Profiles of the InsurTech100, the world’s most innovative
InsurTech companies that every leader in the insurance
industry needs to know about in 2019
2nd Annual
Join the Most Senior-Level
Gathering of Insurance
Leaders in Europe
Limited number of half-price tickets are available at
www.GlobalInsurTechSummit.com
Part of Europe’s InsurTech Week
InsurTech Growth Forum:
‘Scaling InsurTechs’
2 March 2020
Presented by FinTech Global
Global InsurTech
Summit
3 March 2020
Presented by FinTech Global and AltAssets
Insurance CXO
Forum
4 March 2020
Presented by FinTech Global
Early-Stage
InsurTech Forum
5 March 2020
Presented by FinTech Global & Insurtech
Gateway
Private Meetings &
Roundtable Events
6 March 2020
Invitation Only event
The INSURTECH100 is an annual list of 100 of the world’s most innovative
InsurTech companies selected by a panel of industry experts. These are the
companies every leader in the insurance industry needs to know about as they
consider and develop their digital transformation strategies.
The INSURTECH 100 list will help senior management and insurance professionals
evaluate which digital insurance models have market potential and are most likely
to succeed and have a lasting impact on the industry.
CRITERIA
A range of factors was considered to make the final selection including:
• Industry significance of the problem being solved
• Growth, in terms of capital raised, revenue, customer traction
• Innovation of technology solution
• Potential cost savings, efficiency improvement, impact on the value
chain and/or revenue enhancements generated for clients
• How important is it for insurance executives to know about this company?
PROCESS
123Seguro is a digital insurance broker, founded in 2010. The company compares, sells and manages insurance policies
(car, motorcycle and life) from top insurers, in Argentina, Colombia and Chile. The company operates in two different
models to acquire new customers: B2C and also B2B2C which charges the insurance companies a commission of the
premium of each policy. 123Seguro already distributes insurance policies from over 30 insurers in the region and will
be expanding its product offering to more countries in Latin America in 2020. The company’s product is available via
website, iOS and Android apps as well as Facebook Messenger and WhatsApp through the use of chatbots.
Founded 2010
Employees: 101-250
Value Chain: Marketing & Distribution, Operations & Servicing,
Claims, Policy Renewal/Customer Retention
Subsectors: Insurance Comparison/Marketplace, Auto
Insurance, Data/Intelligence, Life/Health Insurance,
Infrastructure/Back-end, Consumer Platforms
Regions of operations: Argentina, Colombia, Chile
Acko is India’s first fully digital general insurance company aiming to redefine the general insurance industry in the
country. The company provides innovative products with personalized pricing based on customer behaviour and data
analytics with the aim to provide a seamless experience across the value chain from purchase to claims. Acko has
already insured over 40 million Indians and holds 18% market share of digitally transacting users in the country. As a
category-disruptor, Acko also introduced the revolutionary Ola Ride Insurance which provides benefits in cases of loss
of baggage or laptops, missed flights, accidental medical expenses, ambulance transportation cover, and much more
while being able to purchase the cover on the Ola app. As a result, Acko holds over 8% market share of all car insurance
products bought online in India.
Founded 2017
Employees: 251-500
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Auto Insurance, On-Demand/Travel Insurance
Regions of operations: India
Founded 2013
Employees: 11-50
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Auto Insurance, On-Demand/Travel Insurance,
Infrastructure/Back-end, Consumer Platforms, Data/Intelligence
Regions of operations: US, Croatia, Austria
Amodo platform enables insurers to develop a new category of products based on usage and behavior data. The most
common products being placed on the market based on Amodo technology and new set of data are Behaviour-Based
Rewards and Short-Term Insurance Products. However, many of Amodo clients also use this technology to distribute
traditional non-life insurance products, which only adds to overall monetization. Amodo has more than 25 Projects glob-
ally, with users increasing at a CAGR of 210% from 2015 to 2019. Amodo technology and methodology is approved by
Financial Institutions around the world such as AIG, BNP Paribas, Porsche, P&V Insurance, Triglav Insurance, and others.
4
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
COMPANY
RESEARCH
PROFILE
REGION: EUROPE | SECTOR: INSURTECH
COMPANY RESEARCH PROFILE
This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions.
© 2019 FinTech Global and Investor Networks Ltd
Founded 2017
London, United Kingdom
www.anorak.life
info@anorak.life
Employees 11-50
Regions of operation: UK
Key Employees
David Vanek
Co-Founder & CEO
Vincent Durnez
Co-Founder & CTO
Tiina Björk
Chief Design Officer
Value Chain: Marketing & Distribution, Policy Renewal/Customer Retention
Subsectors: Life/Health Insurance, Insurance Comparison/Marketplace, Consumer Platforms, Agent/Broker Platforms
OFFERING
PROBLEM BEING SOLVED
TECHNOLOGY
Anorak is the new standard for Life
insurance sales. Its software platform
enables any financial services company
to offer personalised life insurance advice
and product recommendations to their
customers – at scale. Anorak is on a
mission to building the world’s smartest life
insurance companion, unlocking the mass
market and giving millions access to the right
protection – not just the cheapest. To do this,
the company uses data science and machine
learning to power a service that gives people
access to tailored advice about their life and
their risks.
Over nine million families in the UK face
the risk of financial collapse when the
breadwinner dies. In the US, it’s 37 million
families. It’s a massive global problem. 80%
of life insurance products are sold offline
through financial advisers. This is not
scalable and typically only targets affluent
individuals - leaving an entire part of the
market untapped and with no access to
protection advice. Anorak makes it possible
to scale to an unprecedented number of
consumers regardless of their net worth or
proximity to a financial adviser.
Anorak has created the world’s first
automated life insurance advice platform
based on proprietary technology. It is a suite
of APIs built on:
• Proprietary algorithms
• Predictive machine learning models coupling
data science and actuarial science
This results in a unique insurance
recommendation engine with infinite reach.
Anorak’s platform and technology are
integrated by banks, brokers, online money
management platforms, price comparison
websites, etc.
PRODUCT DESCRIPTION
Anorak is the world’s first fully automated life insurance advice platform. Based on proprietary technologies, the platform and APIs are
integrated by partners so that people access life insurance options whilst using everyday services such as challenger banks, money apps,
online retailers, mortgage brokers and investment platforms. Anorak technology makes life insurance sales truly omni-channel by offering
in one single system (i) a direct-to-consumer platform and (ii) an agents/brokers platform powered by the same recommendation engine.
Anorak was co-founded in 2017 by David Vanek, former MADE.com group CFO and Vincent Durnez, former CIO at AXA Direct.
TOTAL FUNDING — £9m
Investors:
TRACTION/GROWTH
• Client companies: The platform is integrated with
INSURTECH 100 Profiles
6
Anorak was co-founded in London in 2017 by former
MADE.com Group CFO David Vanek and former AXA
Direct CIO Vincent Durnez. It was created to help
consumers get a better understanding of their life
insurance needs and find the protections right for
them. Initially, the company had explored opportu-
nities in the P&C space; however, after six months of
testing and research in the area, they decided it was
not the right fit. Vanek said, “[Our type of solution]
doesn’t really apply well to the P&C world because it’s
a highly commoditised market where the shopping
experience has been defined by price comparison
websites and the consumer has very little appetite
for anything much smarter than a price comparison
website.”
Unlike the P&C marketplace, the life insurance space
has a lot of opportunities waiting to be seized upon.
The life insurance market is “highly archaic” and
“everything needs to be invented, customer experi-
ence is not even at the concept stage and the pro-
tection gap is massive.” He went on to explain that
one mortgage in every two is not protected with
life insurance, and a lot of people have little savings
which means families cannot cope if they are hit with
a severe financial loss due to death or illness. While
there is a clear need for these insurance products,
little is done to help the mass market find the cover
they need.
80% of life insurance policies are sold by a fragment-
ed base of independent financial advisors and bro-
kers. This creates a bottleneck, hence causes the
gap. Typically, life insurance is sold offline and is fo-
cused on a small group of consumers that can af-
ford to seek financial advice. Whereas, the average
person does not have as readily available access to
these services. They are not likely to take out a life
insurance policy as its not mandatory and they prob-
ably will not understand the importance getting pro-
tection. Even if they did want to get life insurance it
would be tough to find a personalized solution.
He said, “it’s a complex conversation, very personal,
and emotional where advice and help is much need-
ed, but nothing is really built to guide people apart
from the very dated distribution network that exists.”
Anorak was designed to help everyone find a policy,
regardless of their net worth or proximity to a finan-
cial advisor.
Anorak is an automated life insurance advice plat-
form which provides consumers with impartial, regu-
lated and personalized life insurance advice. Its tech-
nology is integrated via APIs into its partners so that
a customer can easily access life insurance options
while using banks, money apps, mortgage brokers
and investment platforms, etc.
A consumer answers a few quick questions, Anorak
will then identify what protection they need. It will
show how much cover the consumer needs and for
how long, detailing various suitable policies from
across the market which meet these recommenda-
tions. The consumer then simply picks the one they
want and applies online or over the phone. The In-
surance space has lagged behind other areas of the
The fragmented and non-scalable nature of the
life insurance distribution sector has caused a
massive protection gap, according to Anorak
co-founder and CEO David Vanek.
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
INSURTECH 100 Profiles
7
financial ecosystem, such as banking and payments,
in terms of innovation. Appetite for the InsurTech
space has risen a lot in the past five years. Last year,
a total of $3.4bn was invested into companies in
the space, compared to 2014 when just $504m was
raised. Albeit things might be headed in the right di-
rection, compared to the WealthTech space or pay-
ments space it is still behind. A total of $4.6bn was
invested into the global WealthTech space last year,
while a whopping $19.7bn went to payments compa-
nies in the same year.
