Last week, we published an article related to innovation in the insurance industry and presented ten companies who are taking the lead in disrupting and bringing the sector to the digital world, facilitating the customer experience and improving the products and how people buy and manage them.
With this post, we want to introduce 10 startups which are following the same path in the UK. While writing, we noticed three peculiarities:
1) generally speaking, they are at an earlier stage in comparison with US peers;
2) they provide insurance products in all of the different areas of interest, and
3) they all come from London, which is and will remain the main hub in UK and Europe even after Brexit.
As usual, we point out the fact that the list is not exhaustive but want just to give a realistic picture of the current situation.
Let’s have a look at the companies below:
Anorak is building an automated life insurance advice platform and APIs, which will be integrated by distribution partners. The solutions are powered by data science and machine learning to give people access to tailored advice based on their unique needs about life and their risks. The company was founded in 2017 by David Vanek, CEO, and Vincent Durnez, CTO.
By Miles provides a pay-per-mile car insurance product. Co-founded by James Blackham and Callum Rimmer, the company is built around a monthly subscription model which will cover a car when it’s parked and it will only charge customers for the exact number of miles they drive.
Digital Fineprint provides insurance companies with a machine learning technology, predictive modeling and social media analytics platform to increase lead generation and product upsell/crosssell. The solution also generates actionable insights for marketing, underwriting, and risk. Led by Erik Abrahamsson, CEO, Digital Fineprint was launched out of Oxford University, and accelerated by Allianz and Accenture. The company works with insurers such as Hiscox, MetLife, QBE, and Allianz.
Digital Risks is a digital-first insurance provider for technology and media businesses. Co-founded by Cameron Shearer and Ben Rose, the company has developed proprietary software that automates the entire process of buying and managing insurance. Rather than providing a price comparison service, or consolidating the customer’s risks to a single underwriter, the platform considers risks individually and places them with the most suitable provider with a flexible monthly subscription model, suited to today’s digital-first businesses. Clients can pay monthly and modify or cancel their cover at any time.
Flock uses real-time data to intelligently price and sell insurance. Led by CEO Ed Leon Klinger and Founder Antton Peña, The company recently launched its first product, “Flock Cover”, an on-demand insurance and safety app that allows drone pilots to insure their flights from their smartphone. The app aggregates real-time data, including hyperlocal weather conditions, population density, proximity to high-risk areas (such as airports), and more. Algorithms then analyze this data to quantify the risk of any given drone flight in a matter of milliseconds. Flock Cover converts this quantified risk metric into an intelligently and fairly priced insurance premium, allowing pilots to purchase hourly insurance policies for their flights.
Over 1,000 commercial drone pilots now use Flock Cover.
FloodFlash is a startup that offers a new way for customers to insure flood risk. Co-founded by Adam Rimmer and Ian Bartholomew, the company has developed a tech-led approach that makes flood insurance available to everyone, including those with the highest flood risk. A FloodFlash policy pays out a pre-agreed, fixed sum as soon as a pre-defined level of flooding occurs. The flood triggers an internet-connected water-sensor and the payment is made immediately to the policy holder. The FloodFlash policy is an example of parametric or “event-based” insurance: settlement is made based on a pre-defined triggering event as opposed to the cost of damages.
Homelyfe provides a property insurance product for buyers to cover themselves against losses in the case of a sale/buy falling through reimbursing expenses up to the amount of £2,250. Led by CEO and co-founder Peter Goodman and Andrew Craven, the company is also developing home and travel insurance products.
Insurami is a tech-first insurance platform redesigning protection for landlords. Led by CEO Majed Chaaraoui, the company provides protection as a traditional deposit but without holding tenant funds. which can help landlords attract a wider client base.
Urban Jungle provides home insurance products for the UK’s fast-growing population of urban renters and sharers. The company was co-founded in 2016 by Jimmy Williams and Greg Smyth.
Wrisk is a London based startup that aims to offer insurance connected to our personal lives and devices making it as easy as possible, for as many as possible, all in single app. Founded in 2016 by Niall Barton, Wrisk recently signed a partnership with BMW to become the sole supplier of BMW and MINI Car Insurance in the UK.The deal includes seven days’ free insurance with the purchase of any new or used BMW or MINI vehicle through the BMW and MINI UK network. Wrisk also offer fully comprehensive annual car insurance for customers who wish to continue their cover beyond the 7-day free cover.