Pricing Analysis - Insurtech
Hublio, an insurtech startup based in Ireland, is the only application that plays an almost similar role to the Level Program. Hublio analyzes and explains policy gaps based on customer needs and their current coverage. Other applications that help brokers, agents, and insurers deliver personalized and tailored solutions to their customers include Sherpa, Picwell and FitSense. Below are our findings and an explanation of our research strategy to understand better why some of the requested information could not be obtained.
- Hublio is an Irish insurtech startup that provides a platform to help people understand if they are sufficiently covered or if they still have the correct optimized financial stability for themselves, their families, and their businesses.
- Hublio leverages a mix of artificial intelligence, behavioral economics, and human advisors to understand if customers are over or under-insured, whether they have duplicate cover, or if they can get the quality products they need at a better price.
- Hublio offers the following solutions to incumbents (brokers, financial advisors, and insurers):
- Hublio does not publicly provide its pricing information, but we established that it is a SaaS solution and early customers can register for free.
- According to InsurTech, "FitSense uses app and device data to create rich customer profiles that allow insurers to truly personalise insurance products and services."
- FitSense, a UK-based insurtech startup founded in 2015, enables health and life insurers to personalize insurance policies using app and device data.
- Some of the solutions FitSense offers insurers include:
- Targeting new customer segments using new distribution channels.
- "Personalise products and services for the specific needs of customer segments based on their app and device data."
- Use device and app data collected from customers to price their products and services more competitively.
- "Engage with and retain customers using real-time app and device data."
- FitSense does not provide any information on its pricing. Potential clients are expected to request a demo.
- Sherpa is a UK-based Insurtech startup that provides unbiased and personalized guidance concerning insurance policies.
- Sherpa uses technology to analyze customers' risk profiles to offer more targeted insurance experience while changing the status quo in the industry.
- Sherpa uses a series of APIs to monitor customers, their lifestyle, household, career, family, financials, health and travels. The startup offers personalized and unbiased insurance recommendations based on the data it has collected.
- Sherpa charges its customers a monthly subscription fee to their service.
- Picwell was founded in 2012 and is based in Philadelphia, USA.
- The insurtech startup serves over 1.5 million people and 130 companies by providing personalized health plan recommendations for customers.
- According to the company, its platform "puts the power of machine learning, big data, and economic modeling to work for you, allowing you to enhance your platform, user experience, and value proposition for your customers."
- The Picwell platform assesses and predicts financial risk for individuals and groups, helping them to choose the best cover specifically tailored for them.
- According to Dr. Jonathan Kolstad, co-founder of Picwell, their research at Picwell "demonstrates that the average household makes a $1,300 annual error in selecting health plan coverage, either by under- or over-insuring."
- The platform helps customers to get just the proper amount of coverage.
- The platform uses a SaaS-based pricing model.
After thorough research through the insurance industry sources, news sites, and third-party sites with particular focus on insurtech and technological innovations within the insurance industry, we only found one program that is almost similar to the Level Program. This program (Hublio) analyzes customers' current insurance cover and provides recommendations for personalized cover. Most of the programs/apps/solutions either do not provide any pricing information or one has to request a demo to get the pricing details.