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Profiles of the InsurTech100, the world’s most innovative InsurTech companies that every leader in the insurance industry needs to know about in 2019 2nd Annual Join the Most Senior-Level Gathering of Insurance Leaders in Europe Limited number of half-price tickets are available at www.GlobalInsurTechSummit.com Part of Europe’s InsurTech Week InsurTech Growth Forum: ‘Scaling InsurTechs’ 2 March 2020 Presented by FinTech Global Global InsurTech Summit 3 March 2020 Presented by FinTech Global and AltAssets Insurance CXO Forum 4 March 2020 Presented by FinTech Global Early-Stage InsurTech Forum 5 March 2020 Presented by FinTech Global & Insurtech Gateway Private Meetings & Roundtable Events 6 March 2020 Invitation Only event The INSURTECH100 is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts. These are the companies every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies. The INSURTECH 100 list will help senior management and insurance professionals evaluate which digital insurance models have market potential and are most likely to succeed and have a lasting impact on the industry. CRITERIA A range of factors was considered to make the final selection including: • Industry significance of the problem being solved • Growth, in terms of capital raised, revenue, customer traction • Innovation of technology solution • Potential cost savings, efficiency improvement, impact on the value chain and/or revenue enhancements generated for clients • How important is it for insurance executives to know about this company? PROCESS 123Seguro is a digital insurance broker, founded in 2010. The company compares, sells and manages insurance policies (car, motorcycle and life) from top insurers, in Argentina, Colombia and Chile. The company operates in two different models to acquire new customers: B2C and also B2B2C which charges the insurance companies a commission of the premium of each policy. 123Seguro already distributes insurance policies from over 30 insurers in the region and will be expanding its product offering to more countries in Latin America in 2020. The company’s product is available via website, iOS and Android apps as well as Facebook Messenger and WhatsApp through the use of chatbots. Founded 2010 Employees: 101-250 Value Chain: Marketing & Distribution, Operations & Servicing, Claims, Policy Renewal/Customer Retention Subsectors: Insurance Comparison/Marketplace, Auto Insurance, Data/Intelligence, Life/Health Insurance, Infrastructure/Back-end, Consumer Platforms Regions of operations: Argentina, Colombia, Chile Acko is India’s first fully digital general insurance company aiming to redefine the general insurance industry in the country. The company provides innovative products with personalized pricing based on customer behaviour and data analytics with the aim to provide a seamless experience across the value chain from purchase to claims. Acko has already insured over 40 million Indians and holds 18% market share of digitally transacting users in the country. As a category-disruptor, Acko also introduced the revolutionary Ola Ride Insurance which provides benefits in cases of loss of baggage or laptops, missed flights, accidental medical expenses, ambulance transportation cover, and much more while being able to purchase the cover on the Ola app. As a result, Acko holds over 8% market share of all car insurance products bought online in India. Founded 2017 Employees: 251-500 Value Chain: Proposition that supports the end to end value chain Subsectors: Auto Insurance, On-Demand/Travel Insurance Regions of operations: India Founded 2013 Employees: 11-50 Value Chain: Proposition that supports the end to end value chain Subsectors: Auto Insurance, On-Demand/Travel Insurance, Infrastructure/Back-end, Consumer Platforms, Data/Intelligence Regions of operations: US, Croatia, Austria Amodo platform enables insurers to develop a new category of products based on usage and behavior data. The most common products being placed on the market based on Amodo technology and new set of data are Behaviour-Based Rewards and Short-Term Insurance Products. However, many of Amodo clients also use this technology to distribute traditional non-life insurance products, which only adds to overall monetization. Amodo has more than 25 Projects glob- ally, with users increasing at a CAGR of 210% from 2015 to 2019. Amodo technology and methodology is approved by Financial Institutions around the world such as AIG, BNP Paribas, Porsche, P&V Insurance, Triglav Insurance, and others. 4 INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd COMPANY RESEARCH PROFILE REGION: EUROPE | SECTOR: INSURTECH COMPANY RESEARCH PROFILE This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions. © 2019 FinTech Global and Investor Networks Ltd Founded 2017 London, United Kingdom www.anorak.life info@anorak.life Employees 11-50 Regions of operation: UK Key Employees David Vanek Co-Founder & CEO Vincent Durnez Co-Founder & CTO Tiina Björk Chief Design Officer Value Chain: Marketing & Distribution, Policy Renewal/Customer Retention Subsectors: Life/Health Insurance, Insurance Comparison/Marketplace, Consumer Platforms, Agent/Broker Platforms OFFERING PROBLEM BEING SOLVED TECHNOLOGY Anorak is the new standard for Life insurance sales. Its software platform enables any financial services company to offer personalised life insurance advice and product recommendations to their customers – at scale. Anorak is on a mission to building the world’s smartest life insurance companion, unlocking the mass market and giving millions access to the right protection – not just the cheapest. To do this, the company uses data science and machine learning to power a service that gives people access to tailored advice about their life and their risks. Over nine million families in the UK face the risk of financial collapse when the breadwinner dies. In the US, it’s 37 million families. It’s a massive global problem. 80% of life insurance products are sold offline through financial advisers. This is not scalable and typically only targets affluent individuals - leaving an entire part of the market untapped and with no access to protection advice. Anorak makes it possible to scale to an unprecedented number of consumers regardless of their net worth or proximity to a financial adviser. Anorak has created the world’s first automated life insurance advice platform based on proprietary technology. It is a suite of APIs built on: • Proprietary algorithms • Predictive machine learning models coupling data science and actuarial science This results in a unique insurance recommendation engine with infinite reach. Anorak’s platform and technology are integrated by banks, brokers, online money management platforms, price comparison websites, etc. PRODUCT DESCRIPTION Anorak is the world’s first fully automated life insurance advice platform. Based on proprietary technologies, the platform and APIs are integrated by partners so that people access life insurance options whilst using everyday services such as challenger banks, money apps, online retailers, mortgage brokers and investment platforms. Anorak technology makes life insurance sales truly omni-channel by offering in one single system (i) a direct-to-consumer platform and (ii) an agents/brokers platform powered by the same recommendation engine. Anorak was co-founded in 2017 by David Vanek, former MADE.com group CFO and Vincent Durnez, former CIO at AXA Direct. TOTAL FUNDING — £9m Investors: TRACTION/GROWTH • Client companies: The platform is integrated with INSURTECH 100 Profiles 6 Anorak was co-founded in London in 2017 by former MADE.com Group CFO David Vanek and former AXA Direct CIO Vincent Durnez. It was created to help consumers get a better understanding of their life insurance needs and find the protections right for them. Initially, the company had explored opportu- nities in the P&C space; however, after six months of testing and research in the area, they decided it was not the right fit. Vanek said, “[Our type of solution] doesn’t really apply well to the P&C world because it’s a highly commoditised market where the shopping experience has been defined by price comparison websites and the consumer has very little appetite for anything much smarter than a price comparison website.” Unlike the P&C marketplace, the life insurance space has a lot of opportunities waiting to be seized upon. The life insurance market is “highly archaic” and “everything needs to be invented, customer experi- ence is not even at the concept stage and the pro- tection gap is massive.” He went on to explain that one mortgage in every two is not protected with life insurance, and a lot of people have little savings which means families cannot cope if they are hit with a severe financial loss due to death or illness. While there is a clear need for these insurance products, little is done to help the mass market find the cover they need. 80% of life insurance policies are sold by a fragment- ed base of independent financial advisors and bro- kers. This creates a bottleneck, hence causes the gap. Typically, life insurance is sold offline and is fo- cused on a small group of consumers that can af- ford to seek financial advice. Whereas, the average person does not have as readily available access to these services. They are not likely to take out a life insurance policy as its not mandatory and they prob- ably will not understand the importance getting pro- tection. Even if they did want to get life insurance it would be tough to find a personalized solution. He said, “it’s a complex conversation, very personal, and emotional where advice and help is much need- ed, but nothing is really built to guide people apart from the very dated distribution network that exists.” Anorak was designed to help everyone find a policy, regardless of their net worth or proximity to a finan- cial advisor. Anorak is an automated life insurance advice plat- form which provides consumers with impartial, regu- lated and personalized life insurance advice. Its tech- nology is integrated via APIs into its partners so that a customer can easily access life insurance options while using banks, money apps, mortgage brokers and investment platforms, etc. A consumer answers a few quick questions, Anorak will then identify what protection they need. It will show how much cover the consumer needs and for how long, detailing various suitable policies from across the market which meet these recommenda- tions. The consumer then simply picks the one they want and applies online or over the phone. The In- surance space has lagged behind other areas of the The fragmented and non-scalable nature of the life insurance distribution sector has caused a massive protection gap, according to Anorak co-founder and CEO David Vanek. INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd INSURTECH 100 Profiles 7 financial ecosystem, such as banking and payments, in terms of innovation. Appetite for the InsurTech space has risen a lot in the past five years. Last year, a total of $3.4bn was invested into companies in the space, compared to 2014 when just $504m was raised. Albeit things might be headed in the right di- rection, compared to the WealthTech space or pay- ments space it is still behind. A total of $4.6bn was invested into the global WealthTech space last year, while a whopping $19.7bn went to payments compa- nies in the same year. Given the banking and payments space has been en- gaged with new technology offerings for a little longer, it has given consumers a clear idea of what they want financial services to be. The rise of challenger banks and mobile payments have shown people now want easy customer experiences where they do not need to meet