The Changing technology has improved the industries irrespective of Domain, the advanced technologies like Artificial Intelligence. Machine Learning and Blockchains has entered the insurance domain too, the scope for innovative Life Insurance startups 2018 has increased in recent years and are changing the insurance domain through the use of advanced technologies.
Life Insurance startups 2018
Brolly was founded in the year 2016, it one of the UK’s first artificially intelligent life insurance startups 2018 advisory application that uses mobile and web technologies to reach the customers. Brolly is designed in a way which is highly easy to use. Brolly uses Artificial Intelligence to address the concern of free personal insurance, Brolly Users can give input to the app on info on financial attributes, along with access to their existing policy documents, which are safely held in a Brolly “locker”. Brolly uses the advanced algorithm to explain the customer about the gaps in the existing policy and explains the policy and asks users if they would like to get a quote. the Brolly Customer can easily buy the insurance they need, using the Brolly Advisor, Brolly Locker and Brolly Shop.
Coverfox is an Indian based Insurance startup 2018which offers insurance to various domains like personal, vehicle and health. The coverfox was started with an intention to stop the phone based fraudulent insurance schemes. Coverfox uses website-based technology which allows the customer to compare and buy the new policies through different vendors.
InsureFirst is Indian based Life Insurance startups 2018 started in the year 2016. The startup works on phone model where they have provided a till free number where any user can call and get counselling before buying the policy. They have tied up with many insurance companies locally to develop their only product, there are no option provided by the Startup to compare the policies by different vendors.
Ladder one of the top Life Insurance startups 2018 started in the year 2015 in California, it uses advanced technology to make insurance easier for the customer. Ladder allows the customer to get instant quote and apply for insurance online or through the mobile instantly. Ladder allows customer to buy the policies ranging from $100,000 to $8 million, and from 10 to 30 years. Ladder is currently funded by top giants like which are Lightspeed (Snapchat), Formation 8 (Oscar), and NYCA (digit).
BetterView is also one of the US based Life insurance startups 2018 that uses innovative technology to make process easy. The startup uses drones to capture aerial images and details the problems in the property. This aerial image will help the customer to know the future problems and allows them to choose the insurance policy which they think can address the problem. The startup treats each customer individually makes this insurance startup 2018 innovative.
Cover is one of the USA based Life insurance startups 2018 which is started to address the issue of insurance in Personal property like Jewelry, house, car etc. The app working is simple it connects the customer with the broker. Cover is an Android and iOS mobile application that allows its users to insure anything by taking a picture of what they need to insure. It was launched in Toronto, Ontario, Canada.
Policy Bazaar is one of the Indian based Life insurance startups 2018 which was founded in the year 2008, Policy Bazaar works on a comparative model where it compares insurance of various insurance providers and will allow the customer to select the insurance which they feel better based on the quality, price and any other benefits. The advanced technology used by Policy Bazaar will allow the customer with the accurate information to compare the insurance of various vendors.
Cuvva also one of the Life insurance startups 2018 in london, which is dedicated for car insurance, there is a cuvva app which allows the user to select the car insurance. Users simply enter the registration number of the car and approximate value of the car they are buying, they need to mention the time frame they want the car to be insured, the app will allow the user to take image of the car and instantly it will give the quote to the user. Cuvva also integrates with Facebook, so that users can see which friends have cars to borrow. So far, Cuvva has sold more than a million hours of car insurance. Cuvva takes a commission and a £1.20 fee from every policy sold, but claims its subscription model can save infrequent drivers up to 70% of the cost of an annual premium.
Lemonade is again one of the top US based Life Insurance startups 2018 which works on the based on mobile app services with monthly charges. Lemonade integrates advanced Artificial Intelligence and machine learning to make the process easy.
Lemonade is one of the very few Property Life Insurance startups, which charges the nominal fee on monthly basis, the USP of Lemonade is one can get their property insured just in 90 Seconds.
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Bought by Many
Bought by Many is one of the few life Insurance startups 2018 based out of UK which covers many sectors like Animals, Property and Gadgets . The Service is free of Cost
It now has 250,000 customers and 300 live groups., started in the year 2012, Bought by Many has also raised £7.5m in funding from a combination of Octopus Ventures and Munich Re, eclipsing its previous total of £5m fundraising
Friendsurance is one of the very few life Insurance startups 2018 based out of berlin, Friendsurance works on principle of Social Insurance, which works on innovative social model where a group of people who holds similar kind of policies pay part of their premium into a pool which are used to settle small claims, and any leftover at the end of the year is given as cash back at the end of the year, Friendsurance today has more than 100,000 policyholders, they have also formed partnerships with 70 insurance companies which are across different domains offering insurance in Property ,vehicle and Life.
Digital Insurance is started by Digit Infoworks is a one of the fastest growing life insurance startups 2018 based out of Asian Silicon city Bengaluru. Digital Insurance was started in mid-2017, which allows the customer to chose the insurance from various categories like vehicle, travel, jewelries and costly items. The insurance startup has raised the investment from various countries including Candada, US , Germany etc.
The startup has partnered with many ecommerce companies Amazon to help the customer to get insured for the electronics items which they buy from the site. The Startup now planning to enter the insurance in field of 2 wheeler, international travel, health, and home insurance.
Acko General Insurance
The Acko General Insurance is one of the top Life Insurance startups 2018 based out of India, The company is funded by top players of various domains like Amazon, accel and also funded by Infosys founders like Narayana Murthy and Kris Gopalakrishnan. The startup was funded in the year 2017. The insurance startup provides customized solutions for the customers. It also offers the platform for the suppliers to highlight their policy plans.
CoVi Analytics is again Life insurance startups 2018 founded by UK, the aim of the startup is to work on insurance regulations, it works on Automation technology to simplify the insurance process.
CoVi Analytics helps the Banks and Insurers to simplify the process through AI powered Saas suite. They mainly work on simplification of compliance, risk and business. The company was started in the year 2015 and mainly operate in UK and European region. CoVi Analytics unify the entire compliance value chain through AI technologies and superfluid visualizations.
Jamii is one of the very very few Life insurance startups 2018 based out of Africa, the insuretech is started in Tanzania, the startup enables informal sector to access healthcare and charges just $1 a month.
The Startup is a micro Health insurance platform which performs 99% of administration work and also connects the insurance and mobile operator, the payment is made through mobile payment gateway ensuring digital banking.
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Gifted Mom is again an African based life insurance startup 2018 which aims to reach out to the Pregnant women and new born babies in the highly rural area of Republic of Cameroon.
The Aim of the startup is to reduce the maternal and infant mortality rate, the startup ensures the frequent followup with the pregnant mom, the timely notification through mobile tracking and ensures mobilization of community and health workers. The startup is aiming to expand its presence across Africa.
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