Ulises Baga @ulisesbaga

Not until recently, the insurance industry was considered one of the last to adopt the most innovative, cutting-edge technologies and applications for better services. But this isn’t a surprise. The industry has a long history with drastic regulations and archaic systems that would slow things down. So, historically, this area was slow to modernize. Until now, at least.

Over the past few years, the insurance industry started a process of digitalization aiming to adapt its services and products to today’s tech-savvy modern average individual. Today’s consumers want things to happen fast, hassle-free, and ONLINE. So, any business in the industry that wanted to stay relevant and competitive had to embrace technological advancements for good. We’re talking about AI, machine learning, predictive analytics, mobile service, blockchain, data analytics, live chats, and so on, any technology that would make things faster, more efficient, more comfortable, and personalized for clients.

We’ve compiled a list of the three best digital insurance companies in the industry that successfully made the transition from traditional, slow insurance services to streamlined, quick, hassle-free, and digital services. Here are the three best digital insurance companies that are winning at attracting tech-savvy consumers who want to be prepared for the unpredictable.

Lemonade-Best for home insurance

Founded in 2015, the New York-based insurance company Lemonade Inc. is one of the most innovative insurance digital providers on the market. The company uses the latest technologies such as artificial intelligence and chatbots to process claims, aiming to set the world record for processing a claim from a client in 3 seconds. That is honestly quicker than it takes you to order a pizza!

Lemonade Inc. offers the best home insurance services in the US, contents and liability policies in Germany and the Netherlands, as well as renters insurance in France. Lemonade’s artificial intelligence bot named Maya helps the company’s new customers obtain a personalized coverage plan in just a few minutes on the provider’s website. Some of the best keywords that describe Lemonade Inc.’s way of providing insurance services are instant, cheap rates, and fast claims. All thanks to the company’s innovative way of using AI to serve their clients better.

Lemonade Inc. provides its customers an easy and efficient way of protecting themselves financially from the unexpected with an intuitive and responsive website as well as an easy-to-use mobile app.

Next Insurance-Best for small business insurance

Located in Palo Alto, California, Next Insurance is a top choice among those who need the best policies for small business insurance. The online-based insurance company is 100% dedicated to helping small business owners protect the businesses they’ve worked so hard for, employees, and their companies’ finances.

Using top-edge technologies, Next Insurance promises to help small business owners the ability to get their businesses covered in 10 minutes or less.

Next Insurance offers six kinds of business insurance policies that are a must for small business owners to protect their businesses financially from the unexpected. More precisely, Next Insurance offers policies for general liability insurance, workers’ compensation insurance, professional liability, commercial auto insurance, tools and equipment insurance, and commercial property insurance. In fact, one of the company’s goals is to help entrepreneurs find a tailored business insurance policy that suits different needs.

So, no matter what part of your business you want to financially secure for a potential unfortunate event, you can find the right policy for that.

Businesses from industries like beauty, cleaning, construction, consulting, education, entertainment, fitness, financial services, retail, therapy, restaurant food and bar, and more can find the right insurance policy at Next Insurance.

To provide fast, efficient, and personalized insurance services, Next Insurance uses a ground-breaking AI-based technology carefully controlled by experts like data scientists, insurance advisors, product managers, and designers. One of the reasons why Next Insurance has such affordable rates for business insurance policies is the fact that, by using technology, the company eliminates other expensive extras and agents. So, small businesses who don’t have a huge budget can rely on Next Insurance to find coverage for their lifetime work in the event of an unexpected incident.

Ladder-Best for life insurance

Founded in 2015 in Palo Alto, California, Ladder is an insurance company that combines the power of innovative technology with top-industry financial and insurance expertise to revolutionize the way people get insurance. Since it was opened, the company expanded its life insurance services to all 50 states and Washington, D.C, which is a significant sign that the company is a top provider in the industry.

Ladder’s promise for people interested in getting life insurance to protect their loved ones in case of their death financially is a streamlined, fast, and efficient experience. Consumers can get a life insurance bay simply by entering the company’s cleanly designed and mobile-friendly website.

From there, using the latest technology, the provider offers a quick cost estimate within just a few clicks. The insurance provider promises that getting life insurance with it is a matter of 5 minutes. So, 5 minutes spent in front of your computer or smartphone to protect your loved ones financially in the case of an unfortunate event that leads to your death.

Besides the user-friendly website, Ladder also provides consumers with an innovative mobile app that is free to download. The app allows you to apply for coverage or modify your policy by increasing or decreasing your coverage at any time, in just a couple of minutes.

The internet-based provider specializes in selling term life insurance, which is the company’s only product. The main goal of Ladder is to modernize life insurance through the use of technology to make it easier for people to leave their families protected.

Bottom line

Insurance is like a lifeboat that you don’t use at all until one day when it can literally save your life, business, financial wellbeing. But, insurance is also complex and scary. However, with digital insurance providers such as these three, getting insurance is easy, fast, and a more personalized experience.