As excitement – and early-stage venture investments – in the insurance tech space soar, a number of insurance tech startups are planning to launch in 2016. Here are eight insurance tech startups from just-in-time insurance apps to P2P carriers to business insurance software providers planning a full roll-out of their services in 2016 or beyond.
1. Trov
What they do:
- Trov is a mobile app and digital insurance platform providing tracking, price information, and on-demand, micro-duration insurance coverage for single items and possessions.
- Trov is planning a limited release launch in Australia (in partnership with Suncorp Insurance) and in the UK in the first half of 2016.
Location: Danville, California
Total Funding: $13.50M
Select Investors: Anthemis Group
2. Lemonade
What they do:
- Lemonade is an online property and casualty insurance company that claims to be the first peer-to-peer insurance carrier in the world.
- Set to launch in the first half of 2016, CEO Daniel Schreiber told Insurance Journal that the team has been working with New York regulators to be a licensed carrier. The full details of Lemonade’s business model and service have not been disclosed yet. Lemonade raised the largest US tech seed round in 2015.
- Lemonade recently announced four senior insurance hires including former AIG chief underwriting officer Ty Sigalow as chief insurance officer and former ACE senior vice president Robert Giurlando as chief underwriting officer.
Location: New York, NY
Total Funding: $13.00M
Select Investors: Aleph, Sequoia Capital
3. Embroker
What they do:
- Embroker is a free software platform and brokerage that lets small and mid-sized businesses manage and purchase business insurance.
- The platform’s software lets businesses track vendor certificates and report and track claims. It also summarizes legal documents and has a peer comparison tool that helps businesses benchmark their policies.
- Embroker is currently in a beta trial phase.
Location: San Francisco, CA
Total Funding: $2.10M, Seed VC
Select Investors: 500 Startups, Bee Partners, FinTech Collective, Vertical Venture Partners
What they do:
- Ladder is a stealth life insurance tech startup.
- Ladder’s founding team includes Jamie Hale, previously a founding partner at specialized PE firm Aldenwood Capital, former Issuu chief revenue officer Jeff Merkel, and former Dropbox engineer Jack Dubie.
Location: Menlo Park, CA
Total Funding: $2.05M, Seed VC
Select Investors: Lightspeed Venture Partners, 8 Partners, NYCA Partners, Barney Schauble
What they do:
- The health insurance company aims to provide individuals larger discounts on procedures by having a smaller pool of in-network providers to choose from, close to where customers live and work.
- The team is reportedly planning to complete the required filing and license processes and launch in select states by 2017.
Location: Denver, CO
Total Funding: $2.00M
Select Investors: Eduardo Cruz
6. Sure
What they do:
- Sure is a mobile on-demand insurance app providing micro-duration life insurance coverage during airplane travel.
- CEO Wayne Slavin was previously VP of Product at Tapingo.
- Sure is planning to launch a worldwide rollout in 2016.
Location: California, United States
Total Funding: $1.62M
Select Investors: OVP Venture Partners, ff Venture Capital
7. Brolly
What they do:
- Brolly is a UK-based personal insurance management app and broker, allowing users to manage their policies in one place and understand where they have duplicate or missing coverage.
- The app is currently in the testing phase with early customers and will be publicly available on iOS and Android early this year.
Country: United Kingdom
Total Funding: N/A
Select Investors: Entrepreneur First Incubator
8. Simple Disability Insurance
What they do:
- Simple Disability Insurance is developing a plug-and-play tech platform in the disability insurance space.
- CEO Ted Stearns was previously CEO of disability insurance comparison site InsureWell.
- Simple Disability is planning a Q2’16 launch.
Location: United States
Total Funding: NA
Select Investors: Plug and Play Insurance Accelerator
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