Top 10 UK insurtech startups in 2021

By Joanna England
Insurtech is a growing sector that is disrupting the insurance industry through cutting edge technology...


According to recent data, insurtech is swiftly emerging as a jewel of the fintech crown. Research shows that the Global Insurtech Market revenue is expected to reach US$10.14bn by 2025, growing at a CAGR of 10.80%.

The market is growing rapidly too, with insurtech investments reaching a record high in 2020, of $7.1bn in funding raised, across 377 deals in the US alone. Despite this boom, Europe didn't fare quite so well, as reports show a drop of $241m, from almost $1b to $700m in 2020. 

10: Reposit


Reposit provides a welcome service for tenants in the UK. The insurtech, which was founded in 2015, provides a paperless, cost-effective alternative to cash deposits. Landlords are also protected for up to eight week's worth of rent - 60% more than a cash deposit and the most cover offered by any deposit alternative on the market. Tenants pay the equivalent of one week's rent as a non-refundable to Reposit, and landlords are automatically added to Reposit's insurance policy. To date, the company has raised £1.5m in investment capital.

09: FloodFlash


Filling a gap in the market for homeowners in low lying areas, FloodFlash was founded in 2016 to provide previously uninsurable flood risk homes with cover. The company pays out a pre-agreed, fixed sum almost as soon as a predefined level of flooding occurs for the homeowner. The technology-enabled provider uses internet-connect sensors to detect rising water levels as part of the cover service. The company has generated £2.1m in investment rounds since its inception.

08: Konsileo


Launched in 2015, Konsileo is an independent commercial insurance broker founded by insurance industry veteran John Warburton and technologist Peter Henderson. The company harnesses the latest technologies to analyse data, carry out a risk assessment and provide insights to brokers so that they can better understand customer risks when designing new products. So far, Konsileo has raised £2.7m in funding drives.

07: Flock


Flock was founded in 2016 and specialises in drone insurance. This rapidly expanding commercial market is enjoying a sharp, upward trajectory as use cases for drones have expanded with device technology. Earlier this year Flock formed a long term partnership with Sompo International Holdings, Japan's biggest insurance provider, and has raised £3.2m in investment capital to fund its expansion plans.

06: By Miles


One of the latest on-demand cover insurtechs, By Miles, is a car insurance company with a difference. The service lets customers pay their premiums for their driving every month. At the start of the annual policy, an upfront fee is set for the year to cover the time a car is parked, and monthly premiums are dictated by the number of miles a car has driven. The cover has proved very popular with low mileage drivers and investors alike - attracting £6.3m of funding since the company was launched in July 2018.

05: Setoo


Setoo's SaaS platform automates the process of creating, integrating, and distributing protection products. The insurtech's unique service enables ancillary revenue growth for travel and leisure e-businesses by providing them with the ability to create and distribute personalised insurance products that address their customers' concerns. Funded by Kamet, Setto has benefited greatly from the support of AXA Group's knowledge, capital and assets and to date have raised £6.8m in investment funding.

04: Cazana


Cazana was founded in 2013 and uses big data and predictive analytics to provide automotive insights for vehicle ownership. By analysing millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road, the company can assess the value and risk of every vehicle on the road today. Currently, its services are used by dealerships, finance companies and manufacturers globally. To date, this innovative insurtech has raised £7.1m in investment funding.

03: Anorak Technologies


The London-based Anorak Technologies consists of a self-confessed team of technology geeks, life insurance specialists, data experts and design heavyweights who are disrupting the life insurance marketplace. Backed by insurance Kamet, the platform used data science to machine learning to find the most cost-effective life insurance policy for the customer. Anorak Technologies has raised an impressive £9m from investors to date.

02: Trunomi


Trunomi provides data rights technology. The rules-based platform is leading in Enterprise Data Privacy Compliance and enables businesses to understand what data they hold, under what regulation and why. This helps companies comply with current and future global regulations from a single platform. To date, Trunomi has raised £11m in funding rounds, and as insurtechs continue to mushroom, it's services look set to remain in demand for the foreseeable future.

Julian Johns, VP of sales at Trunomi told KPMG, “Simply put, we turn data regulation into a competitive advantage by enabling financial services firms to use data rights to empower their customer relationships and drive trust. We do this by enabling data rights capture across a wide range of customer touch points and then distributing that, very simply, within the business.” 

01: Gryphon Group Holdings


Founded in 2016, Gryphon Group Holdings Limited is an entrepreneurial insurance start-up poised to launch an exciting new protection challenger under the 200-year-old Guardian umbrella. Selling through intermediaries, the company focuses initially on life and critical illness, and then income protection. Gryphon Group Holdings is in the process of creating a cloud-based protection business dedicated to growing customer trust and a good advisor experience. To date, the insurtech has raised more than £180m in funding to cover more families in the UK.

Simon Davis, CEO of Gryphon Group Holdings, said, “Our ambition is for every family to have protection that they truly believe in. Acquiring the name of Guardian is an extremely important step for us.”


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