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  • Liri Halperin

Who is Driving the Insurtech Industry?

Every day, insurtech is innovating the insurance industry. Newer and better technologies are being created by the second, making more traditional insurance tactics and methods obsolete. This requires new technology adoption for those in the insurance world to stay on top. So, with this idea in mind, it definitely seems like a good idea to get to know some of the major players in the insurtech game to see what this innovation is all about.


Lemonade is a licensed insurance carrier that provides both homeowners’ and renters’ insurance using artificial intelligence. Their main goal is to eliminate all of the slow things that come with traditional insurance (brokers, paperwork, etc.) and replace them with new, cutting-edge technology. The result is the same, but the efficiency and satisfaction rise above traditional.

Lemonade takes a flat fee percentage instead of the traditional pricing model. It then pays claims super quickly and, if there is still money left over, they give that money to causes that the insured party cares about. Their overall idea is that the traditional insurance landscape cannot keep up with the speeds that insurance customers require. So, by changing the traditional insurance model, customers can get what they want for less and at a faster rate.


Trov aims to take insurance to a more individual level. Just like most other emerging insurtech services, Trov allows users to have their receipts read, so their new purchases can be updated to Trov’s server. However, Trov takes it a step further by allowing users to upload by taking photographs of their possessions that they wish to protect, which can prove to be particularly useful if a receipt is lost.

Trov’s focus on the individual items that customers wish to insure really shines with their micro-duration policies. Protection for individual items can be toggled on and off, with the user being able to decide how long they would like to protect each item. Trov then partners with insurers in the the geographic area of that customer, and the specific policy the customer wishes to purchase can be set in place.


Quilt is aptly named after the large blanket because its goal is to both cover and protect, and it is personal, functional, and simple. Currently offering both renters’ and life insurance products, Quilt strives to be the simple solution for those who do their living in an online setting.

Quilt’s website describes Quilt as a “cohesive patchwork of products stitched together”, and that really is the case. In the more traditional realm of insurance, a customer would go to an insurance company and insure everything that needed to be insured. Home, life, auto, health, etc. insurance would all be bought in one place. However, that is not how the insurance world operates anymore. Today, a variety of insurance products can be bought in a variety of places, with many people choosing to purchase separate policies from separate entities. Quilt helps manage that by creating that cohesive patchwork of products. It helps the user find the best coverage for the best price, no matter the seller. It helps the user create their very own insurance quilt. This, of course, is in addition to the increased speed, care, and efficiency with which insurtech companies have become synonymous with.


LeO is a service designed for brokers to better understand their customers’ data and provide a more accurate and efficient service to their clients. By reading receipts that are sent to an email inbox, LeO can combine the data into a personal portfolio for each client. So, when a customer purchases a new computer, LeO can inform the broker in a timely manner.

This notification and data aggregation is incredibly useful for both the broker and the customer. The customer benefits from LeO because they do not need to remember to update their policy or insurance newly purchased products. Instead, LeO will notify the broker about these activities, and then the broker can inform the customer. The broker benefits from LeO because, unlike agencies that do not use LeO, they do not have to do the grunt work. Usually, brokers need to constantly inquire to their clients about new purchases and policy updates. However, LeO negates the need for the customer to notify their broker. So, instead of brokers spending their time questioning clients, they can focus on the more important aspects of their job. At the end of the day, this increases a broker’s efficiency and accuracy, making the process of buying and updating insurance a painless experience for everyone involved.

What sets LeO apart from the rest of the pack is how it targets itself at brokers rather than specific customers. Countless insurance customers across the world complain about how the insurance process is slow, painful, and not always worth the hassle it requires to get the coverage they need. LeO, however, distances itself from its competition by fixing the problem at the source. By making data collection and analysis easier for the brokers on the back end, those same brokers are able to provide a more accurate service to their clients. So, at the end of the insurance process, customers will be praising their brokers for how efficient the coverage-buying process was, and not complaining about what a miserable experience they had.

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