Given the banking and payments space has been en-
gaged with new technology offerings for a little longer,
it has given consumers a clear idea of what they want
financial services to be. The rise of challenger banks
and mobile payments have shown people now want
easy customer experiences where they do not need
to meet with someone face-to-face. This has meant
insurance companies need to be able to offer their
consumers the streamlined and transparent experi-
ences they would get with a banking platform.
This is what led Vanek and Durnez to create an au-
tomated service which is personalized to consumers.
The company launched its initial services in Septem-
ber 2018 and has already seen some big companies
integrate with it. Some of its clients include Starling
Bank, Nutmeg, and London & Country.
He said, “[Adoption has been] very good, but obvi-
ously, you keep integrating and improving things be-
cause by nature we are never happy with what we
do and we keep improving user experience. But the
response is very positive, because it’s the first time
someone is looking at the life insurance distribution
from the end-user standpoint, and not from an inter-
mediary or life insurance carrier standpoint.
“We really defined a new standard for selling protec-
tion, and it’s starting to be very exciting for the big
players in the market i.e. the banks and the life insur-
ers themselves. Because they see it as a way to cap-
ture data, profile customers to be able to retain them
in order to have a different type of conversation with
them along their key life events – as a companion.
There is a lot of excitement around the platform
we’re building because it’s opened up a new way to
engage with customers.”
The company has not only received interest from cli-
ents, but also investors. Anorak has raised a total of
£9m in venture capital since it was founded in 2017,
with AXA Group’s innovation arm Kamet Ventures
having backed the company from the beginning. It
can be tough for investors to find the right companies
to invest into, but also for startups to find the best
backers to aid their growth. Vanek stated that Kamet
“have been supportive since day one” and have giv-
en the company access to useful data for its models
and connected them with players in the market. One
of the biggest benefits with working with Kamet has
been that they “were very keen to create disruptive
innovation, not just make marginal improvements to
insurance current.”
Finding the right investor is tough and the year-on-
year rise in funding volume in InsurTech since 2016
shows more companies are looking to get involved.
This will make it harder for startups to find a backer
which really knows their stuff and is not just trying
to get on the bandwagon. When Anorak began its
journey it was a pioneer in the space, Vanek stated,
and while the life insurance technology segment is
growing, more transformation is needed and so is
more capital, but not everyone can be a winner. “any
investors who are not truly spending enough time
understanding the problems and the solutions will
be frustrated by the InsurTech space where usually
patient capital is needed to support disruptive inno-
vation”
With such a large opportunity ahead of them, the
company needed to ensure it had the right team.
This was not to just take advantage of the market,
but so they could survive the turbulent waters start-
up life can be. When Vanek and fellow co-founder
Durnez were looking to bring their idea into an actu-
al product, finding the right people to work with was
the first step.
Anorak uses a lot of data and machine learning tech-
nology to analyse a consumer and find the best prod-
ucts in the market for them. This means you need to
have a variety of skills and talent onboard: software
engineers, actuaries, designers, digital product spe-
cialists, data. Talent acquisition is a constant effort -
for example good engineers are “rare in general” and
being a startup makes it even harder to reach them.
He said, “[It is tough as] you compete with business-
es who are very attractive from an employee stand-
point. When you do find someone, they already have
an offer from Spotify, and from the leading banks in
the city, from Facebook or Google. We need to be
highly convincing before they join.”
Anorak is looking to continue marking its presence in
the UK market over the coming years, but by 2021 it
will be looking to begin its international expansion.
Copyright © 2019 FinTech Global
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
Reinventing Bancassurance for the digital banking age
About Staring Bank
●
Starling is a leading digital bank in the UK
●
Via a marketplace, Starling provide customers with access to financial services and
products securely on their phone
●
Anorak is Starling Bank’s partner to provide Life insurance advice and products to
marketplace users
Make life insurance accessible with APIs and Open-banking
●
Anorak connects to Starling via APIs and a 2-way OAuth identification protocol
●
Anorak uses bank transaction data to profile users and build a personalised
insurance recommendation
●
Users can complete the entire advice journey online or be connected to an agent
(who uses Anorak for Advisers platform)
●
Anorak’s API and platform gives access to whole-of-market from personalised
advice to quote to applications journey
Create high engagement and great customer output
●
Strong engagement from Starling Banks users who value a digital first service
delivering personalised advice
●
Users are keen to share their data (incl. bank transactions) given the highly
personalised outcome
●
Anorak engage customers on more than simple term life sales. Personalised advice
leads to high penetration of disability protection (income protection and critical
illness cover)
● ⅔ of users are transacting online only, and ⅓ engaging in a hybrid journey (online first
the agent)
X
Anivo supports its customers with its technology platform to develop innovative insurance products in the shortest possi-
ble time, introduce them to the market and distribute them highly efficiently. The offering is aimed at primary insurers, re-
insurers, banks, telecommunications providers and ecosystems in areas such as housing or mobility. With the AnivoCore
distribution platform, established insurance companies can shorten their innovation cycles considerably by placing new
insurance products on the market within a few weeks without having to burden their own IT resources. Anivo’s Bancassur-
ance solution enables banks (but also other partners) to expand their service portfolio with innovative insurance products
close to their core business and make it more attractive at the lowest possible effort. The company has developed the
following partnerships: Basellandschaftliche Kantonalbank (Bancassurance Partner), Vorarlberger Landes-Versicherung
V.a.G. (Insurance Partner using Anivo’s technology), Baloise and AXA-Arag (Insurance Partners offering insurance to banks
using Anivo’s technology) and Swiss Re (Insurance Partner offering insurance via Anivo’s technology).
Founded 2015
Employees: 11-50
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Policy Renewal/Customer
Retention, Proposition that supports the end to end value chain
Subsectors: Life/Health Insurance, Home/P&C, Bancassurance
Regions of operations: Switzerland, Austria, Germany
Artificial builds digital products that harmonise the insurance experience for broker, underwriters, MGAs and their cus-
tomers. Using the latest cloud-based tools and techniques in Machine Learning, Artificial digitises the insurance value
chain by offering better customer and user experience. The company captures data from digital and paper-based texts,
online forms and images, making it simpler and faster for insurers to collect the information they need for more sophisti-
cated pricing, product building, distribution and portfolio management. The company is already working with established
insurance firms such as Axis, Aon, Capita and Ping An.
Founded 2013
Employees: 11-50
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Infrastructure/Back-end, Consumer Platforms
Regions of operations: United Kingdom, Poland
Artivatic is a SaaS platform for insurance consisting of 50+ APIs and 10+ Plug & Play products aimed to assist insurance
and healthcare companies with streamlining and automating buyer onboarding journey and profiling, document extrac-
tion and digitisation, customer behaviour, health profiling, risk intelligence and underwriting and claims administration.
Insurance companies using the platform see reduced cost and increased engagement from buyers as well as better cus-
tomer satisfaction. Artivatic is already working with 16 clients across paid services, pilots and POCs and has established
a partnership with ICICI Prudential Life to build its new underwriting decision engine and profile users to provide tailored
products and services.
Founded 2017
Employees: 51-100
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Auto Insurance, Data/Intelligence, Life/
Health Insurance, On-Demand/Travel Insurance, Infrastructure/
Back-end
Regions of operations: India, United States, United Arab
Emirates, South-East Asia
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
9
Assurely is an InsurTech that creates and delivers insurance products for new and changing industries. The company’s
aim is to change how risks are accessed, how they are transferred, and how they are managed. Assurely’s first product,
TIgerMark™, protects Issuers engaged in technology-enabled capital raising strategies such as crowdfunding or digital
securities against investor complaints and lawsuits. TigerMark simultaneously provides a symbol of trust, comfort, and
safety to investors who benefit from a simple, streamlined, and easy claims process to request their principal investment
returned should the Issuer misrepresent in their offering documents, steal, or misuse the funds. The company onboard-
ed its first paying customers in July 2019 and has partnered with AXA XL as an MGA.
Founded 2016
Employees: 1-10
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Commercial/Enterprise Insurance, Consumer
Platforms, New products + tech platform
Regions of operations: United States, but quickly expanding to
Bermuda, UK, and numerous other EU jurisdictions
Atidot is an insurance technology company empowering the life insurance industry to become data driven and optimize
their book of business with big data solutions and predictive analytics. Founded by a team of data scientists and veteran
actuaries, Atidot offers a cloud-based platform that provides data-driven insights to inform decision making, drive new
business strategies, and create new revenue streams. Atidot works with leading life insurance and annuities providers
to take control of their existing data to upgrade their risk modeling and to improve policyholder behavior prediction to
improve sales, retention and in-force management.
Founded 2016
Employees: 11-50
Value Chain: Marketing & Distribution, Policy Renewal/
Customer Retention
Subsectors: Life/Health Insurance
Regions of operations: United States, Israel, United Kingdom,
Switzerland
Audeamus Risk is the world’s first Resilience Intelligence Platform that provides real-time monitoring, profiling and online
auditing of organisational resilience against any type of operational risk. The platform delivers advanced appraisals to
decision makers about the company’s resilience posture and its ability to face adverse events or protracted business in-
terruption. Most importantly, it allows management and regulators to understand how it may affect its financial position
and reputation (long-tail risk). It continuously audits a company’s capacity to restore operation in an increasingly complex
environment of co-dependent supply chains. Due to its broad IP, Audeamus Risk is recognised as one of the global
leaders in dynamic pricing of operational risk. Audeamus Risk’s Module No.1 is Business Interruption Insurance trading
platform (BIAX B2B), which serves to quantify losses and measures impact on a company’s balance sheet within a par-
ticular time frame. BIAX is bringing a new level of operational risk transparency through enriched resilience data in 4D.
Founded 2016
Employees: 1-10
Value Chain: Underwriting & Risk Rating, Proposition that
supports the end to end value chain
Subsectors: Commercial/Enterprise Insurance, B2B White Label,
Data/Intelligence, Government & Infrastructure
Regions of operations: Globally
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
10
COMPANY
RESEARCH
PROFILE
REGION: EUROPE | SECTOR: INSURTECH
COMPANY RESEARCH PROFILE
This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions.