with someone face-to-face. This has meant insurance companies need to be able to offer their consumers the streamlined and transparent experi- ences they would get with a banking platform. This is what led Vanek and Durnez to create an au- tomated service which is personalized to consumers. The company launched its initial services in Septem- ber 2018 and has already seen some big companies integrate with it. Some of its clients include Starling Bank, Nutmeg, and London & Country. He said, “[Adoption has been] very good, but obvi- ously, you keep integrating and improving things be- cause by nature we are never happy with what we do and we keep improving user experience. But the response is very positive, because it’s the first time someone is looking at the life insurance distribution from the end-user standpoint, and not from an inter- mediary or life insurance carrier standpoint. “We really defined a new standard for selling protec- tion, and it’s starting to be very exciting for the big players in the market i.e. the banks and the life insur- ers themselves. Because they see it as a way to cap- ture data, profile customers to be able to retain them in order to have a different type of conversation with them along their key life events – as a companion. There is a lot of excitement around the platform we’re building because it’s opened up a new way to engage with customers.” The company has not only received interest from cli- ents, but also investors. Anorak has raised a total of £9m in venture capital since it was founded in 2017, with AXA Group’s innovation arm Kamet Ventures having backed the company from the beginning. It can be tough for investors to find the right companies to invest into, but also for startups to find the best backers to aid their growth. Vanek stated that Kamet “have been supportive since day one” and have giv- en the company access to useful data for its models and connected them with players in the market. One of the biggest benefits with working with Kamet has been that they “were very keen to create disruptive innovation, not just make marginal improvements to insurance current.” Finding the right investor is tough and the year-on- year rise in funding volume in InsurTech since 2016 shows more companies are looking to get involved. This will make it harder for startups to find a backer which really knows their stuff and is not just trying to get on the bandwagon. When Anorak began its journey it was a pioneer in the space, Vanek stated, and while the life insurance technology segment is growing, more transformation is needed and so is more capital, but not everyone can be a winner. “any investors who are not truly spending enough time understanding the problems and the solutions will be frustrated by the InsurTech space where usually patient capital is needed to support disruptive inno- vation” With such a large opportunity ahead of them, the company needed to ensure it had the right team. This was not to just take advantage of the market, but so they could survive the turbulent waters start- up life can be. When Vanek and fellow co-founder Durnez were looking to bring their idea into an actu- al product, finding the right people to work with was the first step. Anorak uses a lot of data and machine learning tech- nology to analyse a consumer and find the best prod- ucts in the market for them. This means you need to have a variety of skills and talent onboard: software engineers, actuaries, designers, digital product spe- cialists, data. Talent acquisition is a constant effort - for example good engineers are “rare in general” and being a startup makes it even harder to reach them. He said, “[It is tough as] you compete with business- es who are very attractive from an employee stand- point. When you do find someone, they already have an offer from Spotify, and from the leading banks in the city, from Facebook or Google. We need to be highly convincing before they join.” Anorak is looking to continue marking its presence in the UK market over the coming years, but by 2021 it will be looking to begin its international expansion. Copyright © 2019 FinTech Global INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd Reinventing Bancassurance for the digital banking age About Staring Bank ● Starling is a leading digital bank in the UK ● Via a marketplace, Starling provide customers with access to financial services and products securely on their phone ● Anorak is Starling Bank’s partner to provide Life insurance advice and products to marketplace users Make life insurance accessible with APIs and Open-banking ● Anorak connects to Starling via APIs and a 2-way OAuth identification protocol ● Anorak uses bank transaction data to profile users and build a personalised insurance recommendation ● Users can complete the entire advice journey online or be connected to an agent (who uses Anorak for Advisers platform) ● Anorak’s API and platform gives access to whole-of-market from personalised advice to quote to applications journey Create high engagement and great customer output ● Strong engagement from Starling Banks users who value a digital first service delivering personalised advice ● Users are keen to share their data (incl. bank transactions) given the highly personalised outcome ● Anorak engage customers on more than simple term life sales. Personalised advice leads to high penetration of disability protection (income protection and critical illness cover) ● ⅔ of users are transacting online only, and ⅓ engaging in a hybrid journey (online first the agent) X Anivo supports its customers with its technology platform to develop innovative insurance products in the shortest possi- ble time, introduce them to the market and distribute them highly efficiently. The offering is aimed at primary insurers, re- insurers, banks, telecommunications providers and ecosystems in areas such as housing or mobility. With the AnivoCore distribution platform, established insurance companies can shorten their innovation cycles considerably by placing new insurance products on the market within a few weeks without having to burden their own IT resources. Anivo’s Bancassur- ance solution enables banks (but also other partners) to expand their service portfolio with innovative insurance products close to their core business and make it more attractive at the lowest possible effort. The company has developed the following partnerships: Basellandschaftliche Kantonalbank (Bancassurance Partner), Vorarlberger Landes-Versicherung V.a.G. (Insurance Partner using Anivo’s technology), Baloise and AXA-Arag (Insurance Partners offering insurance to banks using Anivo’s technology) and Swiss Re (Insurance Partner offering insurance via Anivo’s technology). Founded 2015 Employees: 11-50 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain Subsectors: Life/Health Insurance, Home/P&C, Bancassurance Regions of operations: Switzerland, Austria, Germany Artificial builds digital products that harmonise the insurance experience for broker, underwriters, MGAs and their cus- tomers. Using the latest cloud-based tools and techniques in Machine Learning, Artificial digitises the insurance value chain by offering better customer and user experience. The company captures data from digital and paper-based texts, online forms and images, making it simpler and faster for insurers to collect the information they need for more sophisti- cated pricing, product building, distribution and portfolio management. The company is already working with established insurance firms such as Axis, Aon, Capita and Ping An. Founded 2013 Employees: 11-50 Value Chain: Proposition that supports the end to end value chain Subsectors: Infrastructure/Back-end, Consumer Platforms Regions of operations: United Kingdom, Poland Artivatic is a SaaS platform for insurance consisting of 50+ APIs and 10+ Plug & Play products aimed to assist insurance and healthcare companies with streamlining and automating buyer onboarding journey and profiling, document extrac- tion and digitisation, customer behaviour, health profiling, risk intelligence and underwriting and claims administration. Insurance companies using the platform see reduced cost and increased engagement from buyers as well as better cus- tomer satisfaction. Artivatic is already working with 16 clients across paid services, pilots and POCs and has established a partnership with ICICI Prudential Life to build its new underwriting decision engine and profile users to provide tailored products and services. Founded 2017 Employees: 51-100 Value Chain: Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Auto Insurance, Data/Intelligence, Life/ Health Insurance, On-Demand/Travel Insurance, Infrastructure/ Back-end Regions of operations: India, United States, United Arab Emirates, South-East Asia INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 9 Assurely is an InsurTech that creates and delivers insurance products for new and changing industries. The company’s aim is to change how risks are accessed, how they are transferred, and how they are managed. Assurely’s first product, TIgerMark™, protects Issuers engaged in technology-enabled capital raising strategies such as crowdfunding or digital securities against investor complaints and lawsuits. TigerMark simultaneously provides a symbol of trust, comfort, and safety to investors who benefit from a simple, streamlined, and easy claims process to request their principal investment returned should the Issuer misrepresent in their offering documents, steal, or misuse the funds. The company onboard- ed its first paying customers in July 2019 and has partnered with AXA XL as an MGA. Founded 2016 Employees: 1-10 Value Chain: Proposition that supports the end to end value chain Subsectors: Commercial/Enterprise Insurance, Consumer Platforms, New products + tech platform Regions of operations: United States, but quickly expanding to Bermuda, UK, and numerous other EU jurisdictions Atidot is an insurance technology company empowering the life insurance industry to become data driven and optimize their book of business with big data solutions and predictive analytics. Founded by a team of data scientists and veteran actuaries, Atidot offers a cloud-based platform that provides data-driven insights to inform decision making, drive new business strategies, and create new revenue streams. Atidot works with leading life insurance and annuities providers to take control of their existing data to upgrade their risk modeling and to improve policyholder behavior prediction to improve sales, retention and in-force management. Founded 2016 Employees: 11-50 Value Chain: Marketing & Distribution, Policy Renewal/ Customer Retention Subsectors: Life/Health Insurance Regions of operations: United States, Israel, United Kingdom, Switzerland Audeamus Risk is the world’s first Resilience Intelligence Platform that provides real-time monitoring, profiling and online auditing of organisational resilience against any type of operational risk. The platform delivers advanced appraisals to decision makers about the company’s resilience posture and its ability to face adverse events or protracted business in- terruption. Most importantly, it allows management and regulators to understand how it may affect its financial position and reputation (long-tail risk). It continuously audits a company’s capacity to restore operation in an increasingly complex environment of co-dependent supply chains. Due to its broad IP, Audeamus Risk is recognised as one of the global leaders in dynamic pricing of operational risk. Audeamus Risk’s Module No.1 is Business Interruption Insurance trading platform (BIAX B2B), which serves to quantify losses and measures impact on a company’s balance sheet within a par- ticular time frame. BIAX