Top 6 Insurtech Companies in the US
The adoption of insurance technology has grown significantly over the past two years since the global COVID-19 pandemic began. As a result, the insurtech industry is growing rapidly, all looking to fill a gap in the market by introducing new technology. Businesses operating in this disruptive innovation space tend to be digital natives with an excellent technological infrastructure that enables them to move easily from work offices to remote operations.
However, for traditional insurers that have not embraced digital-first, acquiring clientele isn’t as easy as it used to be. Although it’s challenging to abruptly transition from a paper-based world to a digital one, partly because of inadequate technology, a different way of thinking is required to succeed with digital direct sales.
The following list of Insurtech companies offers new, innovative, and flexible alternatives to the traditional insurance industry.
1. Clover Health
Clover Health provides an AI assistant platform, The Clover Assistant, that facilitates decision-making options for physicians. By providing physicians with personalized recommendations based on the complete health history of their clients, The Clover Assistant is a revolutionizing tool for Medicare. At Clover Health, customization is a core value. As a result, they have a customized interface to meet the needs of each physician, as well as customization recommendations for each client’s background.
Clover Health’s AI Assistant is a tool to help physicians spend less time doing paperwork and research and more time building relationships with patients. It uses a machine-learning algorithm to suggest a diagnosis, treatment, or medication based on the information the physician enters. On a mission to improve decision-making processes and decrease healthcare costs, Clover Health offers a wide range of networks and affordable cost plans.
2. Finaeo
Finaeo is one of Canada’s top 20 insurtech start-ups, winning recognition for their innovative software tools in the life insurance industry. Having branched off into the United States, the Finaeo Marketplace offers 1000+ carrier products and has expanded globally. This comprehensive marketplace includes a customizable quote engine, an in-depth quote comparison tool, and the option to jumpstart a policy directly from the platform. Finaeo insurtech company is on a mission to empower independent life insurance brokers to improve their workflow and increase efficiency in the prospect-to-policy journey.
Finaeo offers full business operations as a user-friendly experience for brokers and clients. Finaeo provides personalized landing pages, custom client portals, and secure client management with end-to-end data encryption. Digitizing your business is simple with the right technology. Finaeo can help brokers lower overhead costs, improve workflow efficiency, and facilitate a digital white-glove experience.
3. Hippo Insurance
Hippo Insurance is a home insurance provider that uses technology to provide a more straightforward process and smarter coverage. They also offer smart home tech that works with their system to prevent or fix issues in clients’ homes. In addition, Hippo Insurance provides excellent customer service support to help homeowners take better care of their homes and have a stronger sense of security.
“From activation, device positioning, app download, to verification, Hippo’s built-in processes feel very organic to the customer. But taking a step back from the technical side of things, Hippo’s strategy and vision are not just to be an insurance company. It is to protect the joy of homeownership.”– Aviad Pinkovezky, CPO of Hippo.
4. Metromile
Metromile is a pay-per-mile car insurance company that charges customers based on the miles they drive. It works through an app or a small device installed in a vehicle to track safe driving and mileage. This AI technology decodes check-engine lights and remembers where a tracked car is parked.
Metromile is an insurtech start-up that is rapidly expanding. Their emergence began in 2011 and flourished in 2020 during the pandemic. Powered by machine learning and customer-centric experience, this insurance tech company is worth keeping an eye on.
5. CareCloud
CareCloud is the most comprehensive technology-enabled solution for healthcare organizations. Businesses can use this software platform to develop their entire application visually. CareCloud is a cloud-based platform for Revenue Cycle Management (RCM), Practice Management (PM), Electronic Health Record (EHR), Business Intelligence, Telehealth, and Patient Experience Management (PXM).
CareCloud creates a modern patient experience by eliminating repetitive paperwork and improving staff efficiency in and out of the office. This company allows healthcare providers to manage patient records, facilitate telehealth seamlessly, and offer payment methods at the patient’s request. CareCloud is on a mission to empower healthcare providers to optimize care, reduce overhead expenses, grow their practice, and expand patient access to quality care.
6. Gusto
Gusto, formerly known as ZenPayroll, uses its payroll data to create insurance plans for businesses and employees – such as 401K and employee benefits. Gusto is an HR software solution that manages employee onboarding, time off, payroll, and filing tax reports to the IRS for the employer.
Gusto offers more than just technical day-to-day employee management. Employers can manage and effectively take care of employees with their automated feedback tools, increasing retention. All Gusto tools integrate with some of the top software apps to ensure a user-friendly experience and easy access anywhere.
By combining a deep understanding of the insurance industry with tech expertise, insurers and brokers become more efficient and successful. Insurtech innovators leverage technologies like AI and data science to reduce the need for repetitive processes and customize plan options for each customer’s needs, streamlining the journey from prospect to policy.
As insurance companies strive to provide superior customer experiences, the success of insurtech has increased steadily. Over $4 billion was invested by insurance leaders in insurtech products and services in 2018, a number that will only rise. As a result, insurance companies must deal with technology innovation, higher customer expectations, and disruptive newcomers as they seek to grow sales, improve efficiency, and succeed in a dynamic industry.
