InsurTech combines ‘insurance’ and ‘technology’; InsurTech includes technology innovations to bring savings and efficiency to the insurance industry model. The InsurTech concept represents the commitment to innovation and development of new products and services within the insurance sector. The use of the latest technologies to expand and optimise the business model of an entire industry.
The role of insurance is evolving; it is increasingly becoming embedded into platforms and coupled with other services, from repairs and maintenance to health services and prevention. Insurance is therefore moving beyond pure risk transfer to risk management and prevention, fueled by an exponential increase in data availability.
The following are 4 InsurTech companies to watch out for in 2022:
Hedvig
Hedvig is a Stockholm-based digital-only insurer that uses technology to automate its pricing and claim process. It comprises a full-stack approach powered by AI and aims to provide a frictionless customer experience.
IBS Intelligence reported that Hedvig announced that it closed a $45 million Series B funding round led by Anthemis with participation from existing investors, including Cherry Ventures, Obvious Ventures, Commerz Ventures, and Swedish Novax Nineyards Equity, Jonas Kamprad and Mathias Kamprad.
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