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Here are some of the areas new insurers are targeting (outside of healthcare, deemed too massive and politically in flux to address here).
Standard auto insurance policies aren’t always the best fit for people who drive very little or who borrow a car for a short time. Startups are attempting to deliver to these and other use cases.
One of the most richly funded insurance startups over the past few years is Metromile, which insures based on how much customers drive. Rack up few miles, and pay little beyond a small monthly base rate. Drive more, and it goes up. U.K.-based Cuvva, meanwhile, has raised seed funding to build out insurance offerings for short-term use of a car, for people learning to drive and for people who drive very little.
Startup home insurance providers are also stepping up to compete. The group includes two-year-old Lemonade, a provider of homeowners and renters insurance that uses AI to price policies, while pledging leftover premium money to charity. The New York-based company has raised $60 million from VCs, plus an April investment of undisclosed size from insurer Allianz.
Silicon Valley-based Hippo is also marketing itself as a new kind of homeowners insurance company, with policies that offer stronger protections for common valuables like home electronics. Another newcomer in the space, Utah-based Swyfft, which markets itself as a provider of speedy quotes at competitive prices, raised a $7.5 million Series A earlier this year.
For short-term rentals, meanwhile, Slice Labs is partitioning off a space. The two-year-old company offers policies for homeshare hosts to cover property theft, damage to electronics, bug infestations and other problems caused by bad guests. Slice’s longer-term goal seems to be to position itself as an insurer for the gig and sharing economy, and it’s also currently testing a new offering for rideshare drivers.
what I appreciate about my insurance provider is that we receive a discount for each year we've been with the agency without a claim. What a fantastic way to show theirvappreciation of our business. I wonder if all agencies now do this.
Debits claims directly to your ATM / Banking Account (as opposed to hard checks)
Liberty Mutual (and Safeco) prepped Alexa to give basic insurance advice
Provides insurance scores to insurers (like free credit scores) and improves insurance score with renewals
A class on insurance developed in PA has curriculum available countywide now
Start with basic info, and let your driving with smartphone lead to a quote
FICO will track you and give you a score based on your driving