It’s an honor for AutoClaims Direct (ACD) to make the “11 InsurTechs to watch in 2021” list as named by NU Property Casualty 360º.
Here’s our success story profile:
Origin story: According to CEO, Ernie Bray: The idea was born after spending seven years working in the auto side of insurance. Through that experience, I realized this was an area crying out for innovation. This was in 2003 and back then the industry used old technology, relied on file folders, paper and cassette tapes, and was completely fragmented. I knew there had to be a better way.
Insurance problem solved: We know the backbone of the insurance industry revolves around workflow so we focus intently on the technologies that make the most sense within the claims journey and can add real return on investment. Our modernized workflow platform is built with machine learning, intelligent dispatching and predictive tools so routine tasks are handled and adjusters can focus their skills on complex claims.
Partnership strength: We consider every client a partner but each one is different so the need for flexibility is essential. This is where we bring value. The five steps we take to create a flexible partnership are: 1. collaborate openly; 2. look at workflow patterns; 3. analyze the data; 4. test and learn; and 5. deliver solutions.
Highlights from "11 Insurtechs to watch in 2021":
Article by Elana Ashanti Jefferson
There’s no shortage of technology providers eager to partner with insurance businesses. The talk among such InsurTechs these days is less about disrupting a centuries-old industry and more about how to grow their business by forging the right partnerships.
InsurTech in 2021 is more than a buzzword. It’s a promise that technology investment will deliver a customer experience that distinguishes an insurance business from its competitors. The 11 companies profiled are making good on that promise.
InsurTech Success Stories
InsurTechs – both startups as well as those that have been around awhile – also have begun to realize just how vast the insurance industry is, meaning there are myriad opportunities to build products that can improve the insurance customer experience.
Now, InsurTechs that can either provide their customer with instant gratification or enable a partner to offer such speedy service are distinguishing themselves from the pack.
The challenge for startups
…can be that many fail to fully grasp the larger business culture in which they’re attempting to operate. Sure, startups bring agility and innovation. But when it comes to the financial services world, being the shiny new toy, as it were, won’t necessarily translate into success for a new technology provider.
And so many successful InsurTechs are founded by or staffed with people who bring an insurance or risk management background. Such executives can deftly pinpoint processes ripe for modernization while also being able to talk technology with peers who may be less digital-savvy.
Which InsurTechs are the ones to watch?
The list of companies showcased was culled from staff research and reporting, recent incubator and accelerator programs, and each one’s marketing materials. Three criteria were used to finalize the list:
- Does the company tell a compelling story?
- Does the company meet a pressing insurance need?
- Does the company have powerful partnerships?
All of them met this criterion. None of them paid to be included in this selection. They are listed in alphabetical order; the order in which they appear should not be construed as a ranking.
Read the full article of the InsurTechs who made the list at: https://www.property-casualtydigital.com/propertycasualty/202103?folio=1&pg=24#pg24