Today on TechFriday we are going to talk about big opportunities in insurance. You’ll learn all you need to know about Insurtech and discover inspiring success stories of the top 10 Insurtech companies in 2020.

So, what does insurtech mean?

As you've probably guessed, the word comes as a combination of "insurance" and "technology". It means, Insurtech extracts value from old school insurance but has a hands-on approach to create convenient and unbiased insurance products.

AI, Big Data, Internet of things catalyze InsurTech growth. As an Insurtech AI Development Company, here at Zfort Group we see a huge leap our clients are making toward a cutting edge insurtech that goes hand in hand with the customers’ reality. 

Why is this happening? Living in the technological world, Insurance consumers see no point in navigating piles of paperwork anymore. They are not willing to deal with sales agents driven by commissions instead of the customer’s best interests.

As a result, insurers all over the world evolve and reinvent themselves. Now the whole industry cannot afford to stand still. So, how does instrutech work?

Well, Insurtech works from the customer’s pocket: its platform is a gadget; its connection is the Internet; its priority is customer convenience. Clients research, compare policies and buy online personalized products based on their individual interests without any approximate client groups.

Social networks, wearable gadgets (from GPS tracking of cars to the activity trackers on our wrists) help Insurtech companies to receive relevant information in real-time. Then insurtech AI refines data sources, makes it possible to choose the perfect program for the specific customer. Insurance tech space gives customers better conditions based on their own traits.

This way, Insurance tailored to the specific customer's needs and behaviors put them in charge of their own fees. As a result, customers enjoy lower insurance premiums. What's more, insurance technology reduces insurance claim processing time. It ensures immediate communication with the insurer at any time. Here are some examples of insurtech companies breathing new life into the insurance business.

• The first one is Trov, one of today’s digital insurance leaders. Headquartered in San Francisco, Trov operates in 5 countries and has raised $114m of funding. AI tech powers the company to offer its white-label insurtech platform for mobility, retail, rental, and finance. For example, one of Trov’s recent product launches was a personal auto & mobility insurance app designed to align with auto-owners’ needs.
• Another example is ZhongAn, China’s first online-only insurance company, based in Shanghai. It has become the country’s largest insurtech business with a total market capitalization of HK$38.5 billion. The company aims to reshape insurance by applying Big Data analytics.
• Next comes Lemonade, an insurtech company providing policies for homeowners and renters. The total funding amount counts at the moment $480m. Lemonade uses chatbots to process claims and underwrite policies. It strives to move away from paperwork and bureaucracy. For instance, a few years ago, Lemonade handled a claim in three seconds, setting a world record in the insurtech world. The business positions itself as insurtech driven by social good. A user can select a non-profit organization to receive funds from the unclaimed premiums.

Surprised that insurtech is so diverse? That’s not all. For more information, you are welcome to check our articles WHAT IS INSURTECH and TOP 15 INSURTECH COMPANIES IN 2020.