10 Chicago Insurtech Firms That Could Win Big At The Benzinga Fintech Awards

Of all the opportunities in fintech, insurance technology might be the biggest. The $1-trillion insurance sector has remained stagnant for decades, but a few companies in Chicago are making tremendous plays to shake it up. 

These 10 insurtech companies from the Windy City are top candidates for success at this year's Benzinga Global Fintech Awards. 

Convr: Manual underwriting tasks can be take a toll on administrative time and resources. Convr aims to solve this problem by creating software that leverages data science and artificial intelligence for feasible commercial underwriting.

The goal is to assist commercial insurers in providing customers with quick and accurate service while enhancing productivity and cutting out unnecessary losses. 

Convr offers solutions for mid-market and small business underwriting by reducing the loss ratio by up to one point, providing world-class customer experiences and leverage thousands of data sources, according to the company. 

Kin: Home insurance costs are through the roof — and Kin can help. 

Its easy and affordable platform is focused helping its consumers protect their homes with the best possible policy. All a user has to do is enter their address and then choose between coverage options. 

Per the company, the average customer saves $500 when switching to Kin.  Its DIY-style platform recommends appropriate coverage and makes claims quick, easy and affordable. 

Think that these companies are award worthy?  Nominate them for this year's Benzinga Global Fintech Awards here!

Arity: Arity is an up-and-coming insurtech startup from Chicago that is helping companies better understand and support drivers. 

Its main technology uses innovative data and analytics to achieve this goal.  Arity's software assists companies in four main areas: insurance, shared mobility, marketing and mobile apps. Its software helps insurance firms know their consumers better in order to generate more accurate rates. 

The company also assists drivers through the provision of its roadside assistance and vehicle diagnostic technology.

HealthJoy: HealthJoy leverages technology- and solution-based software in order to help employees make smart health care decisions. 

The comapny is mainly designed for employers, benefit consultants, TPAs and PEOs. Its platform helps companies save money and improve employee satisfaction through personalized guidance and AI technology. 

Its virtual assistant is continually on standby to help users find answers and find their optimal health care soultion. 

Origami Risk: Origami Risk is yet another Chicago-based insurtech company that's helping risk managers, TPAs, pools and captives, carriers and insurance brokers with a plethora of services. 

It provides software with a variety of options, ranging from claims and safety prevention to compliance and data tools. The company's bread and butter involves helping its users effortlessly integrate workflows, aggregate and analyze data and automatically act on insights within an all-in-one system.

Snapsheet: Snapsheet's focus is clear: to make the claims process more efficient. It delivers virtual technology and fosters digital adoption within high-pressure claims environments — all while creating massive value and industry-leading claims management capabilities along the way. 

The platform has already completed $5 billion in appraisals with a virtual appraisal adoption rate of over 90% by leveraging software that deliver exceptional user experiences, according to Snapsheet. 

Aclaimant: Workplace insurance claims are the name of the game for Aclaimant, which helps companies with safety and risk management through insight-driven workflow solutions. 

It gives companies new ways to reduce the cost of risk and keep people safe by uncovering problems that companies may not know they have and fundamentally changing the way that these companies actively manage risk. 

Its platform and software focuses on incident management, claims management, intuitive workflows and analytics and reporting.

See also: Cyber Insurance

Arturo Inc: Arturo leverages AI to give its users predictive data. The markets it covers include reinsurance, property and casualty, insurance, PERE and REIT. 

Its platform and modeling software has already delivered over 11 million AI insights to clients looking for patterns and risk levels. 

It delivers physical property characteristics and predictive analysis, understands activity patterns to better determine risk and provides analysis that can expand to developing countries enabling creation of new markets.

Insureon: Insureon is one of the largest, most successful independent marketplaces for the online delivery of small business insurance. 

Its services help small businesses compare quotes from companies, purchase policies and manage coverage in a quick and feasible way. 

Since policies need to be tailored to specific industries when it comes to coverage of small businesses, Insureon said its ability to deliver quotes in 15 minutes is a testament to its innovative technology.

FRISS: Friss provides AI-powered software that browses insurance claims for fraud and points out high risks automatically. 

With Friss, companies can safely enable STP underwriting and touchless claims, assess risks in real time, payout legitimate claims faster and improve the customer experience. 

Its software seemingly integrates into its clients systems in order to tackle critical risk management goals and create bottom-line savings.

Think that these companies are award worthy?  Nominate them for this year's Benzinga Global Fintech Awards here!