Top 20 Insurance Tech Solution Companies - 2020

One of the most significant hurdles in insurance digital transformation has been getting people— both customers and employees—to embrace new ways of doing things. However, the pandemic has changed all that; now, many more people are willing to overcome their technological reluctance. Most insurers have long since recognized the necessary change towards a digital future: Taking out new policies and managing existing ones, comparing dental offers, submitting bills and reporting a car accident – all these can now be done online. There are two reasons for this: Costs and customers.

First, as part of the ever-increasing regulatory demands, regimes such as Solvency II and IFRS now drive insurers to better understand risk and capital within their business. While Solvency II is a European initiative, its main principles are being adopted across the globe in countries such as Japan, South Africa, Mexico, and Australia. In addition, there is a growing trend for consumer protection legislation, in response to the incorrect selling of insurance instruments in the past. This legislation increases compliance costs and potentially impacts regulatory capital at a time when there are enormous competitive pressures.

A second major factor is the fact that over the last few years, insurers have struggled with low investment returns on government and corporate bonds. Insurers are also often required to hold a significant portion of their assets in bonds for regulatory purposes, with the cash flows from bonds being a good match to their long-term liabilities. The long duration of low returns, however, is forcing insurers to look at other investment types that mirror the cash flow profile of bonds but provide a higher rate of return. As a result, insurers increasingly look toward infrastructure and corporate loans, which were once the sole domain of banks. Thus, the delineation between banks and insurers is more blurred than it used to be.

The next few years present major challenges for insurers, but those that adapt and offer new products and services that customers seek will differentiate themselves.

We present to you, “20 Most Promising Insurance Tech Solution Providers - 2020.”

Top Insurance Tech Solution Companies

Ategrity is an Excess and Surplus lines insurance company that operates through wholesale agents and brokers. Its end-to-end digital cloud platform with an intuitive design enables a seamless, fast, and simple user experience. The company is dedicated to partnering with exclusively appointed brokers and leading wholesale agencies

CCC is the industry leader connecting data across key segments of the multi-trillion dollar driving economy. The company collaborates with leading insurers, automotive manufacturers, collision repairers, parts suppliers, lenders, and fleet operators to create elevated customer experiences through its cloud-based SaaS platform and digital and data service solutions.Connecting industries and accelerating decision-making, CCC is supporting digital transformations, and ultimately helping to transform experiences for the billions of consumers its clients serve daily

With fast and free onboarding and a straightforward user interface, COI Tracker quickly takes the overwhelming task of tracking and managing Certificates of Insurance (COIs) off the shoulders of clients in many industries and of all sizes. Leveraging the cutting-edge machine learning technologies for optical character recognition (OCR) hosted on Amazon Web Services and Google Cloud platforms, COI Tracker is able to deliver the highest-value COI Tracking service at an incredibly low price point

HOMEE integrates a standardized software platform and highly vetted technicians to provide best-in-class solutions to the insurance sector

Bold Penguin

Bold Penguin

Bold Penguin is the insurtech innovator based in Columbus, Ohio that rapidly increases speed-to-bind for commercial insurance. In 2016, they launched a highly efficient exchange that enhances the connections between businesses, agents, and carriers—reducing friction in the buying process for everyone. Integrating technology with the human touch. The firm partners with top brokers and insurers to make underwriting small commercial commercially viable

CoreLogic

CoreLogic

CoreLogic is leading global property information, big data and technology solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services

Cowbell

Cowbell

Cowbell Insurance Agency LLC (“Cowbell”) is a licensed Property & Casualty (“P&C”) insurance producer in the states where it transacts insurance. P&C insurance coverage, on admitted or non-admitted basis, is available only to insureds in those states where Cowbell is licensed to transact insurance as a producer and holds a valid company appointment. Cowbell may act as a general agent for one or more insurance carriers

EIS Software

EIS Software

EIS is an insurance software company that enables many of the world’s leading insurers to innovate and operate like a tech company: fast, simple, agile. Their cloud-native platform for high-velocity insurance enables insurers to grow by realigning their business model around the customer. This open, flexible platform of core systems and digital solutions liberates insurers to accelerate and scale innovation, launch products faster, deliver new revenue channels, and create insurance experiences the world will love. Headquartered in San Francisco, EIS powers premium growth for insurers in all lines of business worldwide

HyperScience

HyperScience

Hyperscience modernizes mission-critical processes and operations for Global 2000 organizations and governments. Since 2014, Hyperscience’s automation technology has helped data-centric companies parse through vast amounts of unstructured inputs and raw information to get to swifter and smarter business outcomes. Through the Hyperscience Platform, enterprises are empowered to transform their operations, and drive operational efficiency as well as human productivity by fully unlocking the power of their data

