5 InsurTech companies in the European Market

By Joy Dumasia

InsurTech combines ‘insurance’ and ‘technology’; Insurtech includes technology innovations to bring in savings and efficiency to the insurance industry model. The InsurTech concept represents the commitment to innovation and development of new products and services within the insurance sector. The use of the latest technologies to expand and optimize the business model of an entire sector. 

The recent application of innovative techniques such as artificial intelligence, machine learning or big data to the insurance sector and the birth of startups focused on offering this type of solution to create disruptive insurance products has strengthened and consolidated InsurTech.

The role of insurance is evolving; it is increasingly becoming embedded into platforms and coupled with other services, from repairs and maintenance to health services and prevention. Insurance is therefore moving beyond pure risk transfer to risk management and prevention, fueled by an exponential increase in data availability.

The following are 5 InsurTech companies in the European Market:

• Blink

Blink was founded in 2016, a Parametric as a Service (PAAS) InsurTech startup focussed on a flight disruption travel insurance solution to prove its parametric platform. It became the first InsurTech in the FCA (UK) Sandbox programme and was acquired by CPP Group (AIM CPP) in March 2017.

It transforms its clients’ complex offerings into superior service experiences with simple, intuitive, parametric products. Its proven platform serves as the execution conduit for high frequency, low severity claims across Commercial and Travel and Climate, Energy and IoT sectors.

It successfully partners globally with insurance and financial services companies in Asia, Australia, Europe, North America and Central and Latin America.

• Hedvig 

Hedvig is a Stockholm-based digital-only insurer that uses technology to automate its pricing and claim process. It comprises a full-stack approach, is powered by AI and aims to provide a frictionless customer experience.

IBS Intelligence recently reported that Hedvig announced that it closed a $45 million Series B funding round led by Anthemis with participation from existing investors, including Cherry Ventures, Obvious Ventures, Commerz Ventures, and Swedish Novax Nineyards Equity, Jonas Kamprad and Mathias Kamprad.

• Neosurance

Founded in 2016 in Italy, Neosurance provides insurance companies and digital communities with a platform that helps profile and engage their customers. It offers relevant insurance through push notifications and also delivers a 7-second insurance policy sign up.

The Company aims to provide a better insurance experience for its users. Neosurance has developed an innovative solution based on Machine Learning and Digital Customer Experience, capable of collecting and processing context-related data with a self-learning approach.

• INSTANDA

Headquartered in London, INSTANDA operates exclusively through Software-as-a-Service (SaaS) and aims to adopt a radically different approach to insurance product innovation. Its no-code product design platform is built on a set of insurance specific calculations, processing and workflow capabilities.

Recently, IBS Intelligence reported that InsurTech INSTANDA, a customer and policy management platform for the insurance industry, has successfully started working with a new client and partner in UAE, NewTechMe.

• Charles Taylor InsureTech

Charles Taylor InsureTech provides insurance technology-enabled solutions. The Company offers delegated authority, broking, policy administration, and insurance support services and serves customers worldwide. InsurTech delivers software products and SaaS solutions intending to enable its clients to transform their businesses.

Charles Taylor Insuretech Limited provides insurance technology-enabled solutions. The Company offers delegated authority, broking, policy administration, and insurance support services. Charles Taylor Insuretech serves customers worldwide.

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