SaaS startups have become the darling of Venture Capital investors, especially in the Life 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 3 VC funded SaaS startups in the Life Insurance industry.
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.
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.