Insurance across the globe is slowly picking up – with industries growing in both the developed and developing regions. Amongst the developed, one country that stands out is the US – with impressive growth in the past year. It has been observed that sustained economic growth, rising interest rates, and higher investment income have helped the US insurance industry remain amongst the top-ranked globally. Moreover, property and casualty sector is one of the top segments and has seen a 12.7% rise in the first half of 2018.
Though traditional insurance companies will remain the front runners due to regulations and capital required for an insurance license, partnerships with InsurTech startups will allow them to tackle newer business models such as microinsurance and on-demand insurance.
InsurTech companies manage many niche segments of the market, ranging from operating as Distributors/Aggregators, API developers, HealthTech, Online First Insurance providers and IoT, amongst others. After presenting MEDICI Top 21 – InsurTech Awards, let us zoom in on some of these segments to spot the interesting disruptors that are changing the game in the US:
‘Aggregators & distributors’ is considered the leading segment in the InsurTech market that facilitates the comparison of different insurance providers and also provides digital brokerage services. These also include a few personal insurance management apps.
HealthTech-focused startups mainly cater to insurance services related to medical products that use technology to streamline payments, provide insurances to customers in need, and work with doctors and hospitals.
These companies offer insurance products online and connect distributors to insurers. They cater to customers ranging from individual consumers, SMEs, and even businesses in targeted industries.
These companies provide insurance companies with the ability to reduce premiums. They are driving a new era of digital disruption of the insurance markets.
These InsurTech platforms use APIs and white-label technologies to provide solutions by evaluating data, using algorithms, and interpreting customer behavior to match the most suitable products. It also helps in providing insurer flexibility and share services & information with third parties to improve customer experience.
CareCloud, founded in 2009, offers cloud-based health information technology software and services. It helps with claiming submissions, patient billing, patient scheduling, insurance verification, task management, real-time patient flows, clinical summaries, rapid charting, and collective IQ. The startup has raised $150 million in total funding.
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