Top 10: Insurance Products of 2024
Gone are the days of cumbersome processes and unmanageable policies. A new breed of insurers has entered the industry: insurtechs with customer-centric models that prioritise usability and transparency.
From AI-powered chatbots that provide instant, personalised service to blockchain-enabled smart contracts that automate claims processing, these innovations are transforming the very essence of insurance. In this countdown, we’ll explore the top 10 customer models that are setting new standards in the industry.
These aren’t just small tweaks; they’re changing how insurance products are created, delivered, and used. Each model takes a different approach to solve long-standing industry problems, proving that when insurers truly focus on the customer, everyone benefits.
10. Leakbot
Revenue: US$2.76m
Employees: 50-100
CEO: Craig Foster
Founded: 2016
LeakBot is a smart water leak detector designed to prevent water damage in homes. The device monitors the water supply in real-time to detect even the smallest leaks. The device clamps around a water pipe and tracks water flow, identifying unusual patterns that indicate leaks. If an issue is detected, LeakBot sends an alert to the homeowner via a smartphone app. Easy to install and battery-powered, it provides a simple and effective solution for reducing the risk of water damage.
9. Zego
Revenue: US$170m
Employees: 609
CEO: Sten Saar
Founded: 2016
Founded in 2016, Zego emerged out of a growing need for insurance options tailored to the gig economy and shared mobility. As platforms like Uber, Deliveroo and other delivery and ride-sharing services became more popular, traditional insurance policies were often too rigid or expensive for gig workers. Recognising this gap, Zego was designed to set up insurance solutions that cater to more flexible schedules.
8. Hippo Insurance
Revenue: US$44.3m
Employees: 570
CEO: Richard McCathron
Founded: 2015
Hippo Insurance offers smart home insurance tailored for modern homeowners. Using IoT devices and real-time data, it provides proactive protection, allowing customers to monitor potential risks and prevent damage. Policies come with complimentary smart home devices, such as leak detectors and security sensors, enhancing home safety and reducing claims. With coverage that includes traditional aspects and additional services, Hippo provides convenience and value to the home insurance customer.
7. Lemonade
Revenue: US$430m
Employees: 1,200
CEO: Daniel Schreiber
Founded: 2015
Lemonade, founded in 2015, is a leading insurtech company leveraging AI and behavioural economics to offer renters, homeowners, car, pet and life insurance. It disrupts traditional insurance with a fully digital platform, using chatbots for customer interactions and claims processing, famously settling claims in under two seconds. Its "Giveback" program donates unused premiums to charities chosen by policyholders. Lemonade, the first Insurtech UK member with a carrier licence from the PRA, went public in 2020, expanding across the US and Europe.
6. Metromile
Revenue: US$140mn
Employees: 384
CEO: Dan Preston
Founded: 2011
Metromile offers a pay-per-mile car insurance model, using a plug-in device to track drivers' mileage. The technology is particularly beneficial for low-mileage drivers, allowing them to save significantly on premiums. Customers pay a base rate plus a few cents for each mile driven, making it an affordable option for those who don’t use their cars often. Alongside insurance, Metromile provides an app that offers insights into driving habits, vehicle health and even tracks car location.
5. ManyPets
Revenue: US$307.7m
Employees: 501
CEO: Luisa Barile
Founded: 2012
ManyPets, formerly Bought By Many, uses technology to offer innovative pet insurance tailored to specific pet owner needs. By leveraging customer feedback, especially from social media, the company shapes its policies to address common concerns. Notably, ManyPets provides unique features like coverage for pre-existing conditions, setting it apart from traditional insurers. It was also the first UK pet insurer to introduce online claims. Their policies cover a wide range of needs, including wellness and routine care, offering flexible options for different pets and budgets.
4. Trov
Revenue: US$15m
Employees: 51
CEO: Scott Walchek
Founded: 2012
Trov Insurance is a digital insurance platform that offers on-demand coverage for personal possessions and small businesses. Established in 2012, Trov focuses on providing flexible, user-friendly insurance options via its app-based platform. It allows users to insure individual items, such as electronics, musical instruments or sports equipment, for specific periods, offering full control over coverage. Although originally catering to personal insurance needs, Trov has since expanded into the commercial sector, providing solutions for gig economy workers and small businesses.
3. Oscar Health
Revenue: US$5.86bn
Employees: 2,400
CEO: Mario Schlosser
Founded: 2012
Oscar Health has an intuitive app that enables members to manage their health, locate doctors, and access virtual care services effortlessly. By prioritising customer experience and employing data-driven insights, Oscar has distinguished itself in the competitive health insurance industry. Its modern approach to insurance, including transparent pricing, round-the-clock telemedicine, and personalised health support, makes healthcare more accessible and user-friendly. With an emphasis on innovation and simplicity, Oscar Health continues to redefine how health insurance is perceived and used, setting new standards in the sector.
2. Root Insurance
Revenue: US$318m
Employees: 700+
CEO: Alex Timm
Founded: 2015
Root Insurance is a technology-centric insurance company that aims to make car insurance more affordable by using data and technology to assess individual driving behaviours. Founded in 2015, Root uses a mobile app to track driving habits such as braking, speed, turns, and the time of day driving occurs. This allows the company to tailor insurance premiums to the actual risk posed by each driver, rewarding safe drivers with lower rates. Unlike traditional insurance providers, Root relies on telematics and AI to create a more personalised and fair pricing model. The app-based approach simplifies the signup process and provides a convenient way for customers to manage their policies, file claims, and receive customer support. Root also offers homeowners and renters insurance, allowing customers to bundle their policies. Root has quickly gained popularity for its transparency, user-friendly app, and data-driven approach to insurance, challenging the conventional insurance industry model.
1. Cuvva
Revenue: US$27.9m
Employees: 100+
CEO: Freddy Macnamara
Founded: 2015
Cuvva is an innovative UK-based insurance company offering flexible and convenient car insurance solutions. Unlike traditional insurance providers, Cuvva operates through a mobile app, allowing customers to buy insurance by the hour, day, or month. This flexibility is particularly useful for occasional drivers, short-term car borrowers, or people with multiple vehicles who don’t need full-time coverage. Founded in 2014, Cuvva aims to simplify the insurance process with clear pricing and no hidden fees. The app’s interface is user-friendly, providing instant quotes and enabling policy purchases within minutes. Cuvva stands out in the insurance market by offering flexible and customer-focused services. It meets the needs of modern drivers, especially those who prefer to avoid long-term commitments and extra costs. With its pay-as-you-go model, Cuvva provides an affordable, efficient alternative to traditional car insurance.
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