Nowadays, everyone needs insurance but not all get excited to get one due to policies that are difficult to comprehend, low levels of trust and more. To resolve these issues and make insurance user-friendly, several startups have mushroomed across the world. These startups are involved in developing easy to understand policies that are simple and user-friendly.
The fresh crop of insurtech startups is leveraging technological advancements by using blockchain, machine learning and other revolutionary technologies that are in the boom. These technologies are used to streamline their product lines and are passed on the customers to create an ecosystem of more efficient policies and services.
Talking about the UK, the insurtech industry has exploded recently and a number of startups have cropped up launching new products meant to make it easy for consumers. Today, we list some innovative London-based insurtech startups that are hiring at a fast rate as sourced from Dealroom.
Zego
Founders: Harry Franks, Sten Saar, Stuart Kelly
Funding: €8.6 million
Founded in 2016, Zego provides contemporary insurance solutions for enterprises. While insurance has not changed, it is the way we live and work that has changed, believes the company. Eventually, the traditional annual insurance policies do not keep up with the pace and don’t fit the modern enterprises. Eventually, Zego has come up with simpler, better and more flexible insurance policies that fit the modern world.
CloudMargin
Founders: Stuart McHardy
Funding: €9.1 million
CloudMargin was established in 2014 as the world’s first cloud-based collateral management workflow tool. The company has earned over 20 industry awards since its inception for best-in-class and innovative technology. It uses a SaaS model to help financial institutions across the world including retail banks, brokerage firms, asset management firms, investment banks and insurance companies.
Concirrus
Founders: Andrew Yeoman, Craig Hollingworth
Funding: €16.8 million
Concirrus takes a fresh approach to resolve the challenges faced by companies in the insurance industry since 2012. Its products access and interpret large sets of behaviour-based data sets and combine the same with historical claims information. This way, they can reveal behaviours that relate to claims. As a result, they can get new insights and rating factors that did not exist till date. This leads to the ability to improve loss ratios, drive down operating cost and better deploy risk capital.
Bought by Many
Founders: Guy Farley, Steven Mendel
Funding: €27 million
Founded in 2012, Bought By Many is an award-winning insurtech startup that creates better insurance products. The company analyses search data to identify key problems with existing insurance policies and products. The team at Bought By May aims at improving all aspects of buying insurance cover starting from creating products that fulfil unmet demand to pioneering online claims.
Wrisk
Founders: Darius Kumana, Niall Barton
Funding: €8.5 million
Wrisk founded in 2016 is a mission to modify the way people think and buy insurance. The company operates with the aim to make getting insurance easy for as many people as possible. The team at Wrisk has designed to deliver insurance cover that is personal and simple for users available in a single app.
Cytora
Founders: Aeneas Wiener, Andrzej Czapiewski, Joshua Wallace, Richard Hartley
Funding: €38 million
Cytora transforms underwriting commercial insurance since 2014. The API-enabled underwriting platform lets insurers underwrite more accurately and deliver fairer prices to users by reducing frictional costs. It is a trusted partner for global insurers, which is supported by builders and backed by leading venture capital firms.
Acturis
Founders: David McDonald, Theo Duchen
Acturis founded in 2000 is one of the highest rated and fastest growing companies in the UK. It is dedicated to delivering awesome solutions aimed at helping clients streamline their business with a more connected approach to insurance. Now, it remains to be a leading commercial e-trade product in the UK supporting many insurers and brokers.
PremFina
Founders: Bundeep Singh Rangar
Funding: €32.7 million
Founded in 2010, PremFina empowers brokers by letting them maximise control over their customer relationships. This is possible as the company provides them with their own-branded premium finance software and financing options. The SaaS solution offers white-label software to manage insurance policies.
Azur Underwriting
Founders: Graham Elliott
Funding: €16 million
Azur Underwriting was founded in 2016. It is a Managing Digital Agency that was launched in partnership with AIG, one of the largest and most respected insurance companies in the world. It focuses on high net worth insurance for clients. It emphasis continuous product development and deployment of new features.
Neos
Founders: Krystian Zajac, Matt Poll
Funding: €7.1 million
Established in 2016, Neos is a smart and new way to protect your home. The company gives users the latest technology to warn when there is a fire, water leak or burglary in their house. It uses smart home technology and lets users check their home from anywhere via its app.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
Meet the three innovative European startups that have been honoured with the Future Hamburg Award