The 125 key players in the insurance tech space you need to know, including startups, VCs, corporate investors, and accelerators.
From P2P car insurance to on-demand insurance apps to new usage-based insurance applications, a wave of tech startups is targeting opportunities in the insurance value chain across the health, life, and property & casualty categories. Venture firms and corporate investors are increasingly involved in backing startups in the space, which raised record amounts of funding in 2015 year-to-date.
So after earlier putting out the Periodic Table of Fin Tech, we’re excited to introduce our latest industry cut — the Periodic Table of Insurance Tech – a resource to hone in on key players in the insurance tech ecosystem. The 125 companies and investors on the table were pulled from analysis using CB Insights data around financial health, company momentum, and active investments. It’s also worth mentioning that many more investors are publicly making their interest in the insurance space known.
See the table below or click to expand.
We expect that this list of 125 will change over time as new entrants emerge and gain prominence and other players falter, exit and/or get removed. If you believe someone should be added, please leave a comment with your rationale.
Navigating the Periodic Table of Insurance Tech
The table focuses on ten categories, as follows.
The left side of the Periodic Table of Insurance Tech includes companies across a handful of key insurance tech focus areas. Additional details on these 7 sub-areas of insurance tech are included below.
- Health Insurance: Private health insurance companies on the list ranged from software-enabled brokerages such as Zenefits; to insurance recommendation and comparison engines, including Stride Health and HealthSherpa; to new health insurance carriers like Oscar Health.
- Auto insurance: Private auto insurance startups on the list include comparison platforms such as Coverhound and Goji; usage-based insurance startups including Censio and Metromile; and mobile claims solutions such as Snapsheet.
- P2P insurance: Private peer-to-peer insurance startups include Guevara, Friendsurance, and others.
- Small business insurance: Private commercial insurance companies focused on SMBs include Insureon, Embroker and Finanzchef24.
- Insurance industry software/SaaS: Insurance-specific software providers range from BI and data warehousing startup Quantemplate to insurance fraud detection firm Shift Technology to re-insurance SaaS analytics startup Analyze Re.
- 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 providing insurance of or tracking products i.e. smartphones, laptops for insurance applications.
On the far right, the table shifts to venture capital firms (both multi-stage and micro VCs), corporate investors, and accelerators/incubators. These were selected based primarily on the total number of portfolio investments into insurance tech and recency of investment in insurance tech. Not surprisingly, several Insurance tech-specific funds and accelerators made it on the table.
- Venture Capital Firms: The venture capital firms included have made venture equity investments in insurance tech companies across the stage spectrum and across different geographies. The VC firm category spans both micro VCs and large multi-stage firms, with the firms’ LP commitments ranging from $25M to well over $1B+.
- Corporate Investors: Corporate investors into insurance tech include strategics both within the insurance industry, such as Transamerica and MassMutual, as well as companies from the broader tech industry like Google.
- Accelerators/Incubators: Accelerators and startup incubators typically offer some combination of equity investment, mentorship, and resources around company development. Those on the insurance tech periodic table have either funded a number of insurance tech portfolio companies or have a specific focus on insurance tech, e.g. Startup Bootcamp Insurance and Global Insurance Accelerator.
Again, if you think an investor or company should be added, please leave a comment below with your rationale. Prior CB Insights periodic tables are listed below:
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. Sign up free below.If you aren’t already a client, sign up for a free trial to learn more about our platform.