The Future of Insurance – February 2017

Top On Demand and P2P Insurtech Startups

 

Insurtech February Update by nhteulon

Slide 1: The Future of Insurance

Slide 2: “4 VCs were asked what the hottest area of fintech is right now — all they could talk about was insurance”

Slide 3: CBInsights Insurance Tech Annual Financing Trend

Slide 4: On Demand Insurance

Slide 5: On Demand Insurance Watch list

Slide 6: “Trōv is the world’s first on-demand insurance for your things. Protect just the things you want, exactly when you want, entirely from your phone”.

Slide 7: “Slice Labs is re-imagining insurance through design, technology and data. Slice Labs takes into account that you’re a person and a business, and allows users to pay for coverage when they are participating in the on-demand world. It turns on and off when you need it. Slice also eliminates the tedious long application with questions that you can’t answer”.

Slide 8: Cuvva – ” Enter in the registration plate, choose insurable time, snap a photo of vehicle, pay, and you’re covered. Cuvva is an on-demand short interval mobile insurance app to cover when using multiple vehicles or lending out your own vehicle. Cuvva also has an inbuilt monetisable feature where you can rent out your vehicle or borrow someone else’s”.

Slide 9: “Bunker is the first ever contract-related insurance marketplace – Redefining Insurance for 1099 workers, freelancers, and small businesses. Technology enabled on-boarding service for freelancers and contractors to cover themselves for professional liability, indemnity insurance etc”.

Slide 10: “Metromile is a variably-priced, pay-per-mile car insurance provider that charges customers for the actual miles they drive. Rate is broken down into two parts. The first is a low monthly base rate and the second is a per-mile rate. At the end of each monthly cycle, your bill will include the next month’s base rate in addition to the cost of the miles driven over the past month”.

Slide 11: Sure – “The platform uses a Robo-Broker driven approach to empower consumers with the ability to personalise their insurance needs via mobile based on location, context and behaviour and eliminate the built-in limitations of the industry driven largely by not customised recommendations from brokers”.

Slide 12: P2P Insurance

Slide 13: P2P Insurance Watch list

Slide 14: “WorldCover is a transparent and low cost peer-to-peer risk relief network. We help customers reduce exposure to natural disasters and give investors diversified returns with social impact.
Investing with World Cover gives you diversified exposure to insurance investments tied to natural risks, like weather. Choose among sets of customers around the world looking for insurance for different risks”.

Slide 15: “Family & Friends share a policy for economies of scale. Guevara has changed the way insurance works they let you pool your premiums as a group online. The group then uses that money to pay for any claims you make throughout the year. Any money you don’t use stays with the group until you need it. It’s a fairer system for everyone”.

Slide 16: “Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioural economics.  By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything.  And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil”.

Slide 17: “In 2010 the founders of Friendsurance developed the Friendsurance-Principle which honours having no claims with premium cashbacks and therewith makes insurances cheaper. In 2014 over 80% of those who used the Friendsurance-Principle got a premium cashback. Friendsurance’s vision is to offer the Friendsurance-Principle to all insurants and enable that it pays off having no claims”.

Slide 18: “Insbee is developing Asia’s first social peer-to-peer car insurance
platform that rewards car owners for responsible driving and provide a more engaging customer experience for policyholders. Insbee makes the experience more social by introducing a social media platform where members can form groups, invite new members and view claims made by other members we believe this will increase peer accountability & reduce over-claims/fraud”.