Just a week shy of our Virtual Insurtech Summit, to air Wednesday, May 6th, I attended the virtual Demo Day of the Hartford Insurtech Hub on Tuesday, April 28th. As the host for our upcoming Summit, I’ve spent time with our speakers as we prepare for our event and have gained the benefit of their insights about innovation in this space. With this in mind, I was particularly interested to see how many of the Hartford Insurtech Hub startups would reflect the innovations our experts foresee for the industry. You’ll have to wait to hear from our experts to learn more but for now, I have highlighted 5 startups below, from the Demo Day, that are most applicable for the P/C Industry.
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Of the the eleven startups participating in the Hartford Insurtech Hub accelerator, powered by Startupbootcamp, the following offer solutions for direct impact to the P/C industry:
Stable Insurance digitally delivers ride share insurance for the mobility industry. Offering solutions for both the individual driver, and ride share companies, Stable Insurance has developed a data rich platform that automates the underwriting of ride share policies. The resulting policy offers a fair reflection of driver risk to both the insurer and policyholder. Stable Insurance integrates with driver platforms and telematics solutions, offering greater insights and automation for more efficient underwriting and claims processing as well as visibility and support for policyholders.
Mitigateway offers property insurers enhanced home inspection capabilities in order to reduced claims and offer greater prevention strategies to property owners. Offering a mobile solution, homeowners follow the guided inspection instructions, submit photos and receive prevention and mitigation suggestions. Mitigateway reviews carrier claim history to identify trends and unique characteristics specific to the portfolio, tailoring prevention services to each carrier portfolio. This mobile solution allows for greater connectivity to policyholders by offering enhanced communications on other preventative measures such as weather notifications and seasonal suggestions for maintenance.
Edlore digitizes product manuals for commercial equipment and captures all related maintenance, repair and specific parts information. The Edlore platform supports the underwriting and claims process as the 3D solution provides illustration of equipment, replacement parts and documents associated servicing during initial underwriting, and offers additional insights during annual reviews as it captures all on-going service and repairs. During claims repairs, all equipment parts can be ordered directly from the Edlore platform for greater efficiency.
Digisure offers a fully automated, data driven platform for on demand insurance, offering underwriting and claims processing to the P2P and gig marketplaces. Already insuring mobility and rideshare with UBI options, out of the current COVID19 crisis, Digisure has just launched new gig and delivery solutions and has just secured a partner for this coverage.
Allganize utilizes AI and automation to streamline FAQ to assist policyholders seeking quick answers to simple how to’s. The solution Alli extracts those answers from documentation available within your organization more efficiently than human counterparts, so that customer service agents can focus on more important human interactions. According to Allganize, over 50% of insurance inquiries involve procedural questions that can be answered in an automated fashion for quicker resolution and higher policyholder satisfaction.
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