The 6 Best Digital Insurance Providers of 2024
- Best Business Insurance: Next Insurance
- Best Homeowners Insurance: Lemonade
- Best Auto Insurance: Root
- Best for Multiple Lines: Esurance
- Best Health Insurance: Oscar Health
Best Business Insurance : Next Insurance
- Eight types of coverage to choose from
- Currently available in 49 states
- Coverage is offered for 1,300+ different types of businesses.
- Buying coverage online usually takes less than 10 minutes
- Not all products are available in every state
Next Insurance was founded in 2016 and offers a variety of small business insurance options to keep you and your company safe whether you have one employee or 20. The company has innovated complicated commercial insurance while making it affordable, helping it secure its title as best business insurance in our review.
Through Next Insurance, you can get a quote online in just minutes for general liability insurance, business insurance, business owner’s policy (BOP) coverage, property insurance, commercial truck/auto insurance, workers’ compensation insurance, or professional liability/E&O coverage. All policies are backed by Munich R.E., which holds an A+ (Excellent) rating from AM Best.
Whether you are a photographer, DJ, contractor, fitness instructor, educator, consultant, or hold one of the 1,300+ professions that Next Insurance covers, you can buy coverage online or over the phone at potentially very low rates. Unfortunately, not all business insurance products may be offered in your state.
Best Homeowners Insurance : Lemonade
Lemonade takes much of the sting out of the homeowners insurance process, giving you the ability to buy coverage online in a few minutes and even paying out approved claims immediately, to a connected bank account. Lemonade offers a long list of additional coverage options, making it easier to build the policy that suits your exact needs.
- Get a quote in seconds and have a policy in minutes
- Leftover funds are donated to charity.
- Robust mobile app makes managing coverage and filing claims simple
- Simple claims are often paid immediately, and directly into a connected bank account.
- Lemonade boasts an A rating for financial stability.
- Not currently rated by AM Best
- Lemonade received more than twice the expected number of consumer complaints last year, according to NAIC,
Though Lemonade was only launched in 2015, they have generated some buzz in the property insurance world over the years. The company offers homeowners, renters, and condo coverage, with homeowners policies being available in all states plus the District of Columbia.
All policies can easily be purchased online or through Lemonade’s mobile app; in fact, getting a quote only takes a few seconds and buying a new policy takes only a few minutes, which helped make it our choice as best for homeowners insurance. If you have questions, are ready to buy coverage, or need to file a claim, customer service is available by phone, email, or through the company’s robust mobile app. Lemonade takes a flat percentage of your monthly premiums to cover operating expenses and pay claims with the rest. Anything left after that goes to the charity of your choice. Because Lemonade doesn’t make an additional profit by denying homeowners’ claims or making smaller payouts, it gives many policyholders added peace of mind that they’ll have the coverage they need when they need it most.While Lemonade has not been evaluated by AM Best, the company does hold an “A” (Exceptional) financial stability rating from financial analysis firm Demotech.
Best Auto Insurance : Root
Good drivers are rewarded for being good drivers
- Customers can save more than half on their auto insurance rates
- Roadside assistance is included with every policy (California drivers excluded)
- Everything can be managed through Root’s feature-rich mobile app
- Currently only available in 41 states
- You’ll need to participate in a two- to three-week test drive before qualifying
- Root doesn’t yet cover motorcycles, ATVs, commercial vehicles, etc.
Founded in 2015, Root has been steadily growing its auto insurance presence over the last five years. The app-based platform allows drivers to save money on premiums based on their driving habits, by utilizing an innovative “test drive” before a quote is ever calculated, which is why it wins our best auto insurance category.
Root’s test drive is a two- or three-week digital trip tracker, performed through the Root mobile app directly. Through this, Root is able to gauge and evaluate your everyday driving habits, including speed, aggression, and even the times of day you most often drive. With this data, Root is able to better calculate the risk you pose behind the wheel and, in turn, reward you with lower premiums.
Once the test drive is complete and a quote is offered, you can easily buy coverage through the app via credit card or even Apple Pay. Currently, Root’s reach is a bit limited; they do not insure ATVS, motorcycles, or other special vehicles and they are only operating in . However, the platform is expanding all the time and they expect to be in more states soon.Best for Multiple Lines : Esurance
- Offers a range of insurance products to choose from
- Available in all 50 states and DC
- Numerous discounts offered to drivers
- Robust mobile app and website make buying and managing policies simple
- High number of consumer complaints
- Auto insurance is only offered in 43 states.
- Customers are charged an installment fee on monthly premium payments.
Owned and backed by Allstate, the largest publicly held personal insurer in the country with a AM Best rating of A+ (Superior), Esurance has been writing policies since 1999. It operates in most states, though not all products are offered in each state.
Many of Esurance’s products can be quoted, bundled, and purchased online or through the mobile app, without ever needing to speak with an agent. If you don’t plan to pay your premiums online in full at the start of your policy, just be aware that Esurance does charge a monthly installment fee. Depending on your coverage, you can expect this to range anywhere from $3 to $10 per month.
Esurance does not have any brick-and-mortar locations, though they encourage you to reach out by phone, by email, or even through their social media channels.Best Health Insurance : Oscar Health
- Telemedicine is available for free, 24 hours a day.
- HSA-compatible plans available in some states
- Four coverage tiers offered, in accordance with the Affordable Care Act
- Only available in select states
- Their in-network provider network was recently reduced.
- Some benefits are limited to participants in specific areas.
The Oscar app lets you find and visit with healthcare professionals, see lab results, access bills and prescriptions, and even review claims. Plus, you can track your daily steps within the app and earn up to $100 a year in Amazon credits just for meeting your health goals.
Some of Oscar’s key benefits are limited to plan participants in specific areas.What Is Digital Insurance?
What Is Insurtech?
With nearly every aspect of life today trending more and more toward tech, it’s no surprise that insurance is doing the same. These innovations—designed to save consumers time, energy, and money on their policies—are often referred to as insurtech.
Today’s insurtech companies make it easier than ever to shop for coverage, compare prices, manage policies, and even submit claims, no matter where you are in the world. Of course, they also eliminate much of the human touch involved with the industry and they raise some concerns about privacy and the intrusiveness of some insurtech companies’ mobile platforms.