Top 20 Insurtech Companies
The insurance industry has experienced transformative growth over the past decade, with InsurTech companies playing a pivotal role.
Expounding by a CAGR of 30.34%, the InsurTech market is projected to reach USD 32.47 billion by 2029 as technology continues to create operational efficiencies and boost profitability across the sector.
In this article, we provide a comprehensive overview of 20 leading InsurTech companies to watch in 2024, exploring their impact, influence, target consumers, and unique strategies for addressing specific challenges in the insurance industry.
Year: 2017
Funding: $621M
Founders: John Swigart and Dax Craig
Pie Insurance is one of the top insurtech companies that is exclusive to worker’s compensation programs.
It uses data analytics to enable small businesses to save money and calculate risks.
Most small businesses run tight budgets, and many believe worker’s insurance is expensive, so they go on without this valuable coverage.
By leveraging tech insurance, Pie transforms how businesses view workers’ compensation by shifting traditional workers’ insurance from a costly, one-size-fits-all solution to a more affordable, data-driven approach tailored to each business’s unique risk profile.
Having partnered with over 4,000 agencies across the United States, Pie covers 89% of US small businesses, including Ford Credit, which offers commercial auto insurance.
In June 2022, the company expanded into Alabama and Oregon, making its footprint in 38 states, plus Washington, D.C.
That same year, Pie raised $315 million in series D funding, led by Centerbridge Partners and Allianz X, to further grow its workers’ compensation insurance programs.
This funding round expanded its capital to $615 million, over double its founding amount in 2017.
Year Founded: 2016
Funding: $1.1B
Founders: Guy Goldstein and Alon Huri
This is a recognized “insurance for startups” provider that made it to the list of CNBC’s top companies in the world (digital insurer category) in 2024.
It uses artificial intelligence and machine learning to simplify procurement and provide customers with end-user experiences like claims handling, pricing, serving, writing policies, and underwriting.
As one of the leading insurtech companies, Next is focused on transforming small businesses by providing tailor-made insurance for startups and customized digital coverage for entrepreneurs through its full-stack platform.
Over 500,000 business owners trust it, and it has been appreciated by Inc.’s Best-Led Companies, Forbes Best StartUp Employers, CNBC Disruptor 50, and Forbes Fintech 50.
Remarkably, the insurance startup has received over $1.1 billion in venture capital funding and recently partnered with Allstate and Allianz X, which comes with a $265 million investment.
Year Founded: 2015
Funding: $618.5M
Founders: Daniel Schreiber and Shai Wininger
Lemonade is one of the best insurtech companies that combines AI and behavioral economics principles to offer everything from homeowners insurance to car, pet, renters, and life insurance.
With a design to streamline the insurance process and make premiums equitable, this tech insurance provider is addressing the distrust haunting conventional insurance.
Its hallmark offer, the Lemonade Car app, leverages telematics AI to offer users lower premiums based on how they drive. If you don’t drive at all, you won’t pay; if you drive much, you will pay higher. This approach puts the right to govern insurance in your hands.
In addition, it replaces brokers by using chatbots and other innovative technologies through its app for customer interaction and claims processing.
On June 22, 2023, Lemonade became the first Insurtech UK member to receive a carrier license from the Prudential Regulatory Authority (PRA) across the US and Europe.
Interestingly, the company’s first funding round was about US$13M after its launch, in which 14,000 customers signed up.
It raised US$48M in series A and B funding rounds during that same period.
Year: 2016
Funding: $406M
Founders: Kyle Nakasuji and Derek Brigham.
Clearcover is one of the next-generation car insurtech startups that allows customers to make smart decisions.
Its high app ratings make it an attractive choice for digital-savvy customers seeking affordable, straight-to-the-point auto insurance coverage without the frills of traditional insurers.
It presents a user-friendly app, quicker claims processing, and immediate payouts.
Apart from being one of the best tech insurance companies, Clearcover is one of the most pocket-friendly options in the industry.
In 2024, it launched a revolutionary generative AI Solution, clearAI, into its mobile app, modernizing the claiming process and customer experience with 24/7 real-time support.
Users commend its insurtech solutions for quick payouts of as little as 30 minutes.
Notably, Clearcover boosts a strong circle of investors such as Eldridge, American Family Ventures, and Cox Enterprise.
In 2021, the insurance technology company raised $200m in a series D funding.
Year: 2015
Funding: $1.3B
Founders: Assaf Wand
Many homeowners in the U.S. are underinsured, while many don’t understand what insurance is included in their policies.
Hippo Insurance is a top insurtech startup reshaping this traditional approach of home coverage through data analytics, AI, and smart home devices.
Hippo enables transparent coverage and quick customization without extra cost to customers, making buying home insurance online straightforward and affordable.
