In a recent article published by Property Casualty 360, Hailios was selected as one of the 11 InsurTech companies to watch in 2021. According to the article, Hailios secured its spot on the list by meeting these three criteria:
- Does the company tell a compelling story?
- Does the company meet a pressing insurance need?
- Does the company have powerful partnerships?
Hailios feature from the article:
Building on a 12-year friendship and former tech startup work together, the founders of Hailios started working on development of a hail sensing technology and environmental monitoring platform in 2014, to better equip both insureds and insurers with empirical data of significant storms and their consequent damage potential. In 2017, Hailios Inc. was born in the U.S. and acts as the main hub for all global business.
Insurance Problem Solved
Hailios was purpose-built to provide unbiased, reliable and unique property-level empirical data from severe convective storms (wind, hail and lightning activity). Hail and windstorm damage has increased dramatically over the last 20 years and has seen record years of over $19B of losses in the last several years. Hailios provides both a quick binary response to hail claims (damaging hail happened or it didn’t) to insureds and insurers, and also delivers the most robust data for hail damage in the world by capturing each individual hail impact, measuring its kinetic energy, diameter, and timestamp while providing a detailed timeline and storm profile down to the address level. Our technology has also been vital for creation of the first hail parametric products acting as the third party trigger agent to activate a claim payout. Detailed hail data can provide faster claims processing for traditional insurance products, act as an index data provider for new hail parametric insurance products, and substantially reduce insurance fraud.
Hailios is working with some of the largest insurance providers and risk consultants in the world to deliver game-changing insights and empower new insurance products. Some of the partners we are working closely with are: AXA Climate, SwissRE, SCOR, Hailsure, Generali, Descartes, McGowan, Allrisks, and AON.
InsurTech companies focus on both disrupting the insurance industry as well as how they can grow their business through partnerships. Along with partnerships, the development of technology regarding both products and services is crucial to stand out among competitors within this growing industry. Considering the current state of the world through the COVID-19 pandemic, InsurTech is even more prevalent and necessary. Utilizing technology to the best of our ability is crucial when we cannot meet face-to-face, and InsurTech companies like Hailios are doing just that.
Other featured companies included AutoClaims Direct, Convr, and Earnix. To read the full article “11 InsurTechs to watch in 2021” by Elana Ashanti Jefferson, visit: https://rb.gy/xwwvbk