Focus Outlook

Top 10 Insurtech Disruptors in 2022

The prominence and the recent interest surrounding insurtech revolve around the fact that the sector is on the threshold of massive disruption and innovation. The applicability of insurtech even pervades realms that reputed or long-standing insurance firms are reluctant or less interested in pursuing. The breadth of technologies utilized in insurtech is continually expanding and changing, altering how insurance is handled.

The sector needed to be faster in adapting to modern technologies. Insurance is a highly regulated sector with a complex web of legal requirements from several jurisdictions. Because of this, the major corporations have endured for so long by exercising extreme caution. Also, When using insurtech approaches, some degree of privacy is given up. Yet, it would have been unrealistic for the industry to ignore the inevitability of technology to keep pace with the world and to meet the ever-increasing consumer demands.

The U.S Insurtech space has been steadily showing a rapid ascent regarding a growing range of business models and capabilities. The industry has to cater to a different audience unwilling to compromise on customer experience. Also, the industry is showing increased reliance on technology, and there is widespread interest in investing in incorporating technology.

The current industry offers enormous growth potential, and opportunities are abundant. As a result, huge investments are flowing in from different sources. Here is an attempt to compile a comprehensive list of the top 10 insurtech disruptors in 2023. These firms are leveraging technological evolution to expand their portfolio of work and bridge the gap between customers and the right insurance.

Policygenius is a New york headquartered online insurance marketplace. The firm has always focused on choosing the right insurance that is more accessible for customers. They can compare insurance options, buy policies and compare quotes. Founded in 2014, Policygenius is one of the most famous online digital insurance firms.

Lemonade began in 2015. Several leading review sites have rated Lemonade as a top insurtech firm in the U.S. Today, valued at about US$8 billion.

Kin Insurance is a Chicago headquartered firm. The company has raised
around $238.2m between 2016 to 2022. Key investors include Alpha Edison,
Avanta ventures, etc.

Root Insurance has a particular interest in auto insurance coverage. In addition, they extend property insurance and renter’s insurance across many locations in the U.S.

The Austin, Texas the based enterprise collaborates with sellers, home buyers, law firms, and realtors to prevent wire fraud through device verification and digital identity. Wire transfers of up to $1 million are insured.

Pie Insurance is helping how small enterprises purchase and leverage insurance through the use of technology. Pie Insurance is based in Washington, U.S.

Oscar Health was incepted by Mario Schlosser, Kevin Nazemi, and Josh Kushner in 2012. However, the private insurance provider has had several successful investment rounds. Presently, the firm is available across 18 states.

Hippo Insurance will be an ideal choice for property owners. The firm extends significant discounts and budget-friendly insurance options. In addition, review sites have praised their highly responsive team and purchasing processes.

GoHealth makes it easier to choose the right healthcare plan. The firm leverages machine learning algorithms to balance customers’ unique needs and specific objectives. The firm is based in Chicago, Illinois.

Zipari is a New York-based start-up that supports health insurance firms in their digital-facing and customer engagement operations. The firm’s technologies keep tabs on critical customer data and convert numbers into tangible insights.