is bringing a new level of operational risk transparency through enriched resilience data in 4D. Founded 2016 Employees: 1-10 Value Chain: Underwriting & Risk Rating, Proposition that supports the end to end value chain Subsectors: Commercial/Enterprise Insurance, B2B White Label, Data/Intelligence, Government & Infrastructure Regions of operations: Globally INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 10 COMPANY RESEARCH PROFILE REGION: EUROPE | SECTOR: INSURTECH COMPANY RESEARCH PROFILE This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions. © 2019 FinTech Global and Investor Networks Ltd Product name BDEO Founded 2017 Madrid, Spain www.bdeo.io info@bdeo.es +34 910 888 180 Employees 20-51 Regions of operation: Europe and LatAm Key Employees Julio Pernía CEO & Co-Founder Manuel Moreno CTO & Co-Founder Ruth Puente COO Juan Luis Torres Regional Manager for LatAm Value Chain: Underwriting & Risk Rating, Claims, Proposition that supports the end to end value chain Subsectors: Auto Insurance, Home/P&C OFFERING PROBLEM BEING SOLVED TECHNOLOGY Bdeo’s mission is to disrupt the insurance industry with a comprehensive visual intelligence solution that changes the way customers connect with insurance companies. Beginning with underwriting and all the way through the time the claim is processed, Bdeo enhances the customer journey with a smart visual channel that’s able to recognize risks and close the underwriting process in real-time. The insurance sector faces dramatic challenges: margins are falling because of the increase in expenses. Fraud is deeply affecting this net loss. Insurance fraud costs due to fraudulent claims account for more than $40B a year only in the USA and it is difficult to detect using standard methods. On the other side, new customers, especially the youngest ones, are demanding a radically improved user experience. Bdeo’s solution helps to solve these problems by reducing the average claim-processing time and therefore improving the operational margins, reducing fraud, and at the same time radically improving the end-user experience. Some of the technologies that Bdeo uses are: Artificial intelligence to provide damage recognition & estimation of the type of damage Augmented Reality to provide accurate measurement of damages. Blockchain to provide digital evidence of the multimedia PRODUCT DESCRIPTION In the claims process, Bdeo recognizes damage and provides assessments in real-time, and in the closing process, it allows insurance companies to detect fraud or pay customers in the event a claim is approved. According to this vision, Bdeo proposes an innovation addressing both operational and customer experience pains of P&C insurers by means of a true automated fraud-resilient underwriting and claim processing product, able to accurately process policy pricing (underwriting) and loss adjusting (claims) while ensuring customer’s satisfaction. TOTAL FUNDING Investors: COMPANY RESEARCH PROFILE REGION: EUROPE | SECTOR: INSURTECH COMPANY RESEARCH PROFILE This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions. © 2019 FinTech Global and Investor Networks Ltd TRACTION/GROWTH • In less than two years Bdeo has established a presence in Europe and Latin America, collaborating with the main insurance companies in these markets. • Some of Bdeo’s clients: • — • — • — • BDEO has been included in the “InsurTech Impact 25” list, developed by Oxbow Partners, as one of the 25 technology companies in the sector whose technology is capable of transforming the industry and has been awarded as the most disruptive startup and the best InsurTech in the South Summit 2019 in Madrid. • Estimated revenue in 2022: €5m • Estimated staff numbers in 2022: 75 MANAGEMENT BIO Julio Pernía - CEO & Co-Founder Julio Pernía, holds a degree in telecommunications engineering. He began his career as an entrepreneur in 2006 with the founding of his first InsurTech company, Reparanet, the biggest SaaS platform for repair companies in Spain. In 2017, Julio co-founded Bdeo, a visual claims management platform with AI capabilities to help loss adjusters and insurers during claims processes. As CEO of Bdeo, Julio has expanded the company’s client portfolio in Spain, Portugal, and LatAm while earning international awards for innovation in Spain, Portugal, Mexico, and China. In addition to being an entrepreneur in the InsurTech Industry Julio has worked in the sport technology industry. In 2012, he cofounded Director11, a sport management SaaS platform which is currently the most-used product in the Spanish La Liga. International clubs like Real Madrid, FC Barcelona, Olympique de Marseille, Valencia and Villarreal are currently Director11 customers. Manuel Moreno - CTO & Co-Founder Manuel Moreno, also holds a degree in telecommunication engineering and has co-founded Reparanet, Director11 and Bdeo with Julio. Currently, Manuel is fully dedicated to Bdeo as CTO, with the ultimate responsibility for technology. Business Case Fidelidade Motor and Property Client Verticals The objectives of the pilot were: For this purpose, two on-site and remote appraisals were carried out for each claim. Goal Validate that a damage assessment can be obtained remotely for both Motor and Property cases to the same standard as assessments made by being physically present. Measure if the digital service improves operational margins. Learn how the digitalization of the process affects user satisfaction. Fidelidade faced two pains mainly regarding on-site claim management: High operational costs due to the displacements of the experts. Pain And user discontent due to difficulties to arrange meetings with the experts and long-time claim's resolution. Through the acceleration program Protechting.pt, Bdeo was selected to run a pilot with Fidelidade for the digital assessment of claims in the Motor and Property verticals. Precedents Fidelidade is one of the oldest and largest insurance companies in the Iberian Peninsula and the undisputed leader in Portugal, both in the life and non-life sector, with a market share of 31%. Founded in 1808, Fidelidade has been protecting the future of families and companies since then and currently has more than 2 million private customers and more than 200,000 companies, including the main companies in Portugal. Results Summary Bdeo won the acceleration program Protechting in China and Portugal And is working with Fidelidade in both verticals: Motor and Property As a result of this pilot: Before Bdeo With Bdeo 90 m 15 m TIME SPENT PER CLAIM: Faster 6x OPERATIONAL COST PER CLAIM: Cheaper 2,5x Before Bdeo With Bdeo €240 €96 USER SATISFACTION: points up at NPS 20 Business Case Fidelidade Motor and Property Client Verticals Roof claims are some of the most expensive to resolve for P&C insurance carriers. These events cannot only cause prop- erty damage but also liability and business continuity claims as well. Betterview’s predictive analytics helps insurers to quickly assess roof conditions for residential and commercial properties in real time. Betterview does this by using ma- chine learning and computer vision to analyze manned aircraft and satellite imagery. Betterview then combines this data with other sources, such as building permits, assessors’ data, and historical weather to determine the characteristics and condition of a roof to determine the risk of future roof related losses. Since the launch of its property risk management platform in August 2018, the company has over 12 carriers in production. Founded 2014 Employees: 11-50 Value Chain: Underwriting & Risk Rating, Operations & Servicing, Claims, Policy Renewal/Customer Retention Subsectors: Data/Intelligence Regions of operations: Unites States and assessing customer requests for Europe BIMA uses mobile technology to deliver affordable and easy-to-use insurance and health products that emerging con- sumers need but cannot access through traditional channels. It uses its proprietary technology platform to digitalise reg- istration and automate premiums payments whilst using its 3,000-strong global agent workforce to educate consumers on insurance. By combining the power of mobile technology, key partnerships with mobile operators and mobile money providers, and a human approach to education, BIMA has been able to achieve scale and profitability. As the leading insurance specialist in emerging markets, BIMA has already reached 31 million customers with insurance products and 2.2 million customers through its mHealth services. Founded 2010 Employees: 1,001-5,000 Value Chain: Proposition that supports the end to end value chain Subsectors: Life/Health Insurance Regions of operations: Latin America, Asia, Africa Blink offers an innovative real-time data driven travel disruption solution. Once a traveller registers their flight details, Blink monitors that flight in real-time. Any flight disruption that occurs to the registered flight, automatically results in a traveller being notified instantly. Real-time event notification allows for real-time problem resolution! The traveller is immediately offered service choices that can instantly remove the stress and consequences of the disruption ranging from airport lounge access, cash which is immediately deposited into the travellers’ bank account, through to booking and paying for a hotel whilst also booking a new flight. Blink is a world leader in parametric insurance product innovation, transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products in sectors such as Travel, Climate, Energy and IoT. Blink partners globally with insurance and financial services companies driving innovation in Asia, Europe and North America. Founded 2016 Employees: 11-50 Value Chain: Operations & Servicing, Claims, Proposition that supports the end to end value chain Subsectors: On-Demand/Travel Insurance, Consumer Platforms, Parametric-based insurance-as-a-service platform, Data/Intelligence Regions of operations: Asia, Europe and North America INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 15 Blocksure is a technology company that has created and developed a blockchain-based solution (Blocksure OS) for the in- surance industry. It provides better service (speed and accuracy) at a greatly reduced cost. It utilises the core attributes of blockchain to deliver improved data security and integrity. Blocksure OS is aimed at the intermediated general insurance market, in particular on-demand products; schemes and microinsurance for property, travel and motor insurance but it can be deployed in almost any area such as commercial P&C, life and health insurance sectors which are already targeted for development. Blocksure OS delivers proven user benefits in terms of cost reductions (up to 90% reduction in back office costs), superior efficiency, removes a number of superfluous processes, provides cutting-edge reporting and better products/services. This benefits the customer, brokers and intermediaries, insurers and related parties, thus providing enhanced benefits to the insurance supply chain. Founded 2016 Employees: 11-50 Value Chain: Marketing & Distribution, Operations & Servicing, Claims, Policy Renewal/Customer Retention Subsectors: Commercial/Enterprise Insurance, Auto Insurance, P2P Insurance, Home/P&C, Life/Health Insurance, On-Demand/ Travel Insurance, Infrastructure/Back-end Regions of operations: United Kingdom, Indonesia, Poland, United States, China, Mongolia Bold Penguin develops B2B software used by insurance agents and brokers, as well as insurance companies, to break through the confusion and complexity of the commercial insurance landscape. Bold Penguin helps its customers rapidly increase the speed from quote to bind, allowing them to write commercial insurance profitably. A process that once took an average of twenty weeks now take