© 2019 FinTech Global and Investor Networks Ltd
Product name
BDEO
Founded 2017
Madrid, Spain
www.bdeo.io
info@bdeo.es
+34 910 888 180
Employees 20-51
Regions of operation: Europe and LatAm
Key Employees
Julio Pernía
CEO & Co-Founder
Manuel Moreno
CTO & Co-Founder
Ruth Puente
COO
Juan Luis Torres
Regional Manager for
LatAm
Value Chain: Underwriting & Risk Rating, Claims, Proposition that supports the end to end value chain
Subsectors: Auto Insurance, Home/P&C
OFFERING
PROBLEM BEING SOLVED
TECHNOLOGY
Bdeo’s mission is to disrupt the insurance
industry with a comprehensive visual
intelligence solution that changes the
way customers connect with insurance
companies. Beginning with underwriting
and all the way through the time the claim
is processed, Bdeo enhances the customer
journey with a smart visual channel that’s
able to recognize risks and close the
underwriting process in real-time.
The insurance sector faces dramatic
challenges: margins are falling because
of the increase in expenses. Fraud is
deeply affecting this net loss. Insurance
fraud costs due to fraudulent claims
account for more than $40B a year only in
the USA and it is difficult to detect using
standard methods. On the other side,
new customers, especially the youngest
ones, are demanding a radically improved
user experience. Bdeo’s solution helps
to solve these problems by reducing
the average claim-processing time and
therefore improving the operational
margins, reducing fraud, and at the same
time radically improving the end-user
experience.
Some of the technologies that Bdeo uses
are:
Artificial intelligence to provide damage
recognition & estimation of the type of
damage
Augmented Reality to provide accurate
measurement of damages.
Blockchain to provide digital evidence of
the multimedia
PRODUCT DESCRIPTION
In the claims process, Bdeo recognizes damage and provides assessments in real-time, and in the closing process, it allows insurance
companies to detect fraud or pay customers in the event a claim is approved. According to this vision, Bdeo proposes an innovation
addressing both operational and customer experience pains of P&C insurers by means of a true automated fraud-resilient underwriting
and claim processing product, able to accurately process policy pricing (underwriting) and loss adjusting (claims) while ensuring
customer’s satisfaction.
TOTAL FUNDING
Investors:
COMPANY RESEARCH PROFILE
REGION: EUROPE | SECTOR: INSURTECH
COMPANY RESEARCH PROFILE
This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions.
© 2019 FinTech Global and Investor Networks Ltd
TRACTION/GROWTH
• In less than two years Bdeo has established a presence in Europe and Latin America, collaborating with the main insurance companies
in these markets.
• Some of Bdeo’s clients:
•
—
•
—
•
—
• BDEO has been included in the “InsurTech Impact 25” list, developed by Oxbow Partners, as one of the 25 technology companies in the
sector whose technology is capable of transforming the industry and has been awarded as the most disruptive startup and the best
InsurTech in the South Summit 2019 in Madrid.
• Estimated revenue in 2022: €5m
• Estimated staff numbers in 2022: 75
MANAGEMENT BIO
Julio Pernía - CEO & Co-Founder
Julio Pernía, holds a degree in telecommunications engineering. He began his career as an entrepreneur in 2006 with the founding of his
first InsurTech company, Reparanet, the biggest SaaS platform for repair companies in Spain. In 2017, Julio co-founded Bdeo, a visual
claims management platform with AI capabilities to help loss adjusters and insurers during claims processes. As CEO of Bdeo, Julio
has expanded the company’s client portfolio in Spain, Portugal, and LatAm while earning international awards for innovation in Spain,
Portugal, Mexico, and China. In addition to being an entrepreneur in the InsurTech Industry Julio has worked in the sport technology
industry. In 2012, he cofounded Director11, a sport management SaaS platform which is currently the most-used product in the Spanish
La Liga. International clubs like Real Madrid, FC Barcelona, Olympique de Marseille, Valencia and Villarreal are currently Director11
customers.
Manuel Moreno - CTO & Co-Founder
Manuel Moreno, also holds a degree in telecommunication engineering and has co-founded Reparanet, Director11 and Bdeo with Julio.
Currently, Manuel is fully dedicated to Bdeo as CTO, with the ultimate responsibility for technology.
Business
Case
Fidelidade
Motor and Property
Client
Verticals
The objectives of the pilot were:
For this purpose, two on-site and remote
appraisals were carried out for each
claim.
Goal
Validate that a damage assessment can be
obtained remotely for both Motor and Property
cases to the same standard as assessments
made by being physically present.
Measure if the digital service improves operational
margins.
Learn how the digitalization of the process affects
user satisfaction.
Fidelidade faced two pains mainly regarding
on-site claim management:
High operational costs due to the displacements
of the experts.
Pain
And user discontent due to difficulties to arrange
meetings with the experts and long-time claim's
resolution.
Through the acceleration program Protechting.pt,
Bdeo was selected to run a pilot with Fidelidade
for the digital assessment of claims in the Motor
and Property verticals.
Precedents
Fidelidade is one of the oldest and largest insurance companies in the Iberian Peninsula and
the undisputed leader in Portugal, both in the life and non-life sector, with a market share of
31%. Founded in 1808, Fidelidade has been protecting the future of families and companies
since then and currently has more than 2 million private customers and more than 200,000
companies, including the main companies in Portugal.
Results
Summary
Bdeo won the
acceleration program
Protechting in China
and Portugal
And is working with
Fidelidade in both
verticals: Motor and
Property
As a result of this pilot:
Before Bdeo With Bdeo
90 m
15 m
TIME SPENT PER CLAIM:
Faster
6x
OPERATIONAL COST PER CLAIM:
Cheaper
2,5x
Before Bdeo With Bdeo
€240
€96
USER SATISFACTION:
points up at
NPS
20
Business
Case
Fidelidade
Motor and Property
Client
Verticals
Roof claims are some of the most expensive to resolve for P&C insurance carriers. These events cannot only cause prop-
erty damage but also liability and business continuity claims as well. Betterview’s predictive analytics helps insurers to
quickly assess roof conditions for residential and commercial properties in real time. Betterview does this by using ma-
chine learning and computer vision to analyze manned aircraft and satellite imagery. Betterview then combines this data
with other sources, such as building permits, assessors’ data, and historical weather to determine the characteristics and
condition of a roof to determine the risk of future roof related losses. Since the launch of its property risk management
platform in August 2018, the company has over 12 carriers in production.
Founded 2014
Employees: 11-50
Value Chain: Underwriting & Risk Rating, Operations &
Servicing, Claims, Policy Renewal/Customer Retention
Subsectors: Data/Intelligence
Regions of operations: Unites States and assessing customer
requests for Europe
BIMA uses mobile technology to deliver affordable and easy-to-use insurance and health products that emerging con-
sumers need but cannot access through traditional channels. It uses its proprietary technology platform to digitalise reg-
istration and automate premiums payments whilst using its 3,000-strong global agent workforce to educate consumers
on insurance. By combining the power of mobile technology, key partnerships with mobile operators and mobile money
providers, and a human approach to education, BIMA has been able to achieve scale and profitability. As the leading
insurance specialist in emerging markets, BIMA has already reached 31 million customers with insurance products and
2.2 million customers through its mHealth services.
Founded 2010
Employees: 1,001-5,000
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Life/Health Insurance
Regions of operations: Latin America, Asia, Africa
Blink offers an innovative real-time data driven travel disruption solution. Once a traveller registers their flight details,
Blink monitors that flight in real-time. Any flight disruption that occurs to the registered flight, automatically results in
a traveller being notified instantly. Real-time event notification allows for real-time problem resolution! The traveller is
immediately offered service choices that can instantly remove the stress and consequences of the disruption ranging
from airport lounge access, cash which is immediately deposited into the travellers’ bank account, through to booking
and paying for a hotel whilst also booking a new flight. Blink is a world leader in parametric insurance product innovation,
transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products in
sectors such as Travel, Climate, Energy and IoT. Blink partners globally with insurance and financial services companies
driving innovation in Asia, Europe and North America.
Founded 2016
Employees: 11-50
Value Chain: Operations & Servicing, Claims, Proposition that
supports the end to end value chain
Subsectors: On-Demand/Travel Insurance, Consumer
Platforms, Parametric-based insurance-as-a-service platform,
Data/Intelligence
Regions of operations: Asia, Europe and North America
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
15
Blocksure is a technology company that has created and developed a blockchain-based solution (Blocksure OS) for the in-
surance industry. It provides better service (speed and accuracy) at a greatly reduced cost. It utilises the core attributes of
blockchain to deliver improved data security and integrity. Blocksure OS is aimed at the intermediated general insurance
market, in particular on-demand products; schemes and microinsurance for property, travel and motor insurance but it
can be deployed in almost any area such as commercial P&C, life and health insurance sectors which are already targeted
for development. Blocksure OS delivers proven user benefits in terms of cost reductions (up to 90% reduction in back
office costs), superior efficiency, removes a number of superfluous processes, provides cutting-edge reporting and better
products/services. This benefits the customer, brokers and intermediaries, insurers and related parties, thus providing
enhanced benefits to the insurance supply chain.
Founded 2016
Employees: 11-50
Value Chain: Marketing & Distribution, Operations & Servicing,
Claims, Policy Renewal/Customer Retention
Subsectors: Commercial/Enterprise Insurance, Auto Insurance,
P2P Insurance, Home/P&C, Life/Health Insurance, On-Demand/
Travel Insurance, Infrastructure/Back-end
Regions of operations: United Kingdom, Indonesia, Poland,
United States, China, Mongolia
Bold Penguin develops B2B software used by insurance agents and brokers, as well as insurance companies, to break
through the confusion and complexity of the commercial insurance landscape. Bold Penguin helps its customers rapidly
increase the speed from quote to bind, allowing them to write commercial insurance profitably. A process that once took
an average of twenty weeks now take days, which is supercharging small commercial insurance. With Bold Penguin’s
innovative software solution, brokers can build a quoting interface in any of their existing systems with no crazy re-work,
confusing workflows, or fragile data exchanges. Rather than replacing them, Bold Penguin’s Exchange is customizable
and works with current systems that risk managers use. Along with a dynamic, master question set, which speeds up the
underwriting process considerably, partnered risk managers are able to select their desired risks and focus their efforts
to increase sales.
