The disruptive power of technology in the insurance industry

A relatively young, but extremely vibrant history of InsurTech proves it to be one of the most electric industries to follow in 2016 and beyond. At least 80 amazing InsurTech startups are already shaking up the $4.5-trillion-dollar industry by leveraging technological capabilities. The use of disruptive technologies like big data, Internet of Things (IoT),mobile technology,AI, social network and blockchain are gaining momentum and InsurTech firms are looking for a scope to capitalize it.

The insurance industry has always been one of the most massive and complex ecosystems, but challenges presented by agile newcomers force large and powerful corporate players to take steps towards riding the wave of disruption. In fact, it is the biggest industry in the US with net premiums of $1.1 trillion in 2014. Insurance carriers and related activities contributed $421.4 billion, or 2.5% of the United States’ gross domestic product in 2013.

The rapid growth of InsurTech startups, interest from VC firms and the corporate world served as a sign that the ecosystem has a tremendous potential and requires action to leverage those opportunities. In response to the flourishing startup environment, opportunistic minds have built InsurTech-focused accelerators to nourish the next big idea and the next Uber of insurance.

How to navigate in a complex and competitive ecosystem

Regardless of the doors that technology opened to newcomers in the insurance industry, in 2016, the speed of innovation requires a focus and the right choice of the most suitable challenges, supporters, accelerators and VCs who will be able to take a startup along the long road. In the variety of opportunities, there is a criterion we believe to be the most reliable in making a choice – experience. 

Throughout the three years of dedicated deep research in the application of technology across traditional ecosystems such as financial services and emerged insurance technology, the LTP team has been building the map of modern disruptors and shaping the InsurTech ecosystem around the world.

Deeply committed research allowed the LTP team to buildMEDICI – the ultimate platform for collaborative innovation that accumulated data on the international ecosystem of more than 4,500 technology startups (and the number is growing) disrupting banking and insurance industries and more.

Having profiled close to 300 InsurTech startups globally, the LTP team has developed a keen, well-tuned methodology for evaluating highly potent ideas, products and businesses.

Launching the MEDICI Top-21 Global InsurTech Startups Award

In response to tremendous success of MEDICI Top 21 – Blockchain Award and our loyalty to the community of bright entrepreneurs and their innovative tech-powered solution in the insurance industry, the LTP team is now launching the MEDICI Top 21 – InsurTech Awardto identify and showcase the most innovative startups who are applying advanced technology to fundamentally transform the insurance industry.

The MEDICI Top 21 – InsurTech Award is launched to recognize the best InsurTech startups in the world selected from thousands of applications from 55+ countries. We are always looking for innovative solutions, the next big things and the most promising players.

The panel of judging professionals

Relying on the Top 50 InsurTech influencers list built by InsurTechNews, one of the leading sources in the industry, the LTP team assembled the team of external professionals that will be evaluating participating startups.

How does it work?

The application is automatically submitted when a startup fills out its rocket profile on goMEDICI.com. After the profiles are registered and completed, MEDICI analysts will identify the Top 100 InsurTech startups based on company-specific metrics.

At this point, MEDICI analysts have already pre-selected and invited 20 InsurTech startups out of the future pool of 100 companies.

After rigorous screening and completion of the top 100 InsurTech startups, the final step will be performed by MEDICI’s resident experts in cooperation with industry thought leaders to identify the MEDICI Top 21 InsurTech Startups.

The Final Step: Announcement of the Winners

As the industry professionals and LTP’s in-house experienced analysts will choose the finalists, MEDICI Top 21 InsurTech Startup results will be presented to the global technology startup community and the 60k+ LTP audience.

And there is more!

All applicants will receive complimentary access to the MEDICI startup plan for 1 year – which is worth $900! In addition, the companies will receive ongoing LTP media coverage.

And most importantly, the companies will receive premium exposure on MEDICI as featured ‘Rocket Profiles,’ which will be visible to 75+ dedicated investors, 50+ banks and hundreds of financial institutions globally.

To create a profile and kick off your outstanding success among the best, go to goMEDICI.com and fill out the information about your company.

Apply here for MEDICI Top 21 – InsurTech Award and stay tuned for further updates and notifications, as the MEDICI team will continue the quest of identifying and exposing top startups across segments.