From car to home to life insurance, you will see this industry transform over the next 10 years. Insurance is needed, and let's face it required for so many things. Technology is reshaping the insurance industry and driving innovation and change. This industry will be striking a balance of incorporating the necessity of adopting technology and innovation with the human touch.

Insurtech or Insuretech, made up of the English words Insurance and Technology, results from the convergence between digitization, disruptive innovation strategies and the insurance sector.

Top Trends In The Insurance Sector In 2022

Cover Genius’ vision is to protect all the customers of the world’s largest digital companies. Cover Genius is one of the fastest-growing insurtechs globally and ranked #1 by the Financial Times as the fastest-growing company in the Asia Pacific in 2020. Our partners, including Booking.com, the largest travel company globally, Shipstation, Automatrix, AXS, eBay, and many more utilize Cover Genius to sell millions of policies per year in the 60+ countries and 50 US States where Cover Genius is licensed as an MGA or carrier.

Cloud Insurance is a web-based core insurance system with extensive policy and claims management capabilities. The Cloud team consists of young techies, ex-consultants and heavy hitters from the finance and insurance industry. They have an international mindset through previous experience in global companies in the tech, finance, insurance and consulting sectors.

Sprout.ai is a software company that has developed AI-based software that enables insurance claims to be settled within 24 hours. Specifically, it uses natural language processing and optical character recognition to understand unstructured insurance claim data. It then combines this with real-time external data such as weather, geolocation, business and medication information to automate claims or escalate them for further human analysis.

If you attended InsureConnect 2021 you would have seen UrbanStat. UrbanStat helps P&C insurance carriers to improve their loss ratio by up to 7% with geostatistics and machine learning. The impact of insurance companies'​ bottom line is drastically improving their underwriting processes, uncovering new truths with their machine learning proficiency, and empowering decision-makers with comprehensive real-time reporting capabilities.

Another company revolutionizing the insurance industry is Chisel AI Artificial. This company provides commercial insurance brokers and carriers with real-time data that boosts sales, reduces human errors, and increases customer satisfaction without adding staff.

We can talk insuretech without mentioning Zego! Zego is a global insuretech business providing flexible commercial insurance for businesses and professionals. Zego was created by people who come from the on-demand economy. While working for Deliveroo, Harry and Sten saw their insurance constrained how drivers wanted to work flexibly. Drivers working ten hours per week were paying the same as those working sixty hours - as a result, the cost of this required insurance was too high, and flexible working wasn’t relaxed at all. You can also find them on the Global Unicorns To Watch list for 2021. At the Insuretech Insights Europe trade show, there'll be over 580 companies in attendance; you might want to check out these fast-growing companies who've been making a name for themselves in the insuretech industry.

Another fast-growing company to keep your eyes out for is Toffee Insurance. Toffee Insurance is insurance for the new age. They are an all-digital insurance company that provides simple, digitized policies built to fit your lifestyle.