Global Insurance sector scenario in 2023 and beyond Part-3 to Part -3
?INFOTECH COMPANIES THAT WILL BE INCLUDED TOP 5 IN THE WORLD
???????????????PART 3 OF PART 3
?INTRODUCTION
I have already covered the historical journey of Insurance in Part 1 and 2 of Part 3 very elaborately, just to provide the information curated from several google searches I have been downloading as many pages as I can and crisp in 20 to 30 pages out of more than 400 pages, data taken from many sources to but language content is always mine. This is just for sharing information in which numerical figures are taken by various sites from Google regarding figures but the language is totally mine.
?Industries are increasingly adopting digitization and insurance technology is no exception. Emerging insurance technology trends such as artificial intelligence (AI), the Internet of Things (IoT), and cloud computing are replacing legacy systems and improving workflows. These technologies are enabling secure and data-driven insurance services. Some of these include automated solutions for claims processing and fraud detection. Lastly, the industry is also leveraging technology to improve the customer experience.
IMPORTANT TOP TREND PREDICTIONS FOR INSURERS IN 2023
As per the present trends, we get the intuitions that the insurance industry will be always disrupted with innovation in technology in 2023. As we head towards 2023, the global insurance industry will be undergoing seismic changes as technology and the financial markets remain progressive but turbulent. According to research carried out by?EIS?- a global core technology provider for the insurance industry, established and startup insurtechs alike will be influenced by a series of factors transforming the space.?Rory Yates, SVP of Corporate Strategy, Global at EIS deliriant explains that the year to come is the continuation of digital transformation. He says,?“With the myriad headwinds facing the sector, digital transformation will remain a key focus for determining insurers in 2023. Sustainability, unbiased and just, and full transparency will continue to spur innovation and growth. Automation will enable employee-centric transformation, empowering human capital to attend to the customer. While continued competition both from within and without the sector will see insurers move away from compete-on-price strategies to value-driving metrics.”
Underwriting will also be converted
Underwriting is already the area of greatest transformation within the insurance sector space and this trend looks set to continue into 2023 and beyond. New technologies are driving fully-automated or data-driven programs that modernize the process. Slow underwriting processes prevent life insurance carriers from having a modern agent/customer experience that is fast and self-service.
??Insurtech data springs will continue to increase
One of the innovative software As the IoT expands and urban areas utilize increasingly smart ways to enhance current infrastructure, the potential for data sources, and better risk assessments will continue. In the health and life insurance sectors, wearable technologies and incentivized programs to increase health and lower premiums will continue to be streamlined as real-time data hones the cost of coverage and provides sharper insights.?
??The flourishing of the distribution of insurance
After the passage of time the cycle of maturation of the insurance sector continues, underequipped insurers will either lose market share or adapt high-cost point solutions to access and manage new channels, says Yates. This will result in great industry development as fewer technical contenders drop out of the race - or embrace new business practices
?The ecosystem of insurers will intensify the competition
The digital ecosystem is enabling more competition to take place, with the outperformance of the more “tech-enabled” insurer. The adoption of core technology adoption will shift, making way for more agile contenders that adapt and develop new business models to outpace the competition.
?Consumers will require more flexibility from their insurance provider
As we head towards 2023, regulators are addressing the need for insurers to act more fairly, and in doing so they are demanding that in a digital age, customers need to be more informed, and clearer on their coverage and be able to make choices with their provider with fewer barriers. Yates says, “This switch can create a “CX pioneers win” paradigm - especially for those that see this as an opportunity rather than an obligation.”
New insurance will continue to disrupt the marketplace
As more insurtechs enter the insurance industry, incumbent insurers will be placed under pressure to forge partnerships within the digital ecosystem. This will enable them to provide scaling opportunities for innovative newcomers while addressing their own technology and innovation challenges.
?Embedded insurance will drive new growth
New offerings such as embedded Insurance, which has an estimated US$3.7trn market potential, alongside new approaches to customer engagement and risk removal, see similar potential, and will say EIS, “help redefine insurance and its role in people’s lives.”
