Some of the UK’s insurers within the insurance sector are centuries old. This brings with it tremendous challenges for traditional insurers looking to evolve and reinvent themselves in the digital age. That’s one of the main reasons why innovative insurance start-ups are rearing their heads, with emerging technologies making it possible to overcome hurdles that traditional insurers cannot.
The burgeoning ‘insurtech’ sector is brimming with disruptive insurance start-ups looking to take the lead in the digital space and improve insurance products, customer experiences, and the way in which customers can buy and manage their policies.
With that in mind, we’ve put the spotlight on some of the leading start-ups in the UK insurance sector that are trying to build new products fit for the needs of millennial consumers and the next generation.
In the last three years since its foundation, Wrisk has gained rapid traction for its one-stop-shop mobile insurance app. Within the easy-to-use app, consumers are required to provide information on their home which can inform their overall Wrisk score and subsequent insurance premiums. Within the Wrisk app, it’s possible to secure insurance protection for multiple items or areas under one insurer, as opposed to seeking separate policies with different vendors. Flexibility has also been key here, with a focus on monthly plans rather than year-long policies.
Established in London, Laka is one of the capital’s leading insurtech start-ups, inspired by the rapidly increasing community of cyclists across the country. With a drive to take more motorists off Britain’s city streets, improving air quality and personal fitness in the process, Laka offers a community-based bicycle insurance product. The maximum monthly premium is £18, but those that live in a region where fewer claims are made by road cyclists will see their premiums cut over time.
Another insurtech start-up that originated in 2016, ThreatInformer was developed with the sole aim of offering cyber risk intelligence to traditional insurers. The platform aims to offer tools for insurers to improve the efficiency of the way risks are written. It fuses data science, threat intelligence, cyber insurance, and incident response to help underwriters and brokers make more accurate, well-rounded security judgments, incorporating additional environmental factors. ThreatInformer was developed and launched from within the CyLon accelerator, which offers programmes aimed at growing emerging cyber businesses. It is the first accelerator of its kind in Europe, focusing solely on disruptive cybersecurity start-ups.
The fourth and final UK start-up in the insurtech sector is Homelyfe, a platform that makes it easier than ever for UK homeowners to manage insurance policies in one easily accessible place. The Homelyfe platform makes it possible to get quotes and policy renewals, as well as manage existing policies under one roof. The platform has its own in-built rating system for insurers and a system that makes it easier for brokers to understand applicants. According to the Homelyfe team, the time taken to obtain home insurance for users has been slashed to just four minutes.