4 InsurTech companies to watch out for in 2022

By Joy Dumasia

InsurTech combines ‘insurance’ and ‘technology’; InsurTech includes technology innovations to bring savings and efficiency to the insurance industry model. The InsurTech concept represents the commitment to innovation and development of new products and services within the insurance sector. The use of the latest technologies to expand and optimise the business model of an entire industry. 

The role of insurance is evolving; it is increasingly becoming embedded into platforms and coupled with other services, from repairs and maintenance to health services and prevention. Insurance is therefore moving beyond pure risk transfer to risk management and prevention, fueled by an exponential increase in data availability.

The following are 4 InsurTech companies to watch out for in 2022:

• Hedvig

Hedvig is a Stockholm-based digital-only insurer that uses technology to automate its pricing and claim process. It comprises a full-stack approach powered by AI and aims to provide a frictionless customer experience.

IBS Intelligence reported that Hedvig announced that it closed a $45 million Series B funding round led by Anthemis with participation from existing investors, including Cherry Ventures, Obvious Ventures, Commerz Ventures, and Swedish Novax Nineyards Equity, Jonas Kamprad and Mathias Kamprad.

• 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.

IBS Intelligence recently reported that INSTANDA, a customer and policy management platform for the insurance industry, has successfully started working with a new client and partner in UAE, NewTechMe.

• 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 delivers a 7-second insurance policy sign up.

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.

• Quantemplate

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.

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