Imperial PFS

Imperial PFS

Imperial PFS brings in four decades of rich experience in premium financing solutions. As a strategic partner in premium financing, Imperial PFS is committed to empowering insurance agents, agencies, and underwriters with flexible financing solutions to help business owners seeking insurance coverage. In the wake of the COVID crisis, the legitimate fear of not having insurance becomes a substantial motivating factor to keep their insurance in place. This is where Imperial PFS is moving the needle by bringing in the benefits of premium financing, which is a niche market in the insurance industry

Legal Files Software

Legal Files Software

Legal Files Software, Inc. develops case and matter management software applications for the legal industry. Legal Files matter management software has undergone thorough hands-on testing to produce peerless real-world matter management and workflow management applications. Thousands of users across many industries and around the world rely on Legal Files to store case information and track office workflow. Legal Files is designed to work seamlessly in legal departments, law firms, insurance companies, public sector agencies and legal aid organizations

Medata

Medata

Medata is the premier provider of cost containment and document management software and service solutions in the workers’ compensation and auto liability industries. In 1975, Medata was founded with a vision to ensure providers receive accurate payment and patients receive appropriate care. They have processed 600+ million bills since our founding. As a privately held company, they are passionate about their commitment to provide processes that make client’s everyday tasks more productive, efficient, and cost-effective

Nexsys Technologies

Nexsys Technologies

Nexsys Technologies is a FinTech company focused on creating and delivering innovative solutions for smarter lending processes. But more than that, they’re people who know a better way for companies to connect with their partners and clients. They want everyone throughout the home buying process to have more time, money and peace of mind. The firm’s solutions are built as a fresh alternative for an industry of old-school thinking

PiMD

PiMD

PiMD gives insurance institutions a powerful competitive advantage by allowing them to rapidly create, launch and scale new products, expand in to markets, or transform operations through a simple, agile, and flexible SaaS platform. PiDx platform provides a secure and compliance cloud-based platform for insurance companies that will result in improving speed to market initiatives, cost savings, productivity, and easy to use. PiDx is a powerful alternative to the costs and complexity of traditional core insurance systems or custom in-house solutions

Planck

Planck

Planck is the leading commercial insurance data platform, built to enable insurers to instantly and accurately underwrite any business. Planck's technology platform aggregates and mines massive datasets, using the latest advances in artificial intelligence (AI) to automatically generate and deliver key insights customized to the commercial underwriting process. The end result is a frictionless underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios. Planck’s platform brings automation and intelligence to the underwriting process – empowering commercial insurers to focus on underwriting that truly requires human expertise

Sapiens International

Sapiens International

Sapiens International is a leading global provider of software solutions for the insurance industry. Sapiens offers end-to-end, core, data and digital solutions for property and casualty, life, workers’ compensation, reinsurance, and financial and compliance. Sapiens also offers industry leading business decision management software to a variety of insurance and financial institutions. Sapiens provides their customers with a digital ecosystem to take advantage of the latest industry technologies

ScopeWrite

ScopeWrite

ScopeWrite provides fast, accurate, and scalable services for estimate writing and filing reviews. The company hires desk adjusters in a call center fashionto utilize the information from the ScopePro mobile app and write insurance guidelines estimates very quickly and accurately. As a novel technology solution offering, ScopeProtakes away the hassle of clipboards, measure tape, drawing sketches, and allows submitting field data directly to licensed desk adjusters

Tada Cognitive Solutions

Tada Cognitive Solutions

Today, business struggles to rapidly connect people, data, and processes. Tada is a digital platform that drives organizational success through enhanced visibility, agility, and collaboration. Go beyond data and deliver break through performance in client’s organization. The firm’s platform is designed to help client’s execute meaningful decisions quickly, without burdening expenses. They will create one unified system that removes siloed information and connects data across client’s company

ValueMomentum

ValueMomentum

ValueMomentum provides Software and Services to Insurance, Healthcare & Financial Services firms. The firm’s customers like working with them because they deliver value to their initiatives, thereby, driving their momentum. The firm does this by applying a time-tested formula of combining strong technology expertise with industry experience. Their service offerings include Digital Engagement, Customer Communications, Content & Collaboration, Information & Insights, Quality Assurance & Testing and Application Services

Zywave

Zywave

Zywave leads the insurance tech industry, fueling business growth for our 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