Bitesize InsurTech round-up 2017
December 22, 2017 Chris Sandilands
Here’s a round-up of what some of the InsurTechs we covered in 2017 achieved this year.
Bought by Many (bitesize) is a digital insurer offering niche products. In 2017, they launched their first own-branded pet insurance products. Designed using social-media feedback from customers they have achieved an NPS of 81, exceptional in a market typically receiving NPS scores in the low tens. Product features include fixed premium for the pet’s life, no-claims discount, and pre-existing cover. In 2018, they will launch additional products.
Ottonova (bitesize) is a German digital health insurer. In 2017, it launched its health insurance product. Later in the year they extended cover to tele-medicine and dental top-up insurance and raised €10 million from Debeka, Germany’s largest private health insurance provider. In 2018, they will launch their freemium pricing model and introduce a full insurance product for civil servants and in-patient top up insurance.
Konsileo (bitesize) is a UK-based SME insurance broker. In 2017, their SME broker platform went live over the summer with 10 brokers, replacing their existing broker systems. In 2018, they will construct a “risk hub” to deliver risk management services to commercial policy holder.
Laka (bitesize), formerly “Insure a Thing”, is pioneering an after-the-event insurance model. They have brought Zurich UK on as their underwriter and are launching their first product in the next few days. This will provide cover for high value bicycle theft, damage, and loss.
Cognotekt (bitesize) automates insurance processes using artificial intelligence. In 2017, they grew revenue by 50% and employees by 68%. They also improved their AI for claims email management, triage, and automated processing. In 2018, they will expand into risk assessment in underwriting and add neural network technology to automate image analysis to reduce costs for customers.
RiskGenius (bitesize) automates the creation, comparison and review of policy documentation for brokers and insurers. In 2017, they brought on QBE as a customer and investor and expects to have 125,000 policies on the platform by June 2018. In 2018, they will expand from the US into the London Market.
Featurespace (bitesize) is a fraud detection software platform which analyses real-time customer behaviour. In 2017, they partnered with Worldpay who have also participated in a funding round worth £16.5 million (along with private equity and strategic investors). In 2018, they will expand from the UK to the US.
Premonition (bitesize) predicts the outcome of court cases and allows parties to determine their strategy. In 2017, they hired Ty Sagalow – ex CEO of Lemonade and CIO of AIG – as Director of Insurance.
Qover (bitesize) is a digital product platform for insurance distributors. In 2018, they will expand their efforts in the Belgian market to other European countries.