Top 20 Insurance Technology Solution Companies - 2019

The constant economic growth, towering interest rates, and elevated investment income are considered as the positive factors that appear to be strengthening the insurer results in 2019. The insurance technology industry is now preparing for the stage of enhanced progression in the upcoming years ahead. Since the US property and casualty (P&C) part of the business got off to a predominantly good start in the first half, with a net income that gets twice as much as the previous year.

However, the viewpoint for annuities seems to be much brighter because of the rising interest rates and higher disposable income. The totals of US annuities sales are forecasted to rise to 33 percent to $2.8 billion in the first quarter in 2019, compared with previous year results and gain another 5 percent subsequently. While enhancing the economic conditions in the present year, the short-term vision for insurers in 2020 might have brightened for many insurers as a rising tide that not necessarily lifts every boat uniformly. There exist plenty of challenges that need to be overcome in the years ahead, as well as opportunities to develop the competitive position and the bottom line of the carrier.

To help CIOs navigate through the list of Insurance Technology solution providers, our distinguished selection panel, comprising CEOs, CIOs, CFOs, industry analysts, and the editorial board of CIOReview narrowed the 20 Most Promising Insurance Technology Solution Providers that exhibit competence in delivering comprehensive insurance technology innovations.

We present to you CIOReview’s “20 Most Promising Insurance Technology Solution Providers - 2019.”

Top Insurance Technology Solution Companies

Claims Connect IQ is a digital platform that enables insurance professionals to identify, collaborate, and transact business with a variety of service providers in multiple categories. Designed for a wide range of service buyers, including claims, risk management, underwriting, agents, and brokers, Claim Connect IQ helps users at all levels to connect with appropriate service providers based on their requirements. The digital platform offers two additional feature which include iBid and iMatch. iBid allows insurance professionals to create a bid for work or assignments with their specific requirements. iMatch helps buyers of services during their request for proposal (RFP) processes to match them to the best service providers for their company

Compart enables its customers to process, deliver, and access documents and content—in any form and format and via any channel. With 26 years of deep expertise in the industry, the company helps insurers cater to the customer needs of multi-channel communication while complying with the regulations. Compart offers a suite of high-performance, platform-independent, and scalable software solutions named DocBridge. . Revolutionizing the document design in the industry, the company offers DocBridge Impress, which is a scalable, cross-platform, and cloud-ready software for page and device-independent document design. The solution portfolio of Compart also includes DocBridge Conversion Hub, DocBridge Delta, and DocBridge AudiTrack to name a few

LUMINOS is synonymous with risk assessment and program performance analytics, as it easily manages the day to day tactical reporting, and longer term oversight needs, of large, complex risk programs

HCIactive is at the forefront of offering a robust cloud-based, integrated Platform as a Service (iPaaS) to help the insurance industry deliver greater consumer engagement and ecosystem execution. HCIactive’s platform aligns agile ecosystem process integration and high-powered analytics to the dynamic requirements of the marketplace. From customized recommendations of “shopping cart” insurance portfolio and personal financial savings to ongoing relevant portal content based on preferences and lifestyle patterns, HCIactive delivers a highly personalized and scalable digital consumer experience

Helps insurance companies obtain the accurate, complete data they need to assess risks better, underwrite policies, process claims, and deliver timely (often critical) services to their customers

Kaboodle is an ever-growing collaborative of innovative Insurtech and established products and services companies. It provides a single license for a bundle of products and service, implemented and supported by a single project team to remove the friction that occurs during selection, integration, contracting and support during insurance processes. Kaboodle also offers comprehensive insurance industry solutions for data analytics, innovative payment capabilities, artificial intelligence, and chatbots. These capabilities are pre-integrated in their platform, allowing insurers to pilot newer technologies at lower risk and cost, and quickly deploy new products as they venture into new markets

OutSystems provides the only solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire application portfolios that easily integrate with existing systems. OutSystems provides tools for digitalizing and optimizing operations. By connecting disparate systems of data, applying data standards, and automating manual processes, users can speed up processing times, thereby reducing support costs.OutSystems has been named a Leader in the Gartner's Magic Quadrant for Multiexperience Development Platforms multiple times

Tada is a digital platform that drives organizational success through enhanced visibility, agility, and collaboration. At Tada Cognitive Solutions, the team is empowering businesses, their people, and the ecosystems in which they exist by creating a powerful suite of purpose-built applications. The Tada platform is designed to help businesses execute meaningful decisions quickly, without burdening expenses. With the Tada platform, insurance businesses can visualize their entire business end to end. This holistic perspective provides the opportunity to make informed operational decisions from customer acquisition to accurate pricing for risk in real-time

Acceptiv

Acceptiv

Founded in 2014, Acceptiv offers a platform that enables North American insurers to reach the under-served middle market and to effectively sell life and critical illness products online or through omni-channel distribution. The company helps insurance companies to offer fully underwritten life and critical illness business online. Acceptiv's solutions provide claim experience that is consistent with the traditionally underwritten business. The company has formulated a set of underwriting rules that can be used, or the existing underwriting rules can also be added to the online platform

Agero

Agero

Headquartered in Medford, with operations throughout North America, Agero is collaborating with the leading insurance carriers and vehicle manufacturers to drive the next generation of roadside technology forward. Their mission is to transform the entire driving experience is putting technology front and center in their telematics solutions. The company, with their unmatched combination of innovative technology and human-powered solutions, including a breakthrough dispatch software platform which is designed to empower the service providers, delivers exceptional customer experiences. Agero provides solutions in various companies like insurance, automotive, service providers, and finance

