We are delighted to announce that INSTANDA has been selected among the top 12 Insurtech firms in the UK!
By embracing the UK’s quickly growing pool of insurance technology – insurtech startups, as well as development of mobile apps, investing in digital channels, hiring tech talent and analysing customer data, the UK insurance industry is finally moving into the digital age.
Head of digital innovation at Aviva, Paul Heybourne, told Techworld: “VCs are buzzing with [insurtech] a lot more than they were a few years ago with fintech and payments. Still, we are yet to see any true disruption, so perhaps that is why we are at the top of hype cycle, but it’s only a matter of time.”
Recent research from London accelerator Startupbootcamp InsurTech and PwC, based on more than 1,300 startups across the world, shows that 75 percent of incumbent insurers “believe the biggest impact to the industry will come from building new products in order to address the changing needs of the customer”.
Below is the Top 12 UK insurtech startups according to techworld; INSTANDA is ranked 7th
- Back Me Up
Back Me Up is a British startup offshoot of big Belgian insurer Ageas, who they describe as “a responsible parent who makes sure we do everything properly”.
The British sounding hourly car insurance startup Cuvva was set up in 2014. In the mobile app, you simply enter the registration number and approximate value of the car you are borrowing from a friend or family member, choose the time you want to be covered form take a picture of the car and Cuvva will get you an instant quote.
The startup that makes it easier to move house Buzzmove is leveraging its data to build a tool for contents insurance.
- Digital Fineprint
Digital Fineprint is using machine learning technology to make smart insurance policy recommendations to users which opt in to the service, based on their social media data.
- Digital Risks
Digital Risks is an insurance specialist built for tech companies, offering a flexible, pay monthly Insurance-as-a-Service model.
Brolly is a London-based startup that is used AI technology to give customers a mobile insurance locker, advisor and shop, cutting down on costly renewals and coverage gaps.
The Cambridge and London based startup INSTANDA could be considered the most pure play insurtech company on this list. It offers a management tool for insurers and brokers to build, launch, distribute and monitor new insurance product in a fraction of the time it would traditionally take. INSTANDA has built a tool which consolidates question sets, underwriting workflow, documentation, a rating engine and the customer journey so that underwriters can respond to changing market demands quicker than before.
Peer-to-peer car insurance was an inevitability, and Guevara looks to be one of the best operators out there.
A chatbot for insurance may sound like a bad elevator put Spixii has some pretty smart technology behind it.
- Luther Systems
Blockchain specialist startup Luther Systems is working on a secret bespoke product for insurance giant Aviva around simplifying contracts. Luther promises the ability to create smart contracts using templates before securely distributing them and the receiver can even virtually sign.
Insly is a cloud based platform for insurance brokers. You can search and manage clients, policies, objects and payments in one place. It is cloud based, so brokers can access the system from anywhere.
The claims process tends to be the most painful part when it comes to motor insurance, and the startup Rightindem is trying to smooth it out by giving claims brokers self-service tools for total loss claims.