Across the globe, from Silicon Valley to Singapore, a new crop of insurance technology firms – insurtechs – are attracting billions in venture capital and upending a centuries-old industry.
The rise of these unicorns – privately held startups valued at over $1 billion – has marked a significant shift in an industry long dominated by established giants. While legacy insurers have historically relied on actuarial tables and broad risk categories, these new players leverage big data, artificial intelligence and even satellite imagery to assess risk and price policies.
Here, InsurTech Magazine highlights the Top 10 unicorns which are driving the insurance industry forward.
10: Marshmallow
Valuation: US$1.25bn
CEO: Alexander Kent-Braham & Oliver Kent-Braham
Country: United Kingdom
Investors: Passion Capital, Hedosophia, Outrun Ventures
Founded in 2017 by twin brothers Alexander and Oliver Kent-Braham, Marshmallow set out to disrupt the UK car insurance market. The company's mission was to provide fair insurance prices to customers often overlooked by traditional insurers, such as expatriates, immigrants, and young drivers. Marshmallow's AI-powered pricing model analyses over 50 data points to provide tailored quotes, aiming to make insurance more accessible and fairly priced for expatriates, immigrants and young drivers who may face higher premiums with conventional insurers.
9: Unqork
Valuation: US$2bn
CEO: Gary Hoberman
Country: United States
Investors: Blackrock, capitalG, World Lab Innovation
Established in 2017 by former MetLife CIO Gary Hoberman, Unqork aims to revolutionise enterprise software development. Its no-code platform enables insurers to build complex applications without writing a single line of code, allowing insurance companies to rapidly develop and deploy new products and services, potentially reducing development time from months to weeks. Unqork's platform aims to democratise software development in the insurance industry, enabling faster innovation and market responsiveness.
8: Newfront
Valuation: US$2.2bn
CEO: Spike Lipkin
Country: United States
Investors: Founders Fund, Meritech Capital Partners, GS Growth
Newfront combines cutting-edge technology with human expertise to reimagine the insurance brokerage experience. Its digital platform streamlines policy management, aiming to significantly reduce administrative tasks for brokers. By automating routine processes, Newfront allows insurance professionals to focus more on client relationships and strategic advice, potentially enhancing overall service quality and client satisfaction. The company's approach seeks to modernise the traditional brokerage model, leveraging data analytics and digital tools to provide more efficient and personalised services.
7: Ethos
Valuation: US$2.3bn
CEO: Hasan Raza
Country: United States
Investors: Sequoia Capital, Google Ventures, Accel
Launched in 2016 by Peter Colis and Lingke Wang, Ethos set out to simplify the life insurance process. The company uses machine learning to assess risk and offer life insurance policies in minutes without medical exams. This technology-driven approach aims to accelerate the life insurance application process significantly, making it more accessible to a broader range of consumers. By eliminating traditional barriers such as medical exams and lengthy paperwork, Ethos seeks to democratise access to life insurance, particularly for younger and healthier individuals.
6: Accelerant
Valuation: US$2.4bn
CEO: Jeff Radke
Country: United Kingdom
Investors: Deer Park Road, Altamont Capital Partners, Eldridge
Accelerant aims to empower underwriters in the specialty insurance market, connecting specialty underwriters with risk capital, leveraging data analytics to improve underwriting performance. By providing advanced data analysis tools and a collaborative platform, Accelerant seeks to enhance risk assessment accuracy and pricing in niche insurance markets. The company's approach focuses on supporting small to medium-sized insurers and managing general agents (MGAs), offering them the technology and capacity to compete more effectively with larger insurers.
5: ManyPets
Valuation: US$2.35bn
CEO: Luisa Barile
Country: United Kingdom
Investors: Octopus Ventures, Munich Re Ventures, CommerzVentures
Founded in 2012 as Bought By Many and rebranded in 2021, ManyPets specialises in pet insurance, offering innovative features like direct video calls with vets. Its digital-first approach aims to streamline the claims process, potentially reducing claim processing times significantly compared to traditional pet insurance providers. The company’s focus on technology and customer experience seeks to modernise the pet insurance sector, making it more accessible and user-friendly for pet owners.
4: Alan
Valuation: €2.7bn (US$3bn)
CEO: Jean-Charles Samuelian-Werv
Country: France
Investors: Index Ventures, Temasek, Portag3 Ventures
The first new health insurance company in France since 1986, Alan provides a user-friendly app for managing health benefits, aiming to make healthcare more accessible and transparent. Alan's preventive care programme seeks to reduce healthcare costs for participating companies by promoting proactive health management. By focusing on user experience and preventive care, Alan aims to transform the health insurance landscape, making it more intuitive and beneficial for both employers and employees. The company's tech-driven approach seeks to simplify complex health insurance processes and encourage better health outcomes.
3: Next Insurance
Valuation: US$4bn
CEO: Guy Goldstein
Country: United States
Investors: Zeev Ventures, Ribbit Capital, TLV Partners
Founded in 2016 by Guy Goldstein, Alon Huri and Nissim Tapiro, Next Insurance set out to transform small business insurance. The company's AI-powered platform offers tailored policies to small businesses, simplifying the insurance process. Next Insurance aims to provide customised coverage quickly and efficiently, potentially saving small business owners significant time and money compared to traditional insurance providers. By leveraging technology to automate underwriting and claims processes, Next Insurance seeks to make business insurance more accessible and affordable for entrepreneurs across various industries. The company's digital-first approach aims to address the unique insurance needs of small businesses often overlooked by larger insurers.
2: Coalition
Valuation: US$5bn
CEO: Joshua Motta
Country: United States
Investors: Two Sigma Ventures, Flint Capital, Commerce Ventures
Unicorn insurtech Coalition specialises in cyber insurance and security. The company combines insurance coverage with cybersecurity tools, offering a unique approach to risk management. Coalition's risk assessment platform analyses billions of security events daily, helping clients reduce their cyber risk. The company's proactive approach aims to lower the frequency and severity of cyber insurance claims. By integrating insurance with active risk management, Coalition seeks to redefine how businesses approach cybersecurity and cyber insurance. This holistic strategy not only provides financial protection but also actively works to prevent cyber incidents, potentially reducing overall cyber risk for insured businesses.
1: Devoted Health
Valuation: US$12.87bn
CEO: Ed Park
Country: United States
Investors: Andreessen Horowitz, F-Prime Capital, Venrock
Founded in 2017 by brothers Todd and Ed Park, Devoted Health aims to revolutionise healthcare for older Americans. The company offers an integrated care model that combines Medicare Advantage insurance with personalised healthcare services. Devoted Health's AI-powered system analyses members' health data to identify potential issues early, aiming to reduce hospital admissions compared to traditional Medicare plans. The company also offers a user-friendly app that allows members to easily schedule appointments, access virtual care, and manage their benefits. This tech-driven approach seeks to enhance member satisfaction and improve overall health outcomes for seniors, potentially transforming the Medicare Advantage market through personalised, proactive care management.
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