The insurance sector needs to adapt to the demands posed by its users and that is why they have had to use Artificial Intelligence, Big Data or Blockchain, allowing advances within the industry. Digitization has allowed attention to users, allowing online contracts or purchases, originating the reconversion of the offer.
The word Insurtech originates from the combination of two Anglo-Saxon terms: «insurance» and «technology». As far as the Insurtech sector refers to the introduction of new technologies in the insurance sector. This sector is booming in Spain, 35% of Spaniards manage their insurance via mobile and experts forecast annual growth in the next ten years of around 32%.
The advantages offered by Insurtech setups to the client are:
1. Fraud reduction.
2. Control of cyber attacks.
3. Consumer protection, allowing financial stability.
Impulsa Ventures reveals the five most used Insurtech startups in Spain:
– Singular Cover: Customized insurance platform for SMEs and the self-employed. They offer a unique cover to SMEs, freelancers, builders, bars and cafes, restaurants, offices, hairdressers.
– Cleverea: Emerging company that offers mobility insurance (car, motorcycle, scooter, bicycle) and home insurance (for owners, renters).
– Coverfy: Allows you to organize your insurance from your mobile. It offers users an insurer comparator that helps the client to see the prices of the services to be contracted.
– Gocleer: Platform that allows you to choose mobility insurance (car, motorcycle, bicycle, scooter). Quote and payment 100% digital. It offers a “cashback” system for each day that you do not drive the car, being able to recover up to 31% of your monthly payment, month by month.
– Weecover: It offers an insurtech solution at no cost, without development and quickly to integrate insurance into your online purchase or contracting process.
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