August 1, 2017
Six Innovators to Watch – July 2017
by Paul Carroll
We may be in the dog days of summer, but that doesn’t mean that the insurtech world is taking a vacation. Far from it. Innovation is expanding so fast that we’re now tracking nearly 2,000 companies on our Innovator’s Edge platform. We realize that keeping up with such a profusion of companies, people and ideas is hard, so we’re here to do whatever we can to help.
One tool that has proved popular is our monthly list of “Six Innovators to Watch.” Here are the startups we’ve highlighted to date (March, April, May and June). And, here, now are the Six Innovators to Watch for July:
Casentric works with property and casualty insurers to lower the cost of personal injury settlements through more accurate and balanced evaluations of the liability, pain and suffering, medical, wage and other components of a personal injury claim. The company has built intuitive, web-based software to guide adjusters to develop evidence-based critical analysis of claims, resulting in more accurate claims and reserves—and ultimately more consistent and predictable costs. Cleveland-based Casentric’s solution also generates data that can be used to identify trends and benchmarks for accuracy and consistency. Learn more about Casentric at: https://www.innovatorsedge.io/companies/casentric-llc
Click2Sure is a South Africa-based innovator that saw an opportunity to embed the sale of insurance into online ecommerce platforms, making it simple and affordable to offer product coverage at point of sale for high-value products and services. Finding few insurers ready to participate in this new approach for one-click insurance, the company created a full-stack digital insurer to provide coverage administration, distribution, underwriting and claims and has secured participation from several reinsurers. Click2Sure is partnering with e-commerce companies, retailers and online service providers to deliver its solution in Africa and looking to expand in South America and Asia. Learn more about Click2Sure at: https://www.innovatorsedge.io/companies/click2sure
DataRobot wants to make machine learning a core competency of insurance companies. The Boston-based company provides a platform designed to help insurers unleash the power of A.I. through automation of data modeling. Incorporating a library of hundreds of the most powerful open-source machine learning algorithms, the DataRobot platform provides the fastest path to A.I. competence for organizations of all sizes, helping operating teams find useful information in their data. Founded by insurance analytics veterans, the company is helping companies develop models to analyze claims for fraud, automate risk analysis and provide claims triage, among other needs. For more information about DataRobot, visit: https://www.innovatorsedge.io/companies/datarobot
InsuredMine offers a digital policy management tool for consumers to easily manage their various insurance coverages and interactions—renewals, premium payments, claims and more—and receive policy recommendations and information to make them a more informed customer with greater control over their financial protection. Dallas-based InsuredMine aims to deliver analytics that allow consumers to modify and update their coverage needs more quickly and receive competitive bids based on their previous coverages and buying habits. While designed to empower consumers, the technology also delivers data and insights to carriers and relies on insurance agents and brokers to deliver the solution to their customers. For more information about InsuredMine, visit: https://www.innovatorsedge.io/companies/insuredmine
QBIS Insurance Solutions
QBIS is focused on streamlining small business insurance, helping agents and brokers, MGAs and carriers better serve and engage with the digital customer of the future. Oakland, Calif.-based QBIS has created a virtual MGA to provide a business owners policy for agents and brokers placing small commercial risks, and has created a suite of software modules for MGAs and carriers that want a dynamic workflow to take new commercial insurance products to market in an engaging, customer-friendly way. The QBIS platform gives customers self-service capabilities, enables agents to create campaigns to promote the digital solution and allows underwriters to more easily access risk data to support underwriting decisions. To learn more about QBIS, visit: https://www.innovatorsedge.io/companies/qbis-insurance-solutions-inc
ROC Connect offers a “smart home as a service” solution to insurers and other businesses that seek to harness the power of smart devices and get to market more quickly with IoT solutions. ROC Connect offers an interactive hub that consumers can use to manage all of their smart home devices and sensors, capturing information in the cloud and providing insurers with a tool to engage with customers, capture data and deliver new products and services that drive revenue. ROC Connect, based in Palo Alto, Calif., is currently working on a solution that would analyze smart home data to generate a safety score for a property, which could be used by insurers for better underwriting and loss prevention. Learn more about ROC Connect at: https://www.innovatorsedge.io/companies/roc-connect
The Innovators to Watch honorees are drawn from among the nearly 1,800 insurtech companies that are featured in Innovator’s Edge, a technology platform created by ITL to drive strategic connections between insurance providers and insurtech innovators. From this growing pool, only those companies that have completed their Market Maturity Review—a series of modules designed to help insurers conduct baseline due diligence on the innovator and make a more informed connection—are eligible to be considered for Innovators to Watch, helping them to stand out in this crowded diverse field.