16 Insurtechs to Know

The commercial insurance brokerage industry knows it must reduce activities that are not adding value to the customer.

Time and money used on the transactional piece is front and center, and that is why the majority of insurtech startups targeting brokers as buyers are focused on solutions that create efficiencies in brokerage operations, enable greater customer engagement, and drive loyalty and retention. In this infographic, part two of our three-part series, you will find a flavor (this list is not exhaustive!) of startups geared to property/casualty brokerage that seek to arm brokers with solutions to make insurance easier to buy, renew, and make claims on. Check out the graphic below (or above) as you peruse the list.

Enabling Brokers’ E-Commerce Capabilities

These tools are centered around the insured’s buying experience, allowing customers to purchase insurance direct and online, often through a client portal.

Bindable: Cloud-based platform and CRM solution built to support brokers in offering a full retail e-commerce experience to self-directed customers. Bindable is also a nationally licensed multiproduct digital agency, which gives brokers access to a growing suite of online quote-to-bind personal and commercial insurance products.

BrokerLift: Cloud-based platform built to support brokers in offering a full retail e-commerce experience to self-directed customers. Allows customers to quote, pay, and receive their policy documents instantly from brokers’ websites.

Elagy: Cloud-based platform and CRM solution built to support brokers in offering a full retail e-commerce experience to self-directed customers. Elagy is also a licensed digital agency, which gives brokers access to a growing suite of online quote-to-bind personal and commercial insurance products.

Vindati: MGA offering specialty products for small to mid-sized businesses and an integrated shopping experience for brokers to generate customizable and bindable quotes in minutes for coverages such as contractors equipment, builder’s risk, and farm/ranchowners packages.

Helping Brokers Streamline Rate, Quote, Bind, and Issue

These platforms and tools help brokers better understand their book of business through leveraging data and analytics. While some of these platforms often have a client-facing component, the core functionality is to streamline the broker’s rate-quote-bind process.

Ask Kodiak: Commercial insurance search engine that keeps brokers up to date on carrier appetite.

Bold Penguin: Comparative rating platform matching insurance products to best fit the protection needs of a small business through use of a rules recommendation engine. Enter quote information once and obtain quotes from multiple carriers in real time for small commercial lines.

Highwing (formerly Imagine Analytics): Open data platform for commercial insurance, digitizing the relationship between brokers and carriers to create more efficient, accurate, and transparent ways to conduct insurance transactions.

Lineslip Solutions: Cloud-hosted platform automating critical broker tasks, including quote comparison and placement process. Specializes in streamlining the workflows between the broker and carriers on panel business and associated reporting and analytics.

Terrene Labs: Cloud-based platform that combs the public domain for client risk data to create a near-completed insurance application based on a handful of questions. Uses data fragments from more than 900 sources (insurance-specific, non-insurance, private data sources, etc.) to match coverage offerings for small business property and liability, workers comp, and auto.

Tower IQ: Works with brokers of all sizes to standardize data directly to and from agency management systems to streamline the end-to-end quote to binding process, allowing brokers to better understand their book of business and unlock previously unknown data sets to use to their competitive advantage.

Helping Brokers Automate Application and Renewal Forms and Document Issuance

These platforms and tools automate the application and renewal process for brokers and their clients. These companies help simplify and streamline policy workflow and underwriting processes on the front end.

Botdoc: A secure file transfer service (App or API options)featuring end-to-end encryption without pins, passwords, logins, accounts, apps or software. GDPR, HIPPA, PCI compliant.

Broker Buddha: Cloud-based platform enables simplification of application and renewal processes for brokers via smart forms. For carriers, wholesalers and MGAs, Broker Buddha also offers a quoting platform designed to help underwriters manage, track and prioritize submissions, as well as issue quotes.

ExdionPOD:  Dynamic, P&C industry-exclusive automated policy checking platform designed to eliminate ineffective policy checking workflows and resulting E&O risks. AI that truly understands the P&C policy makes it carrier and document agnostic delivering a clean checklist straight to the CSR’s mailbox.

Glovebox: Application that aggregates policy documents in a centralized location. The app aims to cuts costs by consolidating insureds’ carrier documents into one portal, reducing service call volume to carriers and agencies and improving customer experience and satisfaction.

Indio: Simplifies the insurance application process for brokers and their clients. Indio’s white-label platform digitizes the traditional paper-based application and renewal process through “smart forms” that map communal data points across different forms.

Risk Genius: Applies artificial intelligence and natural language processing to insurance policy review, helping brokers better understand policy language and creating more efficient underwriting workflows.