days, which is supercharging small commercial insurance. With Bold Penguin’s innovative software solution, brokers can build a quoting interface in any of their existing systems with no crazy re-work, confusing workflows, or fragile data exchanges. Rather than replacing them, Bold Penguin’s Exchange is customizable and works with current systems that risk managers use. Along with a dynamic, master question set, which speeds up the underwriting process considerably, partnered risk managers are able to select their desired risks and focus their efforts to increase sales. Founded 2016 Employees: 101-250 Value Chain: Underwriting & Risk Rating, Operations & Servicing Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Home/P&C, Infrastructure/Back-end, Consumer Platforms Regions of operations: United States Bought By Many creates and distributes insurance policies designed around customer needs and the company has made its first foray in the pet market. Bought By Many is making pet insurance better for owners. By speaking to thou- sands of pet owners and looking at millions of online searches for particular types of cover and services by pet owners the company has found the gaps in risk coverage and then launched policies to address them. Bought By Many launched unique policies underwritten by Munich Re’s Great Lakes Insurance SE in 2017 and now covers more than 100,000 pets and was voted the most trusted pet insurance provider in the UK in 2019. The company launched its unique pet prod- ucts in Sweden in August 2019. Founded 2012 Employees: 101-250 Value Chain: Propositions that supports the end to end value chain Subsectors: Pet insurance Regions of operations: United Kingdom, Sweden INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 17 CDL is a leading UK InsurTech with a strong track record in the insurance and financial services sectors; its solutions pow- er some of the UK’s most profitable insurance retailers and deliver competitive advantage in a marketplace where mar- gins are notoriously slim. Clients include Sainsbury’s Bank, Tesco Bank, Swinton Insurance and Moneysupermarket.com, and it transacts around 7 million live policies on its systems. CDL has launched the Chorus mobile app as a ‘proactive Insurance’ concept which identifies a consumer’s insurance needs and pre-populates information for their verification. The big win is to minimise - or even eliminate - the customer input required to generate insurance quotes, whilst offering the maximum commercial opportunity for insurers. The first iteration offers a proactive customer journey for home and gadget lines and an artificial intelligence assisted car insurance sales process. Founded 1977 Employees: 501-1,000 Value Chain: Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Auto Insurance, Home/P&C, Data/Intelligence, On-Demand/Travel Insurance, Infrastructure/Back-end, Consumer Platforms Regions of operations: United Kingdom CareVoice is an international Shanghai-based health InsurTech making health insurance digital and more personal. The company’s main product, CareVoiceOS, first healthcare operating system for insurers, digitizes healthcare and insurance journey with members’ interest first. It allows insurers to make health plans more tailored, efficient and compelling to their customers. The company has 13 insurance clients (including Ping An and AXA) servicing nearly 500,000 insurance members. Founded 2014 Employees: 11-50 Value Chain: Propositions that supports the end to end value chain Subsectors: Commercial/Enterprise Insurance, Data/ Intelligence, Life/Health Insurance, Consumer Platforms Regions of operations: Mainland China, Hong Kong By Miles offers the UK’s only pay-by-mile car insurance policy that works in real time, giving lower mileage drivers a fairer, more flexible way to pay for cover. There’s a smartphone app for members too, which includes handy tools, including the ability to track their car down when they forget where they’ve parked, to help locate their car if it’s stolen or to scan their car for fault codes. A fixed annual cost covers the car when it’s parked (which can save lower mileage drivers up to 40%, compared with a traditional annual premium) and journeys are charged for on a monthly basis at a cost per mile. The company’s rated ‘Excellent’ on Trustpilot, was recently voted ‘Best Car Insurance Provider of 2019’ and ‘Best Insurance App of 2019’ at the Insurance Choice Awards, and its members have insured 15 million miles on pay-by-mile policies since its mid-2018 launch. Founded 2016 Employees: 11-50 Value Chain: Proposition that supports the end to end value chain Subsectors: Auto Insurance Regions of operations: United Kingdom INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 18 Clearcover lowers the premiums on auto insurance policies in the United States by rebuilding the cost structure of a traditional insurance company and being more efficient. The company’s model is based on the fundamental insurance equation (Premium= Losses + LAE +Premium Tax+Underwriting Expenses+UW Profit). The lower LAE, CAC, Service Costs, and Fixed Costs can be made, the less the company can charge in premium for insurance. Clearcover is already leading the insurance industry in expense efficiency. Clearcover has sold thousands of policies combined across the states of California, Illinois, Arizona and Utah. They primarily distribute their product via integrations with companies like Credit Karma, Chime Bank and The Zebra along with partnering with independent agencies. Founded 2016 Employees: 51-100 Value Chain: Proposition that supports the end to end value chain Subsectors: Auto Insurance Regions of operations: United States Coherent’s mission is to ignite change and challenge the status quo of legacy systems and processes by empowering in- surers and intermediaries with solutions that make insurance faster, smarter and simpler. Coherent began as an actuarial consulting company with four team members, growing to over 70 people in Hong Kong and Shanghai over the next three years. Their venture into insurtech began with Seasonalife – a comparison platform that helps brokers and insurers to easi- ly compare different life and health insurance products and gain access to the latest market intelligence. Since then, they’ve continued operating in the life and health insurance space, developing multiple solutions, all with the aim to bring greater efficiencies and market transparency to insurers and intermediaries. From enabling insurers to roll out their products at lightning speed with Product Factory, through to the award-winning product comparison platform Seasonalife, and smart EPOS solutions, they now have 21 major insurers such as Manulife, Sun Life, FWD, and more than 4,000 intermediary users as dedicated customers. Founded 2016 Employees: 51-100 Value Chain: Marketing & Distribution, Operations & Servicing Subsectors: Insurance Comparison/Marketplace, Life/Health Insurance, Infrastructure/Back-end, Data/Intelligence, Life/ Health Insurance Regions of operations: Hong Kong, China, Singapore, the Philippines Click-Ins has developed a state-of-the-art, next-generation platform for motor insurance and car rentals that inspects vehicles and detects damages. Utilizing digital photos from a mobile phone, it’s a snap to submit information to gen- erate a report; no additional manpower or equipment is needed. By applying its unique DamagePrint™ technology for damage signature matching, Click-Ins detects bogus motor insurance claims and immediately reveals potential fraud. A hybrid method based on a systematic engineering approach, combined with Deep Learning and 3-D modeling, yields an unprecedented level of precision. The company has several paying customers including Hachshara GO Insurance, and as the winner of the BASF Damage Recognition Challenge, Click-Ins is initiating a pilot with the world’s leading chemical company. Founded 2014 Employees: 1-10 Value Chain: Claims Subsectors: Auto Insurance Regions of operations: Israel, Europe INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 19 CoverWallet is the leading tech company reinventing the $100 billion U.S. commercial insurance market for small busi- nesses. Based in New York and launched in 2016, it has received more than $40 million in funding from renowned inves- tors including Union Square Ventures, Index Ventures, Two Sigma, and Foundation Capital. Powered by deep analytics, thoughtful design, and state-of-the-art technology, the company is the easiest way for small businesses to understand, buy, and manage insurance online. CoverWallet manages the full end-to-end experience for insurance for small busi- nesses. From the time businesses go to the site to learn about the types of policies they need, to getting quotes and purchasing their coverage online, all the way through the process of generating certificates of insurance and updating payment methods, CoverWallet handles the full lifecycle of insurance for businesses. CoverWallet is partners with lead- ing insurance carriers and offers policies from companies including Progressive, Starr, Chubb, CNA, Travelers, Liberty Mutual, Berkshire Hathaway Guard, Blackboard, Atlas, Markel, and others. Founded 2015 Employees: 251-500 Value Chain: Marketing & Distribution, Operations & Servicing, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain, Subsectors: Commercial/Enterprise Insurance Regions of operations: United States, Europe, Australia Covomo’s purpose is to help people to protect what they love wherever and whenever they want to by closing the gap between insurance and the customer through state-of-the art technology. Covomo is an Insurance-as-a-Service Distribu- tion plattform with more than 1,500 product insurance tariffs, its own booking engine for seamless integration, and pow- erful B2B partnerships with leading partners such as Verivox. They are launching Germany‘s first on-demand insurance product “blanket” which is a pay-per-use insurance product for smartphones, laptops, cameras, and (e)-bikes, integrated in a digital safe underwritten by Allianz. Covomo is the only distribution platform in Europe focusing on product-, special-, niche- and annex-insurance with the broadest range of tariffs available in the market. Founded 2015 Employees: 11-50 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Claims, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, On-demand/ Travel Insurance, Infrastructure/Back-end, Home/P&C Regions of operations: Germany CXA is Asia’s first employee wallet and AI-driven population health ecosystem that integrates directly with the entire spec- trum of health providers to offer immediate savings by removing intermediaries such as TPAs, brokers and agents. CXA enables employers of Fortune 500 MNCs as well as SMEs to shift their existing employee healthcare and insurance spend to pay for flexible benefits, corporate wellness and disease management initiatives in order to improve population health, combat chronic disease and reduce costs through employee personalization. CXA is also white-labelled by banks and insurers to digitally cross-sell healthcare and insurance to the B2B2C employees of their B2B enterprises by leveraging crucial demographic, work-life events and health data to cross-sell relevant financial and healthcare services products to the right person at the right time. Founded 2013 Employees: 101-250 Value Chain: Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Life/Health Insurance, AI, Data/ Intelligence Regions of operations: Singapore, Hong Kong, Shanghai, Beijing, Jakarta INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 20 The Cytora Platform provides a set of easy-to-integrate APIs that automatically enrich insurance submissions, unlock new distribution channels, and provide