SaaS startups have become the darling of Venture Capital investors, especially in the Insurance industry. Over the past decade, software has proverbially “eaten the world” and SaaS companies have scaled to become unicorn corporations in staggering amounts of time.
In this article, we are examining 11 VC funded SaaS startups in the Insurance industry.
AgentSync provides cutting-edge technologies for producer management, enabling insurance companies, agencies, and MGAs to develop quickly. AgentSync's products simplify the broker onboarding, contracting, licensing, and compliance processes by reducing friction, boosting efficiency, and maintaining compliance through their customer-centric design, seamless APIs, and automation. Niranjan "Niji" Sabharwal and Jenn Knight founded AgentSync in 2018, and it is based in Denver, Colorado. AgentSync has won awards for being one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, a winner of the Insurtech Insights Future 50, and it is currently ranked 88 in Forbes' list of the 500 Best Startup Employers in America for 2022.
Akur8 is a creator of an AI-driven insurance pricing platform intended to offer insurance firms AI-powered pricing automation and optimization. With the help of cutting-edge insurance pricing algorithms integrated into the company's platform, insurance carriers can increase their profits and gain market share by building pricing models 10 times faster than with conventional solutions. These models can be created and updated in hours as opposed to months.
Ben is a one-stop employee benefits platform that allows any business to customize benefits and rewards. Our trick? combining a contemporary software (SaaS) platform, individual Mastercards for each employee, and financial infrastructure. This is how Ben saves you time and money while adding employee choice to your already existing benefits and enabling access to thousands of more alternatives with Ben Card.
The goal of Ease is to customize and modernize the employment experience. collaborating with sector specialists to offer a single, straightforward solution for payroll, benefits, and HR. By providing workers with a single location to access all of their human resources information, Ease makes it simple to set up and administer benefits, onboard new employees, and stay compliant. More than 70,000 companies rely on Ease for online enrollment and HR. The business is situated in San Francisco, California and was established in 2012 by Courtney Guertin and David A. Reid. Ease was recently ranked among the top 100 best employers in America by Forbes, Capterra, and G2 as well as the fifteenth fastest-growing software company for 2020.
Banks and insurance businesses may use EasySend to swiftly transform paper forms and cumbersome PDFs into digital journeys. EasySend is a no-code platform for creating and improving digital customer journeys that is specifically designed to meet the special needs of international financial institutions and insurance providers. Any banking or insurance use case is supported by the EasySend platform with pre-built components, including end-to-end digital mortgage loans, policy renewals, claims, and user onboarding. EasySend's powerful analytics and optimization engine equips its users to fully understand complicated digital workflows, identify churn-causing issues, streamline procedures, and increase income. Its clever eForms seamlessly interact with any third-party service, including out-of-the-box integration with top CRMs like Salesforce and Microsoft Dynamics, as well as legacy and core banking systems. Since its founding in 2016, EasySend has served over forty enterprise customers, including top financial institutions and insurance companies in the US, Germany, DACH, UK, Japan, and Israel. The company's solution has been adopted by over 90% of the Israeli financial and insurance markets and is quickly growing on a global scale.
In order to provide quick and intelligent claims processing for the insurance sector, Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with inbuilt AI/ML capabilities. By introducing automated workflows for claims processing and leveraging data modeling and AI to generate insightful suggestions, Five Sigma streamlines the claims management process while enhancing adjusters' decision-making and minimizing mistakes. Leading insurance firms utilize Five Sigma's CMS to modernize their claims processes, decrease claims leakage, increase compliance, and boost client satisfaction.
Peach Finance is a SaaS company that provides modern, end-to-end loan management and servicing software for lenders.The platform is built in modern infrastructure, a white-label website, and communications that complement the brand's visuals and voice, with customer care experts ready to assist at any time along with smart machine-learning-based algorithms optimized for debt collection, providing businesses with tools that simplify training, supervision and success analysis, while technology-driven oversight ensures best practices for quality assurance and risk management. The San Francisco, California-based company was launched by Eran Sandler, Edward Oistacher, and Gur Brosh in 2018.
