This article showcases our top picks for the best Pennsylvania based InsurTech companies. These startups and companies are taking a variety of approaches to innovating the InsurTech industry, but are all exceptional companies well worth a follow.
We tried to pick companies across the size spectrum from cutting edge startups to established brands.
We selected these startups and companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Top Pennsylvania InsurTech Companies
In a part of the country where it’s more common to see an Amish buggy than an electric car, BeneFix, an insurTech start-up, is working to change how health insurance brokers manage small group benefits with their simple, speedy, and secure technology. BeneFix offers health insurance brokers a digital platform that delivers 100% accurate quotes 100 times faster.
Based in Lancaster, Pa., BeneFix manages data from thousands of plans offered by major carriers in Pennsylvania and New Jersey, offering quotes in minutes from a simple-to-use online interface reminiscent of Zillow. Less than two years after founder Matt Ranauro first had the idea for the platform, the business had a brick-and-mortar office in Lancaster City, over 1,000 customers, and, most recently, became one of nine central Pennsylvania finalists competing for a $100,000 investment from AOL co-founder Steve Case’s “Rise of the Rest” initiative.
The success is due, Ranauro believes, to three factors. First, his own passion for the product.
Ranauro has co-founded several tech companies, most notably ILL Co., a company that has built apps for HBO and Nickelodeon, analytics platforms for KPMG and products for the Mayo Clinic. With each company, Ranauro needed to find health insurance for himself and his co-founders and employees.
“It took about two months just to find out what was available, then get enrolled in those products.” He said. “Which seems crazy, right? In 2017?” The question became: how do we streamline this and make it a better experience for everyone? Ranauro’s previous experience is the second factor that contributes to the success and growth of BeneFix.
The final is the Insurtech industry itself. With insurance, and health insurance particularly, still lagging behind other industries in terms of using and creating technologies that work, the Insurtech industry, a $4.5 trillion industry, has attracted the attention of venture capitalists and tech entrepreneurs alike.
Propel is a software company in the commercial transportation industry. In recent years accident rates, insurance claims, and insurance premiums have risen dramatically in both frequency and cost.
There is now a greater need to track and quantify the true risk level of a commercial fleet than ever. This need has led to the creation of RouteRisk, Propel’s mobile software platform that tracks, scores, predicts and ultimately reduces commercial vehicle accidents by over 50%.
With cutting edge and proprietary technology, RouteRisk is uniquely positioned to drastically reduce the accident rates and claims of every driver who participates in the program. From its turn-by-turn routing and in-cab safety voice alerts to the immense database of FMCSA, DOT inspection, and vehicle history data for every single commercial fleet in the country, RouteRisk is unrivaled in its ability to reveal the true risk level of any commercial fleet in the United States..
Safety Tag is a network connecting companies, schools, athletic organizations, and related organizations to create safer environments. It provides a dynamic mobile platform to non medically trained volunteer coaches who face numerous daily challenges.
Using their smartphone, coaches are equipped with player specific medical information and emergency action plans provided directly by parents. Safety Tag modernizes the display and use of information that parents are already sharing with the leagues to enhance communication between parents and coaches.
Coaches have real time access to player safety information, which provides the highest level of support and risk mitigation, and ensures a rapid response in case of emergency. The core of Safety Tag is an updatable communication platform between coaches, parents, and league administrators for real-time incident reporting and emergency response plans.
Player information is stored in Safety Tag’s highly secured network and is only accessible by the coaches and administrators directly responsible for the player.. .
STRATIS deployed in 1 in 5 new US Multifamily Developments while establishing offices in UK/EU. STRATIS became the sole provider to Google Nest Smart Thermostat Fleet Management Platform and Lutron Lighting Systems for multifamily and student housing.
