Insurance is a market that craves for disruption. The old ways of doing insurance does not belong to the modern age anymore, which is very digital and social. This is the main reason why insurance technologies and the insurance technology revolution are becoming more and more active and playing a significant part in the progress and recreation of insurance. On the front of today’s technology solutions, blockchain is the main technology that allows insurance technology solutions, startups and companies to create better and more whole and valuable solutions for the benefit of all industry stakeholders. The following are three insurance startup companies that utilize blockchain technologies to recreate the insurance industry:
Insuranks is a marketplace that ranks insurers. Lemonade is claiming to be the first peer to peer insurance company that was launched in the late 2016 in the US by Israeli entrepreneurs. Lemonade is offering property and casualty insurance and it utilizes an independent algorithm to pay out claims as fast as possible, as long as the terms in their smart blockchain based contracts are met. It is offering home and renters insurance for homes, condos, apartments and co-ops and is headquartered in New York City. Lemonade is based on behavioral economics and uses blockchain technologies and chat bots to deliver policies and handle claims for its users without any middlemen such as brokers or agents. It is currently serving New York, California, Illinois, New Jersey, Rhode Island, Texas, Nevada, Georgia, Ohio, Pennsylvania, Maryland, Iowa, Wisconsin, Arizona, New Mexico, and Washington, D.C.
GetMeIns is an anti-fraud platform that addresses insurance fraud as a moving target by predicting it and being a few steps ahead, technology-wise. It creates a digital footprint for vehicles that are matched with other information in their database whenever a claim is processed. GetMeIns is designed by Click-Ins, a subsidiary of Kasko2Go,
As you can see, insurance is something that is soon going to be disrupted for the benefit of everyone who’s using it, and blockchain technologies might be on the front of this disruption. Be sure to follow these companies and this blog for further updates on the matter.