Thanks to its evolved online platform, it can complete quotes in as little as 5 minutes while giving house owners clear insight into what they are paying for and the terms of their insurance.
Having insured more than 200,000 homes, Hippo has expanded across 37 states of the US and is in active partnership with top digital insurance companies like SimpliSafe, Better Mortgage, and Xfinity.
As one of the top insurtech companies in digital innovation, Hippo upholds four values that distinguish its offerings from other insurance tech agents — proactive risk prevention, simplicity in insurance offers, top-notch customer service, and smart coverage.
Year: 2012
Funding: $1.6B
Founders: Joshua Kushner, Kevin Nazemi, and Mario Schlosser
As a pioneering technology insurance company, Oscar is pushing the boundaries of healthcare systems and fostering high customer trust and satisfaction.
It is one of the best insurtech companies with a full-stack technology platform, aiming to provide an accessible and affordable healthy life for individuals, families, and businesses.
Oscar improves the design, structure, and implementation of healthcare software so patients can consult a doctor anytime using Oscar’s app and get a prescription without leaving home.
Its insurtech solutions use Geofencing and geo-locational data to enable clients select the list of doctors available for consultation in their location.
Other amazing features in its apps include free Misfit step trackers that record clients’ health history and provide financial discounts for staying active.
As of March 31, 2023, it was on record that 577 districts in 20 states of the US have one Oscar plan at the very least.
Year: 2018
Funding: $184.7M
Founders: Sam Hodges and Travis Hedge
Vouch is one of the top tech insurance companies in targeted insurance —- connecting businesses to the insurance package that best suits them.
In the 20th century, traditional business owners worried about protecting their factories from physical damage like natural disasters, vandalism, and theft.
This has brought about rigid, static models for risk assessment, which does not serve well for modern-day startups where more sophisticated incidents like cybercrime, data breaches, and ransomware extortion persist.
In response to this peril, Vouch emerged as an insurance technology company that is revolutionizing the all-size-fits-all solution of conventional policies.
It seeks to provide customers or startups with the right risk management policies based on their unique challenges.
By leveraging niche expertise, Vouch offers a digital-first procurement strategy and a proprietary approach to pricing and underwriting to meet the needs of modern tech executives.
It is focused on insurtech solutions for fintech and digital health, providing them rare coverage, like large language models, regulatory investigations, and claims of intellectual property infringement in systems.
Being one of the best insurtech companies in its niche, Vouch is trusted by top-tier brands like Silicon Valley Bank, Y Combinator Continuity, Rabbit Capital, Redpoint Ventures, and Index Ventures.
Year: 2015
Funding: $123.1M
Founder: Wayne Slavinr
Sure Insurance is a global technology insurance company that presents businesses and other insurance startups with an easy route to deploy new insurance offers and manage all their operation.
Their technology is a digital infrastructure to create insurtech solutions supporting everything from underwriting to claims processing for better customer experience and satisfaction.
One of its latest offerings, Retrace, provides APIs and enables online merchants to have digital insurance and protection such as production warranty protection, e-commerce returns, and travel industry protection at any point.
As a popular insurance tech choice for companies looking to add embedded coverage, Sure is expanding its revenue streams while growing gross revenue for insurers.
Its revenue surged by 50% in 2023, reaching more than $30 million.
Year: 2017
Funding: Private equity
Founders: Melbourne O’Banion and Jonathan Abelmann:
This is one of the leading-edge life insurance tech startups that increases financial stability and also makes life insurance more accessible for all.
Bestow uses high technology to help customers access life insurance options without medical exams.
Thereby maximizing efficiency and reducing the cost of entry into the insurtech industry.
Powered by its AI-driven platform, the Insurtech startup enables clients to fast-track underwriting and obtain permanent life solutions speedily.
The company boasts a partnership with 30 insurer carriers, which is expanding its platform capabilities.
It also shows interest in sustainable energy in its first remote policy, which led to a reduction of the team’s carbon footprint by 54%.
Year: 2018
Funding: $44M
Founders: Jay Harkrider, Andrew Lallathin, and Patrick McBridge
Foxen is a technology insurance company that helps real estate owners and operators manage risks and drive efficiency to enhance their property offerings.
This Insurtech fintech solves the challenges of renter’s insurance compliance by automating the policy verification process while creating greater well-being for residents.
One of the services it offers, Foxen Wavier, carries out tenant insurance agreements and helps protect both the residents and the properties from an accidental event.
Another important offering product offered is Foxen Rentistry, a rent-reporting product that improves the credit and revenue stream to residents who pay their rent on time.
Notably, the Foxen Series A round (closed at $44M) was raised specifically to fund revolutionary fintech solutions in real estate.
Year: 1995
Funding: Private Equity
Founders: Kevin Taweel and Jim Ellis
As a leading tech insurance company, Asurion has received 11 technology awards and recognition, owing to its stunning success in providing a wide range of support and repairs for all devices, from mobile phones, tablets, and laptops to security cameras, TVs, and even household appliances.
