From personalised policy offerings to automated claims processing, these companies are using AI to enhance efficiency, improve customer experiences, and streamline complex processes.
Insurtech Insights explores the AI-driven platforms and innovations of 15 leading insurtech startups, showcasing how they are revolutionising risk assessment, fraud detection, underwriting, and more.
As AI continues to evolve, these startups are setting new standards for the industry, offering glimpses into the future of smart, data-driven insurance solutions.
Corvus Insurance
CEO: Madhu Tadikonda
Recently acquired by Travelers, Corvus Insurance specialises in providing cyber insurance and technology-driven commercial insurance solutions. The company leverages data science, artificial intelligence (AI), and advanced analytics to assess risk and prevent cyber threats.
Corvus focuses on offering tailored cyber liability insurance, which includes coverage for data breaches, ransomware attacks, and other digital risks. By using proprietary tools and real-time data, Corvus also boosts risk management, underwriting accuracy, and helps clients proactively address vulnerabilities in their digital infrastructure.
Clover Health
CEO: Andrew Toy
Clover Health uses AI to deliver faster, more accurate, and more personalised healthcare services. The insurtech is able to process vast amounts of data to identify patterns, predict trends, and make more informed decisions.
One of the ways Clover Health uses AI is to improve the accuracy of medical coding. By automating the coding process, Clover Health can reduce errors and ensure that patients receive the correct reimbursement for their care. Additionally, AI-powered tools enable Clover Health to identify potential fraud and abuse, protecting both patients and providers.
Clover Health also uses AI to personalise patient care by analysing patient data, including medical history, demographics, and lifestyle factors, Clover Health can identify individual needs and recommend tailored treatment plans.
Qover
CEO: Quentin Colmant
Qover leverages AI to transform the embedded insurance experience, providing integration of insurance products into partner platforms. By using AI-powered algorithms, the insurtech accurately assesses customer risk profiles, enabling tailored policies that meet specific needs.
AI also works with the claims process, automating tasks to ensure faster resolutions and payouts. Additionally, its use of data-driven insights allows partners to better understand customer behavior, enhancing the personalisation of insurance offerings. The approach not only improves operational efficiency but also ensures that customers receive relevant and user-friendly insurance solutions.
Zego
CEO: Sten Saar
Zego, a prominent insurtech specialising in commercial motor insurance, offers several key features through its AI-driven platform that cater to businesses and gig economy workers.
Zego uses advanced AI to offer a more personalised and efficient insurance experience for its customers. Its platform accurately assesses risk, enabling the company to offer tailored insurance policies at competitive prices.
Additionally, the insurtech’s algorithms can detect and prevent fraudulent claims, protecting both the company and its customers. Furthermore, Zego’s AI-powered chatbots provide instant customer support, improving satisfaction and reducing operational costs.
Duck Creek Technologies
Duck Creek Technologies develops software that enables insurers to update their operations and drive innovation. Founded in 2000 by industry experts, Duck Creek offers a comprehensive suite of products, including core systems, policy administration, claims management, and rating and pricing.
Duck Creek’s solutions are built on a modern, cloud-based architecture. This ensures scalability, flexibility, and reduced IT costs, allowing insurers to adapt seamlessly to changing market conditions.
By partnering with Duck Creek, insurers can unlock a range of benefits, including increased efficiency, improved customer satisfaction, enhanced risk management, and greater scalability. Duck Creek’s commitment to providing innovative and high-quality solutions has made it a trusted partner for top insurance companies worldwide, such as Geico, Liberty Mutual, and Berkshire Hathaway Specialty Insurance.
Lemonade
CEO: Daniel Schreiber
Lemonade, a tech-driven insurance company founded in 2015, is disrupting the traditional insurance industry with its innovative AI-powered platform. Originally focused on renters and homeowners insurance, Lemonade has expanded its offerings to include car, pet, and life insurance.
Unlike traditional insurance companies, Lemonade leverages AI and machine learning to streamline the entire insurance process. By eliminating the need for brokers and reducing paperwork, Lemonade aims to provide a more efficient and customer-friendly experience.
Lemonade’s recent partnership with BNP Paribas Cardif in France has brought its unique insurance offerings to millions of homeowners in the country. Customers can now purchase comprehensive coverage for their homes and belongings online, enjoying the same seamless experience that has made Lemonade popular in other markets.
NEXT Insurance
CEO: Guy Goldstein
NEXT Insurance, a leading provider of small business insurance, has been disrupting the industry with its innovative digital platform. The company’s mission is to make insurance simple, affordable, and accessible for self-employed individuals and small businesses.
The insurtech offers policies that are easy to purchase and come with convenient features like 24/7 access to Live Certificates of Insurance and additional insured. NEXT’s use of AI and machine learning has simplified the insurance purchasing process, providing more affordable coverage options for small businesses.
The company also recently launched Copilot, a tool designed to help insurance agents increase their revenue by efficiently serving micro-businesses. Copilot allows agents to provide customised insurance quotes and binding online without underwriting delays, streamlining the process for both agents and business owners.
Clearcover
CEO: Kyle Nakatsuji
Founded in 2016, Clearcover has quickly gained traction with its hassle-free insurance offerings and commitment to putting customers first.
