InsurTech Startups London Guide #1 BEST UK INSURANCE STARTUPS London
With the UK seeing record number of investments for scale ups and london being one of the financial centres of the world the rather slow and multi-facted world of insurance technology is finally joining up with it’s not too distant cousin Fintech in terms of new companies bringing new ideas and innovation to the dusty and highly profitable world of insurance.
So to keep track of the hottest insurance technology scale up companiesin UK we’re started this list and will be adding to it each month.
best insurance startups london guide
Cuvva is award-winning insurance that’s hassle-free and fit for the future who have made it easy to get flexible cover in minutes.
Everything is managed in their app, from buying your policy to their – so they argue – unbeatable 24/7 customer support.
Cuvva is backed by leading investors, including LocalGlobe, Seepcamp, Techstars, Tekton and Breega. And we’re 4.7 on Trustpilot, too
Laka want you to understand what you are buying and have designed their policies so simple and short, you can actually read it.
You pay a monthly fee which is your share of all claims from people like you. No claims mean your share is zero.
If it comes to a claim there are no more surprises they work with you towards a common goal: get back what has been lost and fix what has been broken and only get paid when they deliver on this promise.
Cytora transforms underwriting for commercial insurance by using solutions, insurers of any size can underwrite more accurately and efficiently, improve underwriter productivity and drive profitable growth.
Cytora is a trusted partner to global insurers, backed by leading venture capital, and supported by builders of some of the world’s most successful technology companies.
With a world-class team of experts in machine learning, risk modelling and strategy, Cytora is powering the future of commercial insurance.
Nimbla is a digital insurance platform designed to protect small and medium-sized businesses against insolvent and late paying customers.
With Nimbla’s unique technology, businesses can check a buyer’s ability to pay and insure individual invoices against non-payment in a fast and affordable way.
Homelyfe say buying and managing insurance isn’t easy so they’re using technology to make insurance simple and helo you get the right cover, at the right price.
Zego is a worthy new addition to our Insurtech Startups London guide as they give customers top-of-the-range, custom products to explore the full potential of their entrepreneurial spirit.
Insurance for food delivery drivers, couriers, private hire drivers, small businesses, the self-employed and more. Policies available from an hour to a year.
For everyone from carpenters to corporations, Zego delivers more than just insurance: Zego provide peace of mind and flexibility for changing circumstances.
In July 2019 Zego raised $42m in a B investment round which will be used for expansion across Europe and to double its workforce.
The funding round was led by Target Global and other backers included TransferWise founder Taavet Hinrikus
Artificial intelligence to help you perform visual tasks with more speed, accuracy, and scale than ever before.
Tractable‘s AI assesses damage and estimates repair costs in real time. So claims can be settled faster, and livelihoods restored.
Insurtech Startups London
KASKO enables insurers to develop and distribute digital insurance products without tying up internal IT-resources or being bound by limitations of legacy.
Kasko helps innovative insurers to shape the future of the industry. Kasko offer an API-powered agile insurance product and distribution platform that operates between digital customer touchpoints and legacy IT systems.
Thus, Kasko make sure your IT empowers you, rather than restricts you, irrespective of your legacy system setup.
Concirrus‘s Quest platform accesses and interprets wide-ranging datasets, combining them with historical claims information to reveal the behaviours that correlate to claims.
Transforming the commercial insurance market with real-time data and analytics.
The results enable insurers and brokers to more accurately quantify risk; reduce losses and boost profits.
Inspired by the power of new technology and driven by the belief that existing collateral management solutions were over-priced, inefficient, and inaccessible, Cloudmargin decided to change things for the better.
CloudMargin exists to bring effective collateral management to all market participants, regardless of size or status and are trusted by their clients for their industry knowledge, honesty and unwavering commitment to innovation and, as a result, have been on our best insurtech startups london guide since the start.
Wrisk’s core team brings together top class talent from the worlds of insurance, tech and beyond, representing a strong combination of proven skills and passion.
Bought By Many
Bought By Many has been improving insurance since 2012 and have helped thousands of people find cover and created their own innovative insurance products.
Brough By Many launched their unique pet insurance in 2017 and designed their policies using over 40,000 comments from owners.
As a result, their insurance has features that are new to the market and fix the things people hate about other policies.
In 2019, thousands of pet owners voted us the Most Trusted Pet Insurance Provider at the Moneywise Customer Service Awards.
Their rapid growth has seen co-founders Steven Mendel (CEO) and Guy Farley (CTO) build a team that spans three UK offices, acquire the UK’s leading provider of insurance for exotic pets, work with more than 30 insurers around the world, and win numerous awards.
Anorak say protect what really matters (with life insurance)
Anorak all insure their phones, homes and cars without thinking twice. But insuring our lives is a bit more complicated, so most of us put it off.
This is what Anorak want to sort out – because your death could have a huge financial impact on the people you leave behind.
With By Miles the less you drive, the less you pay.
Traditional insurance doesn’t make sense if you don’t drive much.
With us, a fixed annual cost covers your car while it’s parked, then you just pay for the miles you drive each month.
Flock are a high-energy, London-based startup rebuilding insurance from the ground up and are a great ans very innovative addition to our best Insurtech Startups London guide.
“We believe that insurance doesn’t have to be boring. It can be smart, and powered by real-time data. It can be fully digital. It can even help to make flying robots safer.”Flock
Flock have their roots in academia, arising from research papers at Imperial College London and Cambridge University and have launched Europe’s first ‘pay-as-you-fly’ drone insurance product in 2018, and have skyrocketed since then.
Flock’s digital underwriting platform has unlocked a range of data-driven insurance and risk management products in the drone industry, from their on-demand insurance app for micro-SMEs, to their exposure based enterprise product for the world’s largest drone fleets.
Quantemplate is founded by insurance industry veterans and computer scientists.
Quantemplate exists to help you unlock your data to grow your business and enable digital transformation.
Battleface argue many modern travellers don’t fit outdated ‘one size fits all’ travel insurance industry standards. 21st Century globetrotters need lean, tailored insurance they can access from devices, not faxes.
To resolve this Battleface started battleface to provide travel insurance and services to outside-the-box travellers going to unconventional or challenging destinations and as a result their core customers include freelancers, humanitarians, digital nomads and adventure travellers.
Orbital Witness – Whether you are a FTSE 100 property developer, a first-time homebuyer, or a top real estate lawyer, legal checks on property are complicated. Orbital Witness’ vision is to automate legal risk profiling in real estate – providing an instant assessment of legal issues on land and property.
This is achieved through an intelligent analysis of property and legal data, with their analytics engine being trained to spot key legal issues in a real estate transaction.
If you like our Insurtech Startups London Guide do also checkout our full London Startups Guide as well as our categories guides for Energy Startups, FashTech Startups, AI startups, Blockchain Startups, FinTech Startups, Edtech Startups and GovTech Startups
InsurTech Startups London (11)
What does the terms and expression InsurTech Startups mean?
InsurTech refers to the category of innovative startups and who are applying emerging technologies (such as A.I, blockchain, etc) to improve the insurance category by increasing efficiency and improved productivity
Is InsurTech controlled by the insurance companies?
No, it’s a free market like any. However, progressive insurance companies will seek to stimulate growth by embracing technological innovations or risk being disrupted as per other industries
Is Fintech and InsurTech the same thing?
Yes. InsurTech can be viewed as a category of FinTech which covers all financial technology utilising new technologies and customer experiences
Is the InsurTech market growing?
Yes, according to Technavio the global InsurTech market is expected to post a CAGR of over 41% during the period 2019-2023