Insuranceciooutlook
Traffk: Modernizing Insurance Underwriting and Risk Management

Top 10 Insurtech Startups - 2018

The insurance industry has grown considerably in the past few years, be it its extent, availability or purpose. It has undeniably helped the economy flourish by facilitating the risk transfer. Today, the insurance industry is facing a huge range of demands, from flexibility in policy risk coverage to easy and secure payment of claims and premium. Also, customer behavior is changing. Today’s customers want everything at their fingertip and in sync with their busy life schedule. However, to meet all these needs, the insurance industry, which traditionally relied on legacy systems, has to become technologically empowered.

Businesses need business insurance to save themselves from costly payments for damages and to cover the expense of property damage and liability claims. The necessary guarantees required for the owners are business owner’s policy, commercial liability, business income insurance, workers’ compensation.

Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is utilizing the technology innovations designed to make the current insurance model more efficient. With the assistance of technologies such as data analysis and AI, insurtech allows products to be priced more competitively. Insurtech is making a meaningful impact on risk management and insurance. Insurers are investing heavily in technology startups and working to develop new solutions and platforms internally.

Technologies, like cloud and automation, help insurance providers serve their customers and prospects anytime, anywhere. These technologies enable the recorded customers’ data to be picked up by cloud servers and automatically streamed to process the next steps, including underwriting. Besides, technologies like machine learning (ML), artificial intelligence (AI) and IoT can ensure error-free data transfer among systems. Organizations can attain considerable growth by adopting AI in a feasible and valuable manner. It is expected that in future most sections of industries will be handled by Artificial Intelligence, as it is attracting the people.

The adoption of AI in the insurance industry can facilitate sudden damage analysis, selection of better investments on different patterns, asset management, risk calculation, risk prevention, optimization of customer investments, and many more.

Many insurance companies are looking up for tech startups to upgrade their operations and to keep pace with the transformation in the landscape.These startups develop innovative, cost-effective software solutions and deliver them digitally in a fraction of the time as compared to large software companies whose software is marked with complexities, exuberant cost, and longer implementation times.

Insurance companies serve the following benefits: provides economic protection, shares risks, encourages savings, redue dependency, helps to operate business with ease and security, and reduces inflation. Thegame of insurance is changing day by day as AI, machine learnig, blockchain, and other factors are getting plugged to the insurance industry.

To help insurance companies find the best-of-breed insurtech startups, a distinguished panel, comprising CIOs, CEOs, CTOs, analysts and the Insurance CIO Outlook’s editorial board, has evaluated and featured the top companies that leverage innovative technologies and strategies. We present to you Insurance CIO Outlook’s “Top 10 Insurtech Startups - 2018.”

Top Insurtech Startups

Amodo is a flexible, SaaS platform for insurance companies that drive insurance innovation. AMODO enables Insurance companies to create, promote, and distribute new categories of Insurance Products built on Customer Behaviour and Usage data. Different solutions like Usage-based insurance (UBI) models, Short-term insurance products, Insurance cash-back model, Insurance distribution partnerships, and Customized mobility programs are provided from the platform of Amodo. The company is specialized in Insurance Telematics, Information Technology and Services, Business Consulting, and Project Management. The primary aim of Amodo is to connect insurers with the new generation of customers

www.amodo.eu

The insurtech innovator company, which is based in Columbus, reduces the friction out of commercial insurance. The products of the company are a powerful recommendation engine, single-interface, multiple-quote capability, user-controlled carrier ranking setting. Users can build their powerful user interface on top of the Recommendation Engine. Nationwide, Hiscox, Inguard, Liberty Mutual, Mylo, Bizinsure, Attune, Markel, Homesite, Hill&HAmilton are a few partners currently using the technology Bold Penguin. Bold Penguin collaborates with their partners to make underwriting small commercial simpler, faster, and profitable. Bold Penguin deals with categories like a commercial, insurance, insurtech, and internet

