The 2020 InsurTech100 list has been published by specialist research firm FinTech Global. The prestigious list recognizes the world’s most innovative solution providers that are addressing the digital transformation challenges and opportunities within the insurance industry.
The InsurTech (insurance technology) industry has grown dramatically over the last three years. Nearly $17bn has been invested in InsurTech companies since the beginning of 2017, according to figures published by FinTech Global.
As a result, this year’s process to identify the leading 100 companies in the InsurTech space was more competitive than ever. A panel of analysts and industry experts voted from a longlist of over 1,200 companies and the finalists were awarded a place on the list for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the insurance value chain.
FinTech Global director Richard Sachar said, “Established insurance companies need to be aware of the latest innovations in order to remain competitive in the current market, which is heavily focused on digital distribution and increased use of customer data, and will be even more so post Covid-19. The InsurTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as underwriting, pricing, IoT devices, customer experience and data & analytics.”
The leading companies that were awarded a place on the InsurTech100 include:
Anorak: the world’s first fully automated life insurance advice platform authorised by the FCA.
Bdeo: creating a fully automated, instant, and seamless underwriting & claims management process based on Artificial Intelligence to transform the industry.
ClaimVantage: global InsurTech vendor providing cloud-native, life, health, and absence claim management solutions.
EIP: InsurTech software business enabling device and lifestyle insurance providers to reduce costs, maximise profits and upgrade their digital customer experience.
Humn.ai: deep-tech MGA using streaming data, neural networks and real-time geospatial risk modelling to modernise commercial fleet insurance.
Jooycar: the fastest growing auto InsurTech and connected car company in Latin America that arrives to the US market.
Life.io: leading customer engagement technology firm that helps insurers accelerate the development of their end- to-end digital client experience.
Maptycs: advanced risk data analytics, geospatial visualization, and severe weather events monitoring for property risk analysis and loss projections.
Medallia: experience management cloud technology company enabling insurers to engage with customers across the entire customer journey
NeuralMetrics: underwriting solutions company helping customers classify and automatically assess risk quality in seconds for prospects, live submissions, and portfolio management.
Omniscience: powers insurers’ multi-decade compounding advantage through better risk selection, 92% complex Underwriting Automation STP rate, and 90% opex reduction.
Planck: leading artificial intelligence data platform that provides real-time risk and underwriting insights for commercial insurance.
QOMPLX: cloud-native risk management SaaS solution provider that helps insurance firms solve data challenges and improve underwriting processes.
Quantiphi: an applied AI and data science software company helping insurers with data transformations and custom AI solutions.
Relay: the first subscription-based all-inclusive risk placement platform for Commercial Insurance and Reinsurance.
ThingCo: provider of next-generation telematics products serving both the B2C and B2B insurance markets
Wakam: digital B2B insurer that creates white label innovative insurance solutions for all types of distributors.
A full list of the InsurTech100 can be found at www.TheInsurTech100.com. More detailed information about the companies is available to download for free on the website.