Founded 2016
Employees: 101-250
Value Chain: Underwriting & Risk Rating, Operations & Servicing
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Home/P&C, Infrastructure/Back-end,
Consumer Platforms
Regions of operations: United States
Bought By Many creates and distributes insurance policies designed around customer needs and the company has
made its first foray in the pet market. Bought By Many is making pet insurance better for owners. By speaking to thou-
sands of pet owners and looking at millions of online searches for particular types of cover and services by pet owners
the company has found the gaps in risk coverage and then launched policies to address them. Bought By Many launched
unique policies underwritten by Munich Re’s Great Lakes Insurance SE in 2017 and now covers more than 100,000 pets
and was voted the most trusted pet insurance provider in the UK in 2019. The company launched its unique pet prod-
ucts in Sweden in August 2019.
Founded 2012
Employees: 101-250
Value Chain: Propositions that supports the end to end value
chain
Subsectors: Pet insurance
Regions of operations: United Kingdom, Sweden
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
17
CDL is a leading UK InsurTech with a strong track record in the insurance and financial services sectors; its solutions pow-
er some of the UK’s most profitable insurance retailers and deliver competitive advantage in a marketplace where mar-
gins are notoriously slim. Clients include Sainsbury’s Bank, Tesco Bank, Swinton Insurance and Moneysupermarket.com,
and it transacts around 7 million live policies on its systems. CDL has launched the Chorus mobile app as a ‘proactive
Insurance’ concept which identifies a consumer’s insurance needs and pre-populates information for their verification.
The big win is to minimise - or even eliminate - the customer input required to generate insurance quotes, whilst offering
the maximum commercial opportunity for insurers. The first iteration offers a proactive customer journey for home and
gadget lines and an artificial intelligence assisted car insurance sales process.
Founded 1977
Employees: 501-1,000
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Insurance Comparison/Marketplace, Auto
Insurance, Home/P&C, Data/Intelligence, On-Demand/Travel
Insurance, Infrastructure/Back-end, Consumer Platforms
Regions of operations: United Kingdom
CareVoice is an international Shanghai-based health InsurTech making health insurance digital and more personal. The
company’s main product, CareVoiceOS, first healthcare operating system for insurers,
digitizes healthcare and insurance journey with members’ interest first. It allows insurers to make health plans more
tailored, efficient and compelling to their customers. The company has 13 insurance clients (including Ping An and AXA)
servicing nearly 500,000 insurance members.
Founded 2014
Employees: 11-50
Value Chain: Propositions that supports the end to end value
chain
Subsectors: Commercial/Enterprise Insurance, Data/
Intelligence, Life/Health Insurance, Consumer Platforms
Regions of operations: Mainland China, Hong Kong
By Miles offers the UK’s only pay-by-mile car insurance policy that works in real time, giving lower mileage drivers a fairer,
more flexible way to pay for cover. There’s a smartphone app for members too, which includes handy tools, including the
ability to track their car down when they forget where they’ve parked, to help locate their car if it’s stolen or to scan their
car for fault codes. A fixed annual cost covers the car when it’s parked (which can save lower mileage drivers up to 40%,
compared with a traditional annual premium) and journeys are charged for on a monthly basis at a cost per mile. The
company’s rated ‘Excellent’ on Trustpilot, was recently voted ‘Best Car Insurance Provider of 2019’ and ‘Best Insurance
App of 2019’ at the Insurance Choice Awards, and its members have insured 15 million miles on pay-by-mile policies
since its mid-2018 launch.
Founded 2016
Employees: 11-50
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Auto Insurance
Regions of operations: United Kingdom
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
18
Clearcover lowers the premiums on auto insurance policies in the United States by rebuilding the cost structure of a
traditional insurance company and being more efficient. The company’s model is based on the fundamental insurance
equation (Premium= Losses + LAE +Premium Tax+Underwriting Expenses+UW Profit). The lower LAE, CAC, Service Costs,
and Fixed Costs can be made, the less the company can charge in premium for insurance. Clearcover is already leading
the insurance industry in expense efficiency. Clearcover has sold thousands of policies combined across the states of
California, Illinois, Arizona and Utah. They primarily distribute their product via integrations with companies like Credit
Karma, Chime Bank and The Zebra along with partnering with independent agencies.
Founded 2016
Employees: 51-100
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Auto Insurance
Regions of operations: United States
Coherent’s mission is to ignite change and challenge the status quo of legacy systems and processes by empowering in-
surers and intermediaries with solutions that make insurance faster, smarter and simpler. Coherent began as an actuarial
consulting company with four team members, growing to over 70 people in Hong Kong and Shanghai over the next three
years. Their venture into insurtech began with Seasonalife – a comparison platform that helps brokers and insurers to easi-
ly compare different life and health insurance products and gain access to the latest market intelligence. Since then, they’ve
continued operating in the life and health insurance space, developing multiple solutions, all with the aim to bring greater
efficiencies and market transparency to insurers and intermediaries. From enabling insurers to roll out their products at
lightning speed with Product Factory, through to the award-winning product comparison platform Seasonalife, and smart
EPOS solutions, they now have 21 major insurers such as Manulife, Sun Life, FWD, and more than 4,000 intermediary users
as dedicated customers.
Founded 2016
Employees: 51-100
Value Chain: Marketing & Distribution, Operations & Servicing
Subsectors: Insurance Comparison/Marketplace, Life/Health
Insurance, Infrastructure/Back-end, Data/Intelligence, Life/
Health Insurance
Regions of operations: Hong Kong, China, Singapore, the
Philippines
Click-Ins has developed a state-of-the-art, next-generation platform for motor insurance and car rentals that inspects
vehicles and detects damages. Utilizing digital photos from a mobile phone, it’s a snap to submit information to gen-
erate a report; no additional manpower or equipment is needed. By applying its unique DamagePrint™ technology for
damage signature matching, Click-Ins detects bogus motor insurance claims and immediately reveals potential fraud. A
hybrid method based on a systematic engineering approach, combined with Deep Learning and 3-D modeling, yields an
unprecedented level of precision. The company has several paying customers including Hachshara GO Insurance, and
as the winner of the BASF Damage Recognition Challenge, Click-Ins is initiating a pilot with the world’s leading chemical
company.
Founded 2014
Employees: 1-10
Value Chain: Claims
Subsectors: Auto Insurance
Regions of operations: Israel, Europe
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
19
CoverWallet is the leading tech company reinventing the $100 billion U.S. commercial insurance market for small busi-
nesses. Based in New York and launched in 2016, it has received more than $40 million in funding from renowned inves-
tors including Union Square Ventures, Index Ventures, Two Sigma, and Foundation Capital. Powered by deep analytics,
thoughtful design, and state-of-the-art technology, the company is the easiest way for small businesses to understand,
buy, and manage insurance online. CoverWallet manages the full end-to-end experience for insurance for small busi-
nesses. From the time businesses go to the site to learn about the types of policies they need, to getting quotes and
purchasing their coverage online, all the way through the process of generating certificates of insurance and updating
payment methods, CoverWallet handles the full lifecycle of insurance for businesses. CoverWallet is partners with lead-
ing insurance carriers and offers policies from companies including Progressive, Starr, Chubb, CNA, Travelers, Liberty
Mutual, Berkshire Hathaway Guard, Blackboard, Atlas, Markel, and others.
Founded 2015
Employees: 251-500
Value Chain: Marketing & Distribution, Operations & Servicing,
Policy Renewal/Customer Retention, Proposition that supports
the end to end value chain,
Subsectors: Commercial/Enterprise Insurance
Regions of operations: United States, Europe, Australia
Covomo’s purpose is to help people to protect what they love wherever and whenever they want to by closing the gap
between insurance and the customer through state-of-the art technology. Covomo is an Insurance-as-a-Service Distribu-
tion plattform with more than 1,500 product insurance tariffs, its own booking engine for seamless integration, and pow-
erful B2B partnerships with leading partners such as Verivox. They are launching Germany‘s first on-demand insurance
product “blanket” which is a pay-per-use insurance product for smartphones, laptops, cameras, and (e)-bikes, integrated
in a digital safe underwritten by Allianz. Covomo is the only distribution platform in Europe focusing on product-, special-,
niche- and annex-insurance with the broadest range of tariffs available in the market.
Founded 2015
Employees: 11-50
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Claims, Proposition that
supports the end to end value chain
Subsectors: Insurance Comparison/Marketplace, On-demand/
Travel Insurance, Infrastructure/Back-end, Home/P&C
Regions of operations: Germany
CXA is Asia’s first employee wallet and AI-driven population health ecosystem that integrates directly with the entire spec-
trum of health providers to offer immediate savings by removing intermediaries such as TPAs, brokers and agents.
CXA enables employers of Fortune 500 MNCs as well as SMEs to shift their existing employee healthcare and insurance
spend to pay for flexible benefits, corporate wellness and disease management initiatives in order to improve population
health, combat chronic disease and reduce costs through employee personalization.
CXA is also white-labelled by banks and insurers to digitally cross-sell healthcare and insurance to the B2B2C employees
of their B2B enterprises by leveraging crucial demographic, work-life events and health data to cross-sell relevant financial
and healthcare services products to the right person at the right time.
