These startups are streamlining claims management, a traditionally manual and time-consuming process, by applying AI, telematics, and more.
Digitizing claims management represents a unifying opportunity for insurers to improve operations and maximize customer retention. Even prior to the virus outbreak dominating headlines today, 39% of policyholders who had a positive experience filing a claim were still likely to switch to another provider. This number rose to 65% of people who’d had a negative experience.
Insurtech companies will play a crucial role in digitizing the entire claims process, from first notice of loss (FNOL) to settlement. Using CB Insights’ P&C Claims Management Value Chain Collection, we identified 40+ insurtech startups that are using AI, telematics, aerial imagery, and more to identify fraud faster, increase efficiency, and reduce overall claim leakage.