Nearly a dozen startups looking to disrupt the insurance industry with technology such as artificial intelligence have been chosen for the latest cohort of a London programme, backed by Lloyds Banking Group, Allianz, Scottish Widows and Confused.com among several high-profile financial firms.
The 11 early stage startups from nine countries around the world will join the three-month Startupbootcamp insurtech accelerator which will this year, its third, be based in the recently opened startup campus Rocketspace.
They include a farming intelligence software company from Sweden, Cystellar, a platform for sharing economy businesses to verify themselves built in Denmark, Deemly, and a UK startup, ForestCar which lets people rent out their cars while they are away travelling.
The Admiral Group, LV, Munich Re, Old Mutual and Zurich are also among the corporates involved in the programme along with PwC and Route66 Ventures, providing mentoring, funding, networking opportunities and other support.
“Technology has always been a key enabler within the insurance sector, and insurers do invest in those areas that support their growth and deliver operational efficiencies through innovative solutions, making it ever more important that we identify those startups that will most benefit the industry," said chief executive of Startupbootcamp Insurtech Sabine VanderLinden.
"These will range from delivering fully digitised products and services to re-shaping the insurance value chain. I am thrilled to be welcoming some truly inspiring teams into this year’s program, as we continue to build the hub for InsurTech to thrive in London."
London has attracted more insurtech startup funding than any other location in Europe,according to recent figures from Accenture and CBInsights.
The 11 startups were narrowed down from 1,000 applications and analysis of startups from 96 different countries. Here they are:
An agriculture tech cloud-based decision platform that integrates geo-referenced information from a variety of sources. That includes satellite imagery, drone-based surveillance, weather forecasts, ground-based sensors, and other social, societal, political, and economic information in order to provide actionable intelligence to farmers – large and small – at a reasonable cost.
A reputation and social verification tool for P2P marketplaces and sharing economy businesses helping them build trust for their community, ultimately allowing users to take their reputation with them across all their online activity.
3. Derma 4.0
It is developing an algorithm-powered app, which enables customers to perform their regular skin cancer check-ups without visiting a GP/dermatologist.
A predictive AI solution for insurance companies. Their B2B offering is an end to end solution that enables insurance companies to build connected, individualized, smart insurance services and products for customers in the digital age.
A car sharing service for airports. The business offers car owners free airport parking in exchange for renting out their vehicles while they’re away on a trip. ForestCar’s mission is to create a global community of travellers who want to explore the world and contribute to a sustainable future and as such donates a share of their revenues to reforestation.
A system that optimises business to consumer phone call performance. The system improves agents call success rates in the service and claims departments, and also enables sales agents to gain phone responses from those clients they need to access the most.
Analyses a client’s entire insurance portfolio through deep learning, then cross-analyses it with the information the carrier has on the customer to determine when a customer is over/under insured, giving the insurance agent/broker a better tool to cross-sell to existing customers.
It is collecting data from connected cars and delivers data parameters to service providers in a variety of market verticals. The platform fetches data from the connected car and delivers it to the service provider in a standardised format, regardless of car manufacturer and car model.
A smart telemedicine platform supporting a multitude of portable, FDA-approved ECG devices that is empowered by machine learning technology.
provides a scientific and proven way of predicting component or mechanical failure within commercial and industrial environments using a transparent SaaS model. ZASTI’s Deep Learning algorithm, trained and tuned for prediction, allows analysis of wide array of data from multiple sources (sensors, legacy systems, maintenance records).
Offers a customer- and data-centric cyber insurance platform that helps small to medium enterprises mitigate the risk of loss. It provides insights into ways to manage digital risks, while allowing businesses to get the right insurance coverage. It also connects customers with service providers for quick claim service management.