Startup technology companies continue to upend the insurance industry. Following are eight more insurtechs shaking up traditional business models with telematics, AI and the Internet-of-Things.
[For previous editions, view 8 more insurtechs to check out and 17 insurtechs to watch in 2017]
This mobile telematics supplier uses sensor technology and machine learning to score driver behavior each trip and fight distracted driving caused by texting or talking on the phone. It then works with insurance carriers to reward clients. TrueMotion’s industry partnerships to date include AmFam, Progressive and Metlife. The startup also joined LexisNexis’ telematics exchange on June 19 to provide carriers connected-car data. https://gotruemotion.com/
Tractable uses artificial intelligence to analyze “thousands of images” in seconds, according to the company’s website. Its goal is to help insurance professionals assess damage and settle claims faster using computer vision. https://tractable.ai/
Bought By Many
This company uses anonymized internet search data to identify customers’ unmet insurance needs. Predominantly using Facebook, Bought By Many connects individuals who share common interests, similar to peer-to-peer insurance, and use the group’s buying power to negotiate offers that wouldn't be available to individuals. Customers’ common interest areas include pet, gadget and private health insurance. https://boughtbymany.com/
Yellowfinch offers Internet-of-Things products aimed at reducing risk and losses associated with snowfall-induced roof collapses. Using connected weight-sensitive scales, the company measures the weight of snow on roofs and alerts clients when it’s too heavy. Manufacturing, transportation and warehousing businesses are Yellowfinch’s target customers. http://yellowfinch.co/
Click-Ins core product, getmeIns, combines behavioral analytics and a fraud prevention framework to create smart quotes that reflect user behavior. Upon signup, the company generates risk profiles off open source and insurer data on its mobile platform. A risk score is provided at the point of sale and any abnormalities during the claims process are automatically flagged for the insurer. http://www.click-ins.com/
Digital Fineprint
This startup automatically fills out insurance application forms using social data from Facebook and LinkedIn while working to provide carriers with insight on customer risk profiles. The UK-based company also sends consumers alerts when an application was started but not completed. https://www.digitalfineprint.com/