From blockchain to drones, data analysis to crowdfunded insurance, Internet of Things to genome technology to wearables—where there is an exciting new technology, there’s a way it can revolutionize insurance, and that is exactly what Startupbootcamp InsurTech has found in its Top 10 startups.
Startupbootcamp InsurTech, the leading accelerator focused on early-stage, insurance technology startups and corporate innovation, announces the top 10 technologically diverse startups that will participate in its 2017 acceleration program. Among these top 10 startups are entrepreneurs working with drones, telematics, artificial intelligence, and other emerging technology to support and strengthen the insurance value chain.
InsurTech investment in 2016 has experienced record highs with investment surpassing £1 billion, according to a report from CB Insights. Not only are VCs making investments in the InsurTech space, but also insurers and reinsurers as they explore startups working directly in the insurance value chain. So far in 2016, early-stage startups have seen 47% of InsurTech deal activity taking place at the seed and Series A stages.
Among the startups that will take part in Startupbootcamp InsurTech’s 2017 accelerator program and work closely with its insurance corporate partners are:
- Adapt Ready, a startup from the United States, is delivering risk intelligence and analytics to global corporations by apply big data and predictive analysis to pinpoint how customers’ operations and supply chains could be impacted from extreme events.
- Aerobotics, from South Africa, is using drone technology in the agricultural, logistical, and mining industries to acquire better data analysis using AI algorithms, and to help farmers farm more efficiently and to allow insurers to price and assess damage more effectively.
- Emerge Analytics, from South Africa, is using big data, artificial intelligence, and a scoring platform to solve complex business problems, such as sales/marketing and fraud prevention.
- Insure A Thing, from the United Kingdom, is building a scalable platform that fundamentally reverses the operating model by charging payments in arrears and by taking a fixed fee on settled claims, to protect the things customers love.
- LifeSymb, from Sweden, is using an artificial intelligent health robot that uses multiple sensors, such as 3D depth cameras and accelerometers, to collect movement data about a person in order to provide automatic health and fitness recommendations.
- NuvaLaw, from South Africa, is a digital negotiation platform between motor vehicle insurers. The product introduces workflow and measurable efficiency to an environment that is currently unstructured and also facilitates Online Dispute Resolution information exchange and Legal Process Outsourcing to qualified lawyers and mediators.
- Port, from the United Kingdom, is a personal information cloud datastore for insurance business and people. They make it easy for companies to acquire, store, and manage personal information in a legally compliant way, while using the consented information to deliver new personalized products and services.
- Sharenjoy from Spain, is using artificial intelligence to offer collaborative micro insurance for people attending public or private entertainment events.
- TikkR, from Sweden, is providing short-duration and on-demand insurance protection to insure specific moments, mainly targeting Millennials.
- TrackActive, from the United Kingdom, is reducing cost of claims through better outcomes by using a telehealth assistant platform proposed to provide better care at lower cost through technology that detects engagement, reports on adherence and outcomes, and places accountability on the patient and their health practitioner.
Sabine VanderLinden, Managing Director of Startupbootcamp InsurTech says, “This year has seen a dramatic increase in the number of mature InsurTech startups, especially those utilising emerging technology, to change the way insurers work.
“We’ve talked to hundreds of talented entrepreneurs, and while it was a very difficult process, we believe that we have identified 10 great businesses who recognize the need for innovation in the insurance industry and who are finding solutions to solve the problems that insurance customers so desperately desire. It is an exciting space to be in, and we look forward to accelerating and working with our Class of 2017."