the foundation for automation. Their core use cases are automated underwriting, rein- surance portfolio enrichment, and digital affinity. They give customers a compounding data advantage, using a combination of AI, big data, and cloud technology. Their Risk Engine continuously ingests billions of data points relating to different risk and perils across commercial insurance – such as company financials, local crime rates, and building occupancy. AI is used to structure this information and connect it to a single business or address. This means insurance companies can be pro- vided with all the information they need to make an underwriting decision in seconds. Customers access this information using the API Platform, which is flexible, easy to integrate, continuously upgraded, and auto-scales to meet usage needs. The Platform is powered by the Cytora Risk Engine, which continuously captures and connects information from multiple sources to build an ever-expanding view of risk. As new data is added, customers integrated with the API can access new information instantaneously, improving the quality and integrity of their own data over time. Founded 2014 Employees: 51-100 Value Chain: Marketing Distribution, Underwriting & Risk Rating Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Home/P&C, Data/Intelligence Regions of operations: United Kingdom, EU DFV Deutsche Familienversicherung AG, the first stock market listed Insurtech Company in Europe, was established as an insurance start-up in 2007 with the objective to provide insurance products people really need and immediately under- stand (“Simple. Sensible”). DFV Deutsche Familienversicherung AG is known for its multi-award-winning supplementary health insurances and offers the following products: dental insurance, long-term care insurance, inpatient insurance, out- patient insurance, on-demand accident insurance, liability insurance, household insurance and legal insurance. Based on the highly modern and scalable in-house developed IT systems, the company sets new benchmarks with consistent digital product designs as well as the option to graduate via digital language assistants. Founded 2007 Employees: 101-250 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Claims, Policy Renewal/ Customer Retention, Proposition that supports the end to end value chain Subsectors: Long-term care/Health Insurance, On-Demand/ Travel Insurance, Home/P&C Regions of operations: Germany CyberDirekt is the first digital platform which offers advisory, comparison and realtime quoting for cyber insurance in Germany. The standard paper based application process of commercial insurance has been changed towards a more client-oriented focus. Brokers have to submit industry and net turnover to get a market overview of premiums and ap- propriate cyber insurance tariffs. The digital application process can be finished within a few minutes. SME customers get access to adequate prevention services against cyber-attacks. Customers receive a vulnerability assessment within 90 seconds and access to an extended report with detailed results. Moreover, policyholders can use the CyberDirekt Se- curity Awareness Training and Phishing Simulation test to tackle the human risk factor. Combining cover and prevention changes the way commercial insurance is thought. The probability of loss will be reduced to create a less risky commu- nity of policyholders, which enables affordable premiums in the long run. Founded 2017 Employees: 1-10 Value Chain: Marketing & Distribution, Operations & Servicing, Policy Renewal/Customer Retention Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Cyber Insurance Regions of operations: Germany INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 21 Earnix believes that for Insurance and Banking Institutions, personalization is key to increased customer satisfaction and loyalty as well as to improved business results. Recognizing the complexities of financial products, Earnix provides an end-to-end Pricing and Product Personalization Software Suite, driven by world-class data science, analytical modeling tools, and integrated machine learning. The Earnix 3D Personalization Suite™ empowers Financial Institutions to offer the right product, at the right price, at the right time, while optimizing business results, maintaining governance & com- pliance, and improving the enterprise-wide pricing and product personalization process. The Earnix 3D Personalization Product Suite™ is made up of three products that together let Insurance and Banking institutions deliver the right prod- uct, at the right price, and the right time: Earnix Price-it, Earnix Personalize-it, and Earnix Detect-it. Founded 2001 Employees: 101-250 Value Chain: Pricing Analytics, Product Personalization, Underwriting & Risk Rating Subsectors: Home/P&C, Auto Insurance, Life/Health Insurance, Commercial/Enterprise Insurance, Data/Intelligence Regions of operations: North America, EMEA, APAC Embroker is the digital insurance company committed to transforming commercial insurance by improving the way businesses of all sizes manage risk. With a radically simple approach, Embroker is replacing the 1970’s technology of the insurance industry, with a first-ever end-to-end digital insurance platform that provides better coverage and reduced cost; all in minutes, not hours. The company has partnered with Amazon Web Services (AWS) as one of only two startups in the US to be able to provide customers with web hosting credits to the AWS platform. They are also the exclusive partner of Zenefits for P&C insur- ance. Embroker, the easiest way to intelligently insure any business. Founded 2015 Employees: 101-250 Value Chain: Proposition that supports the end to end value chain Subsectors: Commercial/Enterprise Insurance Regions of operations: United States FINEOS is a global software company providing modern customer-centric core software to the life, accident and health industry. They help customers move on from outdated legacy administration systems to a modern customer-centric core product-suite FINEOS AdminSuite for Billing, Claims, Absence and Policy Administration, enabling improved operational efficiency, increased effectiveness and excellent customer care. FINEOS AdminSuite is designed to manage the modern complex structures and relationships of group and individual insurance processing to optimize plan, coverage and data management, operational processing, and business intelligence. FINEOS is the leading provider of core systems for life, accident and health insurance carriers globally with 6 of the 10 largest group life and health carriers in the US as well as 6 of the 10 largest life and health carriers in Australia with partnerships with companies such as EY, PWC and Deloitte. Founded 1993 Employees: 501-1000 Value Chain: Claims, Policy Renewal/Customer Retention Subsectors: Commercial/Enterprise Insurance, P2P Insurance, Life/Health Insurance Regions of operations: North America, APAC, Europe INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 22 www.earnix.com 1 Impacting Business Results Follow Us: For almost two decades, Earnix data scientists, financial experts, and software engineers have worked to create a comprehensive analytics software solution that solves some of the most difficult product, pricing and channel challenges faced by financial institutions. With Earnix - insurers, lenders, and other financial institutions can now incorporate into their product, risk, and delivery systems the same advanced analytics that make personalization possible for the tech giants. 2 www.earnix.com Analytical Process Improvement. Gore traditionally has done risk and demand modeling, in order to understand customer propensities and exposure and determine the appropriate costs of risk transfer. As Gore has advanced to managing this mode- ling process holistically, through the use of an end to end data management, analytics, and pricing platform, they have realized the ability to understand their customers at an even deeper level. Gore utilizes predictive analytics to derive insight from the informa- tion that they receive, and in turn support the effective underwriting of risk accepted. Understanding and applying risk and de- mand thresholds to customer segments enables a more effective insurance transac- tion for all stakeholders. Speed Rate Deployment. Managing the rate deployment process at organizations like Gore requires accounting for many variables. Price changes must be made, approval and governance of changes must be received, and proposed changes must then be deployed to the market. Gore knew that only an end to end system with real time rating engine capabilities, integra- tion to touchpoints such as core and policy admin systems, and the ability to monitor rate change performance would be the best solution for them. Gore has turned to Earnix as a partner to provide an end to end pricing and personali- zation platform, which takes their operation- alization of analytics to the next level. Earnix will provide a real time rating engine that is connected to all of Gore’s core platforms – including policy admin systems in the back office, and customer interaction systems in the front office. The ability to develop, exe- cute, monitor, and refine multiple pricing structures and strategies with high perfor- mance and reliability allows for improved governance and control. For Gore, the capa- bility to deploy rates and rate changes in real time allows the pricing process to be opera- tionalized very quickly. As Gore works to distribute these analytic and time to market improvements across the business, many other future advancements are being considered as well. Machine learn- ing tools and capabilities are being re- searched, as a way to automate processes and understand their customer base even further. Being able to use the Earnix rating engine capabilities to take any analytical model developed by any tool and use it in a real time manner is also an exciting possibili- ty. The partnership between Earnix and Gore is creating a strong foundation for future advancements, including the use of analytics and personalization in every project that Gore undertakes. Gore Mutual Insurance Partners with Earnix to Improve Analytic Agility and Speed Time to Market Gore Mutual, a Canadian mutual insurance company that has provided community protection to personal and business customers for over 175 years, has partnered with Earnix to provide the best service possible to their broker network and customers. As part of an initiative to better understand their end customers and improve responsiveness to a constantly changing market, Gore has partnered with Earnix to continually improve analytical processes and better operationalize the speed of rate deployment to the marketplace. Getsafe is reinventing insurance. The company, based in Germany is using technology and artificial intelligence to help people identify, organize and protect what they care most about in life: with a few clicks, customers can easily buy insur- ance in the Getsafe app in less than three minutes and then manage or change their protection anytime and anywhere - simple, transparent, and fair. Instead of set terms and fixed conditions, Getsafe offers monthly memberships and daily cancellation. The current product portfolio includes liability, contents, bike, legal and dental insurance in Germany - with new products continually being added to the portfolio. Together with renowned partners such as Munich Re and leading venture capital investors such as Earlybird, Getsafe plans to hit 100,000 policies by the end of 2019 and expand into other European countries. To date Getsafe has raised €20m in venture capital. Founded 2015 Employees: 51-100 Value Chain: Underwriting, Marketing & Distribution, Operations & Servicing, Claims Subsectors: Home/P&C, Data/Intelligence, Life/Health Insurance Regions of operations: Germany (Austria and United Kingdom are to come soon) Fluo’s mission is to make insurance great again. By solving the most painful experience of insurance customers, Fluo helps insurers to be more relevant and more efficient. Fluo has developed an algorithm which helps users check if they are already covered as well as algorithms which help users check if they can find the same guarantees they need or own at more competitive price. Fluo’s technology is available through APIs and Webviews to insurance distributors as well through its own mobile application. Using Fluo, customers avoid duplication of covers and get the best price of the industry while insurers benefit from one of the most competitive distribution channels. Fluo has partnered with Allianz as one of their main technology partners in travel insurance, and AXA to distribute their loan, home and travel insurance. Fluo is gaining customers at a rate of 10,000 customers per month. Founded 2013 Employees: 11-50 Value Chain: Marketing & Distribution, Operations & Servicing, Claims, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Auto Insurance, Home/P&C, Life/Health Insurance On-Demand/Travel Insurance, Consumer Platforms Regions of operations: France, United Kingdom, Italy, Spain, Germany Fixico offers a new and fully digital way for insurance companies to handle motor claims. The end-to-end platform pro- vides a unique customer experience, an innovative repair management solution and a digital marketplace that guaran- tees the best repairer for each individual damage. Fixico is expanding rapidly across Europe and is currently active in the Netherlands, Belgium and Germany. Operating from their headquarters in Amsterdam, the fast-growing tech company collaborates with more than 2,000 repair shops, has handled over 200,000 damaged cars to date and established suc- cessful partnerships with leading companies such as AXA and Aon. Founded 2014 Employees: 51-100 Value Chain: Claims Subsectors: Auto Insurance Regions of operations: Netherlands, Belgium, Germany, South Africa INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 25 Goose is a consumer-focused Super-App for Insurance, with a mission to deliver consumers a simplified self-serve pro- cess to bind insurance coverage across both P&C and Life. Through the Goose mobile App, consumers can discover, learn about, and buy insurance coverage instantly across all lines of consumer insurance. Goose launched its first prod- uct “Travel insurance on demand” in Canada. Goose is now increasing the lines of insurance it offers to consumers, such as life insurance, personal property and identity theft. Goose will lead the disruption of consumer insurance distribution and how consumers purchase insurance. They will also help solve the issue of consumer under-insurance by making insurance more accessible. The company has product partnerships with Tugo Industrial Alliance and Gore Mutual. Founded 2017 Employees: 11-50 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Policy Renewal/Customer Retention Subsectors: Life/Health Insurance, On-Demand/Travel Insurance, Consumer Platforms Regions of operations: Canada, United States Greater Than provide AI based insurance solutions that predict claims cost in real time and enhance current premium models by providing granular risk insight for underwriting for OEMs and insurance carriers, who want to access real-time insights, identify bad risk and reduce the claims cost by 40%. The company’s flagship product Enerfy Global is a full-ser- vice digital insurance solution enabling real time risk insights. The product is a turnkey white-label solution providing total brand adaption of all its features and apps, including web shop solution, smartphone app, claims handling to tools for digital marketing and end consumer communications, as well as gamified parts to nudge drivers to improve themselves as drivers. Greater Than partner with several insurance carriers in Europe and Asia and is the technical platform of the global FIA competition, the FIA Smart Driving Challenge. Founded 2014 Employees: 11-50 Value Chain: Underwriting & Risk Rating Subsectors: Auto Insurance, Data/Intelligence Regions of operations: Global Groundspeed is a data science and artificial intelligence (AI) company serving commercial property and casualty insurance carriers, brokers and managing general agents (MGAs). Its solutions unlock the value in unstructured information such as loss runs, exposure schedules and policy data to automate core processes and provide powerful predictive risk analytics that improve margins, identify profit pools, and improve customer experience. Insurance carriers receive over a billion pages of documents each year in support of underwriting, claims management and risk mitigation. The manual process of extracting key data led to a loss of 95% of valuable information, unsatisfactory accuracy and bottlenecks in the underwriting process. Groundspeed is focused on creating frictionless underwriting and one-touch insurance analytics from documents. Groundspeed’s Adaptive Data Pipeline converts unstructured data from insurance files into actionable information and predictions. Groundspeed’s adaptive data pipeline is a deep learning solution driven by an ensemble technology approach using machine learning, computer vision and natural language processing techniques. Founded 2016 Employees: 11-50 Value Chain: Underwriting & Risk Rating, Operations & Servicing Subsectors: Data/Intelligence Regions of operations: United States INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 26 Hepstar provides a travel ancillary product hosting and merchandising platform that aggregates suppliers across the globe and recommends products based on distinct customer purchasing behaviour in travel and related distribution channels. Hepstar’s hosting solution includes product administration, reporting and fulfilment functionality, while its merchandising features include machine-learning capability and optimal packaging of products to ensure optimal revenue for the entire value chain. Hepstar’s agile merchandising platform is designed to personalise the travel insurance and ancillary product offerings, as well as optimise revenue for its partners. Hepstar analyses anonymous and non-sensitive data and profiles the customer in real time to ensure ancillary offerings are relevant and personalised to that specific customer’s needs. By aggregating ancillaries from various global suppliers, Hepstar can offer its partners access to a wide product portfolio and ensures the product offering is relevant for each customer. The company has partnerships with companies including AXA, Collinson, MAPFRE Assistance, Guardrisk Insurance Company Limited and ERGO Travel Insurance. Founded 2013 Employees: 11-50 Value Chain: Marketing & Distribution, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, On-demand/ Travel Insurance, Infrastructure/Back-end, Consumer Platforms, Data/Intelligence Regions of operations: Europe, Middle East, Asia, Africa GUARDHOG has re-invented and re-imagined insurance designed for the peer-to-peer economy, offering flexible us- age-based cover that takes the uncertainty out of sharing. Most home or landlord insurance policies don’t cover the risks created by having super short lets or paying guests and GUARDHOG fills these gaps. As well as providing direct cover to private individuals, GUARDHOG is partnered with over 350 home-sharing businesses and is covering thousands of hosts. With bespoke technology that allows cover to be put in place automatically, each and every time a super short let happens, customers are provided with a seamless, efficient and cost-effective solution. These specialist services are backed by some of the biggest names in insurance, including RSA, Hiscox, Canopius and Munich Re, who not only allow, but encourage, everyone to get involved in the exciting new money-making opportunities offered by the sharing econo- my, so you can be sure that if the worst were to happen, GUARDHOG have got your back. Founded 2016 Employees: 11-50 Value Chain: Operations & Servicing, Claims, Policy Renewal/ Customer Retention, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, P2P Insurance, Home/P&C, On-Demand/Travel Insurance, Consumer Platforms Regions of operations: United Kingdom, Western Mainland Europe HazardHub is the only third-generation provider of property-level hazard risk databases. Their team of scientists trans- lates huge amounts of geospatial digital data into easy-to-understand answers, providing risk assessments that can be used to make real-world decisions. HazardHub provides comprehensive, national coverage for risks that destroy and damage property, including perils from air (wind, hail, tornado, lightning), water (flood, coastal storm surge), earth (earthquake, brownfield, Superfund) and fire (wildfire and fire protection.) The HazardHub API instantly presents over 100 billion data points with up to 700 data elements per place, providing unmatched insight to the underwriting process. The API is lightning fast and offers unlimited scalability. HazardHub has quadrupled from 2017-2018 and expects to quadruple again this year. Founded 2016 Employees: 11-50 Value Chain: Underwriting & Risk Rating Subsectors: Home/P&C, Data & Intelligence Regions of operations: United States INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 28 ICE InsureTech is a provider of core software systems to Insurers, MGAs, TPAs and InsurTech start-ups, with a customer base that is 100% referenceable. The ICE Insurance suite is a modular, end to end solution for policy administration and claims man- agement, designed by insurance professionals for insurance professionals. Our award-winning innovative software enables rapid implementation, flexible business configuration, is proven and robust, all underpinned by great technology. ICE InsureTech, part of the Acturis Group, was founded in 2002 to introduce automation & efficiency to the insurance market. ICE has partnerships with Munich Re and Kofax. Munich Re’s Digital Partners have selected ICE InsureTech as a preferred Policy Administration Tech- nology Provider for their growing stable of insurance technology start-ups. ICE InsureTech are a licensed reseller for Kofax CCM and as such are able to offer a fully integrated document production solution at preferential licence rates. Founded 2002 Employees: 51-100 Value Chain: Underwriting & Risk Rating, Operations & Servicing, Claims, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, On-Demand/Travel Insurance, Infrastructure/Back-end, Auto Insurance, P2P Insurance, Consumer Platforms, Home/P&C, Data/Intelligence Regions of operations: EMEA HomeZada is an online and mobile set of apps that empowers homeowners to track the details of their home to save time, money and reduce stress. These apps specifically include tracking a home inventory to understand the home contents, managing a home maintenance calendar and home repair, design and remodel projects for better cost and schedule management, and finally tracking all the finances of the home for better visibility. HomeZada also supports its partners in industries like mortgage, insurance and real estate to gain and retain more clients in today’s competitive environment. With branding and cross selling opportunities, HomeZada partners stay connected with their customers beyond the initial transaction of securing a mortgage or policy and selling a home. Founded 2011 Employees: 1-10 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Claims, Policy Renewal/ Customer Retention, Proposition that supports the end to end value chain Subsectors: