Those firms selected solve a significant industry problem
The Insurtech100 list has named twenty UK firms this year.
The list is produced every year to identify innovative insurtech companies that the insurance industry needs to know about.
The “standout” businesses which made the final cut are recognised for their ”innovative use of technology to solve a significant industry problem, generate cost savings or improve the insurance value chain.”
Richard Sachar, director at FinTech Global, said: “The most successful of these companies will a have huge impact on the insurance industry, which could potentially be measured in billions of pounds.
“It’s essential that established insurance companies are aware of which innovative companies are leveraging new technologies to disrupt the traditional insurance models. They need to identify prospective competitors or future partners.”
- Homelyfe: Launched a B2B platform, Aventus enabling incumbents to create a modern, mobile-first insurance experience for consumers in the digital age.
Peter Goodman, chief executive and founder at Homelyfe, said: “I’m delighted that the UK has been recognised as a hub for global innovation and that Homelyfe has been highlighted as a leader driving digital transformation with the Aventus platform. FinTech Global’s findings confirm that there is a real demand for platforms like Aventus to enable incumbents to innovate across both commercial and personal lines at start-up speed, whilst generating cost-savings and efficiencies.”
- ThingCo: Launched only nine months ago, it provides telematics technology which can be used to provide personalised driving scores, access to cheap motor insurance and a better experience via claims.
Mike Brockman, ThingCo chief executive and founder, said: “To be listed as an InsurTech 100 company so early on in the ThingCo journey is fantastic. We hit the ground running when we started in January and plan to launch our game-changing product by the end of the year. Clearly the potential that ThingCo services offer to radically change road safety records and reduce insurance losses was evident to the judges and we are delighted to be signposted as a serious contender in the insurtech space.”
- By Miles: Offers flexible pay-per-mile car insurance for low mileage drivers, plus a flat annual fee to cover their car, targeting those driving less than 7,000 miles per year.
- Canopy: It offers a solution to landlords and renters called Deposit Free, which eliminates the need for expensive security deposits by providing insurance against rent arrears and damage. The firm recently won Insurance Startup of the Year at the Insurance Times technology and innovation awards.
Ruth Polyblank, chief marketing officer at Canopy, said:“We’re thrilled to be recognised for the work we’ve done towards improving the experience of renters, landlords, and agents across the UK, and we view this list as a real indication of a move within the insurance industry towards creating innovative products which offer genuine, usable solutions for modern problems.
”We’re always looking to find new ways to tackle old problems, and we are proud to be selected as a representative of the future generation of change makers within our industry.”
- Digital Risks: Provides a range of commercial insurance products, such as professional indemnity and office insurance, designed to meet the evolving needs of technology and media businesses. The firm
- Spixii: Provides end-to-end integrated insurance chatbot solutions to automate insurance services from distribution to claims.
- The Floow: A telematics provider, using cutting edge-technology and innovations in social science, to deliver solutions to insurers, auto manufacturers and fleet operators.
Floow’s chief executive Aldo Monteforte, said: ”Reducing risk and creating engaging customer experiences are two areas of fundamental importance that we’re helping our insurance clients with via telematics. It’s great for The Floow team to be included in this list because it reflects the impact we’re having. This is a fast-developing technology area which is very exciting to be part of.” .
- Waggel: A pet insurance platform where policyholders are like members; paying a subscription rather than a premium.
Andrew Leal, chief executive at the firm said: “Waggel is extremely proud to be included in the InsurTech 100 list. We are getting close to going live and excited to show the world a fun and fresh approach to insurance.”
- Luther Systems: Works with multiple enterprises to streamline and improve of connectivity, execution, verification, visibility and storage of enterprise process events and data
- Applied: Automates the insurance lifecycle, provider of agency and brokerage mananagement systems
This year’s list was chosen by a panel of industry experts who reviewed 637 insurtechs.
It was undertaken by research and data firm, FinTech Global, who is owned by Investor Networks Ltd.
- Blocksure: An intermediated insurance processing platform which provides full functionality needed by the whole value chain.
- Bought by Many: Uses insurance search data, consumer feedback and expert analysis of the market to identify specific insurance needs that are poorly or underserved by incumbents.
- Cytora: Artificial intelligence firm aiding underwriters to price risk more accurately.
- Cover Genius: Provide a hyperscalable global insurance platform so e-commerce businesses can sell insurance to their global customers.
- Laka: A new way to protect your bikes and gear specifically for the cycling community.
Tobias Taupitz, co-founder and chief executive at Laka, said: “We are thrilled to have made it on the list alongside such amazing companies. I’m personally excited to see 20 UK firms forming a strong block this year, underpinning UK’s position as a leading Insurtech hub.”
- Wrisk: Combines insurance and technology in an app engaging those already insured and those that have not looked into insurance before.
- Zego: Provides flexible commercial insurance for businesses and professionals. Firm began serving the motor space and has since branched off to look at public liability, the self-employed and employer’s liability cover for small and expanding businesses.
- Instanda: SaaS tool that designs and delivers insurance products to market faster than any other traditional admin platform
- RightIndem: Uses white label SaaS technology to transform claims for the entire insurance ecosystem
Its chief executive, David Stubbs, said: “The last 12 months have seen our claims solution deployed globally across a range of insurance classes. We’re naturally very pleased to see our progress and execution reflected by RightIndem’s inclusion in this report. Our conversations across the market and studies with end customers continue to affirm both the appetite for and the many benefits of a seamless and personal claims experience”
- Tractable: Develops artificial intelligence for accident and disater recovery
All UK insurtechs named have been contacted for comment.
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