??ESG will be front and center for insurance company leaders
The race to reduce carbon emissions and achieve net zero goals will be an investment focus for the insurance industry.?This will be supported by the increase of data-driven sustainability, along with risk exposure. The rise of ESG will see new regulations being introduced to combat greenwashing and address and establish a clear pathway toward a more sustainable industry.
??Automation of insurance processes will continue
Building throughout 2023 and hitting a peak in?2024, automation technologies (RPA, ML, low/no code), analytics technologies (AI, predictive analytics), and connected insurance (IoT, usage-based) will result in increasingly targeted insurance products, better services and increased loyalty with customers.
?Insurtechs won't be a casualty of economic stability
Despite the cost-of-living crisis, insurance will continue to be considered an essential product.?While consumers will cut back on other expense areas, insurance for home, car and health amongst others is essential and will remain a steady source of income for investors.
???The innovation tree underlines the Insurance Technology Trends & Promising Startups
In-depth research on the Top Insurance Technology Trends & Startups, after analyzing a trial of about 1500 global startups and scaleups. The result of this research is data-driven innovation intelligence that improves strategic decision-making by giving you an overview of emerging technologies & startups in the insurance technology industry. These insights are derived by working with our Big Data & Artificial Intelligence-powered?StartUs Insights Discovery Platform, covering 2 500 000+ startups & scaleups globally. As the world’s largest resource for data on emerging companies, the SaaS platform enables you to identify relevant startups, emerging technologies & future industry trends quickly & exhaustively.
In the Innovation Plan below, we Insurance Technology Trends & Innovations that impact companies worldwide. Moreover, the Insurance Technology Innovation Plan reveals 16 innovative hand-picked startups, all working on emerging technologies that advance their field.
Top 8 Insurance Technology Trends
1.???Artificial Intelligence
2.???Blockchain
3.???Embedded Insurance
4.???Internet of Things (IoT)
5.???Cybersecurity
6.???Distributed Infrastructure
7.???Insurance Product Development
8.???Immersive Technologies
?Tree Map reveals the Impact of the Top 8 Insurance Technology Trends
Based on the Insurance Technology Innovation Map, the TreeMap below illustrates the impact of the Top 8 Insurance Technology Trends. AI is automating slow, manual processes in the insurance sector as well as reducing the scope for errors. Meanwhile, the use of blockchain and a focus on cybersecurity are introducing new layers of security, further demonstrating a focus on transparency and growing customer confidence in the industry. Immersive technologies are creating opportunities for remote collaborations and improving sales. Other trends such as insurance product development and embedded insurance are contributing to the wider adoption of insurance services.
Global Startup Heat Map covers 1 412 Insurance Technology Startups & Scaleups
The Global Startup Heat Map below highlights the global distribution of the 1 412 exemplary startups & scaleups that we analyzed for this research. Created through the StartUs Insights Discovery Platform, the Heat Map reveals that Europe and the US see the most startup activity.
Below, you get to meet 16 out of these 1 412 promising startups & scaleups as well as the solutions they develop. These insurance technology startups are hand-picked based on criteria such as founding year, location, funding raised, and more. Depending on our specific needs, our top picks might look entirely different.
Top 8 Insurance Technology Trends for 2023
1. Artificial Intelligence
The Insurtech industry is witnessing rapid adoption of AI and related technologies in recent years. Startups develop AI-based solutions to reduce manual-intensive tasks and errors. These tasks range from processing insurance claims to risk prediction. Additionally, the insurance industry generates huge amounts of data. Many scaleups and startups leverage AI to convert these data into insights that make InsurTech operations more efficient.
Evolution IQ enables Claims Guidance
US-based startup?EvolutionIQ ?builds a predictive claim guidance platform. It improves claims processing, assists in tracking team productivity, and detects fraud trends. With AI-based automation, it enables insurance examiner teams to increase their capacity to process claims and lower claims duration. This assists insurance companies to improve their services and, thereby, increase, customer satisfaction.
