Top Insurtech companies

Top InsurTech Companies

 Advanced technological innovation is an integral part of the insurance industry today. The process of getting an insurance quote can be accomplished at the click of a button while the user can monitor the insurance and its coverage over a mobile application, putting the paper-based insurance processes far in the past. To this end, present day insurers are aiming to transform the industry by taking to digitalization that has the potential to open the doors to a world of opportunities and benefits. Forces such as predictive analytics, machine learning, IoT and AI are influencing trends

in insurance sector significantly. With some of these innovations already deployed by several carriers, insurers are looking for a competitive edge by embracing the technological marvels in the market to get the best business outcomes.  In the present insurance backdrop, insurers are using predictive analysis to collect a variety of data to understand and predict customer behavior. However, the use of predictive analysis can be further optimized with the accuracy of data. The year is witnessing insurance companies using predictive analysis to perform several tasks such as pricing and risk selection, identifying customers who are at the risk of policy cancellation, threat of fraud, triaging claims, and recognizing outlier claims. In parallel to predictive analysis, artificial intelligence (AI) is helping create personalized experiences for consumers when purchasing insurance. AI provides insurers with the ability to meet the fast-growing demands of today’s tech-savvy consumers. In addition to this, insurers can optimize the claims turnaround cycle and change the underwriting process. With the power of AI, insurers can also get faster access to data by eliminating the manual aspect of cataloguing them, thereby ensuring more accurate reporting in shorter spans of time. In due course, this technology will empower the insurers to identify, assess, and

underwrite rising risks and identify new revenue sources.  An imperative branch of AI, machine learning, is also setting a profound impact on the insurance landscape.

In the process of improving the claims processing, machine learning makes it possible automate the entire cycle of tasks. The files required in the process are available through the cloud, can be analyzed using pre-programmed algorithms, which in turns improves the processing speed and precision. The automation of claims processing can go beyond claims, into policy administration and risk assessment. In addition to machine learning, IoT also is also helping automate data sharing. Insurers are using data from IoT devices to determine rates, mitigate risks, and even reduce losses significantly. The data used can also come from social media to improve risk assessment for insurers while strengthening fraud detecting and creating new customer experiences. With a plethora of solutions and solution providers available to insurance carriers, how does one find the right one to partner with?  To help alleviate this situation, CIO Applications in collaboration with a panel comprising CEOs, CIOs and analysts function as a beacon of light with a list of leading insurtech solution providers in the market.

This list of the industry’s solution providers is based on their passion for the field of insurance and commitment to efficiency and innovation.

 We present to you CIO Applications’ “Top 25 Insurtech Solution Providers — 2019.”

Top Insurtech Companies Atidot

Provides a cloud-based, SaaS platform that uses AI, machine learning and predictive analysis to enable life insurers make datadriven business decisions www.atidot.com

Intellect Seec

With a vision to modernize the legacy insurance technologies, especially underwriting, Intellect SEEC is bringing the “autonomous� concept into the complex insurance landscape.

Built on the first pillar, Intellect SEEC’s cloud-native insurance platform-as-a-service (PaaS), Intellect Fabric allows insurance carriers to quickly build applications that leverage big data and machine learning in a cloud-native environment. Leveraging the power of Intellect Fabric, Intellect SEEC has built many robust applications to serve property and casualty insurance sectors.

One of them is Intellect Xponent, a complete underwriting workstation for managing complex commercial specialty risks.

On top of that, the company has big data and machine learning incorporated into its solutions for fulfilling their goals www.intellectseec.com

Revolution Insurance Technologies

Revolution Insurance Technologies provides a one-stop platform that meets all the insurance needs of individuals and groups of employees. The cloud-based platform is easily customizable and completely turnkey. The RIT platform serves as a stand-alone enrollment tool that completes the enrollment

process in a single step. The platform enables consumers to enroll in suitable insurance schemes using voice, text, or esignature from computers and mobile devices, and negates the need for extensive follow-ups by completing the enrollment process in a single step. The company partners with clients to offer cost-effective solutions to existing market problems revolutioninsure.com

