Technology is disrupting how we do pretty much everything: How we find taxis, order our groceries, even how we bank. Well, isn’t it about time that the confusing insurance market got disrupted, too? Wouldn’t it be nice, for instance, if you could find the best-priced life insurance that fits your needs in the same way that you would book the best-priced plane ticket? Wouldn’t it be nice if you could sign up for theft insurance with the ease of buying a book on Amazon?
We are happy to report that it is happening, and, it’s about time. Here are six startups disrupting the insurance space in big ways. You are going to want to give these companies a very serious look if you are in the market for car insurance, life insurance or renters insurance because they are changing the game in every way from how they price policies to how customers even get approved for insurance to begin with.
1. Fabric: You Can Get $100,000 Of Life Insurance In Minutes
The amount of life insurance coverage you need varies from person-to-person based on income, lifestyle, debt and more, but even so many companies take a one-size-fits-all approach to policies.
They offer 10, 15 and 20-year term life insurance policies that help protect your family’s needs at affordable prices. Fill out an application — it only takes about 10 minutes — and thanks to Fabric’s accelerated underwriting process, you could be approved and receive a policy offer on the spot without a medical exam. Adjust your policy before you purchase it and you’re all set.
Policies can go for as low as under $10 per month and coverage ranges between $100,000 and $5 million.
Another huge perk? You can make a last will and testament completely for free with Fabric. That should be an essential for everyone.
2. Everyday Life: This Is The Quickest Way To Protect Your Family
After spending hours on the internet researching life insurance companies and comparing rates and coverage, you’re still no closer to buying a policy than you were when you started. You’ve read a ton of “how-to-choose” explainer articles and more insurance company customer reviews than you care to count, and now you’re frustrated and probably want to call it quits for the time being (and who can blame you). But before you do, we have just the thing to bring your life insurance search to an end today — Everyday Life.
This online insurance concierge service is totally revolutionizing the life insurance game. Instead of the fixed and overpriced policies that traditional insurance companies push on you even if it’s not a fit for your needs, Everyday Life will build a policy around you and your family’s unique circumstances that adjusts as your needs change over time.
Policies produced by Everyday Life are often 50% to 80% cheaper than those offered by traditional insurance companies. Costs and coverage will automatically decrease over time as your children age, your savings grow and retirement nears, which will ultimately save you a lot of money.
Take a quick and straightforward assessment (it takes 3 – 5 minutes) and the information gathered from it will be used to give you a personalized life insurance plan recommendation and quote and if you want, you can purchase immediately.
3. Gabi: Finally Transparency Around Car Insurance Prices
Finally, car insurance has entered 2019 and that’s thanks to Gabi. Gabi allows its users to compare up to 20 quotes instantly and then to buy insurance directly on its platform. This might seem very simple, but if you’ve bought car insurance in the last 20 years you probably can attest to how difficult some companies make this process. Gabi wants to make it easy, kind of like comparing flights on Expedia and booking the one that’s right for you. No cold calls, no tedious forms, Gabi is all about simplicity.
Plus: They’ll let users know if their current policy is the cheapest policy out there, so people can instantly see if you’re being ripped off.
Gabi does such a good job of saving people money, on average people walk away saving $865 a year. All you need to do is connect your existing insurance policy and provide your driver’s license number. In minutes, you’ll get different options that you can switch to.
4. Metromile: Thinking About Drivers Who Don’t Drive That Much
Most people don’t know this, but some insurance companies offer discounts to senior drivers who don’t put a lot of miles on their cars. These low mileage discounts can also apply to drivers who carpool to work, too.
Metromile car insurance was set up to address exactly this using cool technology and is perfect for low mileage drivers who want to get a major discount paying for insurance per mile.
Metromile is a true disruptor in the insurance space because it tackles a problem, and allows its customers to get a much better deal than they otherwise would.
If you have a car but don’t put a lot of miles on it, you are definitely going to want to look into this immediately.
5. Bestow: Life Insurance That Has Truly Been Simplified
Most people who have bought life insurance will tell you there is absolutely nothing simple about the process. In the past, people have had to fill out books of paperwork and even undergo a comprehensive medical exam to get approved. Bestow is turning all of that on it’s head using an algorithm to calculate risk, so people can skip the doctor’s office before getting life insurance. Customers can get coverage from anywhere in just a few minutes and all it takes is answering a few questions online. Bestow then works in the background pulling in data including identify verification, prescription history databases, motor vehicle reports, and financial data to assess an application.
