Tech startups offer range of tools

From the thousands of insurtechs looking to transform insurance, here is a sampling of startups focused on commercial insurance applications. All of the companies have been recognized by Insurance Thought Leadership Inc..as an “Innovator to Watch.”

Aquaai Corp. has developed an autonomous marine robot that looks and swims like a fish and can be used to gather marine data more safely than putting divers in the water. The drone is equipped with interchangeable sensors that gather data such as water health, temperature and oxygen levels. The platform is applicable to multiple uses, including aquaculture, pollution cleanup, disaster recovery, port security and marine monitoring.

Care Bridge International Inc. offers a big-data solution to help users predict medical outcomes and expenses at an individual claim level. The company uses machine learning based on 1 billion claim transactions to quickly and accurately predict medical reserves and set-asides under Medicare secondary payer rules. Care Bridge eases compliance headaches with Medicare secondary payer requirements that can delay claims settlements.

Coastal Risk Consulting LLC uses LIDAR to map precise elevations within neighborhoods so it can tell which properties are especially vulnerable to flooding and which might be far safer than traditional hazard analysis suggests. The company also helps policyholders understand how they can mitigate their risks and how exposures will likely increase as climate change raises the levels of the oceans.

iCede Solutions Ltd. is a cloud-based platform that makes it simpler for the lead insurer to manage all aspects of a multinational property/casualty program. A rules engine ensures compliance with local coverage requirements, and interactive dashboards make it easy to manage.

RiskGenius uses artificial intelligence to analyze policies. It can quickly analyze and spot coverage gaps, identify policy wording that has resulted in litigation and help insurers and brokers to find the best policy language to protect their interests.

SpatialKey Inc. set out to make geospatial data more accessible for typical business users in the insurance industry, improving the mapping of data that otherwise would require expert knowledge to access and analyze the information. SpatialKey serves three key areas within insurance: underwriting, risk accumulation analysis and post-event response.

Terrene Labs Inc. was born from a desire to make the small business insurance risk selection process simpler, faster and more accurate. Terrene simplifies applications by asking for only four identifying fields when applying for coverage. For insurers, Terrene delivers high-veracity information for risk evaluation. Terrene capitalizes on a repository of over 1,200 data sources and stitches together various data sets in a unique process to enrich and provide insight to underwriting risk.

Windward Ltd. is a maritime data and analytics company shedding light on what’s really happening on the seas. Security agencies worldwide use its system to combat maritime challenges ranging from smuggling to sovereignty issues. Fishing authorities use the data to combat illegal fishing. Windward’s insurance portfolio is designed to continuously monitor and evaluate the functions of ships, including navigation, operation in both normal and rough weather conditions, and maneuvering at ports.