The startup community has looked at the multi-billion dollar insurance sector and concluded that it's ready for a shakeup. Tech companies are staking their claims to the insurance value chain, from distribution to underwriting to claims and everywhere in between. INN is tracking these companies, and brings you the latest updates on who is making waves and what they're doing.
Launched this week, CoverWallet has received $2 million in seed funding. The company offers a "concierge-like service," in its words, to help small businesses navigate commercial insurance. "Although insurance is important for your business, it can easily be frustratingly analog, time consuming and painful," co-founder Inaki Berenguer says.
A graduate of the Global Insurance Accelerator, DriveSpotter, a visual analytics platform for fleet managers, just secured a $750,000 investment from Grinnell Mutual Reinsurance. . “While we anticipate using their technology to improve loss control service for our customers, we’re proud to assist Drive Spotter’s growth as a market-leading platform that can save lives and reduce fleet operating costs.," says Grinnell VP of underwriting Kurt Eaves. "It is especially exciting to serve as a board member for a company that is gaining interest from vehicle manufacturers, the insurance industry and regulators with respect to creating and deploying autonomous vehicles.”
The tech-based health insurance startup Oscar has had a mixed year so far: It received a whopping $400 million investment from Fidelity, but also reported more than $100 million in losses.
Lemonade says it will revolutionize the insurance industry with its peer-to-peer model when it launches later this year. It has spent much of 2016 adding insurance-industry veterans, as well as a specialist in behavioral science, to its team -- and has raised $13 million.
ClaimKit, which aims to digitize and streamline the insurance claim process using advanced analytics, just completed a $1.8 million funding round.
ValChoice, which uses analytics to rank insurance companies for consumers, has been selected as one of six member companies in the Alpha Loft startup for New Hampshire-based companies.
Insurify, an MIT spinout, has raised $2 million for its artificial-intelligence based mobile insurance distribution platform.
This South African startup that designs and sells travel insurance has raised $2 million this year.