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Top 20 Insurance Tech Solution Companies - 2021
Top 20 Insurance Tech Solution Companies - 2021
It is imperative to put the customer journey at the centre of any insurance-focused digital transformation program. More and more insurers are taking an agile approach to lifecycle design, identifying pain points and attempting to eliminate them using technology. Consumers today expect real-time interaction and online access to services that are handled consistently from their mobile devices. This means that insurers must embrace the transition from paper-based operations to new, fully digital ecosystems, with just a few exceptions requiring manual intervention.
Many insurance companies are already utilizing artificial intelligence (AI) in their operations or plan to do so in the near future. It's simple to understand why. AI can help with insurance policy distribution, for example, using chatbots to sell policies directly to customers or identifying coverage gaps, underwriting, and claims assessment, among other things.
Organizations now realize that they can't and shouldn't try to handle everything themselves due to financial and operational risk. A partnership is a preferable alternative in some cases. Insurtechs (insurance-focused tech businesses) are transforming the insurance landscape by establishing new ways of pricing, generating, distributing, and servicing policies. Engaging with insurtechs is a feasible method to tackle and close the innovation gap because developing new solutions involves time, money, and management effort.
At this juncture, various Insurance Tech Solution Providers are entering the market to cater to the different needs of enterprises. To help them choose the solution that best fits their requirement, CIOReview has compiled a list of top insurance tech solution providers. Besides, the magazine also comprises insights from thought leaders on industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you CIOReview’s “20 Most Promising Insurance Tech Solution Providers - 2021”.
Nominate a Company
Usually, the qualified subscribers of our magazine nominate companies with whom they have collaborated and experienced exceptional results to be in this list. Did a company you recently worked with give you stellar results and ROI? Did it turn out to be one you would wholeheartedly recommend to peers? Or do you know of such an outstanding company through your network?
Please fill in the details below and nominate them to be featured here.
Top Insurance Tech Solution Companies
InShareServices
InShare Services is founded on the premise that the majority of players offering risk management solutions in the Sharing Economy lack intimate knowledge and insights. InShare founders Mark Warnquist, Sean Fitzsimmons and Andy Cohen bring more than 75 years of insurance/risk management experience with over a decade in High Tech & the Sharing Economy. InShare is a team of Uber, Lyft and Airbnb alums, who also possess deep experience and expertise in insurance, risk management and claims with leading insurance carriers and brokers
Roots Automation
Roots Automation offers cognitive automation bots to automate business operations for insurance agencies, carriers, and TPAs.
SAP Fioneer
Emerged from SAP, a market leader in enterprise application software, SAP Fioneer can build on a heritage of outstanding technology and a thorough understanding of both corporate and consumer demands. SAP Fioneer’s vision is to become a leading global provider of financial services software solutions and platforms. They enable customers to innovate and transform their business by combining premier technology with development expertise and a broad ecosystem of partners.
Simplesolve
SimpleSolve offers a suite of enterprise insurance administration applications to insurance carriers. Through its new insurance platform SimpleINSPIRE, SimpleSolve enables the digital transformation of insurance companies, with core services like underwriting, billing, policy renewals and issuance, accounting, automation and integrated emails, voice-to-text messaging, Google Maps integration, and much more. Its platform leverages an API layer to host a greater insurance ecosystem with an integrated workflow that doesn’t require multiple integrations and services and enables easy implementation of emerging technologies. With SimpleINSPIRE, SimpleSolve is collaborating with Insurtech-based solution providers to be a one-stop-shop for insurance carriers and MGA/MGUs.
Verikai
Verikai offers a predictive risk tool that enables insurance carriers and brokers to be more accurate with their rates, which ultimately gives consumers and small businesses greater access to a better and broader range of insurance products. Verikai’s platform uses machine learning models to analyze groups for their potential risk. What makes Verikai so unique is the value they put on behavioral data when creating risk predictions.The company has solutions for both underwriters and brokers known as Capture for Health and Capture for Broker – and the Marketplace which brings both parties together
Agency Systems
Agency Systems provides insurance agencies of all sizes with reliable, full-featured insurance agency management software systems for commercial and personal lines, retail agencies, brokers, and general agencies.
Ategrity
Combining state-of-the-art technology solutions with a total, customer-centered commitment to service, Ategrity empowers streamlined decision-making with easy, responsive engagement. Ategrity is an innovative excess and surplus carrier operating two underwriting divisions: brokerage and contract binding. Ategrity is powered by experienced industry leaders from the insurance and technology sectors.
Bolt Solutions
Bolt enables insurance companies to connect to each other and transform how insurance is bought and sold. Bolt is making property and casualty insurance simpler for everyone: carriers, agents, brokers and customers. Their SaaS (Software as a Service) insurtech platform enables companies to quickly create product and distribution partnerships in all 50 states. Over 120 carriers and 35,000 agents have chosen the bolt network to deliver $4.6b in premium and grow their customer relationships.
Boost
Boost enables companies across all segments to build, embed and manage digital insurance products, and deliver them through a fully embedded experience within their own front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the cost of building and managing an insurance company by packaging the necessary operational, compliance, and capital components and making them accessible through a simple API integration. Through its managing general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to produce any type of insurance across all 50 states. Boost is appointed by 'A'-rated fronting carriers and has its own dedicated reinsurance facility backed by global reinsurers.
CCC Information Servicees
Founded in 1980, CCC is a technology leader pioneering solutions that power insurers, automotive manufacturers, collision repairers, parts suppliers, lenders, fleet operators and more through our advanced cloud-based SaaS platform of digital and data services. CCC is a trusted leader in AI, IoT, network management, customer experience, and digital workflows. We help customers transform complex data into actionable insights that deliver real ROI.
