3 emerging InsurTech companies in the European market

By Megha Bhattacharya

Europe is home to more than 700 million people versus 350 million in the US, making the European market, in terms of potential size, big. The big markets are Germany, the UK, Italy and France, which represent the far majority of the European premiums and are therefore a preferred base for many InsurTechs.

InsurTechs can be split into two types of companies as Disruptive InsurTech – InsurTech companies that disrupt insurers e.g. digital brokers, MGAs, price comparison portals etc. and Enabling InsurTech – tech companies who enable insurers to transform (e.g. IoT, security, software etc) by selling technology software to them.

Check out these 3 emerging InsurTechs in the European market –

• Neosurance

Founded in 2016 in Italy, Neosurance provides insurance companies and digital communities with a platform that helps profile and engage their customers. It offers relevant insurance through push notifications and also delivers a 7-second insurance policy sign up.

Recently, the InsurTech secured €1.1 million in a funding round, backed by Net Insurance, Luiss Alumni 4 Growth and a group of investors led by Mezzetti Advisory Group. The startup, following the funding round, has a pre-money valuation of €10 million. The company recently expanded its offering to provide pay-per-use and long-term insurance, also through other insurance intermediaries.

The company aims to provide a better insurance experience for its users. Neosurance has developed an innovative solution, based on Machine Learning and Digital Customer Experience, capable of collecting and processing context-related data with a self-learning approach.

• INSTANDA

Headquartered in London, INSTANDA operates exclusively through Software-as-a-Service (SaaS) and aims to adopt a radically different approach to insurance product innovation. Its no-code product design platform is built on a set of insurance specific calculations, processing and workflow capabilities.

Recently, InsurTech INSTANDA has teamed up with Capco to speed up the ongoing digital transformation in insurance. The partnership will enable Capco to use INSTANDA’s cloud-based digital insurance software for supporting its clients’ transformation needs. Digital consulting firm ADROSONIC also teamed up with INSTANDA. The collaboration is expected to empower insurers with the agility to price risk in ways that meet the client’s needs in a changing post-Covid-19 world.

INSTANDA’s no-code product design platform is built on a powerful set of insurance specific calculations, processing and workflow capabilities.

• Charles Taylor InsurTech

Charles Taylor InsureTech has announced that Everest Global Markets has selected their Electronic Claims Files (ECF) write-back-enabled claims management solution, Trax. The solution is expected to help Everest in implementing a new claims management solution for accelerating claims processing. Everest Global Markets is a global reinsurance and insurance organisation.

Charles Taylor InsureTech announced that it has been selected by the global risk and reinsurance specialist, Guy Carpenter for collaborating for their future-proofing programme involving the development of a cloud-based document management solution (DMS). The programme is expected to provide Guy Carpenter with a single, global document repository.

Charles Taylor Insuretech Limited provides insurance technology-enabled solutions. The Company offers delegated authority, broking, policy administration, and insurance support services. Charles Taylor Insuretech serves customers worldwide.

READ MORE: UK Financial Services Technology Market Report by IBS Intelligence