Benovate

Benovate

Providing a reliable and extensible platform, Benovate goes beyond wellness. Through better engagement, the company offers an entire wellbeing platform delivery ecosystem. Benovate’s easily understandable Engagement Dashboard and DIY cohort builder drives a deep understanding of the people. Their platform is fully mobile and includes Android and iOS apps with an option of a private-label solution according to the requirement. Benovate aspires to be the best enabling platform, and related technologies to drive human capacity through the best engagement and deepest analytics one can find on the market

CodeBlue

CodeBlue

CodeBlue, LLC is the leading independent Third Party Administrator (TPA) for the property and casualty insurance industry working in the emerging water mitigation industry. It is the leading provider of end-to-end claims management outsourcing solutions and focuses on Scientific Accountability and Scientific Accuracy to achieve Scientific Outcomes. CodeBlue returns policyholders to pre-loss condition in the fastest, most efficient, and least disruptive manner possible. It has more than 3,100 contractors covering all zip codes in the U.S., and using new technologies, proprietary software and its unique process improvement methodologies to deliver better results for carriers and their policyholders

Denim Labs

Denim Labs

Formulated with today's mobile and social consumers in mind, Denim is making marketing personal, at scale. With a focus on delivering a simple and intuitive experience, the company's patent-pending, the data-driven platform saves time and money by helping the marketing teams to create and manage a micro-targeted mobile and social media ad campaigns on the favor of local representatives. The company offers solutions in marketing, tech, and advisors and agents. The marketing team simple selects the users and audience for an ad campaign and launch them, without emphasizing on the number of users: denim's enterprise-ready platform, streamlined implementation, and best-in-class security. Denim allows advisors and agents to capture qualified leads - while leaving the marketing to the experts

Equisoft

Equisoft

Founded in 1994, a privately held company specialized in the design and delivery of advanced digital business solutions that optimize processes, increase revenue, and enable growth for the life insurance and wealth management industries. Equisoft software systems are developed for optimal scalability and configurability to empower clients. Their solutions are web-based, mobile-compatible, and fully customizable to meet specific business needs. Equisoft is the best system integrator of Oracle Insurance Policy Administration OIPA with the largest and most experienced team. Also, Equisoft develops and integrates illustration and eApp applications, InsuranceElements, that tie into the Oracle system, re-using calculations in connected and disconnected modes

InsureSoft

InsureSoft

Insuresoft is focused on delivering insurance automation in order to meet the unique needs of P&C insurance carriers and managing general agents. The company's platform is designed to serve carriers and managing general agents of all sizes. The Insuresoft team consists of individuals with an average tenure of 11 years at Insuresoft; the insurance business is as essential to the company as software development, allowing them to build the best insurance platform for insurance professionals. Their Diamond Platform footprint spans 50 states with over 375 modules in production

InsureTech Global

InsureTech Global

Headquartered in Dallas, Texas, InsurTech Global offers highly Innovative and Flexible solutions to address Operational, Technological, and Regulatory challenges faced by Insurers globally. Collectively, the company's expertise covers several disciplines, like Actuarial Science, Insurance Accounting & Finance, as well as Software Development and Innovative Technologies. The company's disruptive actual solutions offer state-of-the-art Cloud-Based Actuarial Modeling platforms with the fastest and least power demanding solution. Other solutions include individual models offering, flexible a la carte modeling, and technological edge

Live Person

Live Person

LivePerson helps to make life easier by transforming how people communicate with brands. The company's enterprise-class platform empowers consumers to put a halt at wasting time with 1-800 numbers and, instead, send a message to their favorite brands just as they do with friends and family. LivePerson has been innovating digital connections between consumers AND brands for over 20 years, starting with the invention of live chat on websites. Ever since it's been driving consumer communication technology through the evolution of predictive intelligence and customer transcript insights

Sure

Sure

Founded in 2014, SURE is the provider of the tools that power global insurance companies and consumer brands to distribute and service any insurance policy digitally. The company's cohesive ecosystem of managed technology, insurance products, APIs, and Insurance-as-a-Service helps insurance companies and brands manage digital sales, launch new markets, and modernize their systems. Their solutions include SURE connect, which is for affinity partners and e-Commerce and SURE platform for global brands and marketplaces and insurance carriers

Verisk

Verisk

Headquartered in Jersey City, New Jersey, Verisk is a leading data analytics company that is serving customers in insurance, financial services, and energy and specialized markets. The company helps customers make better decisions with greater precision, efficiency, and discipline. Verisk businesses include ISO, Wood Mackenzie, Verisk Maplecroft, Xactware, AIR Worldwide, Argus, and Verisk 3E. Verisk provides a predictive analytics and decision support solution to customers in rating, underwriting, catastrophe and weather risk, claims, global risk analytics, natural resources intelligence, economic forecasting, and many other fields

VUE Software

VUE Software

A Leader in creating modern insurance technology Vertafore transforms the way the industry operates by putting people at the heart of insurance technology. With a focus on the customers, demanding operational excellence, and delivering results that make a difference, the company provides the level of trust and security that insurance is all about. Their solutions include management system, content management and workflow, rating and connectivity, insurance knowledge base, data analytics, and distribution and compliance management