5 emerging InsurTechs 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, 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 the top 5 emerging InsurTechs in the European market –
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.
Hedvig is a Stockholm-based digital-only insurer which uses technology to automate its pricing and claim process. It comprises of a full-stack approach, is powered by AI and aims to provide a frictionless customer experience.
Hedvig has announced that it has secured around $10.4 million in a funding round led by Obvious Ventures and Swedish retail group Axel Johnson’s venture arm, D-Ax. According to the insurtech, the funding is expected to assist in the development of new services and products, expand its customer base as well as its footprint beyond Sweden.
Established in 2018 and with a current user base of 15000 Swedes, the funding round has valued the company at $35.5 million.
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, 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.
INSTANDA’s no-code product design platform is built on a powerful set of insurance specific calculations, processing and workflow capabilities.
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 has announced today that it has been 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.
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.
Blink Innovation is a subsidiary of CPP Group. Based in Cork, Ireland and founded in 2016, Blink aims to build data-driven travel disruption insurance solutions.
Recently the InsurTech has announced the launch of a parametric insurance solution- Blink Parametric in a bid to allow insurers to leverage real-time data for the provision of faster remediation to customers. The new solution is expected to utilise big data for expanding insurance solutions and it will be made available to the ones operating within travel, climate, energy and IoT sectors.
The solution available on the platform provides three offerings including Blink Travel, Blink Climate and Blink Energy and IoT. Blink Travel aims to provide customers with real-time insurance service and caters to customer demand arising in the travel sector. Blink Climate provides customised risk cover and is a metric-based insurance solution adaptable to the climate changes and weather conditions.
READ MORE: UK Financial Services Technology Market Report by IBS Intelligence
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