The insurance industry is awash with change, growth, and evolution. The catalysts are an increasingly consumer-driven market and insurance carriers’ need to improve profitability. The insurtech community is evolving in parallel with the industry in its aim to support this new, unchartered journey. You can’t turn your back lest you miss hearing about a new startup solution’s changes or successes. It isn’t enough to keep your eye on the new shiny stuff that comes out; you have to watch the evolution of each startup, as odds are all carriers will have a need at some point. Making it even more challenging to pick the winners, mature solution providers are evolving and partnering with insurtech companies to create even better solutions.
We all have those companies that we have watched or that caught our eye over the past year or two, but what are they up to? How have they changed since you last saw them on stage at some event or in some random press release? A few that are noteworthy and that can be seen at InsureTech Connect this year in Las Vegas include:
- Benekiva has gone far beyond the typical claims automation software and its pilot with Homesteaders Life. It has added two more carriers to its platform in less than a year, which has helped it configure the system to go beyond simple claims to handle complex ones. The team has even added interest calculations on the claims side, which most of the policy administration systems don't complete, meeting a great need.
- Atidot’s unofficial motto for the year has been “go wider and deeper,” and it has focused on the identification of underinsurance. Atidot has spent the last year fueling its growth by formalizing strategic partnerships with both tech and service providers, such as iPipline, Microsoft, and Sureify, all while strengthening its dashboard’s technological capabilities and ease of use. With new pilots and integrations underway with leading insurance companies, Atidot recently passed the milestone of analyzing 6 million policies and continues to improve its capabilities and utility. And the company isn’t done yet; it plans to reveal two new solutions at ITC focused on predictive risk capabilities, allowing executives to monitor the state of their books of business and their outlook at any given moment, and on the reassignment of policies.
- Healthcare.com does away with all the industry jargon to create an initial connection using consumer-friendly terms and graphics. Mainstream retail references break down the initial anxieties and create a level of familiarity for consumers, something that is often overlooked. As the individual market is set to expand, it is incumbent on the platform to create a seamless and personalized workflow, which Healthcare.com delivers. The combination of these two key areas create an air of ease for the consumer, leaving the complexities of healthcare behind the scenes—where they should be.
- Zendrive’s focus is on proving that telematics is more than just data about how a vehicle is being used. Through the evolution of its smartphone-based system, the firm has moved beyond just compiling driving data and now offers features that help reduce distracted driving, notify personal contacts in the event of a crash, provide feedback for users to save fuel, and detect and prevent fraud. Zendrive provides a system that allows carriers to move beyond usage-based insurance and to behavior-based insurance as well as focus more on the customer.
- AC Global Risk’s Remote Risk Assessment accurately translates vocal information into levels of risk that can be used for discovery and further investigation to mitigate fraud. The remarkable thing is how the insurance marketplace is racing toward digitization and is therefore open to innovative ways to improve processes, reduce fraud loss, and increase customer satisfaction across the entire ecosystem. ACGR’s challenge was to identify the most relevant problems—where the stakes are the highest—and adapt its business value equation to excite the insurance market. Its results are promising and are illustrated by its partnerships with a handful of leading companies eager to address these problems.
Don’t miss getting the updates from these companies and so many more at InsureTech Connect 2019, September 23 to 25 in Las Vegas. The Aite Group insurance analyst team will be there in full force to keep our watchful eye on the industry and the changes occurring in the insurtech community. Aite Group is happy to partner with ITC and provide you with a $200 discount. Click HERE to register.
And if your focus or concerns are on fraud, you won’t want to miss the private Aite Group panel discussion and networking breakfast, The Future of Fighting Insurance Fraud: Using Data to Combat Fraudsters, on Tuesday, September 24, at the MGM Grand. This 90-minute seminar will be broken into two panels focusing on life insurance fraud and P&C insurance fraud, showcasing carriers and vendors.