Artificial intelligence is disrupting the insurance industry by making it easier for customers to compare, buy, and make claims to their insurance companies. AI helps cut costs and the middle man when it comes to purchasing insurance. It also allows companies to follow-up with more leads, for customers to get their payout faster, and streamline the industry.
Here are 10 companies leveraging AI to disrupt the insurance industry.
Cape Analytics was founded in 2014 and is located in Palo Alto, California. It has received $14 million in one round of funding from nine investors. The company uses computer vision, geospatial imagery, and machine learning to deliver analytics and data immediately. The data will give instant information of property attributes. The process is streamlined to reduce post binding revisions and streamline the adjustment process.
Tractable has headquarters in London and was founded in 2014. The company has received $9.9 million after two rounds of funding from nine investors. They have learning tools for visual inspection that can work more accurately, cheaper, and faster than humans. When it comes to insurance, the AI checks for unnecessary repairs so experts can review estimates faster. The AI can answer simple questions about what should be replaced or repaired. Tractable works in the medical imagery field as well to recognize symptoms and flags high-risk scans.
Founded in 2015, Galaxy AI is located in New York and has received $800 thousands after three rounds of funding. The company aims to automate the process of the insurance industry. The app visualizes and analyzes the vehicle damage and provides the cost to the adjuster.
Aureus Analytics is located in Singapore and was founded in 2013. The company has received $850 thousand after two rounds of funding from two investors. They use consumer intelligence to help banks and insurers deliver excellent customer experience. Aureus Analytics does this by using predictive analytics and machine learning technologies. Their banking analytics make a big impact on businesses and generate powerful insights.
Founded in 2015, Lemonade is located in New York and has received $60 million in funding. The company provides renters and homeowners insurance that is powered by behavioral economics and artificial intelligence. It takes 90 seconds to get insured and about three minutes to get a payout. The company takes a 20% fee to run their company and pride themselves on being transparent. If they have any money leftover, they donate up to 40% of that money to various causes.
Insurify was founded in 2013 and has headquarters in Cambridge. The company has received $6.6 million after two rounds of funding from three investors. The technology makes it fast and easy to compare car insurance quotes and uses a robot advisor to give customers personalized recommendations. Their platform analyzes millions of records and patterns to match insurance options to personal profiles.
Otherwise is located in Paris and was founded in 2016. They received $1.72 million in the first round of funding from two investors. Their platform gathers people who need insurance coverage to reduce the overall cost of the group’s insurance. This also allows people to share plans with others and talk about insurance issues while saving money. They use behavioral analysis, machine learning, and community management to bring the savings to customers. The technology finds insurance suited to each customers’ needs to save money and tailor that insurance to their situation.
Founded in 2016, SPIXII is located in London and has received $16.98 in funding from a grant. The app is designed to make insurance more personal, easier, and better than before. The company developed technology that is digital, automated, and customer-centric to streamline the insurance process. The app isn’t just for insurance, it can also be used for retail banks as well.
Founded in 2016, Insurmi is a Phoenix-based startup making the process of shopping for life insurance easier. Their technology allows consumers to shop and compare policies from top U.S. insurance companies through an A.I. bot named ‘Ari'. ‘Ari' helps shoppers easily calculate their coverage needs and search multiple companies to find the best deals on a life insurance policy.