Insurance has come a long way since its inception. The first recorded life insurance was made in the Royal Exchange in London, in 1583, when William Gybbons was insured. Since then, insurance companies have developed, over time, to become the huge, complex industry that we know today.
The latest developments in the industry have seen the rise of InsurTech Startups – energetic companies that are leveraging the latest tech to disrupt the so-called ‘traditional’ insurance markets.
Here are 25 to take a closer look at…
AkinovA
AkinovA has pioneered an independent electronic marketplace for the transfer and trading of insurance and reinsurance risks. The startup was founded by experts from Insurance, Technology and Capital Markets, who are now working with the existing insurance and reinsurance value chain to help grow the overall market.
2017 – London, UK
Henri Winand, Jean-Michel Paul
Total funding: $5.6m
Artificial Labs
Artificial Labs is a London based InsurTech, aiming to make insurance frictionless. Artificial Labs collaborates with leading insurers, using technology to save time, money and increase sales. Their tools are based on ArtificialOS, a suite of powerful, API-driven building blocks, for insurers of all sizes.
2013 – London, UK
David King, Johnny Bridges
Total funding: $4.1m
Bought by Many
Bought by Many is a pet InsurTech company that provides insurance products and a streamlined customer experience. The startup’s mission is to make the world a better place for pets and their parents. Bought By Many stands out for covering pre-existing conditions, and being the first pet insurance provider in the UK to offer online claims.
2012 – London, UK
Guy Farley, Steven Mendel
Total funding: $483m
By Miles
By Miles is an InsurTech startup aiming to offer fairer, more flexible car insurance for low mileage drivers. By Miles is offering a revolutionary car insurance service for low-mileage customers where they can pay an annual cost to cover their car while it’s parked, and then pay by the miles they drive each month. The mobile app allows users to monitor their journeys and cost. This kind of innovation in car insurance and liability coverage is especially valuable to younger drivers, who might otherwise face the steepest costs to acquire the right policy. Major insurers are following suit with similar services, which is a clear indicator that By Miles is on the right track.
2016 – London, UK
Callum Rimmer, James Blackham
Total funding: $26.6m
Cazana
Cazana is an InsurTech that provides big data and machine learning tech, helping motor retailers, insurers and lenders digitally transform their businesses. Cazana uses its big data to analyse millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road.
Canopy
Canopy is a financial health startup helping renters to build credit, save money, improve rental affordability and achieve financial freedom. The startup is re-engineering the property rental market by enabling users to pay rent via their smartphones by replacing their cash deposits with the DepositFree insurance policy, to help them save money.
2019 – London, UK
Chris Hutchinson, Matt Hobbs, Tahir Farooqui
Total funding: $9.6m
Web: https://canopy.rent/
Corax
Corax is the developer of a Cyber risk intelligence platform providing data and modelling on the cyber exposure of millions of companies worldwide. The platform is used by insurance and reinsurance carriers to accurately underwrite and manage cyber risk exposure. Insurance brokers and agents also use Corax to provide clients with precise cyber risk assessment and cover recommendations.
2013 – London, UK
Jonathan Pope, Tom Beale
Total funding: $5.2m
Cuvva
Cuvva is an hourly car insurance start-up, currently providing for more than half a million clients, and has sold over 3.5 million policies. Using Cuvva’s app, customers can instantly gain a quote by entering the registration number of the car they are using, choosing the duration they want to be covered for, and providing a picture of the car.
2012 – London, UK
Freddy Macnamara, James Billingham
Total funding: $17m
Cytora
Cytora is an InsurTech startup that has transformed underwriting for commercial insurance. The startup has pioneered The Cytora Risk Engine. The Risk Engine uses AI to learn the patterns of risks over time and predict them, enabling insurers to underwrite accurately and deliver fairer prices.
2014 – London, UK
Aeneas Wiener, Andre Alzamora, Joshua Wallace, Richard Hartley
Total funding: $41.4m
DeadHappy
DeadHappy is an Insurtech company specialising in digital pay-as-you-go life insurance services. The Leicester based-startup offers flexible life insurance policies that are designed to be cheaper and easier than existing traditional providers. Its offerings include pricing insurance based on current circumstances and the option to add further coverage on a rolling basis.
2013 – Leicester, UK
Andy Knott, Phil Zeidler
Total funding: $14.5m
Gryphon Group Holdings
Gryphon Group Holdings Limited is an insurance start-up whose ambition is to protect more families in the UK. The startup focuses on life, critical illness, and income protection, and sells through intermediaries. Their infrastructure is based on digital and cloud-based technologies, and their core platform technology partner is Liss Systems, owned by Nasdaq-listed technology group, EXL.
2016 – London, UK
Daniel Pender, Simon Davis
Total funding: $180m
Hometree
Hometree is an InsurTech startup whose aim is to make homeownership simple and sustainable. Hometree offers a range of products and services, including home coverage plans that protect homeowners and landlords heating, plumbing, and electrical system breakdowns. Their infrastructure integrates thousands of subcontracted engineers.
