4 insurance startups that will change the way you shop for insurance

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4 insurance startups that will change the way you shop for insurance
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Recently, we told you about how a company called Lemonade is reinventing the process of getting homeowners insurance and renter’s insurance.

But that’s just the latest in a long line of disruptors shaking up the insurance field. Here’s a look at four other disruptive insurance startups making waves today…

Read more: 7 kinds of insurance you can skip buying

Oscar

With a focus specifically on health insurance, this company is backed by some big names like Fidelity and Google, according to the Financial Times. Here are some highlights about Oscar:

  • Free doctor vists, free generic drugs and free routine care, such as flu shots, immunizations, pregnancy screenings, lab tests and more.
  • Discounted rates for specialist visits, brand-name drugs, urgent care and other common care.
  • Talk to a doctor and get prescriptions without ever leaving home for common conditions like sinus infections, pink eye or the flu.
  • Plans available in select areas of New York, New Jersey, California and Texas—provided you don’t already have health insurance from an employer.
  • Earn rewards for staying active with a free Misfit step tracker. You can get up to $1 a day for reaching your personalized daily step goals.

PolicyGenius

A longtime favorite of Clark’s, PolicyGenius is a great way to get a quote for term life insurance.

  • Offers level term life insurance, disability insurance, renter’s insurance and even pet insurance.
  • You do a brief registration and then you answer a questionnaire that takes about four minutes. Some of the questions can be pretty intrusive, but you want to answer honestly so you can get the right quotes.
  • You can have quotes emailed to you and nobody will ever call you, unless you want them to.

Trov

This on-demand insurer will be coming to the U.S. in 2017. Trov will partner with Munich Re for underwriting, according to the Financial Times.

  • Offers protection for phones, laptops, TVs and monitors, tablets, appliances, headphones & speakers, sports equipment, musical instruments, cameras, gaming equipment.
  • You can buy coverage against accidental damage, loss and theft.
  • Filing a claim is as easy as sending a few text messages.

Cyence

Geared more toward corporations that are trying to assess the risk of cyber-crime, Cyence is a startup that counts Brit Insurance, A.M. Best and Marsh among its first customers.

  • Brings together data science, cybersecurity, and economics to build a unique analytics platform that quantifies the financial impact of cyber risk.
  • Used by leaders across the insurance industry to prospect and select risks, assess and price risks, manage risk portfolios and accumulations and bring new insurance products to market.

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Theo Thimou About the author:
Theo has co-written several books with Clark Howard, including the New York Times #1 bestseller Living Large in Lean Times. As a single widowed parent of two young children, he strives to bring unique savings tips to men and women like him who must face life without their spouses. He can be reached at [email protected]
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