Top American InsurTech start-ups to watch in 2020

By Pavithra R

The InsurTech industry is evolving rapidly. Many startup companies are emerging every now and then and with COVID-19 pandemic disrupting the global economy, InsurTech companies are currently experiencing an escalation in the adoption of their services.

Here is a list of few InsurTech companies worth keeping an eye on in 2020.

Hippo (2015)

Hippo Insurance Services is on a mission to transform home insurance for the modern household. The firm offers accurate and affordable coverage by using technology and data integrations to develop a unique profile of a customer’s property during the onboarding process. It actively reviews changes to a customer’s property over time, using thermal and satellite imagery and layers in AI, machine learning and public records to keep customers’ properties protected, year after year. The company’s home insurance policy comes with a complimentary smart home monitoring system and a discount on user’s premium for protecting home against common risks like fire, water damage, and theft.

Hippo began selling its policies to homeowners in 2017 and is now available to more than 70% of the U.S. homeowners population across 29 states. Recently, The InsurTech raised $150 mn in Series E funding bringing its valuation to $1.5 bn. In June 2020, the firm has also acquired Spinnaker Insurance to enhance its global reach.

Trōv (2012)

Trōv powers digital insurance solutions for innovative businesses in the finance, insurance, mobility, and retail sector. Its on-demand Insurtech solutions are cloud-based and white-labeled for insurance incumbents and financial institutions. Its technology-enabled brokerage combines powerful software with bespoke insurance products to solve the complex risk management issues facing companies in emerging mobility and gig work.

Trōv customers include industry leaders such as Waymo, Groupe PSA, Lloyds Banking Group, and Suncorp, amongst others. Till now, the company has raised over $114 mn from leading VC’s and strategic partners and provides services in 5 countries. Recently, Trōv partnered with Sura to deploy On-Demand Insurance in Brazil.

Metromile (2011)

Metromile is the leading pay-per-mile car insurance company in the U.S. creating a loyal community of drivers with personalized insurance that is customized to each driver to be more affordable. Through Metromile Enterprise, the firm’s software-as-a-service business group, the company licenses its proprietary artificial intelligence claims platform to automate claims, reduce losses associated with fraud, and unlock the productivity of insurance carriers’ employees so they can work on higher-impact experiences.

The company has so far raised $293 million in funding  and is backed by top-tier Silicon Valley investors, including First Round Capital, Index Ventures, NEA and others, as well as the top property and casualty insurers, such as Intact Ventures, Tokio Marine and others.

Lemonade (2015)

Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. InsurTech operates under a flat-fee model and is replacing brokers and bureaucracy with bots and machine learning. It promises zero paperwork and instant everything. The firm recently partnered with Nexsys to simplify the homeowners insurance verification process.

Oscar Health (2012)

New York based Oscar Health is a direct-to-consumer health insurer, pairing member engagement with its own full-stack technology. The Oscar team is focused on utilizing technology, design and data to humanize health care. The firm has raised $1.5 billion in funding to date. Oscar’s all products and services are provided exclusively by or through operating subsidiaries of Mulberry Health Inc., including Oscar Insurance Company and its affiliates.