Top 10 Insurance Tech Consulting/Service Companies - 2020

Technology and the availability of new data sources are increasingly having an impact on insurance. Information, once digitalised, is being used to improve processes all along the insurance value chain. The rapid spread of internet-enabled sensors and ubiquitous connectivity are enabling new ways of communicating, information sharing, and insuring. New technology start-up firms – or InsurTech – are entering the industry to deliver some of the services typically provided by traditional insurers and intermediaries, and established technology giants (BigTech) are eyeing opportunities in the sector also.

Insurers also use technology to provide digitally-enabled services that involve more frequent interaction with customers. Alongside increased customer contact, the provision of these value-added services facilitates collection of data that can be used to improve underwriting and pricing decisions. Also, new risk pools are being created, and insurers are collaborating with start-ups to collect data and underwrite specialised or under-served niches.

Recent surveys suggest that insurers are most worried about BigTech companies disrupting the industry. In principle, these firms have the financial strength, technological expertise and customer-centric focus to offer a serious competitive challenge to incumbent insurers. At the same time, potential cannibalisation of revenues, brand dilution, and tight regulatory scrutiny, are reasons why this may not be a near-term threat.

However, there is no room for complacency. The implications of digital technology for insurance will depend on how customer behaviour, insurers’ risk-absorbing capabilities and regulatory frameworks evolve in response. The latest wave of technology may simply foster further incremental changes to the industry, similar to past technological developments, broadening the scope and affordability of insurance to more households and businesses. Alternatively, it could prove more transformative if some of the typical hurdles to radical innovation can be overcome, especially in relation to the capture and analysis of information to assess risk more accurately. Over time new entrants could build on the infrastructure created by InsurTech and BigTech to offer compelling new risk protection solutions that are aligned with evolving regulation, and in doing so, present a genuinely disruptive competitive threat.

We present to you, “10 Most Promising Insurance Tech Consulting/Service Providers - 2020.”

Top Insurance Tech Consulting/Service Companies

Axon Underwriting Services LLC was formed in 2013 by underwriting and brokerage experts in order to raise the bar in business insurance performance. Offering a highly efficient Program Administrator/MGA platform and insurance services, Axon provides its brokerage partners the ability to expand current offerings. The organization’s extensive understanding of industry-specific exposures enables it to create comprehensive coverage programs and solutions for targeted industries. Axon underwrites and distributes products backed by the financial strength of domestic A-rated Carriers and as a Coverholder for Lloyds of London

Advent Insurance Management

Advent Insurance Management

Advent Insurance Management Limied has reinvented the process of managing delegated authority business. Coverholders and MGAs enjoy many benefits when working with Lloyd’s and the London market. But its business model, tried, tested, and developed over many decades, now brings burden some compliance and reporting requirements. Advent Insurance Management Limited is on a mission to absorb these challenges for all stakeholders, to encourage the continuity and growth of the London insurance market

Arturo

Arturo

Arturo provides the most accurate property insights, while offering the most affordable option with the best experience. Arturo makes this happen because of the incredible team. With experience across geospatial imagery, mapping, geography, insurance and technology, the Arturo team is unparalleled

Discovery Data

Discovery Data

Discovery Data provides the most accurate and trusted information on the firms and people essential to the financial services and insurance industries. Their data, analytics, and services create actionable intelligence that enable clients to more effectively target opportunities and execute go-to-market initiatives. In the end, revenue is accelerated and business goals are achieved. With an unwavering focus on excellence, they deliver unparalleled results for our clients’ sales, marketing, and recruiting departments

FIN Title

FIN Title

FIN is a tech-forward title insurance and real estate closing company focused on a logical blend of technology and high-touch that delivers a truly enjoyable customer experience. They live in a digital era – using mobile devices to create, cloud computing to collaborate, cognitive computing and artificial intelligence to improve operations, data analysis to extract key insights and make complex decisions, and yet the title insurance industry has yet to take advantage of these technologies in order to create a simplified real estate closing experience

Fleet Response

Fleet Response

Fleet Response continuously evolves to meet the needs of our customers, but their values never change. Fleet consistently added capabilities and defined industry standards by applying the founding principles of innovation, professionalism, accountability and effectiveness

KCIC

KCIC

KCIC is a consulting firm that helps companies manage their product liabilities. KCIC exist at the intersection of technology and deep consulting expertise — delivering greater efficiency, clarity and insights

Ogon Consulting

Ogon Consulting

Ogon Consulting was founded with a vision to provide P&C insurance carriers expert technology services. Their comprehensive capabilities and deep industry knowledge can help to solve the most complex business issues for organization. Today, They provide technology consulting and delivery services related to the niche P&C commercial-off-the-shelf platforms

Understory

Understory

Understory's parametric insurance allows capital to flow quickly where it is needed after a severe weather disaster, protecting everything from automobiles to the world's food supply. Their mission is to protect vulnerable businesses from the financial impact of climate change

Zventus

Zventus

Zventus is a global outsourcing solution specializing in marketing, sales, operations, and technology. They help companies grow revenues, drive cost efficiencies, scale operations & technology, and improve strategy & execution. Their vision is to be the best business partner by delivering high-value outcomes through end-to-end thinking and capabilities