The 2020 Insurtech100 list is now available at www.TheInsurTech100.com and this year it has one big addition – FloodFlash. The rapid-payout parametric insurer joins some of the most exciting companies from the global fintech movement.
According to FinTech Global, the InsurTech (insurance technology) industry has grown massively in the last three years. Startups in this space help the insurance market grapple with some of the biggest challenges it has ever faced. This year such challenges included digital transformation, and how to deliver great customer care post Covid-19. Almost $17bn has been invested in InsurTech companies since the beginning of 2017, according to figures published by FinTech Global.
Booming interest in the sector made this year’s process to identify the leading InsurTech companies more competitive than ever. A longlist of over 1,200 entrants became the final 100 after a long judging process. Judges recognised finalists for their innovative use of technology to solve significant industry problems, and cost savings or efficiency improvements generated across the insurance value chain.
The Judges used the following criteria:
FinTech Global director Richard Sachar said, “Established insurance companies need to be aware of the latest innovation in the market in order to remain competitive in the market post Covid-19 which is heavily focused on digital distribution and increased use of customer data.
“The InsurTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies. Sectors included were underwriting, pricing, IoT devices, customer experience and data & analytics,” he added.
FloodFlash co-founder Adam Rimmer said of the list, “FloodFlash uses tech and data to provide flood insurance to people that can’t get it anywhere else. Plus we’re reducing friction across the supply chain with simple quotes and rapid payouts that take hours rather than months. Put simply, it’s not a big surprise that we made the list this year, just a big honour.”
To find out more about more about our award-winning parametric flood insurance, visit our homepage.