Latest from Business Cloud, who have been rating insurtech companies based on innovation. Interesting to see Marshmallow top the charts, which according to the Evening Standard has been increasing turnover rapidly and signing up new customers, especially in the delivery sector.
Reviews vary for Marshmallow, with a 4.4 star rating on Trustpilot, but a 1.9 rating on Smart Money People. Since being founded in 2015 Marshmallow has reportedly raised over $100 million in funding. This year Marshmallow secured another $15m in credit facilities as it continues to expand and increase its headcount. Like Zego, Marshmallow is targeting the migrant driver/courier market, which has been largely shunned by the UK insurance industry.
As migrant numbers continue to rise (over 1 million in 2022 according to UK Govt stats) it will be interesting to see if more mainstream insurance brands can successfully tweak existing freelance delivery products to suit those who lack a lengthy UK driving NCD history. The demand is certainly there as online delivery of food, pharma, gadgets and more increases year-on-year.
You can make the case that if insurers can cover new UK citizens with zero NCD then surely they can cover the under 25s/new drivers at similar rates? Now that would be an innovation…
Here’s the word from Business Cloud;
BusinessCloud can reveal its InsurTech 50 innovation ranking for 2023. Our readers and an expert judging panel have together decided the 50 companies blazing a technology trail in the insurance industry. The InsurTech 50 celebrates businesses of all sizes creating original tech for insurance advice, products and claims.
Marshmallow, which serves cheaper insurance to immigrants, expats and nomads, tops the ranking.
In second spot is Genasys, a cloud-based insurance solution for insurers, MGAs and brokers. They can select the modules they need to launch, run and grow a modern business. In third is Percayso Inform, an insurance intelligence platform that goes beyond traditional data enrichment by providing unique solutions at all stages of the insurance lifecycle. It delivers unrivalled uplift for both insurers and brokers, creating a powerful competitive advantage.
Making the top five are Rnwl and House of Insurtech, a digital insurance platform that helps insurers, MGAs and brokers innovate and grow their businesses.
Also featuring is Anansi eCommerce Parcel Insurance, the world’s first embedded shipping cover with automated claims for retailers, logistics providers and marketplaces; and Insurwave, where insurance buyers consolidate and visualise their data to understand their risk and make smarter transfer decisions.
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