The Importance of Insurance in Business

It’s important to have business insurance because such insurance can be a requirement for certain types of business activities. Some contracts require in their terms that you be insured, and some types of insurance, such as workman’s compensation, are required for all businesses in most states. Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses, including coverage for property damage, legal liability, and employee-related risks.


Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates. It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of a loss. Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses, including coverage for property damage, legal liability, and employee-related risks.


To help you understand more about the insurance solution space and to get a better hold of the trends, we have included insights from some of the leading industry specialists and tech veterans.


We hope this edition adds value to your insurance initiatives.

Top 10 InsurTech Innovators 2022

The world we live in is full of uncertainties and risks. Individuals, families, businesses, properties, and assets are exposed to different types and levels of risk. These include the risk of losses of life, health, assets, property, etc. While it is not always possible to prevent unwanted events from occurring, the financial world has developed products that protect individuals and businesses against such losses by compensating them with financial resources. Insurance is a financial product that reduces or eliminates the cost of a loss or the effect of a loss caused by different types of risks.


Apart from protecting individuals and businesses from many kinds of potential risks, the insurance sector contributes significantly to the general economic growth of the nation by providing stability to the functioning of businesses and generating long-term financial resources for industrial projects. Among other things, the insurance sector also encourages the virtue of savings among individuals and generates employment for millions, especially in a country like India, where savings and employment are important. The insurance sector makes a significant impact on the overall economy by mobilizing domestic savings. Insurance turns accumulated capital into productive investments. Insurance also enables the mitigation of losses, and financial stability and promotes trade and commerce activities that result in sustainable economic growth and development. Thus, insurance plays a crucial role in the sustainable growth of an economy.


 However, with hundreds of different options in the marketplace, it can be overwhelming to figure out which system is the best.  To make this process more streamlined, our team of researchers, analysts, and editors has shortlisted a set of companies that stand out from the crowd. The companies included in the list offer some of the most innovative as well as exclusive solutions that could create an impact in the insurance sector.


Jeff Radke
Co-Founder & CEO
Colchester, Essex, UK

Accelerant is unlike other insurance program carriers. They are fueled by insurance technology and supported by our unique insurance platform. Accelerant work exclusively with MGAs and Program Administrators. They’re transparent, responsive and collaborative. The team has built a network of some of the best MGA and Program Administrators on the planet. They call them Members because it underscores the deep commitment to their success. And they are
always looking for other top-class Members.


Dror Katzav
Co-Founder & CEO
Palo Alto, CA

Atidot is an AI cloud-based platform, tailored specifically to the needs of the life insurance industry, enabling insurers to grow their customer’s Life Time Value and create new revenues. Insurance companies today struggle to understand their customers as much of the data they collect is not accessible for decision making. Atidot’s technology solves this pain point by augmenting company data
with external sources and running predictive models .


Mark Morley
Co-Founder & CEO
Natick, Massachusetts

Attestiv puts authenticity back into photo and media files, utilizing advanced technologies in mobile, AI and blockchain. Attestiv products create new efficiencies, offer unrivaled fraud prevention and maintain interoperability with existing infrastructure.

Duck Creek Technologies

Michael Jackowski
Boston, MA

Duck Creek gives P&C insurers a genuine path to the future with advanced technology grounded in decades of industry expertise, responsive to the unique challenges of each carrier, and shaped by the day-to-day of human behavior. They are sustained by a persistent curiosity that isn’t afraid to challenge the norms of the property & casualty industry, that believes the vision for tomorrow need not be tied to the legacy of today, and it is their job to get a firm there sooner.

Field Pros Direct

Matthew Anderson
Founder & CEO
Peachtree Corners, GA

Field Pros Direct was named #1992 on the 2021 INC. 500 Fastest Growing Companies in America. Their goal is to help Insurance Carriers, Adjusters and Service providers innovate their claims process, simply. Founded by an industry veteran and pioneer, Matt Anderson, who knew there had to be a better way to solve complexities he experienced as former VP of one of the world’s largest IA firm (and former adjuster). Field Pros Direct helps carriers eliminate unnecessary fines and efficiencies, while creating a community of dedicated adjusters and service providers to provide the best experience possible.


Michael Kelly
Dublin, Ireland

FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific. The FINEOS Platform provides clients the only complete end-to-end SaaS core product suite that includes FINEOS AdminSuite enabling quote to claim administration as well as add-on products.

One Inc

Ian Drysdale
Folsom, CA

One Inc provides insurers with the capability to give their customers what they expect: choice, control, convenience, and continuity. That’s the strength derived from the Power of One – a cohesive and seamless experience for both inbound and outbound digital insurance payments. The One Inc Digital Payments Platform combines multi-channel digital communications with electronic payment processing and disbursement, creating a frictionless premiums and claims payments experience.


Andrew Horton
Group Chief Executive Officer
Sydney, New South Wales

Leveraging our deep expertise and insights, QBE offers commercial, personal and specialty products and risk management solutions to help people and businesses manage risks, build strength and embrace change to their advantage.

Shift Technology

Jeremy Jawish
Co-Founder & CEO
Paris, Île-de-France

Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award.


Christophe Bourguignat
Founder & CEO
Paris, Ile-de-France

Zelros is a pioneer in InsurTech to help insurers offer hyperpersonalized product recommendations across all channels. With Zelros, Insurers boost client acquisition, cross-sell and up-sell while increasing agent effectiveness. Zelros stands out by making their AI platform low code, faster and smarter, and helps insurers stay on track with their Ethical AI programs.