Q1 2016 to date has already topped the record for most early-stage deal activity in insurance tech.
In November 2015, we released the first Periodic Table of Insurance Tech highlighting key players in the insurance tech space you need to know, including startups, VCs, corporate investors, and accelerators. But the market has grown immensely since, as startups across pet insurance, small business insurance, new sharing economy frameworks, and more attract venture capital investment.
Q1’16-to-date has already topped the record for most early-stage insurance tech (seed/Series A) deal activity. Of note, two startups, peer-to-peer insurance company Lemonade and small business insurance startup Next Insurance rank atop the largest US tech seed rounds since the start of 2015.
And interest in the space has not been limited to venture investors as a host of carriers and reinsurers have joined the mix. Just this week, Guardian Life made its first strategic investment thought its venture arm GIS Strategic Ventures in health benefits startup Maxwell Health.
So with this mind, we mapped 130+ startups and private companies in the insurance tech space, who together have raised over $3.5B in aggregate funding. Note: It’s important to point out that some startups below span or are planning to span multiple personal lines and so are not limited in their category placement below. Click the map below to expand.
The map focuses on 11 categories, as follows.
- Life/annuity: Private startups providing distribution of life insurance products including term life and annuities including Abaris and PolicyGenius
- Auto insurance (split into distribution, usage-based insurance/telematics, and claims): Startups ranging from aggregators including CoverHound and Goji to white label auto claims apps (Snapsheet) to per-mile managing general agents like Metromile.
- P2P insurance: Private peer-to-peer insurance and mutual-based startups include Lemonade, Guevara, Friendsurance, and others.
- Small business insurance: Private tech companies serving as commercial insurance brokers and managing general agents to SMBs include Insureon, Embroker, and Next Insurance.
- Insurance industry software/analytics/IaaS: Insurance-specific software across the value chain providers range from BI and data-warehousing startup Quantemplate to insurance fraud detection firm Shift Technology to re-insurance SaaS analytics startup Analyze Re to claims inspection startup Spex.
- Mobile insurance management: Startups focusing on allowing consumers to manage and purchase insurance policies via their mobile device including Knip and GetSafe.
- Product insurance: Companies insuring or tracking products — i.e. smartphones, laptops — for insurance applications.
- Renters/homeowners: Startups providing distribution of renter’s insurance and homeowner’s insurance as well as lease default insurance programs.
- Sharing economy: Startups working on new insurance products in coverage areas including short-term rental marketplaces and for sharing economy 1099 workers.
- Health insurance: Across new carriers like Oscar as well as healthcare insurance startups targeted at individuals (Stride Health) and employers (Zenefits).
- Pet insurance: Startups include Embrace Pet Insurance and Figo Pet Insurance.
A full list of the startups included in the map is below.
|Figo Pet Insurance||Pet|
|Embrance Pet Insurance||Pet|
|The Zebra||Auto (Distribution/Comparison)|
|Root Insurance||Auto (Distribution/Comparison)|
|Knip||Mobile Insurance Management|
|GetSafe||Mobile Insurance Management|
|Clark||Mobile Insurance Management|
|FinanceFox||Mobile Insurance Management|
|Brolly||Mobile Insurance Management|
|Ok Auto Insurance||Auto telematics/UBI|
|Octo Telamatics||Auto telematics/UBI|
|Zhong An Insurance||Auto telematics/UBI|
|Driveway Software||Auto telematics/UBI|
|Claim Di||Auto Claims|
|Slice Labs||Sharing Economy|
|Guild Insurance||Sharing Economy|
|Quantemplate||(Re)Insurance Software & Analytics|
|AnalyzeRe||(Re)Insurance Software & Analytics|
|Tyche||(Re)Insurance Software & Analytics|
|Praedicat||(Re)Insurance Software & Analytics|
|InforcePRO||(Re)Insurance Software & Analytics|
|Shift Technology||(Re)Insurance Software & Analytics|
|One||(Re)Insurance Software & Analytics|
|FirstBest Systems||(Re)Insurance Software & Analytics|
|Zipari||(Re)Insurance Software & Analytics|
|Vericred||(Re)Insurance Software & Analytics|
|MiEdge||(Re)Insurance Software & Analytics|
|Dynamis||(Re)Insurance Software & Analytics|
|Kasko||(Re)Insurance Software & Analytics|
|ClaimKit||(Re)Insurance Software & Analytics|
|Premfina||(Re)Insurance Software & Analytics|
|Avyst||(Re)Insurance Software & Analytics|
|Unirisx||(Re)Insurance Software & Analytics|
|Lapetus||(Re)Insurance Software & Analytics|
|MassUp||(Re)Insurance Software & Analytics|
|Pablow API||(Re)Insurance Software & Analytics|
|Fitsense||(Re)Insurance Software & Analytics|
|Fadata||(Re)Insurance Software & Analytics|
|Covi Analytics||(Re)Insurance Software & Analytics|
|Acturis||(Re)Insurance Software & Analytics|
|LiveGenic||(Re)Insurance Software & Analytics|
|Spex||(Re)Insurance Software & Analytics|
|Rightindem||(Re)Insurance Software & Analytics|
|Oscar Health Insurance||Health|
|Melody Health Insurance||Health|
Want to track the activity of these players of the Insurance Tech ecosystem and get alerts about new Insurance Tech companies receiving financing or getting acquired? Check out the CB Insights Venture Capital Database.
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity