Admina Health: Automated Insurance and Benefit Billing, Reconciliation, and Payment

Top 10 Insurtech Startups - 2019

When one observes the stages of evolution over the years in the Insurance Industry, they are left pleasantly surprised at the progress. Emerging from an initial period of bleak insurance management in the market, insurance agencies have now transitioned to a contemporary institution equipped with intelligent policy management system supported via apps and other tech-based solutions. Although the market is already replete with technological solutions, which are backed by AI, cloud computing, and much more; 2019 is seeing the deepening of their roots in the insurance space.

On the technology front, insurance solution providers are coming up with impressive updates in these already existing policies and compliance solutions. For instance, AI earlier was primarily being used to improve efficiency, automating underwritings, and claims processes. However, over time, the impacts and uses of AI have intensified. Now, its potential is being harnessed to identify, assess, and underwrite emerging risks. Similarly, IoT is bolstering the insurance ecosystem with first-hand data, improved accuracy, risk management, and most importantly—power in the hands of the customers.

Today, Insurers are looking at newer shortcuts to get ahead of their competitors and, studying the market trends becomes one of the most important practices. With predictive analysis, market scanning has become a piece of cake. The improving insights on data collection with Predictive Analysis have helped insurance companies in pricing, risk selection, detecting insurance fraud, and understanding the emerging customer needs.

Also, from a security perspective, blockchain is gracing the market space for insurance firms. To access the records and data in a secured fashion, solution providers are leveraging the blockchain technology as a central platform. Keeping track with these changes embracing the policy market, Insurance CIO Outlook’s editorial board has listed some of leading-edge startups in the domain of Insurtech. With several innovative technological capabilities and early success stories up its sleeves, these startups are constantly proving its mettle in the field of Insurtech.

We present to you Insurance CIO Outlook’s “Top 10 InsurTech Startups – 2019.”

    Top Insurtech Startups

  • The AdminaHealth Billing Suite automates benefits reconciliation, invoice consolidation, and payment management across the landscape of employee benefits. Even the most complex client requirements or plan architecture can be managed through ourAdminaHealth Billing Suite. The AdminaHealth Billing Suite is offered to brokers, consultants, carriers, associations, captives, and TPAs as well as third party enrollment and benefits administration providers who can “white label” the solution to maintain their brand

  • Atidot is a cloud-based, SaaS platform tailored specifically to the needs of the life insurance industry, which uses artificial intelligence, machine learning and predictive analytics to enable life insurers to make data-driven business decisions. They offer a cloud-based platform that provides data-driven insights to help insurance companies make better decisions, drive new business strategies, and create new revenue streams. It helps insurance companies to take control of their existing data to upgrade their risk modelling and to improve policyholder behaviour prediction to improve sales, retention, and in-force management. The Atidot platform makes loading and analysis of all data extremely fast and automatically enriches, normalizes, and cleanses data. It monetizes all of the data, augments it with external data, and builds accurate projections of the company’s in-force book of business

  • Bold Penguin is partnering with top brokers and insurers to make underwriting small commercial simpler, faster, and more profitable. Founded in 2016, Bold Penguin is the insurtech innovator based in Columbus that eliminates the friction out of commercial insurance. With a heavy focus on the agents, Bold Penguin pushes the boundaries of user experience for businesses, an easy tool for agents, and a streamlined process of underwriting for carriers. The products offered by the company are Bold Penguin API and Bold Penguin Terminal. These products consist of three core features including Single-interface, multiple-quote capability, User-controlled carrier ranking setting, and Powerful Recommendation Engine

  • Cake Insure offers an intuitive, easy-to-use, and fast mobile platform to help small business owners in providing workers’ comp insurance to their employees. The platform allows organizations to buy workers’ compensation insurance easily online, is built on top of Salesforce, and bypasses traditional insurance-buying approach, enabling insurance carriers to have greater flexibility in continuous disruption of commercial insurance. Moreover, Cake Insure leverages artificial intelligence (AI) to accurately classify the businesses of its clients based on the description they provide in the platform. Cake Insure’s platform also manages digital proof of coverage

  • Chronovo has successfully revolutionized the 40-year-old structured settlement industry, in its five years of existence. Through its patent-pending Compass software, the company creates a dynamic business model and clarifies the entire structured settlement process. Compass provides a graphical, intuitive version of a structured settlement quote called the ChronoGraph, which enables instantaneous price quotations and comparisons. The Compass software also separates and aggregates financing for individuals in case of a multi-party claim. It helps to track every iteration of the settlement offer and provides a comprehensive, customized reporting and settlement performance data to carriers, self-insured and TPAs

  • The modern solution for the application and renewal process is offered by a San Francisco based company Indio Technologies. Indio Technologies simplifies the insurance application process for brokers and their clients. They make it fast, easy, and E&O free, saving your agency time and money. Indio focuses on leveraging intelligent software to transform workflows into delightful experiences for customers. The white-labeled platform comes pre-loaded with a library of 5,000+ digitally enhanced smart insurance forms and applications, a full e-signature solution, and secures document sharing. To date, brokers, big and small, use Indio to service more than 300,000 business clients

  • An insurtech company from Palo Alto, CA, the company is among a new breed of startups that are revolutionizing the purchase, consumption, and distribution of life insurance products. Ladderoffers instant, underwritten life insurance with dynamic coverage to close the insurance gap of the millennials. The company has re-engineered traditional life insurance purchasing process with innovative technology, design thinking, and behavioral economics to decide on applicant’s coverage eligibility as opposed to waiting for the industry average of six weeks. To accomplish this and satisfy the regulatory requirements regarding the underwriting of life insurance, Ladder is leveraging AI algorithms and machine learning that deliver an initial insurance quotation matching a prospect's profile and needs within seconds

  • Roost is a leading insurtech start-up company that offers a unique, connected platform to foster the simplest and most affordable way for consumers to enter the smart home space. One of the top players in the property telematics arena, Roost leverages the power of IoT to make the consumers’ home a better and safer place, working on active programs with more than 25 carriers in North America and Europe. Through its innovative and cutting-edge IoT devices and sensors, Roost empowers insurance carriers to boost customer loyalty and retention by delivering tangible, authentic, relevant, and actionable engagement with their policyholders

  • To help insurance companies turn the Voice of their Customers (VOC) into their #1 marketing tools, California-based SocialSurvey offers an automated platform that improves online reputation, monitors social media activity, and helps them win locally on sites like Google. SocialSurvey's platform provides a unique, result-driven solution that yields powerful CX insights. It connects to the insurance company's point of sale, then surveys their customers and automates feedback, subsequently sharing the VOC on many social media platforms. SocialSurvey also gives enterprises the control to manage their online presence with accurate public data like name, location, and phone data on over 100 search engines, maps, and business directories

  • Headquartered in Ardmore, Pennsylvania, Spraoi Ardmore is an insurance technology solutions provider with a focus on machine learning. Spraoi is specialized Insurance, Artifical intelligence, Machine Learning, and SaaS. The company provides technology strategy, management, design, development, and deployment capabilities. The platform of Spraoi has a plug and play digital experience consumers have come to expect, and a cloud infrastructure that seamlessly scales as transaction volumes increase. The platform can accommodate multiple products and services. The company also provides advanced integration services leveraging best in class technologies, and these integration services include API implementations using AWS (via our API gateway infrastructure) to write custom integration to back the API quickly