The insurtech, which specialises in motor vehicle cover, recently launched a generative AI tool designed to expedite claims processing and further enhance customer experience. The tool complements Clearcover’s existing digital claims platform, Clear Claims™, which enables claims to be processed in as little as 30 minutes.
Powered by Clearcover’s proprietary machine learning technology, ClearAI®, the company can also issue payments for eligible claims in an incredibly short timeframe, demonstrating Clearcover’s commitment to providing a fast and efficient insurance experience.
Kin Insurance
CEO: Sean Harper
Kin Insurance is a leading direct-to-consumer digital home insurer, and has distinguished itself in the market by using AI to offer a more personalised, efficient, and affordable insurance service. By harnessing AI, Kin can accurately assess risk and provide tailored policies that are competitively priced, ensuring that customers receive the coverage they need without overpaying. Additionally, AI-powered tools streamline the claims process, allowing for faster payouts, which significantly improves customer satisfaction.
Kin’s approach also extends beyond risk assessment and claims processing. The company uses AI to analyse customer data, identifying trends that help continually refine and improve its products and services. This data-driven innovation enables Kin to set a new standard in the insurance industry, delivering exceptional value through personalised coverage and a more efficient customer experience.
Coalition
CEO: Joshua Motta
Leading cyber insurance provider Coalition is a market leader when it comes to cyber risk, prevention and aftermath clean-ups. The insurtech uses its AI-powered Active Data Graph, which processes data from both the public and dark web to assess a company’s cyber risk exposure. This allows Coalition to offer customised coverage and provide actionable recommendations for enhancing security measures.
In addition to risk assessment, Coalition’s AI continuously monitors the digital landscape for emerging threats, enabling proactive detection and mitigation of potential cyber risks. This approach helps prevent incidents before they escalate. Furthermore, AI is also employed in claims management, streamlining the process by automating tasks and improving response times for policyholders during cyber events.
Bolttech
CEO: Rob Schimek
Bolttech is a global insurtech platform transforming the distribution and consumption of insurance products through its cutting-edge technology. By enabling partners to seamlessly embed insurance into their customer journeys, bolttech offers a more personalised and convenient experience for consumers.
The platform provides a comprehensive range of insurance solutions, including travel, mobile, property, and life insurance, delivering end-to-end coverage options. Bolttech’s technology allows partners to integrate insurance directly into their platforms, simplifying the purchasing process for customers. Additionally, the company uses AI-powered underwriting to streamline the risk assessment process, enabling faster and more accurate evaluations.
Coterie Insurance
CEO: David McFarland
Coterie Insurance leverages AI for the SMB space. Founded in 2018, its platform streamlines the insurance process, making it faster, simpler, and more affordable for entrepreneurs.
Coterie’s algorithms can analyse vast amounts of data to provide tailored insurance recommendations and also allows for a more personalised customer experience. The platform can also provide real-time quotes, answer customer questions, and even assist with claims processing.
In addition to its AI-powered platform, Coterie leverages partnerships with leading insurance providers and integrates with popular small business software platforms. This enables customers to easily obtain tailored coverage, including workers’ compensation and general liability insurance, often in just minutes.
Shift Technology
CEO: Jeremy Jawish
Shift Technology, a leading insurtech startup, is using artificial intelligence (AI) to revolutionise the insurance industry. The company’s advanced AI solutions enable real-time fraud detection and automated claims handling, significantly boosting efficiency, accuracy, and cost savings for insurers.
One of the core applications of Shift’s AI is fraud detection. The technology analyzes claims in real-time, identifying suspicious patterns and helping insurers prevent financial losses. Additionally, Shift’s automated claims process streamlines the entire lifecycle, speeding up processing times and enhancing customer satisfaction. Furthermore, Shift’s AI-driven risk assessment tools process large datasets to pinpoint potential risks, aiding insurers in making more informed underwriting decisions.
Akur8
CEO: Samuel Falmagne
Akur8 is transforming the non-life insurance industry with its innovative suite of pricing and reserving solutions. Their Next Gen Pricing and Reserving Platform combines cutting-edge technology with actuarial excellence to drive business value, bringing speed, performance, transparency and reliability to insurers of all sizes.
Akur8 serves 250+ customers across 40+ countries, including AXA, Generali, Munich Re, MAPFRE, HDI, Tokio Marine, and MS&AD. Over 3000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business.
Majesco
CEO: Adam Elster
Majesco, a leading provider of insurance technology solutions, has been selected by numerous property and casualty (P&C) and life, annuity, and health (L&AH) insurers as their trusted partner. With a focus on combining technology and insurance expertise, Majesco offers a comprehensive suite of SaaS solutions for core, data, analytics, and digital capabilities.
Majesco’s commitment to innovation is evident in its recent enhancement of Majesco Copilot, a powerful AI assistant powered by Microsoft. Copilot integrates with Majesco’s insurance platforms, enabling users to efficiently close claims, manage communications, and leverage the power of AI.
The intuitive interface of Copilot is available across all of Majesco’s solutions, including P&C Intelligent Core Suite, L&AH Intelligent Core Suite, Loss Control, Digital 360 Solutions, and Distribution Management offerings.
