4 emerging InsurTech companies transforming the UK 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, 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 such 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 4 emerging InsurTechs in the UK market –
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, digital consulting firm ADROSONIC has teamed up with UK-based InsurTech 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 InsureTech provides insurance technology enabled solutions. The Company offers delegated authority, broking, policy administration, and insurance support services and serves customers worldwide. The InsurTech delivers software products and SaaS solutions with an aim to enable its clients to transform their businesses.
Recently, Charles Taylor 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.
The InsurTech was also selected by 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.
Founded in 2016 in London, Zego is an insurer specializing in flexible insurance for new mobility and fleet service providers, offering customized policies to gig economy workers and partnering with companies such as Uber and Deliveroo. The company also provides a wide range of flexible B2B insurance products for fleet businesses and new mobility services such as car sharing, car leasing and e-scooter platforms.
In November 2019, Zego became the first UK InsurTech to gain its own insurance license, enabling it to build and sell its own policies. Zego is a trading name of Extracover Ltd., which is authorized and regulated by the UK Financial Conduct Authority. It recently announced that the Dutch regulator AFM has awarded the company an European broking license. Zego also announced the acquisition of telematics company, Drivit, in a bid to revolutionise commercial motor insurance.
Founded by insurance industry veterans and computer scientists, London-based Quantemplate exists to help companies unlock their data to grow their business and enable digital transformation. The InsurTech start-up has a data integration, automation and analytics platform used by reinsurance, P&C and life insurance companies.
The company aims to enable business users to take raw data sources, cleanse and harmonise them with tools powered by machine learning, then perform analysis to develop competitive advantage through proprietary insights.
READ MORE: UK Financial Services Technology Market Report by IBS Intelligence
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March 24, 2023
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