10/7/2017 5 Insurtech Startups to Watch (That Arent Lemonade) | Bank Innovation | Bank Innovation

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5 Insurtech Startups to Watch (That Arent Lemonade)

Grace Noto April 14, 2017 Exclusive, Insurance, Mobile, Online, Startups 0

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The land of traditional insurance is getting an upgrade.

2017 might be the year the insurance industry (which tends to conjure up images of cramped
cubicles, multiplying paperwork, and incomprehensible legalese) gets the ntech touch; in fact,
weve already seen the beginnings of the change with certain startups named after certain citrus
beverages.

Want to know who else is changing the insurance game? Take a look at Bank Innovations list of ve
below:

Trov

This California-based company combinestwo of the featuresconsumers love the mostmobile,

and on-demand servicesinto one insurance platform. The startupcovers its users against all of the usual thingsaccidental damage,
theft, losswith triple the usual speed, processing your claim via asmartphone in minutes, rather than in weeks. Trov, which just closed a
$45 million round of funding (bringing its total worth up to approximately $90 million) is currently available for users in the United
Kingdom and Australia, but will be making its U.S. debut later thisyear.

Fabric

Launched in Brooklyn, New York, this startup wants to dilute the process of life insurance down to a few taps on a screen. Fabric, which
raised its seed round of $2.5 million last month, allows users to purchase their life insurance policies quickly, digitally, and directly.
Currently,Fabric provides its services through Vantis Life, but give ittime. The company does not have its own app, but has built out a
browser-based application for digital devices, including desktop, mobile, and tablet.

Like certain others in the insurance game, Fabric aims to ease some of the cost concerns, by o ering its Fabric Instant service, which allows
users to pay $6 per month for accidental death coverage of $100,000.

Brolly

As a consumer, guring out if youre signing up for the right kind of insurance is exhausting, and is exactly the problem Brolly, an insurtech
based in London, wants to x.

The company, which launched last year (after raising a $13 million round of seed funding in Sept. 2016), usesAI technology to help users
nd out if theyre over-covered, under-covered, missing covers, or even if they can get a more convenient price for the coverage they want.

The startup, as the U.K.s rst AI insurance advisory app, allows users to keep track of their insurance price and documents within the app
(a system which has got to be easier than keeping that collection of useless documents piled in some red folders).

Simplesurance

This Berlin-based startup wants to tackle the snarls of insurance for businesses, and is specializing in product insurances. The company,
which raised a $20 million round of venture funding in March, helps e-commerce providers cross-sell their product insurances within their
digital checkout processes to boost online pro ts.

More than 1,000 online shops rely on Simplesurance solutions right now across the EU (all 28 countries), as well as in the U.S. and Canada.

Ladder

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10/7/2017 5 Insurtech Startups to Watch (That Arent Lemonade) | Bank Innovation | Bank Innovation

Ladder, which was launched after sealing a $14 million Series A in October 2016, wants to enable consumers to get a life insurance quote
within secondsdialing down a process that cantake weeks. Users apply for insurance coverage online, and receiveterm insurance
coverage instantly after the application. The Palo Alto, Calif.-based company then allows users to personalize their policies, based on
individual needs.

Looking at all of the startupsabove and other companies, such as Lemonade (which is already on Bank Innovations list of best nancial
apps) it certainly seems like insurtech is on the rise across the globe.

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Tags Brolly Fabric InsurTech Ladder lemonade listicle mobile Mobile banking mobile insurance online insurance simplesurance Trov

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