Insurance technology, or ‘insurtech’, is making this possible.
How big is the insurtech market? A report by marketing magazine Business Insurance found the burgeoning sector secured a whopping $3 billion in new investments in 2015 and it hasn’t gone unnoticed. A few of today’s biggest players in the space, like Aviva Canada, are proving how legacy companies can adapt to digital disruption in the field and thrive in the process.
Comparable to the way fintech startups transformed the banking world, ‘insurtech’ companies have set their sights on disrupting the insurance industry. Our friends at Aviva Canada are showing their support for new-age businesses in the industry by sponsoring a new program that will help six startups at the DMZ grow through our very first insurtech accelerator.
Although many applied for a coveted spot in the program only a few were accepted. The following six startups made the cut and we’re very proud to announce our very first cohort, which will spend four months perfecting their products and improving their services with access to sales support, mentors and a chance to pitch to a £100M fund. At the end of the program each company will participate in an industry ‘Demo Day’ where they’ll have the chance to pitch their company to executives at Aviva Ventures for an investment opportunity.
An advanced and comprehensive app for motorcycle riders that includes social features, theft detection, and safety technology that can automatically detect a motorcycle crash and notify a rider’s loved ones about their location in case of an emergency.
This company helps turn internal paper-based processes into highly converting, customer-friendly experiences. “Smart forms” act as a personal assistant: creating unique paths for each customer by removing or adding questions only when they’re relevant. Once the information is captured, FormHero automatically finds, fills out and delivers an organization's existing paperwork.
This AI-backed, on-demand insurance platform makes obtaining travel insurance quick and easy. Signing up takes less than two minutes and coverage can be turned on or off anytime, meaning users only pay for what they use.
Knote: This app redacts, compares, and automatically summarizes any text document, saving clients time.
Creating the world's largest connected vehicle services platform, the company’s technology schedules service reminders and diagnostic alerts to encourage best practices for staying-up-to date with maintenance issues, reducing claim severity monitoring mileage, which determines warranty liability, improves risk management and reduces claim processing costs.
Sumo Insurance Brokers
An AI-powered digital platform that responds to and manages highly repetitive conversations between customers and brokers. With their trained digital assistant, Sumo automates and simplifies the process of buying and servicing personalized insurance policies.
The DMZ is a leading business incubator for tech startups in Canada. They help startups build great businesses by connecting them with customers, capital, experts and a community of entrepreneurs and influencers.
The DMZ is a partner in StartUp Here Toronto.