The insurance tech provider also proffers mobile guarding services through wireless carriers to maintain privacy, protect data, and locate lost phones.
Trusted by Samsung, Verizon, and other big tech brands, Asurion services are in all parts of the country with an extensive network of 730+ tech repair stores and thousands of repair experts (both online and offline) for affordable and convenient operations.
In fact, in 85% of the U.S., Asurion can get an expert to a customer’s home or office to provide express service with track records of finishing in 45 minutes or less.
Year: 1969
Sold For: Private Equity
Founder: Amy Zupon
Vertaforte is an insurtech company known for its innovative tools and services that modernize how insurance products are introduced, advertised, and distributed.
As a powerhouse in “insurance for startups,” Vertafore provides insurtech solutions that enable value chain connectivity across the distribution channel of insurers and independent agents.
It powers productivity by helping agencies close more deals by using technologies that enable independent agencies to find and bind for their client quickly.
In 2020, Vertaforte marked a pivotal milestone when Roper Technologies acquired it for $5.4 billion.
This enabled the tech insurance provider to leverage Roper’s diverse technology assets to advance its services.
Three years after the acquisition, Vertaforte debuted its first bind capability, launched within a personal lines(PL) rater, handling a high transaction volume of up to around 150 million transactions in 2023.
Today, it has over 50+ corporations, 21,000+ dependable agency customers, and 1300+ insurance carriers.
Year: 2015
Funding: $1B
Founder: Alex Timm
Root Insurance is the first technology insurance company licensed to use mobile telematics to transform the old-fashioned car insurance industry.
With a strong emphasis on lucid and fair insurance, the company advertises that its coverage can save safe drivers up to $900 annually.
It leverages a user-friendly app to measure driving behaviors and uses it to inform prices; as such, good driving gets good rates.
So far, Root has gathered 20 billion miles of mobile telematics data to improve and inform pricing models since its inception.
Another area where this insurance technology company stands out is in faster payouts.
Root utilizes ML in its claims system, which enables drivers to get a policy or file a claim in minutes, boosting customer satisfaction.
Year: 2018
Funding: $300M
Founder: Todd Boehly
With a track record of insurance expertise and robust product capabilities, Zinnia, the Elderidge insurance company, is positioned as a leader in the Insurtech industry.
Valued at over $40 billion, Zinnia is revolutionizing service operations for both startup insurance companies and established insurers, particularly in the life and annuity sector, by providing innovative tech products for them.
Also, the unicorn insurtech company has the vision to create an inter-connected, data-rich insurance ecosystem for companies with its open insurance platform.
To achieve this, it leverages blockchain and smart contracts for real-time data sharing across ecosystems, enabling efficient and accurate decision-making security for clients and policyholders.
As one of the leading tech insurance companies, Zinnia has continually expanded its coasts through partnerships and acquisitions.
Notable of all was when it acquired Policy Genius in 2023. Combining the Zinnia interoperability platform with the policy Genius marketplace empowered the company to include a wide range of products to a broader audience. Also, it ensured more data for enhancing its digital solutions.
Other collaborations include its 2024 partnership with LPL Financial, an investment and business services provider for independent financial advisors, and the acquisition of Ebix’s North American Life and Annuity Assets, a supplier of software solutions, that same year.
As of when this was written, Zinna boasts over 2500 distributor associates and 100 life, retirement, and annuity partners.
Year: 2016
Funding: $458.2M
Founder: Sean Harper
Kin’s technology is one the best insurtech companies reshaping how customers approach home coverage proffering swift-home insurance.
With a focus on areas most impacted by climate change, Kin shortens the rigorous underwriting and risk assessment processes of traditional carriers.
It leverages analytics to ingest clients’ data and turn them into customized policies.
This way, owners of homes prone to hurricanes, tornados, earthquakes, and other natural disasters can get coverage just by browsing an online platform.
As one of the fastest-growing startup insurance companies, Kin has seen 35% year-over-year growth for gross written premiums in the first quarter of 2024.
The insurtech company continues to advertise seamless customer experience and customized insurance options, having built a workforce of about 450 people to revamp home insurance.
Year: 2016
Funding: $295.7M
Founders: Rotem Iram and Roman Itskovich
Traditional cyber insurance solutions have proven unreliable in covering evolving threats as they lack the proactive risk management needed to address them.
Therefore, this insurtech startup developed the world’s first InsurSec platform.
The platform utilizes automated scanning tools to check clients’ digital environments regularly for potential vulnerabilities.
As the first technology insurance company to bring risk coverage in cyber security, At-bay deploys AI and machine learning models to analyze large volumes of cybersecurity data and predict potential risks for online businesses.