Bubble Insurance provides Personalized Insurance
US-based startup?Bubble Insurance ?offers personalized, digital insurance services. It combines life insurance with homeowner insurance when users buy a house or refinance their mortgage. This enables homeowners and homebuyers to protect their families from unexpected events. Using AI, it finds the right coverage for home insurance and associated plans to fit the individual needs of customers.
2. Blockchain
The key reasons for the widespread adoption of blockchain technology are its security and transparency. For the insurance industry, it reduces administrative costs associated with handling insurance claims and verifying payments. Blockchain also enables quick data sharing and simultaneously offers protection against fraud. Additionally, cryptographic protection methods make the blockchain highly reliable for insurance data storage and transmission.
YAS offers Microinsurance
Hong Kong-based startup?YAS ?offers on-demand microinsurance. It offers multiple insurance services for different end-users such as hikers, cyclists, runners, and car riders. All of these are low-cost insurance options to provide a sense of safety and security to commuters. All the sensitive customer data collected for insurance purposes is secured through the blockchain architecture on which YAS is built thereby further instilling a sense of confidence in customers that they and their data both are secure on the platform.
Ibisa provides Agricultural Insurance
Luxembourg-based startup?Ibisa?develops a global risk-sharing platform for agricultural insurance. The startup’s platform offers affordable and automated weather index micro insurance by leveraging earth observation and blockchain technology. This enables farmers and breeders to avail of next-generation insurance and builds the price resilience of their produce. In turn, this contributes to reducing poverty among farmers and improving food security.
3. Embedded Insurance
Embedded insurance bundles insurance with the transaction of a product or service at a point of sale. These bundles are either hard bundles where it is complementary like a warranty or soft bundles where the customer has a small increment but can opt-out. It is a growing trend within the insurance industry as it improves the affordability and accessibility of insurance services. Consequently, insurance companies are using this technology to increase their penetration in various markets and customer demographics.
WeCovr offers Insurance APIs
British startup?WeCovr ?develops insurance APIs. These APIs support both mobile and web applications and allow online sellers to embed insurance into their product sales. This provides online stores with an additional source of revenue while making purchases secure for end-users.
Lisa Insurtech develops Insurance Gateway
US-based startup?Lisa Insurtech ?is the developer of proprietary insurance gateway technology.?Lisa Gateway?is the core technology that is solving the interoperability problems between insurers, brokers, and startups. The gateway acts as an enabler through which insurance products can be embedded with different services and products such as business intelligence software, payment gateways, and more. Through their gateway, Lisa Insurtech promotes insurance as a service ecosystem.
4. Internet of Things
The Internet of Things (IoT) trend is speeding up digital transformation in the insurance industry. Customers expect results right away in today’s fast-paced business climate. This is why businesses from various sectors, including the insurance industry, are making efforts to enhance customer experience and loyalty by using digital means. IoT devices allow data to be collected and exchanged continuously across networks, thereby speeding up and optimizing the process of claims, minimizing data duplications, and reducing customer dissatisfaction. Customers no longer have to waste time going through paperwork, and rather now go through the process of collecting sensitive data directly from their devices and handling insurance claims more effectively.
My Risk Committee offers Enterprise Risk Management
French startup?My Risk Committee ?provides IoT-enabled enterprise risk management solutions. The startup offers a cloud platform,?My Risk io, that integrates with connected devices in an industrial setting for risk assessment and data-driven decision-making. It also features cloud analytics and integrates with existing systems. The platform enables continuous monitoring of industrial assets and assists in preventing risks to improve insurance underwriting accuracy
Benchmark Labs offers Asset Specific Weather Forecasting
US-based startup?Benchmark Labs ?is the developer of a weather forecasting platform used to deliver asset-specific data for the agricultural sector. The startup’s platform offers machine learning-based forecasts for specific locations using publicly available information and real-time data from IoT sensors. The primary aim of the platform is to reduce the discrepancies between environmental data available between insurers and clients. This, in turn, assists insurers to develop parametric insurance models that trigger payouts using real-time data.
