As the proliferation of technology expands across industries and the trend of disrupting traditional sectors continues worldwide, seeing news about ‘Unicorn’ businesses is becoming a daily occurrence. A lot of the time, it’s nothing more than hot air. VC funds and tech media outlets try to promote businesses and label them as ‘revolutionary’ just to generate interest, clicks, and users. However, there are some businesses that justify the hype and in this insights article, we’re going to focus on insurance firms that absolutely deserve the buzz that they’re getting.
The insurance sector is quickly changing as smaller and more agile players, with user-friendly tech, are vacuuming up users who have been left cold by the traditional players. But that doesn’t mean that big hitters aren’t responding with their own efforts to innovate.
To highlight which insurance firms are making the biggest strides in the insurance industry, here are some of our favourites.
Elon Musk seems to be at the heart of everything exciting at the moment. His most successful venture to date, Tesla, is showing exactly why.
The Model 3 has recently been announced to be the third most popular car in the UK in August. Its rocketing sales have been reflected across Europe and the US for the Californian based manufacturer.
As a result of huge business growth, the company has announced what the insurance sector has long expected. An in-house insurance product that utilises the data captured by the cars, to deliver accurate car insurance deals.
Though this is an incredibly innovative move, many car insurance firms will be worried due to the fact that more ‘connected cars’ will enter the market and other manufacturers fancy a piece of the insurance pie.
When a business is acquired for $2.35 billion, it would be fair to say that the team has done a pretty good job to grow a company.
Assurance IQ received the money in August 2019, as a result of its success in recent years and exponential growth potential in the future.
The platform offers users the opportunity to get cover for everything they need, in one place and in a single app. Thousands of remote consultants, who effectively work for themselves like Uber drivers do, provide bespoke and personal support to users looking to simplify and centralise their insurance.
The business is expected to take on the global market. This comes after huge success in the US and the securing of its billions of dollars.
There is big business in the transfer and trading of risk. Akinova is one company making huge strides in this area. The platform allows users to trade and transfer insurance risk in a simple and effective way.
The business has also recently partnered with OpenFin to allow for greater deployment of its platform.
Three of thousands
The insurance industry doesn’t get as much attention as others. Many consider it to be a dull area of business. Who grew up wanting to be an insurance salesman after all?
However, the truth is that the technology and talent within the sector are developing rapidly. It won’t be long before we’re all using some form of insurance platform as regularly as we use social media.