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5 Insurtech Companies Disrupting the Insurance Industry

·8 min read

There's no way around it -- healthcare is expensive in the United States. One would think it would be much cheaper with health insurance, and while that is true, the fact of the matter is you get what you pay for. Good insurance is more expensive than bad insurance, and great insurance is out of reach for many average Americans. You're paying for quality of care, not necessarily conserving cash.

That's why more and more people turn to insurance alternatives these days to either replace traditional insurance or fill in the gaps in coverage -- and why insurance-powered-by-tech, or insurtech, companies are popping up to meet demand.

Unsure of what insurtech is, if you need it and which platforms will best suit your needs? Don't worry, we've got you covered. Benzinga's list of the top 5 insurtech companies disrupting the insurance industry will tell you what you need to know.

What is an Insurtech Company?

Insurtech is a newer term referring to any company or platform using technology to disrupt traditional insurance industries. It's no secret that many people in the United States and globally lack sufficient healthcare -- or the financial means to obtain it.

Platforms like the ones on roster seek to bridge those gaps for their users by leveraging technology and cutting out the middleman to bring low-cost, sensible alternatives to insurance.

The Best Alternatives to Traditional Insurance

The simple fact is that adequate insurance coverage, while important, is out of reach for some people, or that paying for something you rarely use isn't a justifiable expense.

Whether you're trying to shop around for insurance, looking for a good telehealth provider or looking to replace or supplement your insurance with a monthly subscription plan, the following insurtech companies are leaders in their own right and in the alternative insurance industry at large.

Policygenius: Best Place to Find Insurance

Insurance goes far beyond health insurance these days. Pet insurance? Car insurance, hazard insurance, rental insurance...the list goes on. Policygenius makes it easy to compare insurance from multiple providers in 1 place.

Policygenius makes your insurance shopping experience simple and -- dare we say -- pleasant. First, you'll learn all you need to know about both general insurance and the type of insurance you're seeking. Policygenius offers clear, fair advice without relying on confusing jargon, clarifying any questions you may have.

Then, start shopping by comparing multiple quotes side-by-side. This saves you from wasting valuable time on traversing multiple insurance websites and trying to compare. From there, apply for your chosen insurance plan directly through Policygenius -- their licensed experts will help you complete the buying process and seal the deal.

Get in touch with Policygenius using live chat or email -- or give them a call -- to find out more.

Pricing: Free to use; trust and estate services start at $120

Mobile App: Yes

Lemonaid: Best Online Health Service

Sick of waiting weeks to get into a doctor and having to take off work to snag an appointment? Want a simpler, faster solution to healthcare? Telemedicine is the answer to your needs. If you're looking for an all-in telemedicine provider, look no further than Lemonaid.

See also: Best Individual Health Insurance

Lemonaid is a frontrunner in the telehealth industry, acting as your digital doctor and prescription provider. Working with licensed health professionals, Lemonaid provides solutions for a wide range of physical and mental health concerns from asthma to hyperthyroidism. Lemonaid can help you quit smoking or help you test your blood sugar. Lemonaid even offers a solid range of at-home lab tests in addition to the rest of their services.

Signing up for Lemonaid is super easy -- just fill out a questionnaire about your health to get started. A medical team will review your answers and be in touch. From there, any prescriptions you need will be sent to you within 1-3 business days in discreet packaging -- you don't even need to sign for it. And Lemonaid can also send your prescription to your local pharmacy, working with what's best for you.

Pricing: Varies; $25 consultation fee and price will vary based on necessary care and prescriptions

Mobile App: Yes

Wisp: Best for Privacy

Got a condition or prescription you'd rather not share with your neighborhood pharmacist? Many of us can relate to this feeling, and while there is zero reason to ever be embarrassed about taking care of your health, so can Wisp.

Wisp is an online prescription service that fills all the prescriptions you'd rather keep private. They're licensed to operate in every state in the US. Get started with a symptoms quiz. A board-certified medical health professional will reach out to you to complete your telehealth appointment and prescribe you medication if appropriate.

Wisp is known for handling reproductive and sexual health issues discreetly, allowing you to order prescriptions directly to your door. And, if you're in dire need, you can even schedule a 3 hour pickup. Not only will it save you time and the prospect of running into someone you know, it can save you money, too. Wisp works with both insured and uninsured people, relying on simple, transparent prices -- a refresher from obtuse medical bills and prescriptions that never seem to be quite the same price.

Get your first month's prescription free when you sign up for Wisp. Delivery is always free, too.

Pricing: First month free; monthly pricing based on type of medication prescribed

Mobile App: No

CareCredit: Best Medical Financing

Did your pet eat something they shouldn't have...again? Or you finally decided to spring for Invisalign or adult braces and discovered that exactly 0% of the cost is covered by your dental insurance? CareCredit can be your fallback line of credit when you need it. It's a healthcare credit card and medical financing company that gives its customers a financial cushion when it really counts.

The best thing? You don't pay to use Care Credit, so unlike insurance, you aren't paying a monthly premium for something you may not have used. You only pay your balance and any interest accrued. And unlike other credit cards, CareCredit is specifically for medical and healthcare use, so it's a dedicated line of credit, making sure you only use it when you really need it.

You may even qualify for interest-free 3, 6, 9 or 12 month promotional periods, saving you from paying anything extra at all if you pay down your balance within that time.

Applying for CareCredit is easy online or in-office if your healthcare provider accepts CareCredit. You'll usually get an immediate decision and can sometimes use CareCredit to finance your medical costs as soon as you get approved.

Pricing: N/A; may accrue interest charges depending on your use and financing agreements

Mobile App: Yes

Cerebral: Best Online Mental Health Service

Cerebral is like your insurance, doctor and pharmacy rolled into one, but for certain mental health conditions. People over the age of 18 who think they have insomnia, anxiety, depression or other mental health issues can use cerebral to get care and medication for their conditions. This model is useful for people who may not have regular health insurance or insurance that doesn't have great mental health care.

Cerebral lets you pick your type of coverage and offers 3 flat-rate subscription plans. Just fill out their telemedicine questionnaire to help Cerebral direct your care. You can choose a plan with just therapy, where you'll get weekly counseling but forgo any medications. Or, choose from a combination of therapy or care counseling along with medication, which will be delivered monthly directly to you (plus free shipping). Cerebral also works with many insurance companies and offers out-of-network reimbursement if your insurance doesn't work with them, so you can save even more money.

You can manage your mental healthcare right from the Cerebral app, making Cerebral accessible to people whose mental health may prevent them from seeking more traditional forms of care. And, it's a way for struggling people to connect with mental health care professionals even when the conditions of the world prevent us from in-person meetings.

Pricing: 3 subscription tiers; pricing varies depending on level of care, personal insurance, necessary medication and so forth.

Mobile App: Yes

Protect Your Health and Your Wallet

Healthcare seems like such a basic necessity, but many of us find ourselves in situations where it's not so simple. Maybe you don't have access to insurance, can't afford the high premiums and expensive out-of-pocket deductibles or just don't see the point in paying for healthcare that you only use sparingly.

The insurtech companies above see the need for insurance alternatives and use technology to connect you with the solutions they offer. Get in touch with any of them to find out more and take control of your healthcare today

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