Chicago’s tech companies have a knack for shaking up established industries with new and innovative ideas and solutions. Fintech and healthtech are two major areas of disruption, and insurance technology –– or “insurtech” to those in the know –– looks like it could be next up.
From making it easier to get homeowners insurance to streamlining auto claims, here’s how 10 Chicago tech companies are disrupting the insurance industry.
Arity, a startup launched by insurance giant Allstate, is using big data and predictive analytics to help companies better understand and serve drivers. Its software development kit integrates with mobile apps to gather driving data, helping insurance companies more accurately assess individual driving habits and risk. Arity also offers app integrations that aid drivers, like roadside assistance features and vehicle diagnostic programs.
DataCubes Inc. is using data science and artificial intelligence to create a commercial underwriting platform. The platform eliminates manual admin tasks that take up a significant amount of an underwriter’s time. DataCubes helps commercial insurers provide customers with quick and accurate service while enhancing productivity and reducing loss ratios.
HealthJoy is a benefits platform designed to help employees make the right healthcare choices. An all-in-one service featuring an AI virtual assistant, the platform guides employees through plans as they answer questions. The app features benefits, summaries, claims information and a convenient digital wallet, keeping all insurance cards in one place for easy access.
Kin Insurance is taking a new approach to homeowners insurance. Instead of asking users for info on their homes, the startup gleans publicly available data to fill applications automatically. All the user has to do is enter their address and then choose between coverage options. Kin Insurance recently launched its first market, Florida, and expects to be in all 50 U.S. states by the middle of 2018.
Origami Risk is an enterprise software company that provides integrated software with a variety of options ranging from claims and underwriting products to analytics and data tools. The platform is designed for risk managers, TPAs, pools and captives, carriers and insurance brokers and can be configured to take on a business's individual challenges.
Snapsheet is out to change the auto insurance industry by making the claims process more efficient. It does this by building white-label apps that allow drivers to file claims using their smartphones. In addition to consumer apps, the company builds proprietary software designed to cut turnaround times for carriers.
Snapsheet says that, on average, companies using its software close claims in 2.5 days and deliver repair cost estimates 2.7 hours after drivers upload accident photos.
Arturo is an artificial intelligence company that provides predictive data technology for markets including insurance, reinsurance, property and casualty, REIT and PERE. Arturo’s predictive modeling helps companies understand patterns that aid in determining risk.
Helping companies save money on workplace insurance claims is what Aclaimant is working on. Its app and hotline let employees report on-the-job incidents, property damage and near misses over the phone. Company administrators can manage and monitor the progress of these claims through a single web portal. Aclaimant says companies using its platform can cut business insurance costs by up to 40 percent.
FRISS is a risk, fraud and compliance automation company that creates solutions for claims, special investigative units and underwriting. The AI-powered software detects insurance fraud in claims and identifies high risks automatically. The company is creating solutions that will provide fairer insurance premiums globally.
Buying small business insurance can be a complicated process because policies need to be tailored to specific industries. Insureon has been working since 2011 to make this coverage easier to acquire. The company offers plans for just about every type of small business out there, with quotes delivered in 15 minutes. Since its launch, Insureon has helped 200,000 small business owners across 750 different industries find coverage.