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 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.
Top 10 Insurtech Companies You Should Know
- Next Insurance
- Policygenius
- Clearcover
- Lemonade
- GoHealth
- Oscar Health
Insurtech Companies to Know
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: 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: 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: 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: 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.
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: 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: 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: 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: 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: 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: 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: Columbus, Ohio
How it uses insurtech: Bold Penguin makes quoting software and other digital solutions for businesses throughout the insurance industry. Its Storefront Pro offering, for example, gives insurance agents and brokers access to a customizable app they can use to establish an online quote experience that features their branding and enables efficient lead generation.
Location: Denver, Colorado
How it uses insurtech: 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: 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: Boston, Massachusetts
How it uses insurtech: 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: 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: 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: 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: 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: 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: 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: 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: New York, New York
How it uses insurtech: Spark Advisors is a technology partner for insurance businesses, offering solutions that improve productivity and enable growth. The company’s all-in-one platform comes with features for broker management, marketing, data reporting, customer support and other important business functions.
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: Chicago, Illinois
How it uses insurtech: Origami Risk offers SaaS products for assessing and mitigating organizational risk, as well as managing insurance operations. The company provides businesses in the property and casualty insurance space with cloud-based solutions that cover claims and policy administration along with billing.
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: 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: 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: 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: 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: 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: Milwaukee, Wisconsin
How it uses insurtech: Northwestern Mutual provides insurance and financial planning services. Its offerings include life insurance and disability insurance, and the company offers tools for calculating coverage estimates and matching customers with advisors to meet their specific needs. The company says its software engineers, data scientists and other technology team members collaborate on “building creative solutions to make finance accessible anywhere.”
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.
Location: New York, New York
How it uses insurtech: Businesses use Healthee’s AI-powered technology to keep their employees informed about what health benefits are available to them and how they can access care. The Healthee virtual assistant known as Zoe can provide personalized answers to coverage questions, for example, and the company can help HR teams streamline open enrollment processes.
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.
