Insuranceciooutlook
NAU21: Simplifying Insurance Claims through Blockchain Technology

Top 5 Insurtech Solution Companies in UK - 2020

Since the turn of the century, the insurance industry has undergone several disruptive changes owing to the surge in technological advancements and their resultant impacts on the modus operandi of insurers, and payers. Even today, with COVID-19 disrupting conventional operations, emerging insurtech solutions are aiding insurance firms in seamlessly migrating their entire legacy infrastructure and offer their services to customers in a highly efficient, flexible, and secure manner. Additionally, tech-driven offerings are also supporting insurance businesses stay abreast of the newer data privacy and security regulations that are getting more stringent with each passing day as the threat of cyber attacks are reaching an all-time high.

Currently, innovative technologies such as AI, ML, blockchain, and IoT, among others have become mainstays in the insurance arena as they continue to assist leaders in unlocking newer levels of operational efficiencies across multiple facets of their operations. For instance, AI and ML are significantly shortening turnaround times with their ability to recognise and extract actionable insights from large datasets while the fragmented nature of Blockchain is enhancing fraud detection data security measures.

Though the market is brimming with insurtech companies, finding the right one is an arduous task. This edition of Insurance CIO Outlook has assessed and shortlisted some of the most prominent organisations in the industry that solve challenges by implementing the current technologies trends in the space. Through this special edition, we present to you Insurance CIO Outlook’s ‘Top 5 Insurtech Solution Providers in UK – 2020.’

Top Insurtech Solution Companies in UK

Philofacts Ltd is a small, start-up company, offering a totally-electronic data management system to insurance claims handlers

www.philofacts.co.uk

Advantage Go

Advantage Go

Combines core commercial insurance software solutions with revolutionary digital services, enabling (re)insurers to rapidly and effortlessly scale with new business models and products

Flock

Flock

The company has insured thousands of innovative drone operations globally, from agricultural surveyors to NHS medical delivery flights

Risk Solved

Risk Solved

Risk Solved provides a global digital risk management platform for insurance carriers to enhance their portfolio profitability. The software enables insurers, brokers, and MGAs to actively manage their exposure to policyholders’ transferred risks. For insurers, Risk Solved improves their underwriting profitability by an average of 10 percent, whereas for brokers, it helps them to increase customer retention and acquisition, as well to secure improved rates and terms. As a whole, the Risk Solved platform facilitates a single view of the clients’ risk profile. With its easy-to-use functionality, it streamlines the end-to-end risk management process by providing superiors insights for strategic decision-making

SSP

SSP

Leading global supplier of technology systems and software for the insurance industry