2016 – London, UK
Andreu Tobella, Simon Phelan
Total funding: $24.4m
Instanda
Instanda is an insurance SaaS platform that enables insurance companies to build, configure, launch, distribute and monitor their products online. Instanda’s product design platform requires no coding, making it simple for insurance companies to use. The platform is based on insurance specific calculations, processing, and workflow capabilities.
2012 – London, UK
Derek Hill, Tim Hardcastle
Total funding: $28.1m
Insly
Insly is a London-based InsurTech startup whose aim is to simplify the understanding, management and transaction of insurance for service providers and end-users. Insly offers cloud-based insurance software for insurance brokers and agents to replace papers and spreadsheets.
Insurwave
Insurwave provides a platform for the entire insurance ecosystem, serving multinational companies with complex insurance needs. Insurwave’s SaaS platform connects insurance buyers, brokers, and sellers to transform the way insurance is transacted. The platform uses leading cloud and cryptography technologies to reduce the distance between corporate risk and insurance capital.
2018 – London, UK
David Power, Stefan Schrijnen
Total funding: £5.4m
Laka
Laka is an InsurTech platform offering peer-to-peer bicycle insurance that covers bicycles and other cycling equipment in the event of theft or damage. The platform provides coverage by a community that is collectively given a fair price enabling users to obtain a cost-effective and fairer insurance product.
2017 – London, UK
Ben Allen, Jens Hartwig, Tobias Taupitz
Total funding: $9.4m
Web: https://laka.co/
Marshmallow
Marshmallow is a full-stack insurance carrier powered by technology. Marshmallow is one of the only European InsurTechs to own their own insurance company. This enables them to have total control of the entire value chain, from pricing to claims allowing them to deliver a competitive customer experience. Marshmallow aims to improve the financial health of the 250 million people by offering affordable insurance.
2017 – London, UK
Alexander Kent-Braham, David Goate, Oliver Kent-Brahamz
Total funding: $116.2m
Neos
Neos is an InsurTech startup that provides smart home technology and home insurance. Neos offers a range of services to prevent the damage that would lead to a home insurance claim. This includes cameras, motion sensors and smoke detectors, which alert homeowners to a break-in, leak or fire and contact the 24-hour monitoring team to send out the right tradespeople. The insurance and services can be accessed via the Neos mobile app.
2016 – London, UK
Krystian Zajac, Matt Poll
Total funding: $7.7m
Web: https://shop.neos.co.uk /
Quantemplate
Quantemplate is an InsurTech startup specialising in insurance data integration, automation and analytics. Quantemplate enables users to take raw data sources, cleanse and harmonise them with machine learning-powered tools. The insights gleaned from this process allow users to conduct analyses and create a competitive advantage.
2013 – London, UK
Adrian Rands, Marek Nelken
Total funding: $25.7m
Setoo
Setoo’s insurance and protection platforms empower e-businesses to turn insurance into products consumers love. The platform automates the process of creating, integrating, and distributing protection products. The platform also addresses consumers’ concerns and creates automatic compensation without having to file a claim.
2017 – Oxford, UK
Eyal Gluska, Noam Shapira
Total funding: €8.00m
Web: https://www.setoo.com / /
Slice Labs
Slice Labs is the first on-demand insurance cloud platform provider, enabling companies to build intuitive digital insurance products. Slice Labs has revolutionised the purchase of insurance, by using big data to assess customers instantly, whenever coverage is needed. Slice Labs offers a pay-per-use policy for Uber and Lyft drivers on the job.
2015 – New York, USA
Ernest Hursh, Stuart Baserman, Tim Attia
Total funding: $35.5m
Superscript
Superscript provides business insurance, specialising in the niche of meeting the fast-changing needs of small businesses. The startup is based on proprietary technology and expertise in emerging risks and threats to deliver bespoke insurance cover. Superscript offers a range of products for businesses’ individual needs, from essential cover through to complex risks.
2015 – London, UK
Annabel Mekelenkamp, Ben Rose, Cameron Shearer
Total funding: $24.4m
Urban Jungle
Urban Jungle provides insurance technology to help young people get cheaper, better home insurance. The London-based startup offers building, home contents, and tenants’ liability insurance.
2016 – London, UK
Greg Smyth, Jimmy Williams
Total funding: $22.3m
Wrisk
Wrisk offers a customisable platform that enables businesses to create mobile-first insurance experiences for their customers. From motor to travel, health to professional, Wrisk’s platform brings everything together into one simple plan that grows with its customers. Using the app, customers can obtain a Wrisk score that allows them to understand their risk. The more information they provide, the more accurate their score, empowering them to get a better score and reduce their premiums.
Zego
Zego provides commercial motor insurance for businesses; for both fleets of vehicles to self-employed drivers and riders. Zego utilises cutting-edge technology and data to offer their clients an insurance solution that saves time and money. Zego is used by businesses based in the UK, Europe and abroad.
2016 – London, UK
Harry Franks, Sten Saar, Stuart Kelly
Total funding: $201.7m
This list includes startups that have help contribute some amazing advances within the insurance tech industry.
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