From depositing a paycheck to booking airline tickets, evolving technology is changing the way we do almost everything. One area that’s currently being changed and improved by technology is insurance. Insurtech, a combination of the words insurance and technology, aims to help policyholders save even more by removing inefficiencies from the traditional underwriting process. And these top insurtech influencers are the major players in this trend.
Insurtech isn’t a far-off future that’s being developed in labs — there are plenty of companies paving the way for insurtech to take over our daily lives that are already in operation. Let’s meet some of the men, women and companies leading the ever-expanding insurtech revolution.
What is Insurtech?
Insurtech aims to squeeze out inefficiencies in the insurance process through the development of new technology, software and devices. Ideally, every insurtech will make it easier and faster for consumers to get the policies they need, have their questions answered and file a claim when they run into trouble. There are multiple types of insurtech projects, and the uses of these projects are constantly developing.
Insurtech is not a new idea. In 2010, Berlin-based insurance provider Friendsurance debuted the world’s 1st peer-to-peer insurance network — and one of the 1st applications of insurtechs seen on the market. The unique model was programmed to reward those who purchased a policy through the network by remaining claims-free, benefitting both the policyholder and the user backing the policy. The company also developed one of the first digital brokerages for online contract management.
Friendsurance’s software innovation spawned countless copycats — and the demand for insurance software programs and streamlining exploded. Today, a host of developments within the insurance industry make providing policies easier for consumers and make issuing policies safer and more secure for insurance providers. As a result, it’s now easier than ever before to buy an insurance policy and explore your coverage options.
How Insurtech is Reshaping Insurance
Though the implementation of ideas like artificial intelligence and blockchain technology to improve the way we buy and sell insurance may seem like something far off in the future, the truth is that insurtech is already here today. One area where you might have already had experience using insurtech is through your smartphone.
Before the world of online applications, you would need to physically drive to your insurance office, apply for a policy with a pen and paper and deal with pushy salespeople. If a representative didn’t have an answer to your question, you may have needed to wait while they got in touch with a supervisor. After you completed your application, you would need to wait to hear back and see whether you were approved for a policy, which could take weeks.
Now, managing an insurance policy is so easy that you can do it on your smartphone. Most major insurance providers allow you to apply for a policy online or using their proprietary mobile apps. In many cases, you’ll receive a decision on approval and policy details instantly after confirming your application. If you need to file a claim or pay your policy, you can do so with a few taps on your phone.
Insurtech doesn’t only benefit insurance policyholders — it is also beneficial for insurance providers. The reason you’re now able to get an instant insurance policy online is because insurance companies use algorithms to eliminate human error from the underwriting process. This results in less risk on the side of the insurance company and quicker policies on the side of the consumer.
Most Influential People in Insurtech
Interested in learning more about the future of insurtech? These men and women are changing the way the insurance industry works with cutting-edge technology.
Sean Harper, Co-Founder and CEO of Kin Insurance
Sean Harper is one of the most notable insurtech influencers in the world of homeowners insurance. Harper is the co-founder of Kin Insurance, a home insurance provider committed to making insurance quotes more personalized and affordable. Instead of relying on general data, Kin Insurance’s software analyzes thousands of data points in any given area to provide homeowners with a highly region-customized policy.
Daniel Schreiber, CEO at Lemonade Inc.
Daniel Schreiber is the current CEO of Lemonade, an innovative life, pet, renters and homeowners insurance company. Using blockchain technology, Lemonade is able to process secure applications in 90 seconds and supply payments in as little as 3 minutes after a claim is filed. Lemonade is also notable for its reverse insurance model, which charges a flat fee, pays out claims quickly and donates excess funds to a variety of nonprofit organizations.
Maria Goy, Co-Founder and COO of Spot
Maria Goy is co-founder and COO of Spot, an on-demand insurance platform that provides users with up to $20,000 in emergency injury insurance starting at $25 a month. Spot’s streamlined claims process makes it easy to connect with customer service and claims representatives. Simply photograph your bill and Spot will connect you with a personal representative to assist you.
With Maria at it’s head, Spot raised $17.5M million from such industry superstars like Mutual of Omaha. Maria has a deep history of using tech to spur innovation -- her mom, a software developer and Korean immigrant, taught Goy how to code at a young age. She was inspired to start Spot from her own experiences with the red tape that can muck up insurance proceedings and the debt and other financial issues that can come with medical bills.
Jennifer Fitzgerald, Co-Founder and CEO at Policygenius Inc.
