As InsurTech continues to become vital for the success of insurance companies, specialist research firm FinTech Global has released the sixth annual edition of its InsurTech100 list.
This revered ranking celebrates the 100 ground-breaking technology companies that are helping solve the insurance industry’s most daunting challenges.
A panel of analysts and seasoned industry specialists sifted through a comprehensive list of over 1,900 contenders, which had been presented by FinTech Global.
The finalists of the InsurTech100 were picked based on their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.
As the insurance sector pursues digitalisation strategies that keep them in line with customer demands, it has created a highly competitive market for InsurTech solutions. In fact, experts predict the sector is set to soar at a CAGR of 32.7%, estimating its worth to be $159bn by 2030. The InsurTech100 list helps decision makers identify the leaders in the market.
Speaking on the latest list, FinTech Global director Richard Sachar said, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalisation and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionising key areas like underwriting, pricing, distribution, and data analytics.”
With the InsurTech100 finalists being industry leaders, it is no surprise that many of the companies featured in the latest list have hit recent headlines.
One such company is Novidea, the leading InsurTech provider that offers a data-driven insurance platform for brokers and MGAs to manage customer insurance journeys. It has been a very busy year for the InsurTech. It recently launched a platform designed to help brokerages deal with the digital revolution started by Lloyds’ implementation of the Core Data Record, and it named Erez Nissim as its new Chief Technology Officer.
Another notable development from Novidea this year was the close of its Series C funding round on $50m. The round was led by Battery Ventures, with commitments also coming from Cross Creek, Israel Growth Partners (IGP), KT Squared and JAL Ventures.
Another InsurTech100 company to have a busy year is YuLife, an InsurTech that delivers group insurance products that improve lives and reward wellbeing. Most recently, the company partnered with renowned health provider Bupa to expand its insurance offerings, reinforcing its commitment to enhancing business health provisions in the UK. Earlier in the year, YuLife also teamed up with The University of Essex for a research project, with the intention of providing scientific-based evidence on the potential of YuLife’s gamified app to inspire healthier lifestyles, thereby improving individual health and wellbeing. The ultimate goal is to establish a validated model for the insurance industry to better assess organisational risk.
Majesco, a leading SaaS provider that empowers the success of the insurance industry’s digital transformation, has also been very active this year. It recently partnered with Munich Re Specialty Group North America to enable a new operating model that will support various specialty lines of business including Inland Marine, Cyber, Terrorism, and Ocean Marine. The strategic alliance leverages the Majesco P&C Intelligent Core Suite on Majesco Cloud platform, aiming to revolutionise the way insurance business is conducted.
Elsewhere, Federato, which offers RiskOps underwriting platform for P&C and Specialty insurance carriers and MGAs, providing real-time risk selection and portfolio optimisation, recently topped up its coffers with a $25m investment. The Series B funding round was spearheaded by Caffeinated Capital, with substantial participation from Emergence Capital and Pear VC.
Companjon is another of the InsurTech100 to hit recent headlines. The InsurTech, which specialises in innovative AI-driven embedded insurance for B2B2C, recently partnered with European challenger bank bunq to provide the bank’s customers with access to digital insurance.
Another InsurTech100 company to complete a partnership this year was DigitalOwl, an AI platform for summarizing medical records. The company partnered with life and health reinsurer Reinsurance Group of America Incorporated (RGA) to strengthen and streamline the underwriting process.
VisitorsCoverage, an InsurTech innovator changing the way people think about travel insurance, also recently completed a partnership deal. It extended its partnership with One Tree Planted, a non-profit organization that partners with businesses to plant trees all over the world, to help plant trees in the Philippines to combat deforestation.
Finally, Glia joined forces with Illuma Labs today to streamline voice authentication for customer service interactions. Glia helps insurers redefine how they interact with their policyholders and agents to deliver a personalized, efficient customer experience.
Moving away from partnerships, Relay Platform, a broker desktop for modern commercial brokers that increases & easily manages deal-flow, simplifying access to instant-quotes from digital and traditional carriers, recently launched a digital quoting solution for retail agents and wholesale brokers.
Some of the other companies to make this year’s InsurTech100 list are: Appian, which helps firms design, automate, and optimize complex insurance processes; Ascent, a company helping global insurers and reinsurers build new capabilities and accelerate digital maturity in the cloud; Assurdeal, a proprietary AI which is assessing brokers, customers portfolios, finding ideal buyers and sellers in real-time; and Cortical.io: a provider of AI-based solutions that streamline the extraction, classification, review and analysis of information hidden in complex documents.
Other notable mentions are: IntellectAI, which offers an AI powered end to end underwriting ecosystem serving Commercial, Specialty and E&S insurance lines; Nanoinsure, a provider of no-code & low-code platform that empowers insurers self-configurate products, build digital frontend and life admin applications faster; GIROUX.ai, which boosts insurance underwriting profits for through its profitable revenue generating data analytics, machine learning, AI platform; and Expert.ai, which delivers underwriting and claims solutions through its AI Platform, automating language intensive processes to increase capacity, cut costs and improve win rates.
A full list of the InsurTech100 for 2023 and detailed information about each company is available to download for free at www.TheInsurTech100.com.
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