Xagent

An InsurTech solution provider that empowers retail agents with a single entry, multiple-carrier platform. By means of a brand new solution designed to help insurance agents shop, regardless of where they place their business. The InsurTech solution provider’s cloud-based solution allows agents to streamline various quotes, and access both agency and carrier agency management systems via API. Despite making just a single entry, the information submitted by retail agents is efficiently and quickly shared among all parties in the distribution line — from the insured, to agent, to underwriter, to wholesale broker www.xagent.com

Acrometis

Acrometics delivers automated worker’s compensation claims processing solutions. Founded with the principle of promoting cost-effectiveness for clients, Acrometics has provided robust software solutions which have revolutionized the workers’ comp industry. The rules-based portfolio of claims processing platforms has streamlined the workflow of organizations, enabling them to maximize cost savings, enhance efficiency gains, and ensure productivity growth over the entire lifecycle of a claim. Acrometics’ platform leverages claim analytics, bill routing, and robust rule sets to enhance workflow and maximize the potential of adjusters. Acrometcis allows the integrations of its SaaS-based systems with existing technologies without the need for sophisticated implementations or upfront capital. The flexible and agile solutions enable the clients to keep pace with the evolving technology and stay ahead of their competition

Applied Systems

Applied Systems is a leading developer of robust and innovative cloud-based software designed to bolster the insurance business. A pioneer of insurance automation, it is the global

provider of agency and brokerage management systems in several countries, including the United States, Canada, Ireland, and the United Kingdom. Founded in 1983 at University Park, Illinois, Applied Systems has delivered effective solutions to the insurance sector for over 35 years. The company has stood at the forefront of insurance technology since its inception, guiding insurance businesses through innovation. Applied Systems is helping the insurance industry improve its influence on a global level, bolstering their offerings with multinational capabilities for the evolving market

Cape Analytics

Cape Analytics delivers actionable information for property firms to enhance their understanding of risk profile and property asset value. It leverages deep learning and geospatial imagery to collect property intelligence for buildings across the United States. Insurers and property stakeholders can utilize the offering of Cape Analytics to access valuable property attributes during the underwriting process, ensuring accuracy and detail that once required an on-site inspection. It employs computer vision and risk analysis experts. Armed with the actionable insights from Cape Analytics, insurers, lenders, and capital markets no longer need to rely on outdated tax records or expensive and manual on-site inspections

CCC Information Services

CCC Information Services is a major provider of innovative apps for cloud, mobile, telematics, hyperscale, automotive, insurance and collision repair. With CCC, insurers precisely price premiums through telematics information, improve the mobile consumer’s experience and process claims with AI effectively.

CCC’s collective set of intelligent, flexible, and intuitive alternatives makes linked car, vehicle, and accident information actionable, inform decision-making, boost productivity, and help clients deliver quicker and better end-user experiences.

With the organization’s technology and experience, it is stated that equilibrium will be restored when unexpected events happen

Duck Creek Technologies

Duck Creek Technologies offers insurers with sophisticated technology based on decades of industry knowledge, responsive to each carrier’s distinctive difficulties, and influenced by human conduct daily. The company believes in developing technology that would unlock people’s potential and thoughts.

The Duck Creek Suite consists of best-in-class policy, billing,

rating, claims, insights into information, digital involvement, and apps for distribution leadership intended to work together beautifully. Carriers get a comprehensive and coherent perspective of all their clients, periodic updates and upgrades, and multi-level business intelligence at the same time across all Duck Creek systems

eBaoTech

eBaoTech is a solution provider to insurance industries with a mission to make insurance simple. Digital insurance is the wave to come, and insurance is moving into the economy of the API. eBaoTech offers digital insurance solutions and services. Since the start of the organization, it has been dedicated to innovation in the insurance field. The company provides a cloud-based solution that allows essential system insurance software for digital insurance and business level. EBao Cloud is an open API Insurance platform product family that offers real-time connectivity and transactional capacities for insurers, traditional channel partners, affinity partners, and InsurTech start-ups

EIS Group

“EIS Group is focused on technological innovations for insurance. Their digital insurance platforms facilitate the movement of carriers near to the customers. The platform laced with core, experience, and insights equip insurers to create the primary data foundation, digitize core insurance operations, and deliver the best experience to attract the modern generation of customers. They digitize and unify the complete insurance lifecycle, including claims, policy, billing, and service.

