Top 10 insurtech companies
96% of insurers think digital ecosystems are having an impact on the insurance industry, according to Accenture — and perhaps nothing demonstrates this better than the rise of disruptive insurtech enterprises.
Using the Post Insurtech 100 ranking, we take a look at the top 10 insurtech firms who have the potential to influence, change and even disrupt the global insurance market in the future.
10 | BIMA
Headquartered in Stockholm, Sweden, BIMA has proved to be a leading insurtech player, reaching around 26mn customers across 14 countries. The business hopes to promote financial inclusion by offering insurance and mobile health services for low-income families. In fact, BIMA says that 75% of its customers are accessing insurance for the first time and 93% live on less than US$10 per day. Ranked 10th in the Post Insurtech 100 ranking, BIMA has raised $110mn in capital so far. Allianz’s digital-focused investment arm, Allianz X, invested $96mn in the startup in 2017.
9 | Quantemplate
Quantemplate is a London-based insurtech firm than offers machine learning, data transformation and analytics solutions for insurance professionals. Led by CEO David Lundgren, the firm has an international footprint with offices in the USA and EMEA. The insurtech business is supported by leading investors and financial and insurance companies such as Anthemis Group, Route 66 Ventures Inc., Transamerica and Allianz.
8 | Slice
Providing pay-per-use insurance for the on-demand economy, Slice was listed 8th on the Post Insurtech 100 ranking. Founded in 2015, the firm offers an insurance cloud service (ICS) platform that caters to the gig economy. Today, Slice has offices in New York City, Cleveland, Ottawa and London. The company has raised around $40.5mn across all its funding rounds, according to Crunchbase.
7 | Trōv
Headquartered in the San Francisco Bay Area, Trōv is an on-demand insurance platform that allows consumers to insure single items for any period of time they need entirely from their mobile phone. On its company website, the firm claims that it’s “reinventing insurance for the mobile generation by making it simple, flexible and transparent.” Claiming the 7th spot on the ranking, Trōv is available in Australia and the UK, and began its US roll-out in 2018.
6 | Neos
Specialising in home insurance, Neos was founded in 2016 and now has gained the 6th spot on the Post Insurtech 100 ranking. As well as home insurance and 24/7 assistance, the UK-based firm offers smart technology such as smart sensors and indoor security cameras so that consumers can protect their home. Multinational insurer, Aviva, agreed to acquire a majority stake in the firm last year.
5 | Shift Technology
Shift Technology has made a name itself by providing AI-native solutions for the global insurance industry. The Parisian firm offers a Software-as-a-Service (SaaS) that uses data science to detect networks of fraudsters in insurance. With a team of around 90 developers, data scientists and project managers, Shift Technology is headquartered in Paris, France. Its sister offices are located in Singapore, London, Madrid, Zurich and Hong Kong.
4 | Lemonade
Gaining the 4th spot on the Post Insurtech ranking, Lemonade claims to be the “world’s first open source insurance policy.” Headquartered in New York City, USA, Lemonade offers homeowners and renters insurance powered by artificial intelligence and behavioural economics. In 2016, the firm claimed to set a world record for the fastest claim handled in three seconds. Lemonade is a certified B-Corp — a for-profit business dedicated to making a positive impact on society, workers, the community and the environment — and so it takes a flat fee.
3 | Oscar Health
Aiming to be a health insurance company centred around the patient, Oscar Health has over 1,000 employees serving around 257,000 individual members and small businesses. The American firm offers insurance services in nine US States: New York, New Jersey, California, Texas, Ohio, Tennessee, Arizona, Michigan, and Florida. Gaining the 3rd spot on the ranking, Oscar Health points out how it has “the highest mobile engagement of any insurer” with 43% of its members’ first visits to the doctor being routed through its technology and customer service teams.
2 | Acko General Insurance
With investors including Amazon, SAIF Partners, Accel Partners and Catamaran Ventures, Acko General Insurance is a digital insurance firm based in India. The company raised a total of $42mn in funding and earned the 2nd spot on the Post Insurtech 100 ranking. The Mumbai-based startup was founded in 2017 by Varun Dua.
1 | ZhongAn
Touting itself as “China’s first complete online insurance company”, ZhongAn has claimed the top spot on the Post Insurtech leaderboard. The company’s CEO is Jin “Jeffrey Chen” but it was initially co-founded by some of the country’s most renowned business magnates including Alibaba’s Jack Ma, Tencent’s Pony Ma and Ping An Insurance’s Mingzhe Ma. In 2017, the Chinese insurer raised $1.5bn in its IPO in what the Financial Times described as “the world’s first insurtech public offering.”