Company: Sinistar
Website: sinistar.ca
Business Category: A provider of insurance-process services
Maturity Status: Mature (more than 3 years since product went into production)
Product or Service: A home-sharing community for insurance housing
Area: Property & Casualty insurance
Harnessing the power of home-sharing, Sinistar provides insurers with flexible, personalised insurance housing solutions. The company’s platform connects homeowners and claims adjusters seeking temporary homes for their insureds. This bridge between insurers and individual property owners breaks down the boundaries of the insurance housing market, enabling individual property owners to participate. This massive shift enables carriers to tap into more varied, competitive home offerings and better meet their insureds’ needs. Once the platform has found the ideal accommodation, it handles all the other logistics of temporary housing, making the entire process more efficient for insurers.
What makes us an InsurTech:
Sinistar’s revolutionary approach streamlines the whole insurance relocation process. Through an online home-sharing marketplace, the company gives insurers access to a vast, diverse network of accommodations across Canada that provide more adaptable temporary housing options. When damages occur that make a policyholder’s home unliveable, claims adjusters make a single online quote request. The platform then notifies all local hosts that meet the search criteria. The best quote is selected using an algorithm and presented to the claims adjuster and policyholder, who can accept it or request another.
Beyond the housing search, Sinistar also automates every other aspect of insurance housing, such as rental payments and stay extensions (though agents are available when a human touch is needed). The company’s technology has reworked insurance housing into an easier, swifter procedure for insurers and a more comfortable, heartening experience for displaced insured.
Major features & technology used:
Sinistar automates most aspects of the relocation process. When claims adjusters request housing, its algorithm selects the best quote. The company plans to integrate machine learning to improve this process. It aims to use this technology to provide a faster service that optimizes matches between price and insureds’ criteria. Other automated features include stay extensions, which insureds or claims adjusters can request online. Hosts automatically receive requests and can quickly approve them on the platform.
About Sinistar
Bringing individual homeowners into the marketplace is remaking the insurance housing industry. Sinistar’s home-sharing platform shatters a rigid, closed marketplace once dominated by a handful of large-scale landlords. With a network of hosts spread throughout Canada, the company is introducing a previously undreamed-of variety and convenience into temporary home offerings. Claims adjusters benefit from the speed and ease of Sinistar’s automated process, and insureds recover from disaster in a more comfortable home. For more information, please visit sinistar.ca.
Source: Sinistar
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