- Where Insurance & Technology Meet

Twenty Leading P&C Claims InsurTechs Making A Difference Today

New SMA Blog by Mark Breading, Partner, Strategy Meets Action

Anyone who says InsurTech is an up-and-coming space hasn’t been paying close enough attention. The InsurTech movement, which began around 2010, is long past its infancy and is both maturing and evolving. This is especially true in the P&C claims space, where companies are gaining traction and having a significant impact on their customers.

To gain greater insights into the claims space, SMA has been tracking over 175 P&C claims vendors in the North American market, including 75 InsurTechs (startups initiated after 2010) and over 100 incumbents. This year we set out to identify the Top 20 InsurTechs in Claims. Given the number of companies and the flurry of activity, this was not an easy task.

To start, we categorized vendors and their solutions into three primary categories based on the claims value chain: initiation, investigation and estimation, and settlement. We also included a fourth category for specialist support to capture purpose-built technology solutions for claims litigation, fraud, CAT support, medical billing, and compliance. As part of our analysis, we examined InsurTechs by the following criteria: market traction (customers and successful implementations), uniqueness of the solution, funding, company growth, and the strength of the management team.

Using this approach, we narrowed our list from 75 to 20. Additionally, our analysis uncovered several notable trends:

  • Specialization is key: Three out of four companies included in our Top 20 list focus on one or two insurance segments (casualty/bodily injury, auto physical damage, workers’ comp, and property)
  • Companies are drilling down: While they may be focusing on one or two insurance segments, they are offering solutions in specific areas across the claims value chain.
  • Prioritizing partnerships: The most successful InsurTechs are partnering with key core system and data analytics providers. Securing these partnerships is often instrumental in boosting brand recognition and gaining market traction.
  • Artificial intelligence (AI) reigns supreme: AI and machine learning are driving much of today’s claims innovation and are being applied in a multitude of ways. Many of the Top 20 have AI as a central element of their solutions.

Lastly, there is no one-size-fits-all approach to a claims InsurTech’s success. Funding amounts vary, as do types of partnerships and even go-to-market strategies. However, for any startup to succeed, securing market traction is a must. As such, claims InsurTechs at all stages must keep the problem they are solving in sight and the experience of their customer front and center at all times.

For more information on the claims InsurTech space and to view the top 20 list, read SMA’s recently published research report, “Top 20 InsurTechs in Claims: InsurTechs Impacting North American P&C.”

About The Author

Mark Breading is known for his insights on the future of the insurance industry and innovative uses of technology. Mark consults with insurers and technology companies on forward-thinking strategies for success in the digital age. His inventive methodologies, fresh ideas, creative conceptualizations, and ability to incorporate InsurTech and transformational tech in business strategies are unparalleled. He also leads SMA’s research program, publishing 25-30 research reports per year and conducting various custom research projects for insurer and vendor clients. His thought leadership in the areas of InsurTech, transformational technologies, customer experience, and digital strategies has earned him a ranking of one of the “Top Global Influencers in InsurTech” by InsurTech News and Onalytica and a place in the ten finalists for the “Top Global IoT in Insurance Influencer Award.”

Before joining SMA in 2009, Mark spent 25 years with IBM in roles including the Global Insurance Strategist and Director of Global Financial Services Executive Conferences in addition to leadership roles in consulting and marketing. Mark co-developed IBM’s Account Based Marketing program and led the global project office to implement ABM across all industry verticals worldwide. Mark has held both technical and business roles in sales, consulting, marketing, and business strategy and has advised insurers around the world for almost 30 years.

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At Strategy Meets Action, our clients advance their strategic initiatives and accelerate their transformational journeys by leveraging our forward-thinking insights, deep vendor knowledge, and vast industry expertise. Strategy Meets Action is an advisory firm that works exclusively with insurers, MGAs, and vendors in the P&C market. For more information, visit

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SOURCE: Strategy Meets Action (SMA)