3 InsurTech companies transfiguring the Insurance industry in Chicago
By Edlyn Cardoza
InsurTech is a merger of two words, “insurance” and “technology”, inspired by the word “FinTech”. It solely means using technology innovations designed to squeeze out efficiency and savings from the current industry model.
The insurance industry is ripe for disruption and innovation, which drives InsurTech companies and investments by venture capitalists in the space. InsurTech has the platform to explore avenues like social insurance, offering ultra-customized policies, and using new mediums of data from internet-permitted devices to dynamically price premiums according to observed behaviour, which large insurance firms have less incentive to explore.
Tech companies of Chicago are capable of shaking up established industries with innovative and new solutions and ideas. The below 3 companies and startups are disrupting the Insurance industry with various approaches to innovating the InsurTech industry.
Clearcover: Clearcover offers affordable car insurance that’s smarter, faster and puts your needs above all else, helping you make informed decisions every step of the way. They help you save money while delivering the industry’s fastest claims, easy payments, and exceptional services. Their API-first approach helps you save money while delivering the industry’s fastest claims, easy payments, and exceptional services. They make payments easy and offer convenient policy management through a mobile app. Their powerful technology, coupled with their dedicated Customer Advocate team, provides an insurance experience with affordable rates.
Kin Insurance: Kin is the home insurance company built for the future. By leveraging thousands of property data points, Kin customizes coverage and prices through a super simple user experience. Kin offers homeowners, landlords, condos, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Because of its efficient technology and direct-to-consumer model, Kin provides exceptionally low prices without compromising coverage.
Snapsheet: Snapsheet makes claims simple for everyone. Through their pioneering expertise in virtual estimating and leading cloud-native claims management software, we are transforming the end-to-end claims process – delivering faster, modern claims experiences – including Snapsheet Appraisals and Snapsheet Payments – as well as through Snapsheet Appraisal Services.
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