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 five Chicago tech companies are disrupting the insurance industry.
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.
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 into mobile apps to allow smartphones to gather driving data. This lets insurance companies more accurately assess individual driving habits and predict risk. Arity also offers app integrations that aid drivers, like roadside assistance features and vehicle diagnostic programs.
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.
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.
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.