Jennifer Fitzgerald is the CEO and co-founder of Policygenius — and the insurtech influencer you should be thanking if you don’t like spending hours searching for insurance quotes. Policygenius uses data points from a wide range of insurance partners, allowing you to get a free quote from dozens of insurance companies with a single application and just a few minutes.
Jamie Hale, Co-Founder and CEO at Ladder
Jamie Hale is the co-founder and CEO of Ladder, a life insurance company that uses tech to give you a more personalized edge. In addition to instant approvals, Ladder allows you to “ladder” your insurance, decreasing coverage levels as you reach financial goals — like paying off your mortgage or covering a child’s college education.
Matteo Carbone, Founder IoT Insurance Observatory, Insurtech Thought Leader
The Internet of Things (IoT) is a growing trend in tech that involves multiple interconnected devices that can communicate with one another and can share data through the internet. Matteo Carbone is the founder of the IoT Insurance Observatory, a global think that that connects insurtech influencers and developers to develop enhanced solutions in specialty insurance. Carbone is considered one of the most influential insurtech influencers in the industry.
Tim Attia, CEO at Slice Labs Inc.
Tim Attia is the CEO of Slice Labs, an insurance cloud software making it easier for companies and developers to introduce new insurance options to the market. Slice’s cloud computing software is easily integrated into existing products — and can help new developers launch and begin processing applications for insurance products quickly and efficiently.
Matt Miller, CEO and Founder at Embroker
Matt Miller is the CEO and founder of Embroker. He's also considered one of the major insurtech influencers in the world of business insurance. Embroker uses both machine learning and artificial intelligence to provide fast and affordable coverage for startup and established businesses alike.
Jonathan Matus, CEO and Founder at Zendrive
Insurance companies are constantly looking for ways to reduce their risk when issuing policies. Jonathan Matus, the CEO and founder of Zendrive, hopes to limit the risk insurance companies take on when issuing mobility insurance. The platform’s proprietary Mobility Risk Intelligence platform analyzes more than 200 billion miles of data generated from 60 million drivers to pinpoint the factors that make a driver more likely to be involved in an accident.
Assaf Wand, CEO and Co-Founder at Hippo
Assaf Wand is the CEO and co-founder of Hippo, a tech-forward homeowners insurance provider. Hippo leverages data points to provide you with fast, affordable insurance. Hippo also enhances its coverage with 4 times more protections for electronics.
Upcoming Trends to Watch in Insurance
Enhanced blockchain usage: Fraud has been a long-standing problem in the world of insurance — and the combination of blockchain and insurance might be the solution to the industry’s security woes. Incorporating blockchain into encryption technology can make it more difficult for cybercriminals to discover the types of insurance policies that clients of insurance companies hold. Encryption can also be used in industries beyond insurance to encode sensitive information.
Discounts based on specific behaviors: Behavior-based discounts have long been a standard of the car insurance industry. Drivers who are willing to go the extra mile and install a monitoring device in their vehicle receive a more customized quote, which is beneficial for both parties. Drivers who don’t speed and drive safely get cheaper car insurance while insurance companies take less risk when insuring their drivers.
It’s possible that we’ll begin to see these behavior-based quotes make their way into other areas of insurance. For example, a person who logs their gym attendance or always sees their physician for an annual office visit may receive more affordable life insurance, as health maintenance is correlated with longer life.
More personal customer service: The onset of the COVID-19 pandemic brought an influx of telehealth, or health services provided remotely. It’s possible that in the future, insurance companies may extend this enhanced personalization option to other areas of insurance.
For example, car insurance holders who are involved in an accident can currently upload photos of their damage to their insurance company through the company’s app. Companies looking to provide users with a more personal touch may choose to integrate video chatting services into their claims process to gain more information at the scene of the accident.
How Insurtech Influencers are Disrupting Insurance
Insurance today is nothing like the insurance industry of the past. With continuous innovation and expansion, these insurtech influencers are making it easier for you to know your policy options and get the coverage you need.
About Sarah Horvath
Sarah Horvath is a highly respected freelance senior copywriter specializing in insurance content. With a wealth of experience, she is recognized as one of the top insurance copywriters in the industry. Sarah’s expertise encompasses various aspects of insurance, including home warranties, life insurance, health insurance, and more. Her insightful articles and guides are regularly featured on major finance sites, providing invaluable information to readers seeking to navigate the complexities of insurance policies. Known for her clear, concise writing style and comprehensive understanding of insurance products, Sarah is dedicated to empowering individuals with the knowledge they need to make informed decisions about their insurance coverage.