The startup scene in the UK has been booming in recent years with innovative companies springing up across numerous industries. Of particular interest to examine is the insurance sector, an industry heavily reliant on traditional practices now being reshaped by modern, breakthrough technologies. Startups particularly in the insurance sector (also known as insurtech) are leveraging technology to redefine its landscape, offering digitised and streamlined services.
London, being a global financial hub, has become home to numerous innovative insurance startups looking to disrupt conventional models with technological sophistication, especially those that have been established since 2020. This article aims to showcase a selection of these insurance startups, providing some insights into their value proposition and services.
Storm3
Storm3, based in London, is a global HealthTech recruitment company connecting organizations with the needed talent. The company is situated at the intersection of healthcare and IT, and contributes to the insurance industry through its Health Insurance recruitment services. Founded by Clare Cooper, Storm3 is truly specialists in their field. Grab more details on their Linkedin page.
Ki Insurance
Ki Insurance is a fully digital and algorithmically-driven Lloyd’s of London syndicate offering instant capacity. They represent a great example of how startups are leveraging modern technology to disrupt traditional practices in the insurance industry. Founded by Mark Allan, you can learn more about them on their Linkedin page.
Potion Labs
Potion Labs creates a base layer for asset risk-management applications, innovatively incorporating the concepts of Cryptocurrency and Information Technology in their solutions. Although they do not have listed founders, their unique approach has earned them a spot in the limelight in the insurance industry. Follow them on Twitter and LinkedIn.
Unslashed Finance
Thanks to Unslashed Finance, crypto assets now have their own insurance products. Founded by Marouane Hajji and based in London, Unslashed Finance is merging the worlds of Cryptocurrency and Insurance together, paving a new way within the FinTech industry. Follow them on Twitter and LinkedIn.
Quotech
Quotech is a platform that makes data accessible to underwriters and brokers in the insurance industry, influencing aspects of pricing, distribution, administration, claims, and trading. They do not have listed founders, but their notable offerings make them stand out within the industry. Be sure to check them out on LinkedIn.
Eleos
Eleos, founded by Kiruba Shankar Eswaran and Nuno Costa, provides innovative and fully digital insurances to provide financial support in the event of death, illness or accident. Based in London, they offer insurance made simple. Keep up to date with their latest updates via LinkedIn.
Wesurance
At Wesurance, InsurTech is at its finest, designing and implementing digital insurance solutions for all insurance businesses. Wesurance was founded by Eddie Chang and Natalie Fong, offering services that include AI-based software and accessible API’s. To learn more, visit their LinkedIn page.
Augmize
Augmize, based in London, was founded by Favour Mandanji Nyikosa and Jon Forester, occupying a spot in the InsurTech start-up scene. Although their description is not listed, they are making waves within the core insurance sectors. For more insights check their Twitter and LinkedIn feeds.
Piiq Risk Partners
In the fields of Aerospace, Consulting, and Insurance, Piiq Risk Partners are at the forefront. They help in creating innovative and strategic client solutions, thus structuring, pricing, and managing risk in phases of aircraft economic life. Feel free to browse them on LinkedIn.
OTT Risk
Finally, OTT Risk. This financial services start-up, founded by Chamath Palihapitiya and David Soloff, is another example of how London is fostering innovative insurance companies, although their specific offerings are not currently listed. You can still connect with them over on LinkedIn.
These startups, all based in London, are demonstrating how technology can revolutionise the traditional landscape of the insurance industry, providing game-changing solutions for users and customers. They are undeniably shifting the paradigm in how insurance products are created, distributed, and serviced. Keep an eye on these innovative startups, as they’re making waves in a highly competitive market.
