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”.

    Top Insurance Tech Solution Companies

  • 1

    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

  • 2

    Roots Automation offers cognitive automation bots to automate business operations for insurance agencies, carriers, and TPAs.

  • 3

    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.

  • 4

    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.

  • 5

    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

  • 6

    Agency Systems

    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.

  • 7

    Ategrity

    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.

  • 8

    Bolt Solutions

    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.

  • 9

    Boost

    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.

  • 10

    CCC Information Servicees

    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.

  • 11

    CodeBlue

    CodeBlue

    CodeBlue is an innovative third party administrator that uses proven science and revolutionary technology to manage property claims. They use proven science and revolutionary technology to reduce cycle time, decrease severity, and improve the policyholder experience, while providing insurers a more predictable claim outcome. CodeBlue utilizes a customizable Virtual Claims Strategy that allows adjusters to evaluate and manage claims from their desktop or mobile device, eliminating the need to travel to each loss

  • 12

    Duck Creek Technologies

    Duck Creek Technologies

    Duck Creek Technologies gives P&C insurers a genuine path to the future with advanced technology grounded in decades of industry expertise, responsive to the unique challenges of each carrier, and shaped by the day-to-day of human behavior. They are sustained by a persistent curiosity that isn’t afraid to challenge the norms of the property & casualty industry, that believes the vision for tomorrow need not be tied to the legacy of today, and it is our job to get you there sooner

  • 13

    EvolutionIQ

    EvolutionIQ

    EvolutionIQ builds data-driven claims guidance platforms for the most sophisticated insurance carriers in the world. Their solutions drive cost containment, faster claim processing and better customer service for claims organizations spanning from P&C to Group Benefits. EvolutionIQ products combine the rich predictive power of historical claims, deep unstructured data analysis and vast third party proprietary data to deliver the most impactful claims guidance platform in the industry

  • 14

    Gallagher

    Gallagher

    Gallagher, a global insurance brokerage, risk management, and consulting firm, serves communities around the globe, helping clients address risk, protecting assets, and recovering from losses. The products and services they provide keep businesses and institutions running, and enable individuals and families to face their future with confidence. Gallagher is the only insurance broker recognized by the Ethisphere Institute as a World's Most Ethical Company. Gallagher provides retail and wholesale property and casualty brokerage, alternative risk transfer services, employee benefit consulting, and actuarial services

  • 15

    Homee

    Homee

    HOMEE is the leading technology platform for connecting insurers, policyholders, and skilled service providers in the claims process. The HOMEE platform, in combination with a premier registered network of 20,000 contractors, is utilized by leading firms in the insurance and warranty sectors to dramatically improve cycle times. HOMEE is quickly becoming a leader in the insurance industry, facilitating both scheduled and emergency mitigations and repairs. The Company has raised $35 million in capital to date and counts as investors leading insurance companies such as State Farm Ventures, Liberty Mutual and The Hartford

  • 16

    Insuresoft

    Insuresoft

    Insuresoft delivers mission-critical core systems for the P&C insurance industry. With innovative and modern technology, we position insurers to compete in an increasingly complex environment with speed and scale. Insuresoft’s flagship platform, Diamond, is an all-in-one solution that combines core policy processing, digital engagement and intelligent data to advance each insurer’s mission

  • 17

    Sapiens International Corporation

    Sapiens International Corporation

    Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital insurance software platforms, solutions and services for the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers’ compensation and financial markets. With more than 35 years of experience delivering to over 600+ organizations globally, Sapiens has a proven ability to satisfy customers’ core, data and digital requirements

  • 18

    SuranceBay

    SuranceBay

    SuranceBay is a leading full-service software provider, working exclusively in the insurance industry. Their mission is to simplify the process of buying and selling insurance, for both agencies and consumers. Their automated management systems allow you to easily manage the complexities of the insurance industry in one central, manageable application. SuranceBay’s team of professionals have over 25 years of experience in the insurance industry and over 50 years of experience developing enterprise level software solutions

  • 19

    Vertikal

    Vertikal

    Vertikal is an Integrated Risk Management Solution providing best-in-class software and service for Supply Chain Risk Management. Their multi-offering solution combined on “one platform” allows Vertikal to deliver results that no other provider can match. Leveraging cutting-edge technologies and an AI-enhanced platform, their data driven results and reporting capabilities are industry leading. Vertikal helps protect businesses from unforeseen risks fully integrated solutions and services ranging from certificate of insurance compliance and financial analysis to safety and consulting.

  • 20

    Zywave

    Zywave

    Zywave, Inc. is a software company headquartered in Milwaukee, Wisconsin that provides software as a service products for insurance brokers and financial planners. Zywave leads the insurance tech industry, fueling business growth for their partners with the most expansive portfolio of cloud-based sales management, client delivery, content and analytics solutions. By offering an all-on-one platform full of robust data and the most comprehensive content library available, they empower their partners to make smarter business decisions throughout the entire customer lifecycle in service of greater health, wellness and safety