Home/P&C, Consumer Platforms Regions of operations: United States, Canada Hokodo’s mission is to make insurance and financing available to the millions of European SMEs left behind by today’s financial service industry. Hokodo uses innovative, cutting-edge, technology to develop insurance and finance solutions to protect SMEs participating in B2B trade. By integrating into the technology SMEs use day-to-day, such as cloud ac- counting platforms and B2B marketplaces, Hokodo makes insurance and financing available at the point of need. The company launched with Invoice Protection, and it is forecast that this will help protect over €200 million worth of B2B trade in Europe over the next two years. Hokodo is backed by leading European VC, Anthemis, and the EU’s Horizon 2020 program. Hokodo’s insurance products, underwritten and distributed using Hokodo’s technology, are backed by the Channel Syndicate, a unit of SCOR Global P&C. Founded 2017 Employees: 11-50 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Claims, Policy Renewal/ Customer Retention, Proposition that supports the end to end value chain Subsectors: Commercial/Enterprise Insurance, Data/Intelligence Regions of operations: UK, France, opening in Germany and Spain in the next 12 months INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 29 COMPANY RESEARCH PROFILE REGION: NORTH AMERICA | SECTOR: INSURTECH COMPANY RESEARCH PROFILE This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions. © 2019 FinTech Global and Investor Networks Ltd Product name iInsure Founded 1998 East Windsor, United States www.insuritas.com info@insuritas.com 860-653-1134 Employees 51-100 Regions of operation: US Key Employees Jeffrey Chesky Chairman & CEO Matt Chesky President Tracy O’Brien CTO Value Chain: Marketing & Distribution, Operations & Servicing, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain Subsectors: Insurance Ecosystem OFFERING PROBLEM BEING SOLVED TECHNOLOGY Insuritas is a leader in insurance agency outsourcing for financial institutions, enabling them to own a complete insurance agency without the significant capital investments required to build or buy an agency, or the inherent operational risks. Insuritas is an insurance ecosystem that operates inside a unique legal construct that allows it to access the massive amounts of customer data that is housed inside the financial institution and merge it real-time with publicly available supplemental data sets. From 1980 to 2019 the number of insurance service employees has more than doubled from 0.463 million to 1.1 million. They support over 250,000 variations of insurance products/coverages manufactured by over 6,000 carriers working inside a terribly disconnected vertical. iInsure is the first insurance platform (PaaS) ecosystem where people can shop, compare, buy and service all of their insurance needs in a single, frictionless, omni-channel, product agnostic ecosystem. The first global insurance ecosystem. The iInsure platform has the infrastructure and rules for the first global insurance marketplace. iInsure brings together insurance buyers/users and insurance product producers, by leveraging Big Data, Data Analytics, Data Lakes, Micro- segmentation, Personalized Digital Engagement and P’URLS (personalized URL landing pages). PRODUCT DESCRIPTION The Insuritas virtual insurance agency ecosystem reengineers the way insurance works. The iInsure technology allows consumers and small businesses to shop, compare, purchase and service all of their insurance needs from multiple competing carriers on a single digital platform. Insuritas is the first insurance ecosystem platform engineered to connect insurance buyers and all of their lifetime insurance needs with an infinite number of insurance carriers in a single, virtuous insurance agency eco-system facilitated by financial institutions globally, replacing the current, highly fragmented and antiquated customer acquisition, quoting and policy issuance model. The iInsure technology operates inside virtual, private label, multi-product, multi-carrier insurance agency ecosystems embedded inside ecosystem orchestrators (currently financial institutions) to present their users (consumers and business owners) with the ability to shop, compare, buy and manage post-purchase services for all of their insurance needs in a single, frictionless, digital environment supported by full service, on-demand white-glove agents. The platform is omni-channel, and carrier and product agnostic. It will become one of the largest insurance distribution platforms in the world by 2024. COMPANY RESEARCH PROFILE REGION: NORTH AMERICA | SECTOR: INSURTECH COMPANY RESEARCH PROFILE This document is being provided for information purposes only. It is not designed to be taken as advice or a recommendation for any specific investment or strategy decisions. © 2019 FinTech Global and Investor Networks Ltd TOTAL FUNDING — $12M Investors: Friends & Family Investment: • Seed Round - $2.1M • Series A Round - $9.6M PARTNERSHIPS • Insuritas partners with over 200 carriers and 13 tech platforms TRACTION/GROWTH • Customer acquisition numbers: The platform has nearly 200 financial institution clients with over 10m retail and 1.6m small businesses in the addressable market – underlying policy production has a four year CAGR of 30%+ • Client companies: • Estimated revenue in 2022: $75m -$100m • Estimated staff numbers in 2022: 300 MANAGEMENT BIO Jeffrey Chesky - Chairman & CEO Mr. Chesky was the Founder & President of Banc Insurance Services, Inc., where he pioneered the design, installation, and outsourced management of insurance agencies for financial institutions nationally. BIS was purchased by Jack Henry & Associates, the nation’s leading bank core processing company in 2004. (JKHY – NASDAQ). In 2008, Mr. Chesky led a group of private investors in a buyout of BIS from Jack Henry, and renamed the company Insuritas. Mr. Chesky also pioneered the development of the nation’s leading management consulting practice for insurance agency integration strategies for bank acquired insurance agencies post acquisition, called the Agency Integration Management Group. Mr. Chesky has over 20 years experience in the banking and insurance fields. Over that time, he has served as a Senior Vice President of one of the nation’s 100 largest insurance agencies, Director of Institutional Investment Management at Mass Mutual Insurance Company, and Vice President of mortgage lending at both Fleet Bank and Bank of New England. Mr. Chesky also had the distinguished honour to serve on the White House staffs of President Jimmy Carter and Vice President Walter Mondale and on the personal staff of Governor Michael Dukakis. INSURTECH 100 Profiles 32 The InsurTech space is going from strength to strength. This is evident given how the investment fig- ures into the sector are growing every year. Back in 2014, $504.7m was invested into the sector globally. That number jumped to a massive $3.5bn in 2018, only to skyrocket above $3.7bn in the first nine months of 2019. With over 1,000 deals having been signed off in the sector to date and 2019 already look- ing it will be another record year, it’s safe to say that the opportunities for tech solutions in the insurance space are only multiplying. Matt Chesky is one of the people who has witnessed the proliferation of these opportunities over the years. He is the President of Insuritas, the U.S. leader in in- surance agency solutions for financial institutions. He is also the son of the company’s Founder, Chairman and CEO, Jeffrey Chesky. As such, he has been able to see the growth of the sector first-hand, both by talking about it with his fa- ther across the dinner table growing up, and even- tually joining the company after graduating from col- lege in 2012. Having helped the company grow to its market-leader position in the U.S. today, Matt Chesky believes there are still plenty of opportunities for en- trepreneurs who know where to look. “One of the widest gaps between consumer expec- tations and reality today in the InsurTech space is in the insurance shopping experience,” he says. “Many of the newer innovations in the distribution side of InsurTech are focused exclusively on digitizing a tra- ditionally analog shopping experience, but don’t nec- essarily solve for some of the other frictions inherent in that process. “We think that building an omni-channel insurance ecosystem, that incorporates world-class InsurTech to reduce those frictions, or even eliminate the need for users to shop for insurance, represents one of the most scalable opportunities in the space.” And that is exactly what Insuritas does. Founded and launched in 1999 as Banc Insurance Services, the company pioneered the idea of conceptualising, de- signing, installing and outsourcing management of in- surance agencies for financial institutions across the country, enabling banks and credit unions to offer the auto, home and business insurance products their depositors purchase every year. These features formed the core model of the com- pany when Banc Insurance Services was acquired by Jack Henry & Associates, a leading bank core process- ing company, in 2004. And they were still enterprise’s key features four years later when Jeffrey Chesky bought back the company and renamed it Insuritas. Since then, Chesky senior has been pivotal in propel- ling the company to the heights it has today, often hit- ting the road to spread the gospel of its solutions at conventions across the U.S. The best is yet to come Insuritas has been at the forefront of the InsurTech revolution for two decades. While its leadership sees some challenges on the horizon, they believe they are well positioned to transform them into opportunities for growth. INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd INSURTECH 100 Profiles 33 Through his and his team’s hard work, Insuritas has become the leading InsurTech company in the U.S., connecting people with the insurance products that they need through a seamless and transparent shop- ping experience. Today, its fast growing partner net- work of 200 banks and credit unions is serving over ten million customers across the USA. Moreover, today Insuritas maintains relationships with over 75 insurance carriers to ensure its end us- ers have access to competitive pricing and a compre- hensive array of products available. Through its platforms, Insuritas is empowering finan- cial institutions to leverage proprietary data-mining techniques and integrations with a broad array of in- surance carriers to make highly personalized, digital- ly optimized insurance offers to their depositors, all within their brand. These strategies help further their commitment to the financial well-being of their cus- tomers, while driving a critical source of non-interest income for their institution. This model of building an insurance ecosystem where carriers, customers and Insuritas’ financial institutions partners come together to drive mutual value is pur- poseful . “The insurance agency distribution model evolved to meet users’ preference for a trusted, ob- jective advisor to assess their risk management needs and connect them to a carrier who could offer them the right coverage at the right price,” Matthew Chesky says. “As the independent agency system in the US contin- ues to consolidate, we believe that financial institu- tions will continue to see this opportunity to step in and serve as this trusted advisor to their depositors as a logical extension of their core business, as well as a tremendous opportunity to drive customer wallet share, retention and recurring non-interest income.” A testament to this fact is that Insuritas – two decades after it was launched – is still finding new customers and partners to join forces with. In 