Maintaining and establishing a rich, holistic view of customer data comes under their expertise too. Connecting data and business processes to current and new systems and partner ecosystems is another area where they excel”

Groundspeed Analytics

“Groundspeed, an artificial intelligence (AI) and a data science company, serves commercial property and casualty insurance carriers, brokers, and managing general agents (MGAs). They focus on deriving value from unstructured information such as exposure schedules, loss runs, and policy data to provide crucial predictive risk analytics for better insights and automate core processes, enhance customer experience, and spot profit pools.

Groundspeed’s Adaptive Data Pipeline as a Service allows the clients to unlock the potential of unstructured data. Clients also use it to improve book roll effectiveness, automate submission process, and capture submission data for strategic analysis”

Guidewire Software

“Guidewire is focused on delivering the industry platform that P&C insurers depend upon to adapt and excel in such a dynamic environment. They specialize in providing P&C insurers with a commitment and weighs customer success above all. With a global community of more than 350 primary insurers of various sizes and lines, Guidewire’s InsurancePlatform™, which is the P&C industry platform, unifies services, software, and partner ecosystem to enhance customer’s business. The platform enables standard where insurers can increase engagement, optimize operations, quickly innovate, drive smart decisions, and simplify IT”

Insurance Systems

Insurance Systems Inc. (ISI), a dedicated technical solution provider for the property and casualty (P&C) insurance industry, whose mission is to successfully configure and integrate product for efficiently implementing processes and high-quality support from well-trained insurance professionals.

Founded in 1997, Insurance Systems Inc developed a suite of

solutions for billing, claims, reinsurance, loss control, and financials for businesses. By providing one modern platform, Insurance Systems Inc. streamlines suite of solutions that bring informative pieces together. Furthermore, Insurance Systems Inc deviates from standard procedure and gives insurers administration software including (CRM), a flexible document engine, a robust rules engine, document management functionality, and business intelligence tools

Insurance Technologies

Insurance Technologies Corporation (ITC), is a leading marketing and management software, and services provider for the insurance industry, including independent agents and insurance carriers. Founded in 1983, Insurance Technologies Corporation (ITC) serves its clients to grow their businesses across the United States. Technologies Corporation (ITC) through the philosophy of providing quality software and services makes the insurance agencies more efficient.

Employing almost 200 people, the Technologies Corporation (ITC) serves more than 100 insurance companies and 5,000 agencies. Specialized in insurance agency websites, online marketing, social media for insurance agencies, Email marketing, online marketing, drip marketing, comparative rating, and agency management the Technologies Corporation (ITC) becomes a leading agency management system

Insuresoft

Insuresoft, is a branch of the Kaboodle Team, an insurance collaborator that provides innovative products and services to insurers. Furthermore, Insuresoft enables startups to merge offerings with authorized vendors. Through Insuresoft’s membership in the Kaboodle Collaborative, the clients are supported by robust project administration methodology and supported by a collective team. Employing almost 200 employees, the Insuresoft helps new customers to survive in competitive environments. While delighting the customers, the Insuresoft makes the life of consumer easy and efficient.

Founded in 1993, the Insuresoft increases the speed to value by partnering with one network that implements pre-integrated technologies and services — faster, better, and more costeffective than ever before

IX Technology Group

At IX Technology, client’s needs are put forward with a deeper understanding of the importance of critical systems and equipment security. IX technology is a mix of professional experts who have a proven track record in designing,

structuring, sustaining, and managing mission-critical data centers as well as facilities across multiple businesses. With a holistic suite of turnkey solutions and all-embracing resources, the team can align with the client’s needs using best-practiced solutions. IX technology’s core values layers are turnkey design and build the solution, data center audit and consultancy, facilities management, and Preventive maintenance and technical support

