THREATINFORMER: Simplifying Cyber Insurance Through Effective Risk Modeling

Top 10 Insurtech Startups Companies in Europe - 2019

Past few years have been a whirlwind for the insurance industry in the European region. While the growth has been low due to introduction of complex products and low-interest rates, many opportunities have also arrived giving a green signal to slightly improve their profit margins. Individuals searching for various ways to invest in assets or plan their retirement are now in need of a future-proof insurance plan that could safeguard them against the market future fluctuations and fluidity.

The major focus of insurtech firms is to understand customer requirements and deliver services to align clients’ needs. Be it through scrutinizing their overall operational workflow or adopting latest technologies such as (AI), cloud computing, internet of things (IoT), and big data, insurtech firms leaving no stone unturned to upgrade their offerings.

AI is one of the technologies revolutionizing the insurance sector. This tech has introduced automation and personalization within the industry through its smart algorithms and data analysis ability respectively. By using highly intelligent AI-powered chatbots, insurtech companies are able to extract and gather the demographic data of customers to meet their needs. IoT is another technology that allows insurance providers to utilize real-time data and improve their business objectives such as revenue recovery and customer service. Furthermore, when combined together, AI and IoT provide personalized data to pricing platforms, enabling drivers to pay less for vehicle insurance and people with healthier lifestyles to shell out less money for their health insurance.

Along with AI and IoT, big data analytics is another technology transforming the insurance industry. By using big data analytics, insurance providers extract a vast amount of data available in their systems and leverage that information to gain a competitive edge in the market. The benefits of analytics further extend to unstructured data. Insurtech firms are made competent by analytics to make sense of unstructured data that come in different formats such as real-time video, social posts, and live blogging.

Today, in this world where interactive content is gaining traction, augmented reality (AR) is one of the distinct technologies reigning in every industry. On the same terms, even insurance sector has adopted AR technique to raise risk alerts, explain insurance plans, estimate any potential damages beforehand, and increase brand awareness. Also, virtual reality (VR), mixed reality, and extended reality are improving the overall experience for both the insurers and insured.

In the last few years, many similar developments have been recorded in the insurance market that is simplifying and bolstering the insurtech landscape for both the parties involved. To help organizations choose the best insurance solution providers, a distinguished panel comprising of CEOs, CIOs, VCs, and analysts along with the editorial panel of Insurance CIO Outlook has selected the Top 10 InsurTech Startups in Europe 2019. These start-ups, while in their nascent stage are bringing in innovative ideas on the surface to reshape the insurance industry.

We present to you Insurance CIO Outlook’s ‘Top 10 InsurTech Startups in Europe 2019’

    Top Insurtech Startups in Europe

  • Cyberwrite's leadership identifies issues and decides to develop a set of technologies and products which would improve the capacity of business owners to purchase cyber insurance policies that are best suited to their needs. Our platform is designed to bridge the gap between the unique, comprehensive underwriter needs and the dynamically and rapidly evolving cyber security world. Our solutions are focused at Cyber Insurance and Cyber Underwriting for the banking industry. The Company adapts its algorithms to each carrier’s policy using a tailor-made workshop based on the cyber profile platform adding value insurance information and consultancy services to achieve the highest accuracy level for each carrier

  • Digital Care offers an array of innovative solutions including protection for mobile devices, repairs, smartphone rental programs, refurbishment and buy-back. Through its rental programs designed for mobile operators, consumers can affordably access the latest smartphones available in the market. The company brings two innovative solutions, Scanbox and MirrorCheck. The former checks the screen condition by scanning the device while the latter checks for cracks on the screen quickly by capturing an image of the screen by placing the device in front of a mirror

  • Data are the resource for digital evolution; KENDAXA puts them to use. The corporate group achieves that as a fast-growing partner for AI-based data aggregation and data profiling as well as digitization and automation of organizational processes, using neural networks, deep learning, and smart data. Based on the continuously growing service portfolio, additional intelligent applications gradually emerge, encompassed within KENDAXA’s platform [KX-DI]. Generally, KENDAXA’s products and services are cloud-based, easily connected to current client systems, and seamlessly integrated into core corporate systems. At this point, KENDAXA has successfully developed service applications for clients in every field

  • ThreatInformer is cyber insurance technology provider that offers clear and actionable Cyber risk data to brokers, underwriters, and reinsurers. Brokers can use ThreatInformer's data to engage with their clients on cyber risk. Underwriters can assess the risk of a specific insured as well as managing risk across their portfolio. Reinsurers can easily manage cedant disclosures, get aggregate data that goes beyond geography, class, and industry, and create a concrete foundation for their Cyber risk models

  • Addactis


    Addactis covers the five continents thanks to a network of hubs, offices, and partners, experts in the understanding of regulations requirements and of the specific needs of insurers and reinsurers worldwide. For over 25 years, ADDACTIS Group has been developing a unique expertise in actuarial consulting, design, and deployment of software solutions for insurers, HR and financial departments, steering, and modeling of occupational risks. addactis® gathers the plurality and the objectivity of global teamwork between its experts’ and business partners’ feedback. Present in 24 locations around the five continents, the company ensures effective and responsive support across the globe

  • B3i


    The Blockchain Insurance Industry Initiative (B3i) is a collaboration of insurers and reinsurers formed to explore the potential of using Distributed Ledger Technologies within the industry for the benefit of all stakeholders in the value chain. They create software applications for their clients, which provide them with a variety of solutions accessible through their network. The company focuses on seeing a variety of applications for their clients to use, which will help to reduce friction across the value chain and also improve the quality of data which the market is so reliant upon

  • Insurance Business

    Insurance Business

    IBA is the provider to the insurance industry of tomorrow. It helps the insurance industry to optimize their customers'​experience within minutes and enables speed to market. It simplifies IT and accelerates digitalization. At IBA, they deliver a combined end-to-end design thinking innovation process in concert with their uniquely architected Cloud-Native Insurance SaaS Platform, IBSuite. The company radically increases any insurance innovators speed to market and increase the ability to automate operations and orchestrate partners around a coherent, innovative customer journey. In addition to its IBSuite, it easily integrates with any system and scales across languages, organizations, and channels

  • Netinsurer


    Netinsurer IT services provide software for insurers and brokers, who want to establish their online insurance channel. Clients can present their products on their website with the software and technology by netinsurer. The company calls it the plug and sell principle. The white-label platform by netinsurer is fully adaptable to the desired Corporate Design and can be integrated on the client’s website. Advanced users in the digital distribution world can benefit from single modules by netinsurer to complement existing solutions. They provide customized software services off the rack and aid in becoming friends with the digitization monster

  • Omni


    Omni:us are authorities in artificial intelligence with access to cutting-edge technology and deep domain expertise. The company is built on an entirely data-driven approach and transforms the way insurers interact with their insured parties. They are a team of leading scientific engineers, academic AI pioneers, full-stack experts led by serial entrepreneurs with strong B2B & corporate experience. Their investors and broad network combine technological, industry, and solution expertise. Together they tackle the world’s biggest and most exciting challenges in dealing with artificial intelligence to build products that address the core needs of leading insurance organizations, reshaping the future of work

  • Openclaims


    Openclaims is on a mission to reinvent insurance. The company believes that a healthy insurance ecosystem is a motor for stability and economic growth in society. Changing customer behavior, unprecedented rapid digitalization, and growing costs create a necessity for fundamental change. They are committed to building a healthy insurance ecosystem. The starting point: a win-win situation for all parties. That's why Openclaims does things differently in its digital repair management solutions for motor insurance. They create one of the best customer journeys for customers as the driver for significantly lower claims and process costs