5. Cybersecurity
With the rising sophistication of cyberattacks, cybersecurity is emerging as a major trend in the insurance industry. The knowledge and tools required to prevent these attacks or losses are beyond the capability of most legacy insurance providers. Startups bridge this gap by offering cybersecurity solutions that safeguard the interests of both insurance companies and consumers. These solutions prevent different kinds of internet-based frauds as well as protect sensitive user data.
Nsure.ai offers Fraud Detection
Israeli startup?Nsure.ai ?builds a fraud detection platform. The platform uses AI to accurately differentiate between real buyers and sellers from fraudulent ones. The platform features real-time anomaly detection to safeguard transactions. This way, Nsure.ai is enabling businesses to securely approve sales of higher-risk digital products.
Protos Labs enables Cyber Underwriting
Singaporean startup?Protos Labs ?uses a threat-based approach to manage cyber risk for insurers. The startup’s risk quantification platform provides a cyber attack analysis report that indicates which threats insurance companies are most susceptible to. It uses predictive machine learning to non-intrusively assess the cyber resiliency of its clients. Protos Labs’ cyber underwriting approach enables insurers to make informed risk assessments and accurately calculate the risk exposure.
6. Distributed Infrastructure
The insurance industry around the globe has a significant technology adoption gap, with many core processes hampered by on-premise legacy technologies. As cloud technology matures, a shift of all core systems is helping insurance companies to quickly launch new products and create improved customer service. Cloud is also necessary for enabling the computational power that is needed to understand and make use of the large data sets generated by insurance companies. As the cloud ecosystem continues to develop, cloud-native insurance companies have begun to act as a connecting hub among customers, distributors, insurance, and healthcare providers.
Kooli connects Insurance Industry Actors
Portuguese startup?Kooli ?is a Portuguese startup that offers a cloud-based insurance platform to connect businesses and insurance companies in a personalized fashion. Kooli combines multiple technologies on its cloud platform which includes AI, predictive analytics, and IoT with legacy technologies being used by their customers. This enables insurance companies to not be dependent on various complex systems and rather get access to a flexible platform that is able to handle all their processes. Kooli cloud also offers flexible API integrations, claims automation, fraud prevention, and data analytics features to further improve business operations and client experience for insurance companies.
Agiliux offers Insurance Digitization
Singaporean startup?Agiliux ?provides a scalable SaaS platform for the insurance industry. Agiliux’s?Cloud Insurance Software?offers catered solutions for insurance providers, agents, and brokers. The platform acts as a core through which multiple tasks are performed by the users. It assists with policy management, claims management, and insurance product development by digitizing the workflow. The startup’s platform integrates with legacy systems and is customizable to the unique needs of the startup’s clients.
7. Insurance Product Development
Low-code development platforms are on the rise. They allow insurance providers to create policies and applications without the hassle of coding. This allows insurance providers to rapidly build and launch new products. Insurance products and applications utilize sensitive information and hence are subject to rigorous testing and quality assurance processes. Low code platforms reduce the risk of vulnerabilities as a result of their predefined architecture and help create functional products on the go.
Nuclicore offers a No-code Insurance Platform
German startup?Nuclicore ?develops a no-code insurance platform. It enables insurance providers to develop new products in a short period of time without having to code. The platform also has features that are used to easily develop APIs of existing software of insurance providers which are then integrated on different platforms thereby improving their product integration. Nuclicore is also system agnostic and is compatible with the system or third-party solutions in use by the client.
Fize speeds up Insurance Policy Data Collection
US-based startup?Fize ?builds a platform for instant insurance policy data collection. The startup’s platform offers services that bring together feature sets required to build websites and apps that use personal insurance data. This enables businesses and insurance providers to gather insurance data over a secure network. Moreover, ready-to-use code snippets enable rapid integrations of new features.
