Paul Revere never said, “The British Are Coming.” But if he were here today, he might be yelling, “The InsurTechs are HERE!” Or maybe he’d tweet it. Either way, it would be good news because the InsurTechs are bringing innovative concepts to the insurance world and beyond. And their influence goes well beyond technology.

There are perhaps hundreds of so-called InsurTechs - typically startups that offer point solutions (or concepts) using innovative designs and technologies. Here are a few examples:

Drive Spotter is targeted at vehicle fleets and uses real-time video analytics to help fleet owners manage and improve vehicle fuel usage, safety, and upkeep. With autonomous vehicles developing rapidly, this technology has interesting possibilities.

Roost makes smart alarms (water, freeze, smoke, and CO2) and smart batteries to retrofit older detectors, making them Wi-Fi compatible and adding functionality. One of their taglines is, “No more 3 AM chirps!” Many of us can relate.

FitSense uses data from apps and wearables and other devices to create specific customer and risk profiles. According to the company, it is intended to allow carriers to “offer the right kind of protection at the right price.”

ViewSpection is a do-it-yourself mobile app which streamlines the inspection process for P&C insurers covering residential and commercial properties. It reduces the inspection time costs through self-service.

And there are many others - everything from drone-enabled analytics to driver safety apps. As is to be expected, some won’t make it; others will. Some will pivot and reinvent themselves along the way. As this unfolds, their very presence is creating a wave of energy around innovation. In effect, this is crowd-sourcing innovation for the insurance industry, benefiting carriers and policyholders.
You can see some InsurTech innovations in person at the IASA Annual Conference starting June 4. Nolan will be there of course; we are once again sponsor the Chief Operating Officer Roundtable, and I have had the pleasure of serving as IASA President this year. Regarding InsurTech, the program includes numerous educational sessions and super sessions dedicated to emerging technologies and the InsurTech phenomenon. A new session called “IASA Tech Tank” will offer a high-energy look at a few InsurTech participants from the Global Insurance Accelerator (GIA). An expert panel will ask tough questions, and the panel and audience will select their favorites in a format similar to the TV show Shark Tank. 

Join us in Orlando this June and get up to speed on what’s rapidly emerging in the insurance technology space!