Insurtech startups are changing the insurance industry with innovative products and services. These startups offer highly personalized premiums, comparison shopping tools, and mobile apps.

By enabling customers to manage their policies from anywhere, in any way, in any language, in any currency, in any language, they are redefining what insurance can be. As a result, these companies are redefining the way that people shop for insurance.

Best Insurtech Companies in The US

With the emergence of insurtech, conventional insurance companies remain the frontrunners due to regulations and the capital required for an insurance license. Nevertheless, these companies are often benefiting from partnering with insurtech start-ups, as this allows them to tackle newer business models such as microinsurance and on-demand insurance.

These Insurtech companies manage many niche segments of the market, ranging from those operating as aggregators & distributors, API developers, healthtech, IoT, and online first insurance providers. Here are few of the very best in the US :

Slice Labs

Slice Labs offers pay-per-use insurance for drivers while they are on the job. And Shift Technology, founded in 2014, uses innovative technology to solve global insurance challenges.

The company uses advanced algorithms to reduce fraud and automate claims. It allows users to focus on suspicious cases while avoiding false positives.

Breathe Life

Breathe Life is another insurtech company in the US. Founded in Palo Alto, this startup is a pioneer in the life insurance industry. Its products provide more comprehensive coverage than competitors and has been valued at over $1 billion.

With the help of IoT devices, it helps identify issues in the home before a claim is made. With this approach, Hippo has become one of the best Insurtech companies in the US.

Matic Insurance

Matic Insurance is an American health insurance company that has been recognized as one of the best Insurtech companies in the US. This digital P&C insurance marketplace has pioneered the concept of embedded insurance, which fits seamlessly into the home ownership experience.

Despite its early stage, the company has already won many awards, including a Techcrunch Disrupt Startup Battlefield finalist.

The top insurtech companies in the US are all focused on improving the insurance industry. InsurTechs focus on improving the current model by providing better customer experience. These firms have made a significant impact in the insurance market.

The top companies in the US are ranked according to total funding in millions of dollars. There is a lot of room for further growth in the insurtech industry. The best insurtech startups in the US will continue to lead the way. The list features both US-based and international startups. And we haven’t even touched on UK-based InsurTech.

The San Francisco-based Trov is a B2B startup that switched from a mobile insurance platform to an insurtech solution for businesses. This mobile insurance platform uses AI tech to provide insurance policies for businesses. In the UK, Trov launched an app for personal mobility and auto insurance. In the US, iota, PwC, and Aon all have successful IPOs.

Best Insurtech Companies in Asia

The world is now a digital place. And if you’re looking for a more convenient way to buy or sell insurance, then you’ll find it in the InsurTechs of Asia. These companies have solved major problems in the industry and helped improve efficiency across the value chain.

PasarPolis

Indonesia’s PasarPolis, a comparison shopping platform for insurance products, offers customised modular policies and integrates them with partner systems.

This in turn, increases patient satisfaction and lowers costs. InsurTechs in Asia are revolutionizing the insurance industry and are the future of insurance. While they are still developing, they are already transforming the way we work in the insurance industry.

PolicyPal

The PolicyPal is a MAS-licensed insurance broker, an exempted financial advisor and is Singapore’s first graduate from the MAS fintech regulatory sandbox. With the mission to help people make the right choice for their protection needs and provide them with affordable financial products, including business insurance, car insurance, critical illness insurance, endowment insurance, personal accident insurance, pet insurance, travel insurance, term life insurance, and whole life insurance.

ZhongAn Insurance

ZhongAn which operates its core insurance system on its cloud-based platform Wujieshan. They also developed advanced AI capabilities to strengthen risk management, optimize product features quickly, and enhance customer experience.

ZhongAn is an online-only insurtech company in China that develops ecosystem-oriented insurance solutions in various consumption scenarios. As of June 30, 2017, it had sold more than 9.5 billion insurance policies.

PolicyStreet

PolicyStreet is a Malaysia-based insurtech company that advances insurance and healthcare through tech. It was established to make insurance accessible and affordable for Malaysia, where 45% of the population don’t have insurance cover.

PolicyStreet offers business insurance, life insurance, medical insurance, motor insurance, pet insurance, and travel insurance through simple contract options that clients can easily understand. The company’s insurance is commission-free, and it gives rebates on the part of its popular plans.

Read more : https://proinsuranceblog.com/best-insurtech-companies-in-the-us-and-asia/