QuickInsured: Redefining the Insurance Purchasing Journey

Top 10 Insurtech Startups - 2020

In the never-ending quest for industries to stay agile and avoid disruption, organizations from all verticals are infusing leading-edge technologies into their existing business models. And the insurance sector is no exception. To create new, tech-driven disciplines and harness the power of premium technologies like AI, big data, and others to meet expectations of next-gen customers, several insurance startups have revamped their way of doing business. For instance, insurance managers are utilizing machine learning algorithms for predictive analytics that helps them to determine pricing and risk selection, triaging and identifying outsider claims, anticipating trends, and many more. Again, to provide personalized customer experiences, insurance companies are resorting to AI that fundamentally changes their underwriting processes. AI also enables insurers to access data faster by cutting out the unnecessary human element. Further, insurance startups are leveraging IoT devices that keep them connected with their customers and give a first-hand information on client policies. These IoT devices also help insurance firms to mitigate risks and alerts of any risks involved.

In the wake of such drastic transitions, we have compiled this issue of Insurance CIO Outlook in order to assist organizations in the task of finding accomplished solution providers and consultancy/service companies to help them navigate the insurance technology realm. In this edition, we have listed the top 10 insurtech startups in 2020 to highlight the enterprises that can escalate the chances of your growth. Equipped with innovative technological capabilities, these enlisted startups are transforming the insurtech paradigm at the cloverleaf of various disruptive technologies. Besides, the magazine comprises insights from subject-matter experts, CIOs, and CXOs in the insurance sector on the latest industry trends, best practices, recent innovations, and highlights their expertise. We hope this issue of Insurance CIO Outlook helps you build the partnership you and your organization need to foster an environment driven by robust and efficient technology.

We present to you Insurance CIO Outlook’s “Top 10 InsurTech Startups - 2020”

    Top Insurtech Startups

  • Amodo Connected Car platform, Driver Copilot, enables all stakeholders in the automotive ecosystem to better understand how their products and services are being used, thus enabling better cross-sell and up-sell opportunities for businesses and optimized car ownership for drivers. Insurance companies, corporate or shared fleets, car repair shops, road assistance providers and most importantly – drivers, benefit greatly from the driving behavior and car usage data we provide in real time

  • 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

  • BridgeNet Insurance Agency bridges the gap between the insurance carriers and data source providers. The company creates an omnichannel “bridge” into the insurance ecosystem and, thereby, facilitates a seamless digital engagement solution for insurance providers. BridgeNet offers robust, low-code Application Programming Interfaces, multi-language scripting, and digital tools to connect consumers with affordable insurance products. This makes deploying digital partnerships easier and faster than ever before.The company’s unique mix of insurance and technical knowledge of over 50 years allows it to also support several affinity groups like mortgage dealers, app developers, and lead vendors who look to monetize their database and provide a better customer experience

  • A SaaS-based insurance tech platform powering certificate of insurance tracking and management via cutting-edge machine learning algorithms

  • QuickInsured is a tech-enabled insurance company that automates and expedites the insurance shopping process through digital technology. Since its inception, the company has devoted its knowledge and experience to delivering quality insurance policies to individuals and businesses in all the 50 states in the U.S. The trusted insurance professionals at QuickInsured work with the customers every step of the insurance buying process, designing personal or commercial insurance policies to fit their specific needs. Working with QuickInsured means availing the best experience, service quality, and attention one can expect only from the most premier of independent agencies

  • AdminaHealth


    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

  • BindHQ


    The company use modern technologies, agile processes and user-centered design to drive speed, agility, quality and efficiency into our customers’ underwriting processes. Unlike legacy AMS, still trying to modernize traditional technologies, BindHQ was built from the ground-up to be a modern platform; mobile, cloud-ready and tightly integrated and automated. There’s no trace of complicated, legacy infrastructure hold-backs here

  • Claimbot


    Claimbot is a customer experience technology company helping users get the real-time knowledge they need to solve problems on their own. Their technology is transforming the way insurance and automotive companies communicate with their customers by offering an AI-enabled virtual chat engine that provides more effective and efficient interactions when filing claims, requesting roadside assistance, purchasing coverage, and more. With its cross-platform approach, Claimbot’s chat engine integrates with leading back-end customer support, ticketing and payment software, to ensure users receive accurate and actionable answers - reducing the need

  • Ladder


    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. Ladder offers 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

  • Traffk


    Traffk is focused on re-engineering the basic building blocks of insurance, beginning with underwriting. Traffk provides alternative insurance data that boost predictive accuracy in modeling and actuarial development, underwriting, and internal inter-departmental workflows that align actuaries, underwriting, and consumer acquisition activities. Traffk is an insurance-based manufacturing platform leveraging data science, cloud-based infrastructure, AI, and machine learning. Traffk offers a full-stack platform that enables the creation, launch, management, and distribution of insurance product offerings that scale