2019 alone, Insuritas has launched partnerships with banks and credit unions in eight states across the U.S., and has expanded its addressable market by nearly a million households. Most recently, Insuritas launched Marquette Insur- ance Services for Marquette Bank, a full-service in- surance agency for one of the largest privately held banks in the Chicago market with 24 offices through- out the region, empowering its retail and commercial customers with the ability they need to find the cov- erage they need from a massive group of insurance carriers. Through the years, Insuritas has developed several high-tech solutions for its clients, including its E-Insur- anceAISLE, LoanINSURNACE, InsureNOW and Agent- FORCE platforms. Rather than taking its foot off the metal any time soon when it comes to innovation, Insuritascontinues to roll out new solutions for the market. In September 2019, it unveiled its latest addition to its already bursting portfolio of products: iInsure, a first of its kind technology that enables banks and cred- it unions to fully integrate insurance quote and buy capabilities into their high-usage digital banking plat- forms. The company also recognises that the InsurTech in- dustry will have several hurdles to overcome in the near future. Indeed, the industry has to evolve with the ever-changing regulatory landscape and remain conscious of new technological innovations. Nevertheless, Matthew Chesky believes one obstacle will be harder to tackle than any other. “The biggest challenge in the InsurTech space today is customer acquisition,” he says. “Our industry has seen an accel- erated influx of new entrants and capital over the last several years, that, with the continued expansion of the direct writers in the US, have significantly driven up the cost of customer acquisition. Any scalable in- surance platform in the US will need to solve for that challenge.“ INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd Insly helps intermediaries and insurance companies digitize their distribution and administration, providing intermedi- aries with a cloud-based system to sell insurance online and save time on administration related tasks. They provide underwriters a platform to rapidly deploy their products to market. Initially started as a spin-off from a broker company that pioneered online insurance sales in CEE, Insly has accumulated a strong team with a unique combination of insur- ance and IT experience. Insly has been built from the ground up as a cloud native solution and provides a combination of frontline distribution to back end administration and premium accounting functionality. Founded 2000 Employees: 51-100 Value Chain: Proposition that supports the end to end value chain Subsectors: Infrastructure/Back-end Regions of operations: UK, Poland, Estonia Insurify is a virtual insurance marketplace that leverages predictive analytics and natural language processing to simplify the process of insurance shopping. As a business devoted to consumer experience, they deploy the latest in artificial intelligence and machine learning technology to match customers with quotes from the insurance companies that fit their profile and needs. By partnering with the nation’s top-rated insurance carriers, they provide comparison shoppers in all fifty states an intuitive and comprehensive shopping experience that leads to cheaper insurance quotes from trust- ed and reputable insurers. Insurify enables users to conveniently compare insurance quotes based on price as well as quality parameters such as discounts, reviews, features, and the overall quality score of the carriers. Insurify has seen 250% growth year over year on policy sales. Founded 2013 Employees: 11-50 Value Chain: Marketing & Distribution, Policy Renewal/ Customer Retention, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Auto Insurance, Home/P&C, Life/Health Insurance Regions of operations: United States InvestSure protects investors from losses in the share price of listed companies that are caused by allegations of man- agement fraud/dishonesty. Fraud/Dishonesty on the part of management is near impossible to detect as an ordinary investor. However, when news of such breaks in the media it can have catastrophic effects on the share price, and hence on an investors personal wealth. InvestSure created a world first insurance product that protects investors from losses in the share price of listed companies that are caused by allegations of management fraud and dishonesty. The product is completely automated from buy to claim, with average claim settlement time at less than 45 seconds from the client selling their share to when the claims money is available in their investment account. This is enabled through integration to the platforms which allows real time requests and actions via our API’s. Founded 2017 Employees: 1-10 Value Chain: Proposition that supports the end to end value chain Subsectors: Speciality Insurance Regions of operations: South Africa INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 34 INZMO is an InsurTech start-up focussed on providing the most advanced platform for insurance and assistance servic- es. INZMO is the only platform serving all the parties of insurance processes by providing tools/platform for insurance companies, retailers/corporate partners, claims handlers and end consumer. INZMO has clients including Uber and Deliveroo. Founded 2015 Employees: 11-50 Value Chain: Marketing & Distribution, Operations & Servicing, Claims, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain Subsectors: On-Demand/Travel Insurance, Infrastructure/ Back-end, Consumer Platforms Regions of operations: Germany, UK, France, Switzerland, Portugal, Spain, Italy, Belgium, Estonia JRNY helps insurance providers protect people better through its highly configurable and artificially intelligent Insurance Distribution Platform. Using the Platform, insurer networks can sell more of the right policies to the right people, deliver better customer experiences, improve internal efficiencies and bottom line, while more easily complying with regulatory obligations. The Platform hosts a suite of three JRNY products: With JRNY Chat, client interactions can take place in a conversational interface, 24/7, without the need for a human, and can automate key parts of the customer journey like advice, needs analysis, quoting, purchase, claims lodging, policy management and renewal. The JRNY API integrates with CRMs and legacy systems to streamline internal efficiencies and maximise ROI; while the JRNY Dashboard allows com- panies to analyse data and conversations so that they can know their customers like never before. JRNY currently has partnerships with IBM Watson and FaceMe. Founded 2016 Employees: 1-10 Value Chain: Marketing & Distribution Subsectors: Commercial/Enterprise Insurance, Auto Insurance, On-Demand/Travel Insurance, Infrastructure/Back-end, Consumer Platforms, Home/P&C, Data/Intelligence Regions of operations: New Zealand, Australia, Singapore Kakau is a subscription-based digital platform that uses artificial intelligence technology to deliver more accurate insur- ance results. The company’s innovation/production line is simple, transparent and digital, seeking partnerships with the most reliable insurance companies in the market. One of the innovations is the introduction of secure subscription, thus leaving the user free to pause the subscription at any time. The big goal in front of the company is to turn yesterday’s insurance into a financial and social inclusion tool. In the front end, Kakau democratizes insurance with digital MGA and on the back end, Kakau Sonar solves fraud issues for insurance company. Artificial Intelligence technology coupled with analytics capabilities for Big Data enables a complete revolution in product and user experience. Kakau has more than 12,000 users on its platform. Founded 2017 Employees: 1-10 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Policy Renewal/Customer Retention, Proposition that supports the end to end value chain Subsectors: Insurance Comparison/Marketplace, Commercial/ Enterprise Insurance, Infrastructure/Back-end, Consumer Platforms, Data/Intelligence Regions of operations: Brazil INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 35 KASKO offers “InsurTech as a Service“. The company’s cloud-based platform allows digital plug-and-play insurance products to be launched in as little as six weeks, allowing for new product ideas to be tested and existing ‘on-paper’ products to be dig- italised. The various modules KASKO offers include the white-labeled customer journey, digital quote-offer-bind, issuing policy documents, taking payments, policy administration and capturing first notification of loss (FNOL). As the platform is open it can also be connected to third party solutions, or external data sets to enrich underwriting or reduce the customer journey. KASKO is currently working with 20+ insurers in five countries with 40+ active products and its customers include the likes of Allianz, Baloise, Swiss Re and Zurich. Founded 2015 Employees: 11-50 Value Chain: Proposition that supports the end to end value chain Subsectors: Commercial/Enterprise Insurance, Auto Insurance, On-Demand/Travel Insurance, Infrastructure/Back-end, Home/ P&C, Data/Intelligence Regions of operations: KASKO have offices in London, Riga, Hamburg and Singapore and have launched digital insurance products in the UK, Germany, Switzerland, Liechtenstein and Canada. Kin is a data-driven insurtech that uses public and private data sources to simplify the quoting and application process and to offer custom insurance products to each customer. With a focus on serving areas impacted by hurricanes and wildfires, they are committed to helping homeowners that are often neglected by traditional insurers. The company offers first- and third-party insurance products with a pleasant UX and excellent customer service from licensed agents. They are one of the only insurtechs underwriting risk in Florida and focusing on sustainability as an insurance company, with healthy loss ratios and educated risk modeling. They have a partnership with Brinks to facilitate the purchase of a home security system, as well as various third-party insurance relationships to broaden their offering of home, flood, and auto insurance. Founded 2016 Employees: 51-100 Value Chain: Marketing & Distribution, Underwriting & Risk Rating, Operations & Servicing, Claims, Policy Renewal/ Customer Retention, Proposition that supports the end to end value chain Subsectors: Home/P&C Regions of operations: Florida, Texas, Georgia, Alabama Ladder has reinvented the life insurance process to offer instant, fully underwritten term policies online. With stellar pric- es, no hidden fees, and the flexibility to adjust or cancel your coverage anytime, Ladder is on a mission to close the $16T life insurance gap and fuel the resilience of 50M underinsured American families and their communities. By leveraging its unique full stack platform, Ladder is spearheading a data revolution to make life insurance as fair and accessible as it can be. Ladder introduced Ladder @ Work in October 2018 and Ladder for Advisors in January of 2019. Ladder @ Work enables forward-thinking companies to offer affordable, portable Ladder term life insurance benefits to their employees. Ladder for Advisors provides financial advisors with an efficient way to help their clients consider term life insurance as part of their ongoing financial planning. Founded 2015 Employees: 51-100 Value Chain: Proposition that supports the end to end value chain Subsectors: Life/Health Insurance Regions of operations: United States INSURTECH 100 Profiles INSURTECH 100 © 2019 FinTech Global and Investor Networks Ltd 36