InsurTech aims to change the sector in order to offer user policyholders a better customer experience. Not just to provide insurance comparison sites but also all the information and tools that help make your cover valuable. InsurTech is also revolutionising sign-up procedures, for example, by ensuring that they can be done entirely online with electronic signatures, which replaces endless documentation for much faster and streamlined processes. Here we take a closer look at five InsurTech companies changing the insurance industry. 

Neos

Intelligent home security systems, such as motion sensors and cameras, were once something unattainable for most. However, the fast-growing InsurTech based out of London and Brighton, Neos, has made home protection simple and accessible. The InsurTech startup provides technologies such as motion sensors, smoke detectors, and cameras designed for self-installation. Neos advanced technology solutions mean that users can prevent loss or damage that could potentially lead to an insurance claim and protect what matters the most. 

Honeycomb 

Honeycomb is a leading digital insurance provider with a focus on helping landlords and condo owners looking for comprehensive insurance coverage. Honeycomb provides Homeowners Association Insurance, Condo Association Insurance, and Landlords Insurance services through AI-driven technology, which converts years of knowledge into algorithms that accurately evaluate risk.

Thanks to their advanced technology stack for multi-family properties, Honeycomb has streamlined and simplified what was previously a time-consuming and complex insurance undertaking. This InsurTech has been growing rapidly since its launch in 2016 and is well on its way to becoming a predominant platform in this market.

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Hometree

Hometree describes itself as an ambitious company to empower people with the best technology. This InsurTech was founded back in 2016 in London by Andreu Tobella and Simon Phelan. This startup has grown fast, providing services for heating, plumbing, and electrical systems. In the face of the current energy crisis, an InsurTech such as Hometree, which values not just sustainability but also maintaining fair prices, is sure to only grow in popularity. 

Canopy

Founded in 2019, Canopy is an InsurTech that is re-designing the rental market. One of this InsurTech's ambitious goals is to help renters build good credit and save money to achieve greater financial freedom. The Canopy platform is used by renters, landlords, and agents, offering a range of digital tools. With the Canopy app, renters can pay rent and hold deposits. 

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Corax

Corax was founded in 2013 by Jonathan Pope and Tom Beale and has since become a leading financial and cyber risk quantification provider. Their cyber risk intelligence services offer insurance partners the ability to accurately underwrite while managing exposure to cyber risk. As cyber risks continue to grow, so does cyber security, and Corax aims to offer the solution in the InsurTech space. This platform is used by both insurance agents and brokers to provide accurate assessment and coverage recommendations. 

These are just a few of the exciting InsurTech companies out there answering the challenges faced by renters, homeowners and agents. Trust is key in the insurance industry, and the latest technologies aim to build confidence and reduce risks.