The company has brought about various lines of specialty insurance in the insurtech industry, including tech errors and omissions coverage, insurance for startups, miscellaneous professional liability (MPL), and cyber policy.
More so, its policies are adaptive based on the client’s risk profile, promoting preventive measures and strong responses to emerging cyber threats.
In 2024, the insurance technology company reinvented its security software to accommodate mid-sized to small businesses, enabling it to address 66% of security issues from them.
The security features included phishing testing and security awareness training, Google Workspace integrations, and Microsoft 365.
Before this, At-bay expanded its Cyber and Tech coverage to businesses with up to $5 in revenue, enabling At-Bay’s brokers to offer InsurSec solutions to mid-market.
Year: 1996
Founders: Alexandre Douzet
Funding: Private Equity
Nearly 33% of pet owners without pet insurance said taking their pet to the vet is a high bill.
Pumpkin, one of the best insurtech companies for pets, has developed an innovative platform that provides insurance plans and preventive measures to help customers live longer and healthier lives.
It offers pet owners advanced veterinary care insurance for accidents and illness, and also enables customers to utilize expensive vet care by giving them up to 90% cash back on eligible vet bills.
In addition, clients can utilize its preventive essential wellness packages, such as annual wellness exams, crucial vaccines, and early diagnostic screenings.
As one of the best insurtech startups, Pumpkin has recorded many partnerships, a remarkable one being its alliance with Petmed, which enables Petmed’s customers to have direct access to pet insurance plans and optional preventive care coverage.
By teaming up with Pumpkin, Petmed’s has saved 90% of eligible vet bills for its customers.
Year: 2000
Funding: $357M
Founder: Michael Jackowski
Duck Creek Technologies is a leading global technology insurance company that provides intelligent solutions to redefine the future of property and casualty (P&C).
It’s built on an extensive suite of cloud-based software and advanced technologies such as machine learning and artificial intelligence (Al) to increase the efficiency of security, performance, and operations, servicing both insurance startups and established insurers.
Also, Duck shows a strong emphasis on specialty insurance. By leveraging one of their key products — Duck Creek Insight, insurers of rare coverage like aviation, professional liability, construction, and excess liability can discover opportunities to increase their clientele.
Consequently, Duck is one the best insurtech companies for scaling tech coverage products, owing to its integrated solutions, which include billings, Duck Creek policy Claims, Insight, and distribution management.
It ensures scalability by enabling easy integration of its open architecture and rich API ecosystem to third-party applications and services.
Ultimately, it empowers insurers to meet the demands of an increasingly effective competitive market landscape.
Meanwhile, Vista Equity Partners acquired the company in March 2023 at $2.6 billion.
Year: 2016
Founder: Matt Grossberg
This list of best insurance companies with technological footholds won’t be complete without adding Integrated Specialty Coverage.
It owns an insurance product builder that integrates with everything from insurers market to data analytics resources to distributor channels to speed up the launch of products.
Leveraging its end-to-end platform, ISC fast-tracks a wide range of programs, including specialty programs like inland marine, farms, entertainment, retail, wholesale, auto sales, construction, and oil/gas.
As one of the top insurtech companies, the ISC platform shows a strong dedication to underwriting excellence, using advanced technology to transform how system programs are underwritten and operated.
ISC has four acquisitions in its portfolio, with the latest being that of Northeast National Brokerage, which has significantly influenced its national imprints and enriched its market share in the insurtech industry.
Year: 2018
Funding: 129.6M
Founder: Snejina Zacharia
This Tech insurance company is at the forefront of ensuring everyone obtains the best insurance policy for their needs.
Leveraging its AI and natural processing platform, Insurify informs shoppers of available policy options, helps them compare quotes, as well as connect them with multiple agents, fostering transparency in the insurtech industry.
Insurify is similar to Policy Genius and other technology insurance companies for comparison.
However, unlike Policy Genius, it operates like an online broker offering real-time quotes and providing analysis of over 100 insurers, helping users compare multiple policies.
Moreover, Insurify’s website is widely known as a cost-saving platform, as its insurtech solutions have enabled shoppers get the cheapest valued offer possible through several means, including highlighting any discount users qualify for.
The tech insurance broker says they have helped 10.4 million insurance shoppers all over the U.S. to save billions of dollars in coverage.
With a license to sell house and auto coverage in all 50 states, the company partners with 100 + top insurance companies, including insurtech industry leaders like State Farm, within the country.
As a highly regulated industry with several layers of legal formalities, the insurance industry has inevitably shown a slower response to technological disruption when compared to other industries.
However, most of the 1,5oo+ Insurtech startups and companies today are increasingly driving consumer’s interest by developing insurtech solutions built around the customer.
These tech insurance companies have succeeded in democratizing and making insurance super accessible to all, proving high potential for reforming the incumbent industry.
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