STRATIS earned a National Renewable Energy Lab/Wells Fargo grant to create digital twin technology for energy metering and monitoring efficiency forecasting in multifamily and student housing. And STRATIS doubled its revenue for the seventh year in a row, leading to 6th place on Best Companies in America by Entrepreneur Magazine and a 148 place audited acceleration on the INC 5000 to #740 fastest growing company in America, as well as 5th fastest growing company in Greater Philadelphia according to The Philadelphia Inquirer and the Philadelphia Business Journal.
STRATIS is the most groundbreaking and pioneering Internet of Things (IoT) Software Platform in the world. STRATIS enables smart apartments and intelligent buildings and is the first and only software platform of its kind built for the complexities of multifamily and student housing.
STRATIS’ mission is to increase energy and resource efficiencies and reduce the carbon footprint of commercial residential buildings around the world. To do this, STRATIS enables smart devices like smart sensors, light switches and outlets, smart thermostats, and HVAC equipment, smart water meters and heaters, smart load centers, and more, to be connected on one collaborative dashboard and mobile application, so that Property Managers and their Residents can automate energy and water savings, without reducing comfort.
Since re-launch in 2015, STRATIS has installed in over 350,000 apartments across the U.S. and has launched in Japan, the UK, EU, and China.
STRATIS now serves hospitality, retail, small to mid-size commercial, and innovative agriculture, as well.. .
Insubiq Inc. is an AI-powered technology company that develops apps to detect digital biomarkers and physical activities through mobile devices and wearables.
At Insubiq, the focus is to build apps for early disease recognition and progress monitoring. Team Insubiq has developed an app for mobile devices to recognize and track coughs and an app for wearables to recognize Parkinson’s disease..
Ritter Insurance Marketing
Ritter Insurance Marketing is a Field Marketing Organization (FMO) in the Senior Life and Health Insurance markets. That means they promote and distribute insurance carriers’ products to licensed agents.
But, they’re not your run-of-the-mill insurance marketing company. They’re unique.
They believe less is more. They devote less time and manpower to recruiting new agents and more time and employees to supporting those who are already in their network.
Plus, they help their agents service their clients in less time and with less aggravation, so they have more time to build their business and make more money…or enjoy more free time, whichever they prefer.. .
ESIS is a global provider of third-party administration and risk management services. It also provides a full range of sophisticated risk management services, including workers compensation claims handling, a broad spectrum of casualty insurance products, such as general liability, disability management, products liability, and medical malpractice claims to handle, professional liability, and automobile liability.
ESIS was founded in 1953 and is headquartered in Philadelphia, PA, USA.. .
Insurance Data Processing
IDP Reinsurance Services offers the latest technology, data and analysis to streamline your reinsurance administration work and maximize recoverables. We have exclusively served the P&C community since 1949, and strive to provide the most up-to-date solutions.
Our unparalleled technology and expertise are matched only by our unwavering commitment to each and every client’s success.. .
&insurance is a licensed insurance agency filled with a diverse collective of thinkers and doers, continually reimagining what’s possible to help us all manage risk and insurance in new ways. Our products also apply to our practices — strengthening our commitment to leave the insurance world better than we found it.
Every new product we create, client we service, or company we partner with is the result of people working together to make each other’s ideas stronger. That happens here because every one of us strives toward a common goal — creating the best customer insurance experiences..
DynaCalc, LLC provides professional services and solutions for the insurance industry. They understand the insurance business and provide a solid, disciplined approach to support your project needs.
DynaCalc’s system re-engineering services will renew your legacy systems with improved architecture, and tuned performance. Their industry experence allows us to maintain the foundational practices in your existing application while developing new architecture for a more modern and streamlined system adapted to your needs and the demands of the market.
DynaCalc’s premier data conversion service includes experienced conversion resources, a proven methodology and a powerful conversion toolset. Their expert personnel can support all aspects of the conversion process including project planning, data analysis, project management, data cleansing, programming, conversion system development, and data balancing efforts.
DynaCalc’s experienced software engineers can customize and deploy modern technology solutions and integrate them with your legacy systems.. .
You may write to us at: Daily Finance Media/Fupping Ltd, First Floor, 61-63 Rochester Pl, London NW1 9JU.