Founded 2013
Employees: 101-250
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Life/Health Insurance, AI, Data/
Intelligence
Regions of operations: Singapore, Hong Kong, Shanghai,
Beijing, Jakarta
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
20
The Cytora Platform provides a set of easy-to-integrate APIs that automatically enrich insurance submissions, unlock new
distribution channels, and provide the foundation for automation. Their core use cases are automated underwriting, rein-
surance portfolio enrichment, and digital affinity. They give customers a compounding data advantage, using a combination
of AI, big data, and cloud technology. Their Risk Engine continuously ingests billions of data points relating to different risk
and perils across commercial insurance – such as company financials, local crime rates, and building occupancy. AI is used
to structure this information and connect it to a single business or address. This means insurance companies can be pro-
vided with all the information they need to make an underwriting decision in seconds. Customers access this information
using the API Platform, which is flexible, easy to integrate, continuously upgraded, and auto-scales to meet usage needs.
The Platform is powered by the Cytora Risk Engine, which continuously captures and connects information from multiple
sources to build an ever-expanding view of risk. As new data is added, customers integrated with the API can access new
information instantaneously, improving the quality and integrity of their own data over time.
Founded 2014
Employees: 51-100
Value Chain: Marketing Distribution, Underwriting & Risk Rating
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Home/P&C, Data/Intelligence
Regions of operations: United Kingdom, EU
DFV Deutsche Familienversicherung AG, the first stock market listed Insurtech Company in Europe, was established as an
insurance start-up in 2007 with the objective to provide insurance products people really need and immediately under-
stand (“Simple. Sensible”). DFV Deutsche Familienversicherung AG is known for its multi-award-winning supplementary
health insurances and offers the following products: dental insurance, long-term care insurance, inpatient insurance, out-
patient insurance, on-demand accident insurance, liability insurance, household insurance and legal insurance. Based on
the highly modern and scalable in-house developed IT systems, the company sets new benchmarks with consistent digital
product designs as well as the option to graduate via digital language assistants.
Founded 2007
Employees: 101-250
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Claims, Policy Renewal/
Customer Retention, Proposition that supports the end to end
value chain
Subsectors: Long-term care/Health Insurance, On-Demand/
Travel Insurance, Home/P&C
Regions of operations: Germany
CyberDirekt is the first digital platform which offers advisory, comparison and realtime quoting for cyber insurance in
Germany. The standard paper based application process of commercial insurance has been changed towards a more
client-oriented focus. Brokers have to submit industry and net turnover to get a market overview of premiums and ap-
propriate cyber insurance tariffs. The digital application process can be finished within a few minutes. SME customers
get access to adequate prevention services against cyber-attacks. Customers receive a vulnerability assessment within
90 seconds and access to an extended report with detailed results. Moreover, policyholders can use the CyberDirekt Se-
curity Awareness Training and Phishing Simulation test to tackle the human risk factor. Combining cover and prevention
changes the way commercial insurance is thought. The probability of loss will be reduced to create a less risky commu-
nity of policyholders, which enables affordable premiums in the long run.
Founded 2017
Employees: 1-10
Value Chain: Marketing & Distribution, Operations & Servicing,
Policy Renewal/Customer Retention
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Cyber Insurance
Regions of operations: Germany
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
21
Earnix believes that for Insurance and Banking Institutions, personalization is key to increased customer satisfaction and
loyalty as well as to improved business results. Recognizing the complexities of financial products, Earnix provides an
end-to-end Pricing and Product Personalization Software Suite, driven by world-class data science, analytical modeling
tools, and integrated machine learning. The Earnix 3D Personalization Suite™ empowers Financial Institutions to offer
the right product, at the right price, at the right time, while optimizing business results, maintaining governance & com-
pliance, and improving the enterprise-wide pricing and product personalization process. The Earnix 3D Personalization
Product Suite™ is made up of three products that together let Insurance and Banking institutions deliver the right prod-
uct, at the right price, and the right time: Earnix Price-it, Earnix Personalize-it, and Earnix Detect-it.
Founded 2001
Employees: 101-250
Value Chain: Pricing Analytics, Product Personalization,
Underwriting & Risk Rating
Subsectors: Home/P&C, Auto Insurance, Life/Health Insurance,
Commercial/Enterprise Insurance, Data/Intelligence
Regions of operations: North America, EMEA, APAC
Embroker is the digital insurance company committed to transforming commercial insurance by improving the way
businesses of all sizes manage risk. With a radically simple approach, Embroker is replacing the 1970’s technology of the
insurance industry, with a first-ever end-to-end digital insurance platform that provides better coverage and reduced
cost; all in minutes, not hours.
The company has partnered with Amazon Web Services (AWS) as one of only two startups in the US to be able to provide
customers with web hosting credits to the AWS platform. They are also the exclusive partner of Zenefits for P&C insur-
ance. Embroker, the easiest way to intelligently insure any business.
Founded 2015
Employees: 101-250
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Commercial/Enterprise Insurance
Regions of operations: United States
FINEOS is a global software company providing modern customer-centric core software to the life, accident and health
industry. They help customers move on from outdated legacy administration systems to a modern customer-centric core
product-suite FINEOS AdminSuite for Billing, Claims, Absence and Policy Administration, enabling improved operational
efficiency, increased effectiveness and excellent customer care. FINEOS AdminSuite is designed to manage the modern
complex structures and relationships of group and individual insurance processing to optimize plan, coverage and data
management, operational processing, and business intelligence. FINEOS is the leading provider of core systems for life,
accident and health insurance carriers globally with 6 of the 10 largest group life and health carriers in the US as well as
6 of the 10 largest life and health carriers in Australia with partnerships with companies such as EY, PWC and Deloitte.
Founded 1993
Employees: 501-1000
Value Chain: Claims, Policy Renewal/Customer Retention
Subsectors: Commercial/Enterprise Insurance, P2P Insurance,
Life/Health Insurance
Regions of operations: North America, APAC, Europe
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
22
www.earnix.com
1
Impacting
Business Results
Follow Us:
For almost two decades, Earnix data scientists,
financial experts, and software engineers have worked
to create a comprehensive analytics software
solution that solves some of the most difficult product,
pricing and channel challenges faced by financial
institutions. With Earnix - insurers, lenders, and other
financial institutions can now incorporate into their
product, risk, and delivery systems the same advanced
analytics that make personalization possible for the tech
giants.
2 www.earnix.com
Analytical Process Improvement.
Gore traditionally has done risk and demand
modeling, in order to understand customer
propensities and exposure and determine
the appropriate costs of risk transfer. As
Gore has advanced to managing this mode-
ling process holistically, through the use of
an end to end data management, analytics,
and pricing platform, they have realized the
ability to understand their customers at an
even deeper level. Gore utilizes predictive
analytics to derive insight from the informa-
tion that they receive, and in turn support the
effective underwriting of risk accepted.
Understanding and applying risk and de-
mand thresholds to customer segments
enables a more effective insurance transac-
tion for all stakeholders.
Speed Rate Deployment.
Managing the rate deployment process at
organizations like Gore requires accounting
for many variables. Price changes must be
made, approval and governance of changes
must be received, and proposed changes
must then be deployed to the market. Gore
knew that only an end to end system with
real time rating engine capabilities, integra-
tion to touchpoints such as core and policy
admin systems, and the ability to monitor
rate change performance would be the best
solution for them.
Gore has turned to Earnix as a partner to
provide an end to end pricing and personali-
zation platform, which takes their operation-
alization of analytics to the next level. Earnix
will provide a real time rating engine that is
connected to all of Gore’s core platforms
– including policy admin systems in the back
office, and customer interaction systems in
the front office. The ability to develop, exe-
cute, monitor, and refine multiple pricing
structures and strategies with high perfor-
mance and reliability allows for improved
governance and control. For Gore, the capa-
bility to deploy rates and rate changes in real
time allows the pricing process to be opera-
tionalized very quickly.
As Gore works to distribute these analytic
and time to market improvements across the
business, many other future advancements
are being considered as well. Machine learn-
ing tools and capabilities are being re-
searched, as a way to automate processes
and understand their customer base even
further. Being able to use the Earnix rating
engine capabilities to take any analytical
model developed by any tool and use it in a
real time manner is also an exciting possibili-
ty. The partnership between Earnix and Gore
is creating a strong foundation for future
advancements, including the use of analytics
and personalization in every project that Gore
undertakes.
Gore Mutual Insurance Partners with
Earnix to Improve Analytic Agility
and Speed Time to Market
Gore Mutual, a Canadian mutual insurance company that has provided community protection
to personal and business customers for over 175 years, has partnered with Earnix to provide
the best service possible to their broker network and customers. As part of an initiative to
better understand their end customers and improve responsiveness to a constantly changing
market, Gore has partnered with Earnix to continually improve analytical processes and
better operationalize the speed of rate deployment to the marketplace.
Getsafe is reinventing insurance. The company, based in Germany is using technology and artificial intelligence to help
people identify, organize and protect what they care most about in life: with a few clicks, customers can easily buy insur-
ance in the Getsafe app in less than three minutes and then manage or change their protection anytime and anywhere
- simple, transparent, and fair. Instead of set terms and fixed conditions, Getsafe offers monthly memberships and daily
cancellation. The current product portfolio includes liability, contents, bike, legal and dental insurance in Germany - with
new products continually being added to the portfolio.
Together with renowned partners such as Munich Re and leading venture capital investors such as Earlybird, Getsafe plans
to hit 100,000 policies by the end of 2019 and expand into other European countries. To date Getsafe has raised €20m in
venture capital.
