The insurance industry revolves around a core promise: to take care of consumers, no matter what the future holds. So who makes that same promise for the insurance carriers?
At the 2018 InsureTech Week hosted by the Global Insurance Accelerator, 14 startups made the public pitch to resolve industry worries, with 158 international visitors to Des Moines. Take a peek at three companies promising to protect insurers today:
Founder Christopher Lynam debuted Edmund Insurance’s cyber risk insurance in the U.S. While not yet for sale in the states, Edmund Insurance offers coverage in Australia for urgent response costs in instances of data loss, extortion threats, costs of reinstating data and coverage of claims. “If you were to ask a small accounting firm how many personal identifiable records they have, they won’t be able to tell you,” Lynam told GIA director Brian Hemesath in his pitch. “When we built our algorithm, we … went out and found at an actuarial level what those numbers are, so we didn’t have to cause friction in the [client] application process.”
Luigi Gonzalez founded Sunrise COLAB’s cloud-based business process management system after Hurricane Maria devastated his home and business in Puerto Rico. Clients were seeking immediate assistance from insurance providers – but Gonzalez’s office, which was heavily impacted in the disaster, couldn’t process claims efficiently enough. Summit180, the company’s first product, streamlines access, analytics and management of each case from any device, giving insurers and policyholders the same case information. “I have pitched this to some companies in Puerto Rico, and they tell us they can’t believe that they haven’t been doing this process [before],” Gonzalez said.
InsuranceDirect123 creates a portal for independent insurance agents – offering real-time insurance quotes in life, health, auto and homeowners insurance – so agents can directly reach customers seeking policies. “We give you the distribution channel to take the products that you have and … highlight your product, but also highlight your company,” founder Terrell Sheppard said.
Album Health (Des Moines), albumhealth.com
Care Bridge International (Lakewood Ranch, FL) carebridgeinc.com
Ebbie (Olathe, KS) ebbie.ai
Edmund Insurance (Brisbane, Australia) edmundinsurance.com.au
Everyday Life (Boston, MA) elifelabs.com
FairClaims (Los Angeles, CA) fairclaims.com
FilingMate, Inc. (Boston, MA) filingmate.com
Friendly (San Ramon, CA) friendlycares.com
Insurancedirect123.com (Largo, MD) insurancedirect123.com
Luminant Analytics (Basel, Switzerland) luminantanalytics.com
Pensio Inc. (New York City, NY) pensio.co
RozieAI (Raleigh, NC) rozie.ai
Sunrise COLAB (San Juan, Puerto Rico) sunrisecolab.io
UrbanStat Inc. (Chicago, IL) urbanstat.com