A growing set of startups are offering mobile-first products to re-imagine the insurance distribution, management, and claims processes.
Amid the broader boom in insurance tech, startups in policy management, claims, just-in-time buying, and usage-based car insurance are rethinking the insurance industry in a mobile-first world.
Many of these startups are providing a central app to manage personal insurance policies and premiums. A host of these apps that have received venture backing are based in Europe including Knip, GetSafe and FinanceFox. But mobile insurance management is now finding its way to the US. Switzerland-based Knip, for example, is actively hiring for its US expansion, while CoverPocket launched its insurance manager app in January.
Others are bringing the on-demand phenomenon to insurance, providing apps to get micro-duration coverage during airplane travel, usage of a friend’s car or for one’s personal items. In claims, companies such as Snapsheet have created mobile-branded apps to help carriers settle claims and auto repair estimates virtually, while Spex provides a tablet app to digitize the property inspection process for adjusters.
In per-mile insurance, Censio uses smartphone sensors to power Progressive’s rate-lowering app, while smart driving apps by Metromile and soon-to-IPO Octo Telematics provide features including driving scores, street sweeping alerts, and a car health monitor. Insurify, which recently raised seed funding, plans to launch an SMS-based quoting platform using image capture and third party data.
The graphic below breaks down a selection of startups offering or planning to offer mobile insurance services (as many have yet to launch). In aggregate, they have raised $122M across 36 deals. Click the graphic to expand.
Below is a full list of the companies in the graphic broken down by target area. If there are other emerging companies that you think should be highlighted, let us know in the comments.
|Knip||Mobile Insurance Management||Orange Growth Capital, QED Investors, Route 66 Ventures, Redalpine Venture Partners|
|GetSafe||Mobile Insurance Management||Rocket Internet, CommerzVentures, Acton Capital Partners, Partech Ventures, Iris Capital, Capnamic Ventures|
|Clark||Mobile Insurance Management||Target Ventures, FinLeap, ProSiebenSat.1 Accelerator, Axel Springer|
|CoverPocket||Mobile Insurance Management||Founder Collective|
|Brolly||Mobile Insurance Management||Entrepreneur First|
|FinanceFox||Mobile Insurance Management||Salesforce Ventures, Seedcamp, IDInvest Partners, SpeedInvest|
|Metromile||Usage-Based Insurance Apps / Connected Car||First Round Capital, Index Ventures, NEA, Felicis Ventures, SV Angel|
|Censio||Usage-Based Insurance Apps / Connected Car||Bain Capital Ventures, General Catalyst Partners|
|Zubie||Usage-Based Insurance Apps / Connected Car||Castrol InnoVentures, Nokia Growth partners, OpenAir Equity Partners, Magna International, Comporium Communications|
|Automatic Labs||Usage-Based Insurance Apps / Connected Car||Andreessen Horowitz, Founders Fund, USAA, Anthemis Group, Comcast Ventures, RPM Ventures, CDK Global|
|Octo Telematics||Usage-Based Insurance Apps / Connected Car||Renova Group, Equity Fund Pamplona|
|Driveway Software||Usage-Based Insurance Apps / Connected Car||Ervington Investments, AltaIR.VC, Kernel Capital|
|Acculitx||Usage-Based Insurance Apps / Connected Car||9411 Associates|
|Sure||Just-in-Time||ff Venture Capital, OVP Venture Partners|
|Insurify||Insurance Quoting Apps / Virtual Agents||Rationalwave Capital Partners|
|Cover||Insurance Quoting Apps / Virtual Agents||–|
|Root||Insurance Quoting Apps / Virtual Agents||–|
|Snapsheet||Mobile-enabled Claims||Lightbank, Montage Ventures, OCA Ventures, Pritzker Group VC, Commerce Ventures|
|Spex||Mobile-enabled Claims||Borgen Investment Group|
|Livegenic||Mobile-enabled Claims||Ben Franklin Technology Partners|
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