Of the 17 InsurTechs invited to the Global Insurance Accelerator’s InsurTech Week in mid-October, 12 had offerings that could benefit property/casualty insurance carriers. Below, we list them, along with brief introductions to their products prepared using information from their websites and LinkedIn profiles. (See related article, for a discussion of trends revealed by the presentations of these 12 InsurTechs and 5 more offering products on the life-health side of the industry)
1) Aerialytic uses AI-enabled software to automate the quoting process for solar roof sales, helping solar sales and installation companies tackle rising customer acquisition costs. Aerialytic’s core technology renders two-dimensional images into 3D models that can be used to create a streamlined underwriting process for insurance (and in other industries, for 5G network planning, for example).
2) Avolanta is a customer engagement platform giving carriers tools they need to easily and effectively provide a leading edge customer experience to policyholders and agents alike.
3) BOUND is an embedded insurance platform that offers a Direct to Consumer (D2C) distribution outreach expansion. BOUND enables insurance companies brokerages and agencies to offer their products via multiple publishers in context and at a Point-of-Sale. With Bound, any mobile application or website can offer a beautifully integrated insurance product.
4) DeepVision applies AI to understanding images and video, turning it into valuable insights. A computer vision company, DeepVision creates facial recognition software, vehicle recognition software, image tagging software, smart city solutions and more.
5) EasySend empowers banks and insurance companies to quickly convert paper forms and clunky PDFs into beautiful and compliant eForms without writing a single line of code.
EasySend’s cloud-based platform will convert any existing forms into smart, fully responsive digital processes (Android, iOS or any laptop browser), modern UI, including e-Signatures, Co-Browsing, full integration with any hosting application.
6) HazardHub, a provider of property-level hazard risk databases, creates national databases of geographic risk hazards, including earth (earthquake, sinkhole, brownfield and Superfund), wind (tornado, hurricane, straight line wind), fire (wildfire, Fire Protection, hydrant locations), water-based (FEMA flood, river proximity, storm surge, hail, frozen pipes, ice dams), and man-made risks (underground storage tanks, toxic-release sites) and property characteristics. A team of scientists translates huge amounts of geospatial digital data into easy-to-understand answers, providing risk assessments that can be used to make real-world decisions.
7) InDoW Technology Company software reduces the time and effort of managing and reporting statutorily required information. Designed for insurance compliance professionals and U.S. regulators, the company develops software tools which increase the productivity of in-house compliance teams and insurance department analysts. “Our products decrease the drudgery of U.S. insurance compliance,” the website says.
8) KASKO describes itself with the phrase “InsurTech as a Service” and asserts, “We help insurers and their partners to design, launch, and scale flexible insurance services, cost effectively and at lightning speed.” In describing its offerings to insurers, brokers and MGAs, KASKO says that it enables insurers to develop and distribute digital insurance products without tying up internal IT-resources or being bound by limitations of legacy systems. “KASKO provides insurers with an end-to-end modular platform, bringing their new or existing products to the digital market in the quickest and most cost efficient way,” the company’s LinkedIn profile says.
9) MākuSafe is an Insurtech safety data and analytics company on a mission is to improve worker health, safety, and productivity while reducing worker compensation claims and mitigating workplace risks. Founded in 2016, MākuSafe developed proprietary wearable technology that gathers real-time environmental and motion data from workers. A SaaS cloud platform, MākuSmart, then uses machine learning to identify high-risk trends in a facility.
MākuSafe technology auto-records near-misses, proactively targets resources to specific conditions and occurrences, and streamlines compliance reporting.
MākuSafe delivers its solution through insurers as well as direct to end users.
10) Protosure is a cloud-based, programming-free, submit, underwrite, rate, quote, and policy issuance system. “Build your insurance product right here. Launch it right now,” the company website says. “Log in > prototype > launch > distribute a new insurance product in days”
11) Relativity6 is a machine learning/AI platform which enables carriers and brokers to accurately predict when their customers are most likely to churn.
12) Relay describes itself as the “hub of dealmaking in P/C reinsurance” on its website. On LinkedIn, Relay says it is a collaboration platform for insurance carriers to master and optimize their huge reinsurance spend. Relay is designed to improve the level of data integration and digitization in the reinsurance space, allowing innovations like AI, machine learning, blockchain to be unlocked. Besides enabling collaboration on P/C reinsurance placements, Relay helps to reduce the errors of back-and-forth emails and re-keying and equips management with visibility into ceded and assumed risk across data sources.
13) Talage, a digital agency, allows small businesses to shop for their commercial insurance online, in minutes, and compare real quotes from insurance companies. “National insurance carriers can leverage our technology to drive sales from any digital channel; their website, online partnerships, digital ads and social media,” Talage says on its LinkedIn profile.