Founded 2015
Employees: 51-100
Value Chain: Underwriting, Marketing & Distribution,
Operations & Servicing, Claims
Subsectors: Home/P&C, Data/Intelligence, Life/Health Insurance
Regions of operations: Germany (Austria and United Kingdom
are to come soon)
Fluo’s mission is to make insurance great again. By solving the most painful experience of insurance customers, Fluo helps
insurers to be more relevant and more efficient. Fluo has developed an algorithm which helps users check if they are
already covered as well as algorithms which help users check if they can find the same guarantees they need or own at
more competitive price. Fluo’s technology is available through APIs and Webviews to insurance distributors as well through
its own mobile application. Using Fluo, customers avoid duplication of covers and get the best price of the industry while
insurers benefit from one of the most competitive distribution channels. Fluo has partnered with Allianz as one of their
main technology partners in travel insurance, and AXA to distribute their loan, home and travel insurance. Fluo is gaining
customers at a rate of 10,000 customers per month.
Founded 2013
Employees: 11-50
Value Chain: Marketing & Distribution, Operations & Servicing,
Claims, Policy Renewal/Customer Retention, Proposition that
supports the end to end value chain
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Auto Insurance, Home/P&C, Life/Health
Insurance On-Demand/Travel Insurance, Consumer Platforms
Regions of operations: France, United Kingdom, Italy, Spain,
Germany
Fixico offers a new and fully digital way for insurance companies to handle motor claims. The end-to-end platform pro-
vides a unique customer experience, an innovative repair management solution and a digital marketplace that guaran-
tees the best repairer for each individual damage. Fixico is expanding rapidly across Europe and is currently active in the
Netherlands, Belgium and Germany. Operating from their headquarters in Amsterdam, the fast-growing tech company
collaborates with more than 2,000 repair shops, has handled over 200,000 damaged cars to date and established suc-
cessful partnerships with leading companies such as AXA and Aon.
Founded 2014
Employees: 51-100
Value Chain: Claims
Subsectors: Auto Insurance
Regions of operations: Netherlands, Belgium, Germany, South
Africa
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
25
Goose is a consumer-focused Super-App for Insurance, with a mission to deliver consumers a simplified self-serve pro-
cess to bind insurance coverage across both P&C and Life. Through the Goose mobile App, consumers can discover,
learn about, and buy insurance coverage instantly across all lines of consumer insurance. Goose launched its first prod-
uct “Travel insurance on demand” in Canada. Goose is now increasing the lines of insurance it offers to consumers, such
as life insurance, personal property and identity theft. Goose will lead the disruption of consumer insurance distribution
and how consumers purchase insurance. They will also help solve the issue of consumer under-insurance by making
insurance more accessible. The company has product partnerships with Tugo Industrial Alliance and Gore Mutual.
Founded 2017
Employees: 11-50
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Policy Renewal/Customer
Retention
Subsectors: Life/Health Insurance, On-Demand/Travel
Insurance, Consumer Platforms
Regions of operations: Canada, United States
Greater Than provide AI based insurance solutions that predict claims cost in real time and enhance current premium
models by providing granular risk insight for underwriting for OEMs and insurance carriers, who want to access real-time
insights, identify bad risk and reduce the claims cost by 40%. The company’s flagship product Enerfy Global is a full-ser-
vice digital insurance solution enabling real time risk insights. The product is a turnkey white-label solution providing total
brand adaption of all its features and apps, including web shop solution, smartphone app, claims handling to tools for
digital marketing and end consumer communications, as well as gamified parts to nudge drivers to improve themselves
as drivers. Greater Than partner with several insurance carriers in Europe and Asia and is the technical platform of the
global FIA competition, the FIA Smart Driving Challenge.
Founded 2014
Employees: 11-50
Value Chain: Underwriting & Risk Rating
Subsectors: Auto Insurance, Data/Intelligence
Regions of operations: Global
Groundspeed is a data science and artificial intelligence (AI) company serving commercial property and casualty insurance
carriers, brokers and managing general agents (MGAs). Its solutions unlock the value in unstructured information such as
loss runs, exposure schedules and policy data to automate core processes and provide powerful predictive risk analytics
that improve margins, identify profit pools, and improve customer experience. Insurance carriers receive over a billion
pages of documents each year in support of underwriting, claims management and risk mitigation. The manual process of
extracting key data led to a loss of 95% of valuable information, unsatisfactory accuracy and bottlenecks in the underwriting
process. Groundspeed is focused on creating frictionless underwriting and one-touch insurance analytics from documents.
Groundspeed’s Adaptive Data Pipeline converts unstructured data from insurance files into actionable information and
predictions. Groundspeed’s adaptive data pipeline is a deep learning solution driven by an ensemble technology approach
using machine learning, computer vision and natural language processing techniques.
Founded 2016
Employees: 11-50
Value Chain: Underwriting & Risk Rating, Operations & Servicing
Subsectors: Data/Intelligence
Regions of operations: United States
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
26
Hepstar provides a travel ancillary product hosting and merchandising platform that aggregates suppliers across the globe
and recommends products based on distinct customer purchasing behaviour in travel and related distribution channels.
Hepstar’s hosting solution includes product administration, reporting and fulfilment functionality, while its merchandising
features include machine-learning capability and optimal packaging of products to ensure optimal revenue for the entire
value chain. Hepstar’s agile merchandising platform is designed to personalise the travel insurance and ancillary product
offerings, as well as optimise revenue for its partners. Hepstar analyses anonymous and non-sensitive data and profiles
the customer in real time to ensure ancillary offerings are relevant and personalised to that specific customer’s needs. By
aggregating ancillaries from various global suppliers, Hepstar can offer its partners access to a wide product portfolio and
ensures the product offering is relevant for each customer. The company has partnerships with companies including AXA,
Collinson, MAPFRE Assistance, Guardrisk Insurance Company Limited and ERGO Travel Insurance.
Founded 2013
Employees: 11-50
Value Chain: Marketing & Distribution, Proposition that
supports the end to end value chain
Subsectors: Insurance Comparison/Marketplace, On-demand/
Travel Insurance, Infrastructure/Back-end, Consumer Platforms,
Data/Intelligence
Regions of operations: Europe, Middle East, Asia, Africa
GUARDHOG has re-invented and re-imagined insurance designed for the peer-to-peer economy, offering flexible us-
age-based cover that takes the uncertainty out of sharing. Most home or landlord insurance policies don’t cover the risks
created by having super short lets or paying guests and GUARDHOG fills these gaps. As well as providing direct cover
to private individuals, GUARDHOG is partnered with over 350 home-sharing businesses and is covering thousands of
hosts. With bespoke technology that allows cover to be put in place automatically, each and every time a super short
let happens, customers are provided with a seamless, efficient and cost-effective solution. These specialist services are
backed by some of the biggest names in insurance, including RSA, Hiscox, Canopius and Munich Re, who not only allow,
but encourage, everyone to get involved in the exciting new money-making opportunities offered by the sharing econo-
my, so you can be sure that if the worst were to happen, GUARDHOG have got your back.
Founded 2016
Employees: 11-50
Value Chain: Operations & Servicing, Claims, Policy Renewal/
Customer Retention, Proposition that supports the end to end
value chain
Subsectors: Insurance Comparison/Marketplace, P2P Insurance,
Home/P&C, On-Demand/Travel Insurance, Consumer Platforms
Regions of operations: United Kingdom, Western Mainland
Europe
HazardHub is the only third-generation provider of property-level hazard risk databases. Their team of scientists trans-
lates huge amounts of geospatial digital data into easy-to-understand answers, providing risk assessments that can
be used to make real-world decisions. HazardHub provides comprehensive, national coverage for risks that destroy
and damage property, including perils from air (wind, hail, tornado, lightning), water (flood, coastal storm surge), earth
(earthquake, brownfield, Superfund) and fire (wildfire and fire protection.) The HazardHub API instantly presents over
100 billion data points with up to 700 data elements per place, providing unmatched insight to the underwriting process.
The API is lightning fast and offers unlimited scalability. HazardHub has quadrupled from 2017-2018 and expects to
quadruple again this year.
Founded 2016
Employees: 11-50
Value Chain: Underwriting & Risk Rating
Subsectors: Home/P&C, Data & Intelligence
Regions of operations: United States
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
28
ICE InsureTech is a provider of core software systems to Insurers, MGAs, TPAs and InsurTech start-ups, with a customer base
that is 100% referenceable. The ICE Insurance suite is a modular, end to end solution for policy administration and claims man-
agement, designed by insurance professionals for insurance professionals. Our award-winning innovative software enables rapid
implementation, flexible business configuration, is proven and robust, all underpinned by great technology. ICE InsureTech, part
of the Acturis Group, was founded in 2002 to introduce automation & efficiency to the insurance market. ICE has partnerships
with Munich Re and Kofax. Munich Re’s Digital Partners have selected ICE InsureTech as a preferred Policy Administration Tech-
nology Provider for their growing stable of insurance technology start-ups. ICE InsureTech are a licensed reseller for Kofax CCM
and as such are able to offer a fully integrated document production solution at preferential licence rates.
Founded 2002
Employees: 51-100
Value Chain: Underwriting & Risk Rating, Operations &
Servicing, Claims, Policy Renewal/Customer Retention,
Proposition that supports the end to end value chain
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, On-Demand/Travel Insurance,
Infrastructure/Back-end, Auto Insurance, P2P Insurance,
Consumer Platforms, Home/P&C, Data/Intelligence
Regions of operations: EMEA
HomeZada is an online and mobile set of apps that empowers homeowners to track the details of their home to save
time, money and reduce stress. These apps specifically include tracking a home inventory to understand the home
contents, managing a home maintenance calendar and home repair, design and remodel projects for better cost and
schedule management, and finally tracking all the finances of the home for better visibility. HomeZada also supports
its partners in industries like mortgage, insurance and real estate to gain and retain more clients in today’s competitive
environment. With branding and cross selling opportunities, HomeZada partners stay connected with their customers
beyond the initial transaction of securing a mortgage or policy and selling a home.
