The insurance industry is a space long overdue for disruption—within insurtech, a burgeoning category that merges the traditional insurance business with digital products and services, new companies are tapping into opportunities arising from expanding populations, a booming tech-savvy middle class, and the ongoing lack of efficacy with traditional insurance distribution.
The following are 11 insurtech startups in Asia you need to know about in 2017.
Oscar is a health insurance app that easily connects users with the appropriate licensed caregiver when medical issues arise. The solution offers free virtual visits, appointment booking, and automatic prescription fulfillment at the nearest pharmacy available.
Trov’s offering consists of on-demand insurance for the things you love: gadgets, bikes, guitars, and more. Coverage can be purchased directly via the app, and protection can be turned on/off as needed. And when accidents do occur, claims are processed more quickly and efficiently by the service’s intelligent bots.
PolicyPal is a platform that helps users organize and manage all their insurance policies in one place. Users can upload digitized versions of their existing policies for centralized management; additionally, Kate—PolicyPal’s bot manager—will help users find suitable insurance policies in 60 seconds or less.
Cuvva provides hourly insurance coverage to car owners that only drive periodically—with continuous insurance, they won’t be stuck wasting money on car insurance when they don’t actually drive as much. The company’s low monthly subscription plan covers parked cars; when the car is in use, top-up coverage can be purchased for a few hours via the mobile app.
Insly has developed a cloud-based platform for insurance brokers. Users can track and manage client policies from anywhere with the full-featured, insurance-specific CRM.
Insureon’s small business insurance-focused search engine allows SMBs to quickly find the appropriate policy in 15 minutes or less. Users simply specify their industry; the company then connects them to an industry expert with quotes from top-rated insurance companies.
Lemonade offers affordable protection for personal items by taking a flat fee of what users pay to protect their belongings—balances are kept in the event that claims are made. The company’s AI-powered bot can craft a personalized coverage in 90 minutes and pay out a claim in 3 minutes.
Gaggel labels its service as connected cover: the sharing of risk with friends/family by creating a pot containing funds to cover mobile phones against damage or loss. If no one in the group makes a claim within a year, everyone receives their money back.
Slice offers affordable and instant insurance in bite-sized chunks, so users can get coverage only when they truly need it. Users can cover their homes by paying only for the days they require insurance; similarly, drivers can purchase insurance and change their coverage dynamically based on their driving habits (e.g., if they have passengers).
Full-time employees usually receive insurance coverage from their employers; freelancers, independent contractors, and weekend warriors heavily involved in the gig economy are not as fortunate. Bunker’s online marketplace for contractor-focused insurance products makes it easy for self-employed workers to find the right coverage.
Friendsurance’s peer-to-peer insurance platform rewards small groups of users with a cash-back bonus, provided the group remains claimless for a year.The company is currently an independent broker with 60 domestic insurance partners in Germany.
In short, insuretech startups in Asia and across the globe are on the rise, transforming an industry in dire need of innovation for quite some time. Be sure to keep these 11 tech startups on your radar in 2017 as they blaze new paths in this emerging space.