8. Immersive Technologies
The insurance industry deals with complex interlinked processes and numerous critical situations that arise unexpectedly. These complexities have resulted in the insurance industry adopting modern technologies of late to create a better customer experience and improve operations. Technologies that are set to play a key role in the modernization of the industry are virtual reality and augmented reality. These technologies enable remote, cost-effective risk assessments, claims damage assessments, and marketing.
Airborne offers AR-based Damage Assessment
Indian startup?Airborne ?creates an Inspections-as-a-Service (IaaS) platform. It automates traditionally human-led inspection for exhaustive damage assessment in automotive, manufacturing, and insurance. The platform uses industry-specific deep learning algorithms and AR to perform damage assessments with detailed on-screen visualizations and create reports on defect metrics. This enables insurance companies to perform real-time three-dimensional visual assessments.
UprightVR enables Fall Risk Assessment
US-based startup?UprightVR ?develops a virtual reality-based fall prevention solution. UprightVR’s balance assessment system is a combination of their VR headset technology and platform which are used in tandem to analyze patients and assess their risk of falling. This is done by simulating fall scenarios in the headset and then measuring 10 underlying causes of falls based on the patient’s performance. It then generates a risk report that highlights how likely they are to fall. This informs insurance claims purposes and also assists in keeping track of at-risk patients over time.
Discover all Insurance Technology Trends, Technologies & Startups
Emerging Insurtech trends are advancing a data-driven and customer-centric approach. Startups are advancing automation in the industry by removing manual processes with AI-driven solutions. The focus is also on growing the customer base with technologies that make insurance more accessible. Security is also a top concern, as insurance companies seek solutions that allow them to process documents fast while lowering the risk of fraud.
The Insurance Technology Trends & Startups outlined in this report only scratch the surface of trends that we identified during our data-driven innovation and startup scouting process. Among others, cyber insurance, embedded insurance, and IoT will transform the sector as we know it today. Identifying new opportunities and emerging technologies to implement into your business goes a long way in gaining a competitive advantage.
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2023 insurance outlook
Global insurance industry at a crossroads to shaping long-term success
Over the last few years, most insurance carriers have demonstrated remarkable flexibility and resilience in overcoming a host of obstacles, especially the impact of the pandemic and the economic fallout from the Russia-Ukraine conflict. Systems and capabilities were improved, while agile talent and technology strategies paid off. But is the industry ready for emerging challenges heading into 2023 (and beyond)? The road ahead is dotted with multiple hurdles—rising inflation, interest rates, and loss costs; the looming threats of recession, climate change, and geopolitical upheaval; and competition from InsurTechs and even noninsurance entities such as e-tailers and manufacturers, to name a few. This is no time for carriers to be satisfied with the adaptations they’ve had to make.
Instead, they should be building upon the momentum they’ve achieved to maintain an ongoing culture of innovation while making customer-centricity the focal point of the industry’s standard operating model. Our research suggests that they should start shifting their focus from basic operational transformation—such as transitioning to cloud—to fully realizing the value and benefits of infrastructure and technological upgrades; move from responding to the requirements of regulators and other industry overseers to more proactively anticipating and fulfilling distributor and policyholder expectations; and broaden their historical focus from risk and cost reduction to prioritize greater levels of experimentation and risk-taking that drives ongoing innovation, competitive differentiation, and profitable growth.
Here are some of the key findings from Deloitte’s?2023 insurance industry outlook:
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Inflation hampers nonlife profitability even while boosting prices, top-line growth
While property-casualty price hikes were among the drivers pumping up premium volume and sending US consolidated surplus over the US$1 trillion mark for the first time, inflation is driving loss costs even higher and faster in most markets, undermining underwriting profitability. As of May 12, average replacement costs were up 16.3%—nearly twice the Consumer Price Index rise.
But opportunities abound for proactive nonlife players?
The reinvention revolution in the small-business insurance market, the global transition to green energy and related insurance products, coverage for emerging exposures among intangible assets such as cryptocurrency, nonfungible tokens (NFTs), and virtual activities on the metaverse, all point toward plenty of room for growth.
