It is estimated that the global Insurtech market will be worth $172.6 billion by 2030, which should amount to 37% growth from $9.8 billion in 2021.
This happens thanks to continuous innovation and utilizing the latest technology, such as blockchain and machine learning.
Here, we will look at the five InsurTech companies changing the game.
Founded in London in 2016, Neos offers the latest intelligent home security solutions, including smoke detectors, cameras, and motion sensors.
This Insurtech utilizes IoT to prevent loss and damage that lead to costly insurance claims and protect homeowners’ property.
Neos provides 24/7 monitoring and alerting services and work along with the leading insurance companies to offer an overall smart home package.
Therefore, Noes provides priceless peace of mind to its customers, both homeowners and renters.
Founded in 2019, this Insurtech is a game changer in providing simple, fair, affordable property insurance.
Honeycomb’s digital platform makes it possible for anyone to get a quote easily, thanks to advanced AI and automation.
Honeycomb covers property managers, developers, building owners, condos, and homeowners.
All services are online, including quotes, forms, endorsements, etc., with tenants and owners having access to insurance certificates.
Although established over 20 years ago, this Medicare-focused health insurance marketplace is one of the fastest-growing tech-enabled companies.
Therefore, this Insurtech offers major medical insurance and dental and Obamacare.
Based on the Affordable Care Act, Obamacare aims to make health insurance affordable and more attainable, a vision assisted by GoHealth that suggests the most appropriate health insurance solutions for customers.
Combining cutting-edge technology and medical industry experts, it meets the needs of this critical market and supports positive change.
Founded by Christopher Mussenbrock, Renat Khasanshyn, and Stephen Karpischeck in 2019 in Germany, Etherisc is a groundbreaking decentralized insurance platform.
Built on the Ethereum blockchain, this game-changing fintech has won the most innovative blockchain startup award.
Etherisc offers game-changing insurance products, including crop insurance, hurricane protection, and crypto wallet insurance.
For example, these automated insurance policies are cheaper, faster, and more transparent, thanks to the latest blockchain tech.
You can even access decentralized blockchain-based flight insurance with FlightDelay.
Established back in 2015, Lemonade provides insurance for homeowners and renters.
The New York-based Insurtech uses automation powered by AI to process claims, enabling them to provide incredibly speedy processing times.
Therefore, one of the outstanding achievements of Lemonade is its Giveback initiative, intending to support social change.
When opening a policy, clients can select an NGO to donate unclaimed premiums, and have raised $6,164,548 in donations so far.
Game-changing InsurTech utilizes the latest technology, including AI and the blockchain, to connect customers with the best insurance coverage.
Moreover, these are just a few of the groundbreaking Insuretech companies that are improving the insurance industry.
Innovative and technologically driven products have made insurance transparent, affordable, fair, and highly personalized.
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