Several insurtech startups announced new products and services at InsureTech Connect in Las Vegas Tuesday, illustrating the maturation of the sector.
Sure, an MGA distributing used cellphone, travel and renter’s insurance coverage for more than 20 industry partners, debuted a rideshare coverage option for passengers. The policies are underwritten based on time spent in a vehicle and number of miles, according to CEO Wayne Slavin. To sign up, users sync their Lyft or Uber accounts on Sure’s mobile app.
“The policy covers blind spots from drivers that pass minimal background checks before driving commercially,” says CEO Wayne Slavin, adding the new product also covers passenger injury and accidental death and dismemberment.
Sure’s new offering also works independently from commercial coverage obtained by drivers when driving for Uber and Lyft, he added. The company also announced plans of rolling out an autonomous car option to customers next year.
Meanwhile, Snapsheet has partnered with KeyCorp subsidiary KeyBank to create Snapsheet Transactions, a tool developed to distribute claims checks digitally to customers, as opposed to paper snail mail.
Snapsheet currently provides auto virtual claims processing through the use of images for roughly 50 insurance industry partners to date. According to CEO & Founder CJ Przybyl, the startup of about 400 employees found a gap in insurance carriers’ distribution methods and spent the majority of three years working on the SaaS product.
“We can install this fully electronic payment system at any insurer, any division in 30 days or less,” said Przybyl. “The software uses CRMs to track where transactions are in the process of paying customers and vendors.”
Embroker, an insurance brokerage headquartered in San Francisco, also announced a new usage-based insurance platform for commercial auto to be rolled out in 2018.
The offering, Embroker Empowered Auto Program, provides businesses with accurate pricing for fleets while teaching drivers better habits on the road. According to the company, the program is underwritten in partnership with Willis Towers Watson’s DriveAbility Marketplace, an insurance telematics data exchange for insurers and IoT providers.
“For customers, the value proposition is clear - policies are easier to understand, pricing correlates with the actual need, and we can reward good drivers,” Embroker wrote in a blog post. For insurers, it helps them easily identify safety-conscious customers, provides a step-change improvement to pricing accuracy, and offers next-level, data-driven analytics to help process claims.”
Based on carriers experience with personal lines UBI, Embroker expects a reduction in claims and premium savings for customers of about 30% or more, it adds.