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Life insurers transformation likely key to sustainable growth
The pandemic-driven surge in premium growth since 2020 appears to be waning driven by obstacles like inflation-driven disposable income pressure and financial market volatility. Carriers should respond to economic pressure and COVID-19–related uncertainties with proactive measures like doubling down on their pandemic-spurred digital enhancements, introducing new products, services, and distribution options, or by seeking out previously underserved customer niches.
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Group insurers are getting innovative amid shifting dynamics
To facilitate portfolio expansion, many insurers are beginning to develop partnerships with other providers as well as third-party vendors. Development of “as-a-service” solutions offers another potential competitive advantage group insurers can explore.
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Insurers are reinventing workplace strategies and culture as talent war intensifies?
Forced virtualization of work during the pandemic has fueled revolutionary changes in employee expectations and upended many traditional employment models. Carriers may struggle to fill and retain their workforce through 2023 unless there are some novel changes implemented to underlying culture that help these organizations to be potentially simply irresistible.
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Technology infrastructure has improved, but focus needs to shift to value realization
Many carriers are benefiting from the technology transformation being driven by InsurTechs, especially the point solutions offered by enabling startups in underwriting, claims, and online distribution platforms, among other customer-facing functions. In terms of cloud adoption, insurers should start integrating their systems and data while leveraging cloud capabilities to achieve greater customer-centricity.
Focusing on micro improvements utilizing industry cloud applications specific to their business could be a great next step.
Time to make environmental, social, and governance (ESG) a competitive differentiator
Insurers are likely to be judged not just by plans laid out in their annual sustainability reports, but by how their initiatives actually limit the impact of climate change and other nascent systemic environmental risks while addressing carbon emissions at the source; diversify their leadership and workforce; enhance inclusivity of their products and services; and increase transparency and accountability in their governance structures.?
More needs to be done to step up diversity, equity, and inclusion (DEI) efforts
While many insurers are taking steps to diversify their workforce, large gaps remain in the industry as a whole—particularly at the executive level. Much needs to be done in diversifying their workforce and customer base, increasing access to insurance products and services in underserved communities and market segments, making a wider range of voices heard in leadership circles, as well as creating a more inclusive organizational culture.
Top 10 Most Trusted IT Companies in India 2023
Here is a list of the top 10 India-based IT companies to work with in the year 2023
Finding top IT companies in India is as difficult as developing websites.
Information technology drives innovation and development is the path to business success. Innovation in business has the same impact that steam had on the industrial revolution. In fact, it’s hard to imagine any business that has not benefited from the digital revolution. Even something as hands-on as agriculture uses computers. Farmers use computers for production records, financial planning, research on technical issues, procurement and many more.
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Nowadays the formula for business success is simple: drive innovation with information technology. So, the first thing startups in any industry try to figure out is how to make smart IT recruiting choices. Without the backbone of IT companies, a business is not going to go far. But finding top IT companies in India is as difficult as developing websites.
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To save you from the trouble the team of TopSoftwareCompanies.co has made a list of the top 10 IT companies to work with in the year 2023 after analyzing tons of India-based IT service-providing companies using latest technologies. The list is compiled after conducting deep research on custom web development skills, employee count, work experience, client reviews, and many other things before finalizing the list.
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The List of Top 10 Popular IT Companies in India 2023
1. Hyperlink InfoSystem
One of the Top IT Companies,?Hyperlink InfoSystem?is headquartered in Ahmedabad, India, and has offices in the USA, UK, Canada, France, UAE, And Australia. With more than a decade of experience in Information and Technology, Hyperlink InfoSystem has deployed 4500+ Apps, 2200+ Websites, 120+ AI & IoT Solutions, 25+ Metaverse Solutions, 20+ NFT Marketplace, 140+ Games, 120+ Salesforce Solutions with excellent quality technologies and ideas. They always choose quality and as a prominent development company, they adopt modern technologies.
