Top Five UK Insuretechs To Watch
The Insuretechs Breakthrough
We have been promised a breakthrough in Insuretech for some time now and there have indeed, been some significant advances, particularly in the P2P and analytics spaces. However, Insuretech’s bigger cousin, Fintech, has led the way, and whilst some of the challengers have strong offerings, we are waiting for the likes of Anthony Jenkins’ 10x to really provide end-to-end disruption.
So how close are we to that ‘Uber’ moment in Insurance? Both our Insurance and Technology practices have been supporting some of the key players, as well as the new Angel and VC backed entrants. Whether they were looking for game-changing transformation delivery from our Interim Network, or longer term Growth and Management support on a more permanent basis, one thing is certainly clear – it will take huge strides to impact the market significantly in 2018, with 2019 being seen as a more likely date.
However, that doesn’t mean there aren’t some really innovative Insuretech firms out there right now. We asked a selection of clients which firms they thought could have an impact this year.
All your policies managed with one App? Quotes in under four minutes? This UK start-up has a strong, proven entrepreneurial backing behind it and claims to be a one-stop-shop for acquiring, managing and even claiming on your insurance portfolio.
Using a dedicated tech platform and taking feeds from multiple third-party data sources, it promises to dramatically cut down the time taken to quote for home insurance. Launching this year, it will be interesting to see if it can get close to the 90 second, five question quote engine that L&G now have in the market.
The world is increasingly mobile with flexible working now a reality. However, Insurance has not been considered a key player – until now.
Aimed at mobile workers, InMyBag will insure devices like laptops, ‘phones and cameras. Instead of having to wait weeks for a new device, InMyBag works with Amazon Prime and Apple to guarantee same day replacement of the devices by either fixing them or loaning one to you, wherever you are in the world, and it will recover your data too. Options range from a basic bag (a smartphone and laptop) to a custom bag for those with more and higher-end devices.
Already helping you to move house in a less stressful way, Buzzmove is now looking at the next big challenge after moving in, namely knowing what you have and how much you need to insure it for. Utilising new technology and the fact that all your possessions pass through the remover’s hands, this new contents insurance offering will be much more accurate than before.
The new tool will allow an almost “usage-based insurance” for contents, very similar in style to what telematics and black boxes have done for motor insurance. It will enable them to collect unique and highly accurate data on what people have in their homes. Very well thought of, it has already raised over £6 million in funding.
The subject of SME businesses getting paid on time is, once again, in the news.
According to Insurer Direct Line, the SME market writes off £5.8 billion in bad debt every year. Nimbla’s aim is to help and protect SMEs via its dedicated platform, using a pay as you go scheme, without any upfront costs.
Coming out of the FCA Sandbox, Nimbla says its platform will offer SMEs credit control and single invoice insurance using cloud accounting, plus underwriting rules agreed upon by Munich Re’s new business unit Digital Partners.
We have seen the recent advances in connected homes, including the cameras that can keep track on what your pooch gets up to. Neos takes this a step further and has created a one-stop-shop for the IoT home, all managed via a mobile app.
From the app, customers can look at dashboards or live camera feeds, respond to issues like an intruder alert or a leak and contact the Neos team, who will get a professional sent out to deal with the issue.
A £5 million Series A investment in 2017 from two global players allows Neos to continue developing its preventative insurance model.
Other Insuretech Firms To Watch In 2018 Include:
Protect your business from cyber risk through artificial intelligence-based cyber assessment and tailored recommendations.
I X Ledger
An alternative marketplace for insurance based on Blockchain. Their mission is to transform the way the market trades and manages insurance products.
Introducing a new pet insurance model powered by technology and simplified through design, it aims to change the public perception of insurance by giving back to charity, rewarding proactive behaviour and building a community network.
On-demand, online insurance built for freelancers.
A digital-based, attractively priced insurance plan, which enables passengers to instantly take control of the situation when flights are cancelled.
Where Does Norman Broadbent Interim Come In?
Over the years, our heritage has allowed us to gain a deeper knowledge of all services within the financial services sector, none more so than insurance. With an exceptional level of insight and experience, our Interim Executives can implement long-standing transformational processes into an organisation. They will help businesses to adopt a new way of thinking and implement effective strategies, which will remain long after they depart.
At Norman Broadbent Interim, our Insurance Practice has over 20 years’ experience supporting and facilitating change in the Life & Pensions, General Insurance and London Markets arena. Working in conjunction with our Executive Search practice, we offer senior decision makers the ability to access both a unique network of Insurance and Technology Executives in the market and a wealth of expertise to deliver cost-effective solutions, producing lasting benefits.
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