Founded 2011
Employees: 1-10
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Claims, Policy Renewal/
Customer Retention, Proposition that supports the end to end
value chain
Subsectors: Home/P&C, Consumer Platforms
Regions of operations: United States, Canada
Hokodo’s mission is to make insurance and financing available to the millions of European SMEs left behind by today’s
financial service industry. Hokodo uses innovative, cutting-edge, technology to develop insurance and finance solutions
to protect SMEs participating in B2B trade. By integrating into the technology SMEs use day-to-day, such as cloud ac-
counting platforms and B2B marketplaces, Hokodo makes insurance and financing available at the point of need. The
company launched with Invoice Protection, and it is forecast that this will help protect over €200 million worth of B2B
trade in Europe over the next two years. Hokodo is backed by leading European VC, Anthemis, and the EU’s Horizon
2020 program. Hokodo’s insurance products, underwritten and distributed using Hokodo’s technology, are backed by
the Channel Syndicate, a unit of SCOR Global P&C.
Founded 2017
Employees: 11-50
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Claims, Policy Renewal/
Customer Retention, Proposition that supports the end to end
value chain
Subsectors: Commercial/Enterprise Insurance, Data/Intelligence
Regions of operations: UK, France, opening in Germany and
Spain in the next 12 months
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
29
COMPANY
RESEARCH
PROFILE
REGION: NORTH AMERICA | SECTOR: INSURTECH
COMPANY RESEARCH PROFILE
This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions.
© 2019 FinTech Global and Investor Networks Ltd
Product name
iInsure
Founded 1998
East Windsor, United States
www.insuritas.com
info@insuritas.com
860-653-1134
Employees 51-100
Regions of operation: US
Key Employees
Jeffrey Chesky
Chairman & CEO
Matt Chesky
President
Tracy O’Brien
CTO
Value Chain: Marketing & Distribution, Operations & Servicing, Policy Renewal/Customer Retention, Proposition that supports
the end to end value chain
Subsectors: Insurance Ecosystem
OFFERING
PROBLEM BEING SOLVED
TECHNOLOGY
Insuritas is a leader in insurance agency
outsourcing for financial institutions,
enabling them to own a complete
insurance agency without the significant
capital investments required to build or
buy an agency, or the inherent operational
risks. Insuritas is an insurance ecosystem
that operates inside a unique legal
construct that allows it to access the
massive amounts of customer data that is
housed inside the financial institution and
merge it real-time with publicly available
supplemental data sets.
From 1980 to 2019 the number of
insurance service employees has more
than doubled from 0.463 million to 1.1
million. They support over 250,000
variations of insurance products/coverages
manufactured by over 6,000 carriers
working inside a terribly disconnected
vertical. iInsure is the first insurance
platform (PaaS) ecosystem where people
can shop, compare, buy and service
all of their insurance needs in a single,
frictionless, omni-channel, product
agnostic ecosystem.
The first global insurance ecosystem. The
iInsure platform has the infrastructure
and rules for the first global insurance
marketplace. iInsure brings together
insurance buyers/users and insurance
product producers, by leveraging Big
Data, Data Analytics, Data Lakes, Micro-
segmentation, Personalized Digital
Engagement and P’URLS (personalized
URL landing pages).
PRODUCT DESCRIPTION
The Insuritas virtual insurance agency ecosystem reengineers the way insurance works. The iInsure technology allows consumers and
small businesses to shop, compare, purchase and service all of their insurance needs from multiple competing carriers on a single digital
platform. Insuritas is the first insurance ecosystem platform engineered to connect insurance buyers and all of their lifetime insurance
needs with an infinite number of insurance carriers in a single, virtuous insurance agency eco-system facilitated by financial institutions
globally, replacing the current, highly fragmented and antiquated customer acquisition, quoting and policy issuance model. The iInsure
technology operates inside virtual, private label, multi-product, multi-carrier insurance agency ecosystems embedded inside ecosystem
orchestrators (currently financial institutions) to present their users (consumers and business owners) with the ability to shop, compare,
buy and manage post-purchase services for all of their insurance needs in a single, frictionless, digital environment supported by full
service, on-demand white-glove agents. The platform is omni-channel, and carrier and product agnostic. It will become one of the largest
insurance distribution platforms in the world by 2024.
COMPANY RESEARCH PROFILE
REGION: NORTH AMERICA | SECTOR: INSURTECH
COMPANY RESEARCH PROFILE
This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions.
© 2019 FinTech Global and Investor Networks Ltd
TOTAL FUNDING — $12M
Investors: Friends & Family
Investment:
• Seed Round - $2.1M
• Series A Round - $9.6M
PARTNERSHIPS
• Insuritas partners with over 200 carriers and 13 tech platforms
TRACTION/GROWTH
• Customer acquisition numbers: The platform has nearly 200 financial institution clients with over 10m retail and 1.6m small
businesses in the addressable market – underlying policy production has a four year CAGR of 30%+
• Client companies:
• Estimated revenue in 2022: $75m -$100m
• Estimated staff numbers in 2022: 300
MANAGEMENT BIO
Jeffrey Chesky - Chairman & CEO
Mr. Chesky was the Founder & President of Banc Insurance Services, Inc., where he pioneered the design, installation, and outsourced
management of insurance agencies for financial institutions nationally. BIS was purchased by Jack Henry & Associates, the nation’s
leading bank core processing company in 2004. (JKHY – NASDAQ). In 2008, Mr. Chesky led a group of private investors in a buyout of BIS
from Jack Henry, and renamed the company Insuritas. Mr. Chesky also pioneered the development of the nation’s leading management
consulting practice for insurance agency integration strategies for bank acquired insurance agencies post acquisition, called the Agency
Integration Management Group. Mr. Chesky has over 20 years experience in the banking and insurance fields. Over that time, he has
served as a Senior Vice President of one of the nation’s 100 largest insurance agencies, Director of Institutional Investment Management at
Mass Mutual Insurance Company, and Vice President of mortgage lending at both Fleet Bank and Bank of New England. Mr. Chesky also
had the distinguished honour to serve on the White House staffs of President Jimmy Carter and Vice President Walter Mondale and on the
personal staff of Governor Michael Dukakis.
INSURTECH 100 Profiles
32
The InsurTech space is going from strength to
strength. This is evident given how the investment fig-
ures into the sector are growing every year.
Back in 2014, $504.7m was invested into the sector
globally. That number jumped to a massive $3.5bn in
2018, only to skyrocket above $3.7bn in the first nine
months of 2019. With over 1,000 deals having been
signed off in the sector to date and 2019 already look-
ing it will be another record year, it’s safe to say that
the opportunities for tech solutions in the insurance
space are only multiplying.
Matt Chesky is one of the people who has witnessed
the proliferation of these opportunities over the years.
He is the President of Insuritas, the U.S. leader in in-
surance agency solutions for financial institutions. He
is also the son of the company’s Founder, Chairman
and CEO, Jeffrey Chesky.
As such, he has been able to see the growth of the
sector first-hand, both by talking about it with his fa-
ther across the dinner table growing up, and even-
tually joining the company after graduating from col-
lege in 2012. Having helped the company grow to its
market-leader position in the U.S. today, Matt Chesky
believes there are still plenty of opportunities for en-
trepreneurs who know where to look.
“One of the widest gaps between consumer expec-
tations and reality today in the InsurTech space is in
the insurance shopping experience,” he says. “Many
of the newer innovations in the distribution side of
InsurTech are focused exclusively on digitizing a tra-
ditionally analog shopping experience, but don’t nec-
essarily solve for some of the other frictions inherent
in that process.
“We think that building an omni-channel insurance
ecosystem, that incorporates world-class InsurTech
to reduce those frictions, or even eliminate the need
for users to shop for insurance, represents one of the
most scalable opportunities in the space.”
And that is exactly what Insuritas does. Founded and
launched in 1999 as Banc Insurance Services, the
company pioneered the idea of conceptualising, de-
signing, installing and outsourcing management of in-
surance agencies for financial institutions across the
country, enabling banks and credit unions to offer the
auto, home and business insurance products their
depositors purchase every year.
These features formed the core model of the com-
pany when Banc Insurance Services was acquired by
Jack Henry & Associates, a leading bank core process-
ing company, in 2004. And they were still enterprise’s
key features four years later when Jeffrey Chesky
bought back the company and renamed it Insuritas.
Since then, Chesky senior has been pivotal in propel-
ling the company to the heights it has today, often hit-
ting the road to spread the gospel of its solutions at
conventions across the U.S.
The best is yet to come
Insuritas has been at the forefront of the InsurTech revolution
for two decades. While its leadership sees some challenges on
the horizon, they believe they are well positioned to transform
them into opportunities for growth.
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
INSURTECH 100 Profiles
33
Through his and his team’s hard work, Insuritas has
become the leading InsurTech company in the U.S.,
connecting people with the insurance products that
they need through a seamless and transparent shop-
ping experience. Today, its fast growing partner net-
work of 200 banks and credit unions is serving over
ten million customers across the USA.
Moreover, today Insuritas maintains relationships
with over 75 insurance carriers to ensure its end us-
ers have access to competitive pricing and a compre-
hensive array of products available.
Through its platforms, Insuritas is empowering finan-
cial institutions to leverage proprietary data-mining
techniques and integrations with a broad array of in-
surance carriers to make highly personalized, digital-
ly optimized insurance offers to their depositors, all
within their brand. These strategies help further their
commitment to the financial well-being of their cus-
tomers, while driving a critical source of non-interest
income for their institution.
This model of building an insurance ecosystem where
carriers, customers and Insuritas’ financial institutions
partners come together to drive mutual value is pur-
poseful . “The insurance agency distribution model
evolved to meet users’ preference for a trusted, ob-
jective advisor to assess their risk management needs
and connect them to a carrier who could offer them
the right coverage at the right price,” Matthew Chesky
says.
“As the independent agency system in the US contin-
ues to consolidate, we believe that financial institu-
tions will continue to see this opportunity to step in
and serve as this trusted advisor to their depositors
as a logical extension of their core business, as well as
a tremendous opportunity to drive customer wallet
share, retention and recurring non-interest income.”
A testament to this fact is that Insuritas – two decades
after it was launched – is still finding new customers
and partners to join forces with.
In 2019 alone, Insuritas has launched partnerships
with banks and credit unions in eight states across
the U.S., and has expanded its addressable market by
nearly a million households.
Most recently, Insuritas launched Marquette Insur-
ance Services for Marquette Bank, a full-service in-
surance agency for one of the largest privately held
banks in the Chicago market with 24 offices through-
out the region, empowering its retail and commercial
customers with the ability they need to find the cov-
erage they need from a massive group of insurance
carriers.
Through the years, Insuritas has developed several
high-tech solutions for its clients, including its E-Insur-
anceAISLE, LoanINSURNACE, InsureNOW and Agent-
FORCE platforms.
Rather than taking its foot off the metal any time soon
when it comes to innovation, Insuritascontinues to
roll out new solutions for the market.
In September 2019, it unveiled its latest addition to its
already bursting portfolio of products: iInsure, a first
of its kind technology that enables banks and cred-
it unions to fully integrate insurance quote and buy
capabilities into their high-usage digital banking plat-
forms.
The company also recognises that the InsurTech in-
dustry will have several hurdles to overcome in the
near future. Indeed, the industry has to evolve with
the ever-changing regulatory landscape and remain
conscious of new technological innovations.
Nevertheless, Matthew Chesky believes one obstacle
will be harder to tackle than any other. “The biggest
challenge in the InsurTech space today is customer
acquisition,” he says. “Our industry has seen an accel-
erated influx of new entrants and capital over the last
several years, that, with the continued expansion of
the direct writers in the US, have significantly driven
up the cost of customer acquisition. Any scalable in-
surance platform in the US will need to solve for that
challenge.“
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
Insly helps intermediaries and insurance companies digitize their distribution and administration, providing intermedi-
aries with a cloud-based system to sell insurance online and save time on administration related tasks. They provide
underwriters a platform to rapidly deploy their products to market. Initially started as a spin-off from a broker company
that pioneered online insurance sales in CEE, Insly has accumulated a strong team with a unique combination of insur-
ance and IT experience. Insly has been built from the ground up as a cloud native solution and provides a combination
of frontline distribution to back end administration and premium accounting functionality.
Founded 2000
Employees: 51-100
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Infrastructure/Back-end
Regions of operations: UK, Poland, Estonia
Insurify is a virtual insurance marketplace that leverages predictive analytics and natural language processing to simplify
the process of insurance shopping. As a business devoted to consumer experience, they deploy the latest in artificial
intelligence and machine learning technology to match customers with quotes from the insurance companies that fit
their profile and needs. By partnering with the nation’s top-rated insurance carriers, they provide comparison shoppers
in all fifty states an intuitive and comprehensive shopping experience that leads to cheaper insurance quotes from trust-
ed and reputable insurers. Insurify enables users to conveniently compare insurance quotes based on price as well as
quality parameters such as discounts, reviews, features, and the overall quality score of the carriers. Insurify has seen
250% growth year over year on policy sales.
Founded 2013
Employees: 11-50
Value Chain: Marketing & Distribution, Policy Renewal/
Customer Retention, Proposition that supports the end to end
value chain
Subsectors: Insurance Comparison/Marketplace, Auto
Insurance, Home/P&C, Life/Health Insurance
Regions of operations: United States
InvestSure protects investors from losses in the share price of listed companies that are caused by allegations of man-
agement fraud/dishonesty. Fraud/Dishonesty on the part of management is near impossible to detect as an ordinary
investor. However, when news of such breaks in the media it can have catastrophic effects on the share price, and hence
on an investors personal wealth. InvestSure created a world first insurance product that protects investors from losses
in the share price of listed companies that are caused by allegations of management fraud and dishonesty. The product
is completely automated from buy to claim, with average claim settlement time at less than 45 seconds from the client
selling their share to when the claims money is available in their investment account. This is enabled through integration
to the platforms which allows real time requests and actions via our API’s.
Founded 2017
Employees: 1-10
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Speciality Insurance
Regions of operations: South Africa
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
34
INZMO is an InsurTech start-up focussed on providing the most advanced platform for insurance and assistance servic-
es. INZMO is the only platform serving all the parties of insurance processes by providing tools/platform for insurance
companies, retailers/corporate partners, claims handlers and end consumer. INZMO has clients including Uber and
Deliveroo.
Founded 2015
Employees: 11-50
Value Chain: Marketing & Distribution, Operations & Servicing,
Claims, Policy Renewal/Customer Retention, Proposition that
supports the end to end value chain
Subsectors: On-Demand/Travel Insurance, Infrastructure/
Back-end, Consumer Platforms
Regions of operations: Germany, UK, France, Switzerland,
Portugal, Spain, Italy, Belgium, Estonia
JRNY helps insurance providers protect people better through its highly configurable and artificially intelligent Insurance
Distribution Platform. Using the Platform, insurer networks can sell more of the right policies to the right people, deliver
better customer experiences, improve internal efficiencies and bottom line, while more easily complying with regulatory
obligations. The Platform hosts a suite of three JRNY products: With JRNY Chat, client interactions can take place in a
conversational interface, 24/7, without the need for a human, and can automate key parts of the customer journey like
advice, needs analysis, quoting, purchase, claims lodging, policy management and renewal. The JRNY API integrates with
CRMs and legacy systems to streamline internal efficiencies and maximise ROI; while the JRNY Dashboard allows com-
panies to analyse data and conversations so that they can know their customers like never before. JRNY currently has
partnerships with IBM Watson and FaceMe.
Founded 2016
Employees: 1-10
Value Chain: Marketing & Distribution
Subsectors: Commercial/Enterprise Insurance, Auto Insurance,
On-Demand/Travel Insurance, Infrastructure/Back-end,
Consumer Platforms, Home/P&C, Data/Intelligence
Regions of operations: New Zealand, Australia, Singapore
Kakau is a subscription-based digital platform that uses artificial intelligence technology to deliver more accurate insur-
ance results. The company’s innovation/production line is simple, transparent and digital, seeking partnerships with the
most reliable insurance companies in the market. One of the innovations is the introduction of secure subscription, thus
leaving the user free to pause the subscription at any time. The big goal in front of the company is to turn yesterday’s
insurance into a financial and social inclusion tool. In the front end, Kakau democratizes insurance with digital MGA and
on the back end, Kakau Sonar solves fraud issues for insurance company. Artificial Intelligence technology coupled with
analytics capabilities for Big Data enables a complete revolution in product and user experience. Kakau has more than
12,000 users on its platform.
Founded 2017
Employees: 1-10
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Policy Renewal/Customer Retention, Proposition that
supports the end to end value chain
Subsectors: Insurance Comparison/Marketplace, Commercial/
Enterprise Insurance, Infrastructure/Back-end, Consumer
Platforms, Data/Intelligence
Regions of operations: Brazil
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
35
KASKO offers “InsurTech as a Service“. The company’s cloud-based platform allows digital plug-and-play insurance products
to be launched in as little as six weeks, allowing for new product ideas to be tested and existing ‘on-paper’ products to be dig-
italised. The various modules KASKO offers include the white-labeled customer journey, digital quote-offer-bind, issuing policy
documents, taking payments, policy administration and capturing first notification of loss (FNOL). As the platform is open it
can also be connected to third party solutions, or external data sets to enrich underwriting or reduce the customer journey.
KASKO is currently working with 20+ insurers in five countries with 40+ active products and its customers include the likes of
Allianz, Baloise, Swiss Re and Zurich.
Founded 2015
Employees: 11-50
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Commercial/Enterprise Insurance, Auto Insurance,
On-Demand/Travel Insurance, Infrastructure/Back-end, Home/
P&C, Data/Intelligence
Regions of operations: KASKO have offices in London, Riga,
Hamburg and Singapore and have launched digital insurance
products in the UK, Germany, Switzerland, Liechtenstein and
Canada.
Kin is a data-driven insurtech that uses public and private data sources to simplify the quoting and application process
and to offer custom insurance products to each customer. With a focus on serving areas impacted by hurricanes and
wildfires, they are committed to helping homeowners that are often neglected by traditional insurers. The company
offers first- and third-party insurance products with a pleasant UX and excellent customer service from licensed agents.
They are one of the only insurtechs underwriting risk in Florida and focusing on sustainability as an insurance company,
with healthy loss ratios and educated risk modeling. They have a partnership with Brinks to facilitate the purchase of a
home security system, as well as various third-party insurance relationships to broaden their offering of home, flood,
and auto insurance.
Founded 2016
Employees: 51-100
Value Chain: Marketing & Distribution, Underwriting & Risk
Rating, Operations & Servicing, Claims, Policy Renewal/
Customer Retention, Proposition that supports the end to end
value chain
Subsectors: Home/P&C
Regions of operations: Florida, Texas, Georgia, Alabama
Ladder has reinvented the life insurance process to offer instant, fully underwritten term policies online. With stellar pric-
es, no hidden fees, and the flexibility to adjust or cancel your coverage anytime, Ladder is on a mission to close the $16T
life insurance gap and fuel the resilience of 50M underinsured American families and their communities. By leveraging
its unique full stack platform, Ladder is spearheading a data revolution to make life insurance as fair and accessible as it
can be. Ladder introduced Ladder @ Work in October 2018 and Ladder for Advisors in January of 2019. Ladder @ Work
enables forward-thinking companies to offer affordable, portable Ladder term life insurance benefits to their employees.
Ladder for Advisors provides financial advisors with an efficient way to help their clients consider term life insurance as
part of their ongoing financial planning.
Founded 2015
Employees: 51-100
Value Chain: Proposition that supports the end to end value
chain
Subsectors: Life/Health Insurance
Regions of operations: United States
INSURTECH 100 Profiles
INSURTECH 100
© 2019 FinTech Global and Investor Networks Ltd
36