2. Infosys
Infosys is a global leader in next-generation digital services and consulting. They enable clients in more than 50 countries to navigate their digital transformation. With over three decades of experience in managing the systems and workings of global enterprises, we expertly steer their clients through their digital journey. They do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change.
3. IBM
At IBM, they create as technologists, developers, and engineers. They bring together all the necessary technology and services, regardless of where those solutions come from, to help clients solve the most pressing business problems. They embrace an open way of working by bringing a diverse set of voices and technologies together. They collaborate closely, ideate freely and swiftly apply breakthrough innovations that drive exponential impact to change how business gets done.
4. Deloitte
Deloitte drives progress. Their firms around the world help clients become leaders wherever they choose to compete. Deloitte invests in outstanding people of diverse talents and backgrounds and empowers them to achieve more than they could elsewhere. Their work combines advice with action and integrity. They believe that when their clients and society are stronger, so are they.
5. Cognizant
Cognizant holds expertise in engineering modern business to improve everyday lives. They help global businesses discover new ways of operating so they can anticipate and act, as if on intuition. Over the past 25 years, they have built relationships with market-leading companies around the world. They use the expertise that’s been proven and tested around the globe to help businesses get ahead of challenges, sense opportunities sooner and outpace change.
6. Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries. Their 710,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries.
7. Tata Consultancy Services
TCS is a purpose-led organization that is building a meaningful future through innovation, technology, and collective knowledge. A part of the Tata group, India's largest multinational business group, TCS has over 500,000 of the world’s best-trained consultants in 46 countries. TCS combines tech expertise and business intelligence to catalyze change and deliver results.
8. Wipro
Wipro Limited is a leading technology service and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging their holistic portfolio of capabilities in consulting, design, engineering, and operations, they help clients realize their boldest ambitions and build future-ready sustainable businesses. With over 250,000 employees and business partners across 66 countries, they deliver on the promise of helping their customers, colleagues, and communities thrive in an ever-changing world.
9. Tech Mahindra
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates, and Society to Rise. It is a company with 151,100+ professionals across 90 countries, helping 1224 global customers including Fortune 500 companies. They are focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.
10. HData Systems
HData Systems is one of the leading Big-Data Analytics and Business Intelligence service providers for clients around the world. Their main service is based on Data Science technology that helps businesses to grow their business and achieve their goal easily using reports and data from their competitors. They always deliver data and services to their clients that help them to increase their ROI.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.
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The top 10 most promising insurtech startups of 2023
Though almost behind us, the pandemic caused some serious challenges to almost every industry under the sun, especially those that relied on in-person communications. Insurance as a sector experienced no immunity towards this impact. The shift towards digital operations made it yet more tedious for providers to keep up. In-person communications needed to be replaced by digital ones, for instance, online billing, virtual claim, etc.
This trend led to more investments pouring into insurtech. New players are entering the market every day proving the potential it holds in the future. The 2022 market has also seen several unicorns and in this piece, we dwell upon the most talked about startups to watch out for.
The power of insurtech?
As per Technavio, the global insurtech market size is estimated to grow by USD 61756.27 million from 2022 to 2027. This reflects a CAGR of 44.05% in that timeframe. Europe has a major global share in 2022 and is projected to witness a growth of 50%. In 2021, funding in insurtech crossed the USD 14 billion mark reaching 644 deals.
Insurtech is at the forefront of progress in the insurance realm. For instance, they understand the importance of quick and easy information and thus allow 24×7 access via apps and internet-based AI tools like chatbots. Customers feel more engaged and satisfied with advanced and streamlined services. Improved feasibility due to the reduction in overheads is another advantage. This also comes with enhanced personalization leveraging smart tools and software. Traditional insurance providers like Geico, State Farm, and Liberty Mutual have increasingly adopted technology solutions to cater to evolving consumer expectations.
Innovations that drive insurtech?startups
Technological advancements have been a blessing and they are broadening the scope of what businesses have to offer. Some key technological innovations that have contributed to the growth of insurtechs are:
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?Insurtech startups to look forward to in 2023:
CEO: Joao Cardoso de Jesus
Funding round: Series A
Reported funding: USD 24.5 million?