www.boldpenguin.com

Founded in 2010, ClarionDoor is a provider of rating and quoting solutions for insurance organizations. ClarionDoor is considered a modern provider of cloud-based insurance solutions. The company is partnering with Adaptik, Agencyport, Amazon Web Services, ISO, QualCorp. ClarionDoor delivers issuance solutions to insurance organizations via their flagship product, CD Digital Distribution Suite, which includes CD Rating and CD Issuance. The company provides digital insurance distribution solutions, delivering enterprise-grade rating, quoting, and policy issuance for any product, any channel, anytime, anywhere. The primary aim o the firm is to supply excellent customer service to the insurance industry

clariondoor.com

The company acts like a carrier enabling a business owner to purchase cyber insurance. Cyberwrite was founded by Cyber Risk experts and Insurance actuaries and executives. Specialized in Cyber Insurance, Underwriting technologies, Cyber Security, and Cyber Underwriting. Cyberwrite machine learning algorithms support the data-driven approach for converting raw data and cyber insights into insurance risk scores. The company's solutions for insurance companies include informed cyber underwriting, aggregated risk management, and digital customer enablement. The company also offers credit risk underwriting data and analytics, as well as vendor risk management solutions

cyberwrite.com

California based company Indio Technologies is building modern technology for insurance agencies since 2016. Indio Technologies makes insurance fast, easy, and E&O free, saving agency time and money. The platform comes armed with 5,000+ digitally enhanced smart ​insurance applications, full e-signature solution, and secure document sharing. Insurance agencies and brokerages like Vantreo, Risk Strategies, MJ, Heffernan, Gregory&appel, Risk Strategies, Hub are using Indio’s platform. Indio Technology provides bank-grade security to their agents by protecting the customer’s data using AES-256 encryption. The company simplifies the insurance application process for brokers and clients

useindio.com

Swivyl provides a secure insurtech platform, enabling insurance brokers to better collaborate with clients. The platform is beneficial for the brokers and the client. Now the brokers can spend more time with clients and less time with paperwork, stay up-to-date with the client’s profile. Brokers can provide timely information to ensure a smoother renewal process and can enhance the client’s experience. Swivyl saves the client’s money and time with efficient renewal processes, provide access to accurate, up-to-date information to clients. It also helps the client to stay top of their duties throughout the year

swivyl.com

Traffk is a SaaS-based insurance-based underwriting intelligence platform leveraging data science, AI, and machine learning. Traffk modernizes the insurance underwriting process. The company is branched into the sectors of Life, Annuity, Critical Illness, Disability, Reinsurance, Banking Institutions, Stop Loss, and Health. The software solutions of Traffk enables an organization to deploy data mining, analytics, and rules automation to manage risk, pricing, and utilization. Traffk's docket of the solution includes access to Traffk's industry-leading alternative insurance datasets, insurance-ready predictive analytics, and workflow solutions library. The solutions enable fast deployment of production-grade workflow applications that materially impact an insurance organization's P&L

www.traffk.com

Trionfo is a privately held company, who purpose-built a single-source platform to improve the distribution and consumption of insurance holistically. Trionfo is a group of insurance people working in the technology space. The company has created a platform for the entire insurance web: carrier to a broker to the employer to employee and everyone in between. The partners of the company are the Principal Metlife, Guardian, and Dearborn national. Health Insurance Exchange, Private Exchange, Ancillary Insurance Exchange, and Benefits Administration are some of the specialties possessed by Trionfo. They make the process faster, streamlined, and smarter

www.trionfo.com

xagent provides single-entry market access to a variety of standard and surplus lines carriers. The universal submission app of the company is efficient, reusable, fast, and possess automated renewal processing. xagent offers insurance for hundreds of classes of business that are provided by nationally rated A+ carriers. With an innovative, user-friendly interface, xagent provides unprecedented access to insurance carriers. This can save time, money, and serves the customer more effectively than the traditional quoting and binding process. The company is dealing with the following categories Advertising, Finance, Financial Services, Insurance, and InsurTech

www.xagent.com

TelaClaims

TelaClaims

Offers an end-to-end claims workflow solution with its own custom design technology and a fully integrated, secure, and infinitely scalable, video centric multi-channel communication’s platform