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Top 5 Insurtech Solution Companies in UK – 2019

The insurance industry stands on the precipice of profound change. Demanding customers, new competitors, and a changing set of challenges are transforming the industry. The looming impact of digital distribution, and the growing role of technology combined with an aging workforce is creating significant turmoil for the insurance landscape. The recent technological advancements in the insurance industry have set the digitalization journey in motion for the incumbent insurance companies.

The digitalization trend is driving a change in the business models of insurers, creating new InsurTech partnerships through disaggregation in the insurance value chain. As IoT and data analytics are making inroads in the insurance tech, the present insurance marketplace is witnessing the rise of a myriad of technologies. Against the changing landscape, insurance companies are now looking at blockchain, augmented reality, artificial intelligence (AI), and robotic process automation (RPA) to streamline their business processes and operations. As applications of AI become more common, insurers are using AI to automate complex and high-risk processes such as property assessment, fraud detection, and claims verification and processing. Simultaneously, augmented reality (AR) is becoming a preference for marketing and training processes of the insurance providers. Companies are now able to directly communicate with customers and bring services to their fingertips through mobile apps.

Insurance CIO Outlook has compiled a list of Insurtech Solution Providers in UK to guide organizations in harnessing the power of technology in insurance landscape.

We present to you Insurance CIO Outlooks’ “Top 5 Insurtech Solution Providers in UK – 2019.”

Top Insurtech Companies in UK

Being at the intersection of insurance, finance, and IT, finance automation solutions company Phinsys bridges IT and finance. As the finance teams have little awareness of what technology works best for them in the current age, Phinsys completely understands their finance, actuarial, and underwriting needs from an IT perspective. Phinsys offers a unique suite of technology solutions that helps an insurer’s finance department report accurate data in a timely manner and improve their value add to the overall business growth. The company differentiates with its simple and flexible approach to deliver IT innovation to the world of finance in the insurance industry

phinsys.com

UK-based company Software Alliance is on a mission to digitalize insurance companies by offering Mo.net, an innovative financial modeling and calculation platform designed to support the emerging needs of next-generation insurers and tackle the legacy debt of traditional insurers. The platform allows insurance companies to undertake complex tasks related to financial modeling and analysis in highly flexible and cost-effective ways. As a code-based platform, Mo.net helps companies migrate from proprietary systems and closed architectures to a service-oriented open platform designed for the cloud

softwarealliance.net

SSP

SSP

A leading global supplier of general insurance software, helping insurers and brokers to operate more efficiently with self-sufficient insurance technologies. With SSP’s self-sufficient product line, insurance providers can assume control of their trading software and be more agile in reacting to market changes. Having started its journey as a broker software provider for High Street SMEs operating in the areas of the commercial and business credit line along with risk management, operational controls, compliance, and asset quality (ROCA), SSP has become more than just an intermediary trading software provider in the UK today. The company is now deemed as one of the leading global software providers for the insurance industry across the UK, Africa, the Caribbean, and the Asia Pacific, with over a hundred customers

www.ssp-worldwide.com

VIPR, a UK leading software insurance provider, specializes in developing products that help the industry generate powerful data. VIPR specifically focuses on the end-to-end management of delegated underwriting, from initial third-party approval through to the provision of rich management information (MI), to ensure the industry can make the best business decisions. The majority of VIPR’s clients work within delegated authority business, where the insurer devolves authority to third parties to accept risk and write policies on their behalf. This creates a requirement for various software solutions to manage the relationship, the data, and comprehensive reports that can capture meaningful MI, as well as facilitate regulatory reporting. VIPR helps its clients in all such tasks

www.viprsolutions.com

360GlobalNet

360GlobalNet

Founded in the year 2010, 360globalnet is an independent digital technology and services that provides digital online platform technology that will revolutionise the insurance claims process. This is done by developing transformational technologies, the products and services and offering to reflect the multi-million-pound investment in a strategic digital vision of insurance, envisioned at the outset