This article showcases our top picks for the best New Jersey 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 New Jersey InsurTech Companies
Claim Genius features a real-time photo AI platform that generates auto repair estimates instantly. Carriers can provide instant damage estimates and processing of claims based on uploaded accident photos from our easy to use Genius mobile app, reducing cycle time and expenses by over 50%.
It was founded in 2017 and headquartered in Iselin, New Jersey.. .
Brella is modernizing supplemental health benefits to build a world where health hardship doesn’t mean financial hardship. Brella’s simple supplemental plan covers 13,000+ conditions and pays cash on the diagnosis that you can use for anything that is needed on the road to recovery.
Brella Insurance was founded in 2019. .
Leap is a high-growth fintech startup that helps under-qualified individuals gain access to sought-after apartments by acting as a cosigner on their lease. Typically, landlord portfolios experience between 5%-10% vacancy loss on rentals.
Yet, perfectly good applicants are regularly declined due to blemished credit, student status, or other factors that do not impact their ability to pay. That’s where Leap helps.
Our proprietary underwriting tools allow for quick and thorough vetting of potential residents which expands a landlord’s pool of qualified tenants and eliminates default risk. There is no cost to the landlord as the one-time, upfront fee is paid by the resident and secures rental income for the entire term of the lease.
Further, Leap accepts applications from tenants before they begin their apartment search, pre-approving them up to a certain monthly rent amount and delivering qualified residents directly to landlords. Our goal is to improve the financial performance of landlords while helping people qualify for better apartments.
Our application takes 4 minutes to complete and can be submitted on a phone, tablet, or computer, and approvals take just 30 minutes during business hours. Furthermore, Leap can pre-approve renters for a maximum monthly rental amount for free.
That way if you haven’t found an apartment yet, it’s easier to know what to look for. With Leap, renters can get the apartment they want, not just the one landlords say they qualify for.
Extraordinary Re (!Re) is creating a new marketplace where insurance liabilities can be syndicated to investors and then reallocated between investors in real time. Our platform will unlock $20+ trillion of existing liabilities held on insurance company balance sheets, access new sources of reinsurance capacity that is expert in pricing and managing dynamic risks, create price discovery for liabilities that are difficult to value, and enable institutional investors to access diversifying and attractive sources of return.
It is the next step in the evolution of insurance linked securities (ILS).. .
Princeton Climate Analytics
PCA is a global leader in weather and climate information services, revolutionizing the quality and optimization of weather, water, and climate data. It is active in InsureTech, AgTech, government and other major global markets.
In early 2017, Princeton University Executive-in-Residence Joe Studholme met Eric Wood, the Susan Dod Brown Professor of Civil and Environmental Engineering at the University. After determining that there was a strong market need for improved climate data products, they founded the company with Professor Justin Sheffield.
They worked with Princeton University’s Office of Technology and Licensing to define, patent, and license the University’s IP for the exclusive commercial use of Princeton Climate Analytics, Inc. Once the license was in place in late 2017, key data science and technology team joined the company and began rapid commercial development and deployment of the Princeton Hydrological Engine (PHE).
PCA’s first customers included the World Bank, the InterAmerican Development Bank, the EU/Copernicus Project and others as the company delivered the first in a series of high-quality climate data and analysis products. The company supports ongoing research via its PCA Labs division, which continues to produce the world’s most advanced, scientifically validated hydrology data and analysis products.
Additionally, the company continues its commitment to serving underdeveloped communities by providing pro-bono data analysis, tools, monitoring and support to agricultural users in Africa via its ongoing UNESCO partnership.. .
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