Lovys is an insurtech firm that gives back control to customers. It majorly works within the personal P&C space and offers subscription-based, simplified offerings. It provides the best offerings to its customers. It is backed by Fin TLV, investors in unicorns such as Hippo, Next and Unqork. The Paris-based insurtech is expected to provide enhanced service offerings in the upcoming year.
CEO: Tom Old
Funding round: Unknown
Reported funding: USD 9.3 million
The company is aimed at anyone dealing with real estate. For instance, buyers, sellers, landlords, property businesses, and more. A certified B-Corp, the platform enables customers to transfer bills and buy insurance. A single-app-based platform is accessible to customers enabling them to enjoy their different products.?
CEO: Maria Enrica Angelone
Funding round: Series A?
Reported funding: USD 17.1 million
An insurtech startup that grabbed USD 12 million in July this year. The company aims at identifying emerging risks. It protects its customers against risks related to the development and improvement of new technologies. New innovative product offerings are expected from this insurtech player in the near future.?
CEO: Nader AlSalim
Funding round: Series A
Reported funding: USD 20 million
Nader AlSalim founded Gaia through his experience with the uncertainties of IVF. The firm provides protection against the failure of IVF treatment. Emerging technologies and innovative services are on the way from this player.
CEO: Jihan Abass
Funding round: Seed
Reported funding: USD 5.5 million
Based in Kenya, Lami’s API platform is an end-to-end insurance solution that allows fast distribution of insurance products. There is plenty of scope for the company to grow in this area with very little legacy compared to other markets. It can penetrate underserved markets and find out undiscovered solutions for clients.?
CEO: Jonathan Hatzor?
Funding round: Series A?
Reported funding: USD 17.5 million
A Lloyd’s Lab alumni, Parametrix caters to businesses for cloud outrages. It also provides cyber and parametric insurance. This company, led by Jonathan and the team works hard on getting big-hitting partnerships. The team is giving its best efforts to establish its position in the market with the IMA Financial and Sompo deal.
CEO: Alisa Valderrama?
Funding round: Unknown
Reported funding: USD 9.5 million
Founded in 2019, FutureProof’s platform enables carriers to attack an issue that seems to get worse with every passing year. Climate-related catastrophes destroy assets. Customers under business and personal lines are losing big chunks of assets every year. The team is focused on helping insurers with pricing strategies.?
CEO: Tobi Taupitz
Funding round: Series A?
Reported funding: USD 22.9 million
This insurtech startup has established itself in the mobility space. Having recently expanded into the Netherlands, it is bringing its products to the personal and commercial spaces. As an avid market player, it makes processes more seamless and manageable with its efficient and scalable solutions.?
CEO: John Warburton
Funding round: Series A?
Reported funding: USD 4.8 million
It is one of the newest players in the commercial insurance space. Their tech-first approach is focused on reinventing broking. In early 2021, it was named one of Insurance Business’s Fast Brokerages 2022.?
CEO: Guillaume Bonnissent
Funding round: Seed?
Reported funding: USD 1.1 million
With over 20 years of experience in the insurance industry, CEO Guillaume Bonnissent comes with a wealth of expertise and knowledge. Quotech is also backed by Convex. It is expected to provide advanced solutions in the upcoming year.
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CONCLUSION
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As we come to the end of our list of the most promising, high-growth insurtech startups, we see this space is well-poised for growth on the back of cloud computing, escalating adoption of predictive analytics, and augmenting demand for improved customer services. These companies are focused on technology and data analytics to provide competitive offerings to consumers. Emerging trends in this realm are also contributing to the data-driven and customer-centric approach. Startups in the industry are advancing automation by getting rid of manual processes with a robust AI-driven approach.
With the rise in insurtech funding, we can expect new offerings and more innovation in this multi-billion-dollar industry. The sector is expected to adopt new technologies and attract new clients while retaining the existing ones by delivering cutting-edge solutions in 2023.
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