Redkik is a global Insurtech company with the mission to transform and improve the insurance industry for all parties within logistics and transportation. Redkik’s platform eliminates the need for annual and complex insurance policies. Through Redkik’s embedded integration with licensed cargo insurance providers, transport intermediaries can offer their customers on-demand per-shipment, customized cargo insurance when their freight is booked. The team of Redkik has a big passion for innovation and technology, together with great experience and deep knowledge from logistics and transportation, risk management, cargo insurance, machine learning, and software development. Join Redkiks rapidly growing network of global transport intermediaries offering instant per shipment insurance. Redkik brings intelligence to insurance and peace of mind for you and your customers.
For insurers, actuaries, and financial institutions, Slope Software, a Techstars-backed business, offers cloud-based actuarial modeling and risk management solutions. Slope is the first and only actuarial modeling tool that is entirely cloud-based. This cutting-edge modeling platform has a wealth of capabilities that make it simple to create intricate asset/liability models for a variety of insurance and investment products. Numerous actuarial operations, including Pricing, Valuation, ALM, Cash Flow Testing, PBR, and many more, may be supported by the platform with ease. Any insurer or consulting firm can use Slope as a whole modeling package. A simple point-and-click interface is used for model generation and building. Additionally, all formulas are given in plain English and are entirely open source. No expertise of coding or programming is necessary! Every model has controlled and stored assumptions and inputs, which may directly use current data sources like Excel spreadsheets. Model governance and validation are made easier by the tracking and user-visible transparency of all model and input changes. The integrated business intelligence dashboards, which offer aesthetically pleasing charts, graphs, and tables at the push of a button, make it simple to evaluate the results of model runs. The system, which is built on top of Amazon Web Services (AWS), can rapidly scale to meet the demands of each run. Without requiring users to manage any hardware resources, it can run several scenarios simultaneously. Automatic data management, tracking, and consolidation occur. The program is housed in a Virtual Private Cloud and was developed utilizing the most recent web technologies and standards. Sensitive data is encrypted at rest and all other data is encrypted in transit.
Sureify is a SaaS platform for Life and Annuity companies around the globe. Sureify’s sales, customer self-service engagement solution, and their up-sell cross-sell solutions enable life insurers to connect, service, and sell to their new and existing customers using the most life insurance focused platform in the market today. The enterprise platform solution is secure, scalable, and delivers pragmatic features with the basics of the everyday digital life insurer front of mind. The Sureify solution encompasses the consumer-facing web and mobile applications, automated messaging and self-service platform, agent engagement console, marketing dashboard, underwriters data platform with analytics and reporting for executive overview. Sureify also can be implemented right on top of existing core systems and CRM systems while integrating with existing contact center platforms, customer apps, and most life insurance emerging and traditional 3rd party applications. All this is supported by Sureify’s Customer Experience team to ensure best practices, ideation, configuration both inside enterprise and end-user digitalization. Life insurers use the Sureify platform for direct and agent digital sales, policyholder service and self service, new product education and marketing, churn reduction, upsell cross-sell, and complete digital tracking of policyholders. The time is now for the life and annuity insurer.
UpGuard's proprietary technology tests an organization's IT infrastructure both internally and externally and calculates the potential risk for future intrusions and outages. Upon evaluating the ongoing configuration state of every server and network device, companies are given an easy-to-understand score called CSTAR — a single number which indicates to IT staff as well as their executives their risk level for data breaches. An organization's CSTAR score can even be used by corporate insurers in creating a cybersecurity insurance policy. Thousands of companies, including ADP, E*TRADE, and Cisco Systems, use UpGuard to validate infrastructure, continuously detect risks, and procure cybersecurity insurance. UpGuard is headquartered in Mountain View, California with offices in Portland, Oregon.