5 InsurTech Startups Changing The Game In The Bay Area

Of all the opportunities in fintech, insurance technology, or insurtech, might be the biggest. The trillion-dollar sector has remained stagnant for decades, but a few companies in San Francisco, the site of the Benzinga FinTech Summit on September 28th, are primed for disruptions. Here are a few of the biggest players in the space.

AppZen: AppZen uses artificial intelligence to automate expense report auditing and instantly detect fraud and compliance issues. The company’s data science analyzes receipts, credit card transactions, travel bookings and other data to enable businesses to audit all of their expense reports without adding human auditors. Its automated audit also integrates with all expense software, including Oracle Corporation ORCL, Concur Technologies, Inc. CNQR, and NetSuite Inc. N.

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Captricity: Captricity is an insurtech company that works to help organizations access data they need to drive the world forward. The company utilizes machine learning technology in order to automate manual processes and enable predictive analytics. Its technology suite includes document recognition, handwriting recognition, a Shreddr technology that “shreds” documents into fields, extracting and validating information using a combination of machine-learning algorithms and crowd-guided verification.

SigOpt: SigOpt uses machine learning to automate and better analyze a company's models—essentially training them to be more efficient. This is especially useful for companies in the fields of fraud detection, risk, and algorithmic trading, but the technology can also be used in the energy and manufacturing industries.

Cyence: Cyence brings together data science, cybersecurity, and economics to build an analytics platform that quantifies the financial impact of cyber risk. Cyence is used across the insurance industry to prospect and select risks, assess and price risks, manage risk portfolios and accumulations, and bring new insurance products to market. The company provides a comprehensive platform for the economic modeling of cyber risk.

Embroker: Embroker is the insurance brokerage built for the way anyone does business. The company provides technology partners with the nation’s leading carriers to create policies tailored to their businesses. Embroker offers business coverage and management liability among other insurance products.