Majesco Majesco is strategic partner insurers depend on to deliver digital business transformation. The combination of technology, expertise, and leadership by Majesco helps insurers to transform, modernize, innovate, and interlink to construct the future of business in the industry at high speed and a large scale. Equipped with the best of talent in the industry, with unparalleled experience, domain knowledge, and customer focus, Majesco is known for its innovation and vision. Cloudcomputing, microservices-based, and API-enabled technology is utilized for works in the cloud to help carriers alter complexes into simple experiences that convert innovation quicker and easier

Perr&Knight

Perr&Knight provides insurance consulting and software solutions to the property and casualty as well as accident and health industries. The company services include actuarial consulting, product development, insurance policy and forms consulting, regulatory compliance, state filings, licensing, technology consulting, statistical reporting, data services, and predictive analytics. The software includes StateFilings.com, a leading cloud-based state filings management solution. With offices in Santa Monica, Boca Raton, the New York Metro Area, Fort Worth, and Cincinnati, and more than 100 insurance professionals, Perr&Knight is among the largest independent actuarial and insurance consulting firms in the United States

Riskgenuis With the belief that connecting insurance professionals to digital knowledge will leverage efficiency, riskgenius has developed a solution to integrate automation into the field of insurance and equities. By applying machine learning to insurance policies, the riskgenius platform leverages custom algorithms and workflow modules to encourage a deep understanding of policy language and create a much efficient underwriting workflow. To customize policies according to the customer, the company believes in a provision of symmetrical customer services along with the integration of AI

Sapiens

Sapiens International Corporation encourages insurance professionals to evolve successfully along with the industry. The company provides digital software platforms, solutions, and services for the property, life, casualty, pension, annuity, reinsurance, financial, and compliance from workers’ compensation to financial markets. Being a veteran with more than 35 years of experience delivering to over 450 organizations globally, Sapiens has a proven its ability to satisfy customers’ core, digital, and data requirements. Sapiens’ digital services covers customer and agent portals, a digital hub with an API layer and digital studio, and an progressive analytics solution

Schedule IT Schedule it, a company which assists professionals to close claims faster. The application helps increase productivity by automating schedules. It is a go-to scheduling solution for insurance companies, independent adjusting (IA) firms, and adjusters. The feature of maximizing the time for the adjuster allows efficient scheduling, which aids in creating notes and automatic updates in the claims file. Schedule it not only expands the ability of the professionals but also reduced loss adjustment expenses (LAE). It decreases the stress on the professional by automatically conducting iterative tasks for the users

Slice Insurance Technology

Building connections from cloud to user is the company Slice; It is a digital platform that enables innovation amidst insurance providers that are deployed in the cloud. With services like rapid introduction, adoption of new products, evaluation, technologies, and business models in alignment with the everchanging requirements of the insurance providers and customers as such, both personal and commercial. Slice is reshaping insurance with each host, businesses, and drivers at a time. The company is built with a group talented slicers bringing in each of their vast experience and business acumen to the company

Snapsheet Snapsheet is a cloud-based technology platform that powers customer engagement and intelligent workflows to deliver the best claims experience. The company builds software to adapt to your workflows, operational needs, and systems environment.

The approach is faster, more impactful, and cost-effective.

Snapsheet can instantly execute proactive, engagement strategies across every channel via text, emails, mobile applications, and the web. It makes use of an integrated AI and ML engine that ties workflow and outcomes to actionable reporting. They provide a unique customer experience based on the bionic claim attributes

Zywave Zywave leads the insurance tech industry with the most expansive portfolio of sales management and client delivery solutions available. Through their in-depth expertise and unparalleled content offering, the company provides the partners with solutions that deliver business efficiency, effectiveness, and insights. By using their sales management and client delivery solutions, combined with their unmatched content offering, companies can provide an exceptional customer experience. More than 5,300 brokerages worldwide, including 97 of the top 100 U.S. insurance firms — use Zywave solutions to boost their client services, achieve organic growth, and promote higher health, wellness, and safety