS solution that helps insurers leverage their platforms. Whether its disability or life insurance, the software can launch new products, transfer and manage clients’ bookings, complete operational tasks and establish consistent user experiences. The software also has data integrations and performs product analytics.

 

Location: Fully Remote

How it uses insurtech: Flume Health is looking to digitize health plan administration. The company believes third-party administrators slow down innovation in healthcare plans, due to traditional paper-based processes, so its Flume OS is designed to monitor payment processing, enrollment eligibility, claim processing, member support and more.

 

Location: New York, New York

How it uses insurtech: Zipari is a startup that supports health insurance companies in their customer engagement and digital-facing operations. Zipari’s technologies keep tabs on important customer data and transform numbers into tangible insights that can help insurers improve their outreach and increase their ROI.

 

Location: Fully Remote

How it uses insurtech: Navigating the complexities of insurtech can be easier with DAIS Technology. The company aims to provide agencies with no-code software that creates and manages insurance products. Founded in 2016, DAIS strives to eliminate IT assistance, integrate data and insights and connect partners through APIs.

 

Location: San Francisco, California

How it uses insurtech: Ethos Life’s team wants to help families enroll in the right life insurance plans for their needs easily and quickly, supporting a software platform that offers instant, on-demand enrollment. The insurtech company’s service model turns customer lifestyle information into quantifiable data points, and then utilizes technologies such as predictive models to develop a strong picture of a customers health risk. Customers can then use that data to discover insurance options and both apply and activate their coverage within minutes.

 

Location: New York, New York

How it uses insurtech: Lemonade is a peer-to-peer insurtech company that aims to simplify the insurance sign-up process by eliminating middlemen and encouraging quicker enrollment. Whether they are looking for pet insurance, renters insurance or anything in between, Lemonade’s platform streamlines insurance enrollment and speeds up the process of reimbursement.

 

Location: San Francisco, California

How it uses insurtech: Metromile aims to connect more drivers with affordable car insurance options, providing a pay-per-mile insurance service that only charges customers for the amount they drive. The company’s software platform provides capabilities like mileage and fuel tracking to help customers stay on top of their energy usage and to simplify the auto insurance system.

 

Location: Palo Alto, California

How it uses insurtech: Hippo Insurance combines home insurance coverage with smart home technology. Once customers input information about their property on the Hippo website, the company says they can get an insurance quote in under a minute. Hippo’s policies come with smart home monitoring systems to help prevent claims by using sensors that can detect things like water leaks. The company also offers its Hippo Home Care product to connect customers with a home health profile and expert maintenance advice.

 

Location: Cambridge, Massachusetts

How it uses insurtech: Insurify applies AI technology to shopping for auto, home, life and renters insurance. The company says it can provide customers with personalized quotes from providers like Nationwide and Travelers in five minutes or less. Insurify also tells them what discounts they qualify for, and policies can be bought online or through a call with an agent.

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Location: New York, New York

How it uses insurtech: The team at Oscar Health recognizes that navigating insurance sites and enrollment can be overly complex, so it delivers a centralized platform where users can receive support and discover plans more easily. Oscar offers a range of scalable health insurance services for individuals, families and businesses, and makes it easier to access digital ID cards, renew prescriptions and find local providers.

 

Location: New York, New York

How it uses insurtech: Haven Life takes advantage of open source technology to help customers purchase life insurance policies online with fewer complications or obstacles. With backing from MassMutual, Haven Life offers its customers a unique combination of industry credibility and a startup ethos, making it possible for the company to streamline policy buying without compromising reliability.

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