This isn’t just random insurance, either, it’s backed by two of the largest and most highly rated insurance companies in the world.
6. Haven Life: Buy Up To $3 Million In Affordable Life Insurance
Haven Life is another disruptor in the life insurance space and another great option to explore. Haven Life Insurance Agency is backed and wholly owned by MassMutual, a leading insurer with over 160 years of experience, but this is a digital company through and through.
For customers in the market for term life insurance, there is an easy online application, and a digital, streamlined interface. While it can typically take days or even weeks to issue a decision of eligibility, Haven Life is able to do that in just a few minutes. Not only does Haven Life respect your time, but they also treat customers as more than just a policy number. Haven Life Plus is a rider (think, bonus feature) that gives eligible policyholders additional benefits like a digital will at no extra cost.
7. Lemonade: Transparent Home And Rental Insurance With A Killer App
It isn’t just car and life insurance that are getting a shake-up, Lemonade is completely transforming home and renters insurance so people can insure the stuff in their home (or anywhere else for that matter) with just a few clicks. From getting insured (it takes just 90 seconds) to getting paid for a claim (it takes just three minutes) the Lemonade experience is entirely digital.
It isn’t just the tech that makes Lemonade revolutionary, either. While other insurance companies make money from denying claims, Lemonade is changing the model by taking a flat fee from its users. Unclaimed money then goes to the charity of a policy holder’s choice. Pretty cool stuff!
The process is not only super seamless, they’ve made it affordable, with insurance starting at just $5 a month for renters and $25 a month for homeowners.
8. Policygenius: Get Unbiased Advice On Life Insurance
So many things are just easier because of the internet. Shouldn’t finding the right life insurance also follow suit? That’s the idea behind Policygenius. Using their site you can instantly see accurate rates from over a dozen insurance carriers and then compare them side by side with just a few clicks. Have questions? The licensed agents are salaried (non-commissioned), so they won’t be steering you into a product you don’t need.
And it’s probably cheaper than you think – a healthy 30 year old can get $1M in coverage for under $30 a month.
How is Policygenius able to deliver all of this? Insurance companies pay Policygenius a commission when they help you get covered. Those commissions are baked into the price – so don’t worry, you’re not paying anything extra to work with them, and there are absolutely zero hidden fees. What you see is what you get!
All in all, Policygenius is making the process of getting life insurance super simple, so it’s not exactly surprising that people swear by this as a great resource.
9. Ladder: Change Your Life Insurance As Your Life Changes
People by and large look for three things when they are choosing life insurance: Price, ease, and flexibility. Ladder checks all of the boxes and then some (which is pretty rare in life insurance).
It keeps its prices down thanks to an online application and real time underwriting which enables the company to determine the best prices for people. Also, because the application process is online, they aren’t paying a fleet of commissioned insurance agents—and those savings get passed on to consumers.
Ladder is also bringing flexibility to life insurance that is pretty exciting. With Ladder, you are able to decrease your coverage at any time with just a few clicks. They also make it easy to apply for and add more coverage at any time.
Apply for life insurance with Ladder in as little as five minutes and get an instant decision. If approved, you’ll have life insurance in the time it takes to get a coffee!
10. Root: Finally, Car Insurance Based On How You Drive
Great drivers deserve great car insurance, but how often do they really get it?
Root is totally changing the game when it comes to car insurance and actually making that happen. Simply download the Root app (no agents or phone calls required) and get started in less than a minute.
Then, you’re going to take a test drive. Root will use your iPhone or Android phone to measure what kind of a driver you are. Root gives you a rate based primarily on how your drive, the better driver you are, the more you are ultimately going to save on your car insurance.
You’ll then be able to choose between recommended plans or create their own – all on the app.
Keep in mind Root is only available in 24 states: Arizona, Arkansas, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, New Mexico, Nebraska, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Colorado, Georgia.
Root saves its good drivers up to 52% on car insurance, so download and try Root today.
Feature Image: Twenty20