Buying insurance products was often seen as a time-consuming and complicated process, spending hours on the phone on hold as you waited to get through to someone.
Fast forward to 2022 and now there is a different type of insurance shaking up the industry. Enter insurtech, a sector that is expected to reach $172.6 billion by 2030. These digital first solutions utilise cutting-edge technology to offer a more streamlined and user-friendly experience for consumers – whether that’s through apps, AI or data analytics.
With this in mind, we look at five insurtech businesses to have on your radar.
Veygo is a part of the Admiral Group, specialising in temporary and learner driver insurance. Their insurance gets you cover from as little as an hour up to 180 days and once paid for, you can be on the road in minutes. Not only do they help cover learner drivers, but their Veygo Learn App is loaded with learner videos and mock theory tests to put you in the best position to pass your test.
Veygo have also recently launched a dedicated training course ‘Therapy Seat,’ provided by the Samaritans. Driving instructors across the country will receive training to help them recognise signs of vulnerability and start conversations around mental health and where to get support. This is in response to a recent survey that revealed 86% of students open up about mental health to their driving instructor.
Urban Jungle was founded in 2016 by Jimmy Williams and ex-Google developer Greg Smyth. It provides home insurance for renters and homeowners and uses the latest technology to ensure insurance is affordable for their customers, whether that’s through its fully online service or their AI tech which detects fraud – allowing genuine customers to get a better deal.
They raised £16.5 million in a Series A funding round earlier in May and last month they were awarded B Corp status – making it one of only ten personal insurance businesses globally to gain the certification – supporting their mission to make insurance fair for everyone.
Founder Freddy Macnamara came up with the idea of Cuvva in 2013 whilst chatting about lending his car to a friend. It was the first insurance company to sell hourly car insurance policies, and the first to sell policies through an app.
Cuvva specialise in motor insurance. They offer temporary car insurance, for as little as an hour up to 28 days, and you can extend the policy through the app. They haven’t skimped on the detail either, with real human support, and comprehensive cover. Everything is done through the app including documentation and policy buying.
Cycling has become increasingly popular, especially in cities. It’s a cheaper, healthier and more environmentally friendly alternative to cars and public transport, and during the pandemic the proportion of journeys made by bike in London increased by 48%. However, with so many people out on their bikes, scrapes and thefts are inevitable.
Fortunately, Laka is here to help. Their bullet-proof cover protects you against theft and damage, and is very comprehensive. What’s more, the traditional hefty mark-ups of insurance firms of old are nowhere to be seen. 80% of what you pay goes towards helping fellow members who have damaged or lost their bike, and 20% keeps Laka running.
By Miles was founded in 2016 by James Blackman and Callum Rimmer, who had lower mileage drivers in mind. Unlike traditional insurance, which doesn’t make sense for people who don’t drive very often, By Miles customers are charged a fixed annual fee to cover their car whilst it’s parked and then are billed for the number of miles they drive each month.
You will be sent a Miles Tracker in the post that you can easily plug under your car’s dashboard. Once set up you can download the app or use the online dashboard to automatically see the cost of your journeys and access driving tools and reminders.
If you’re an insurance business interested in how we can help raise your profile, get in touch with our team of experts today.