Insurtech involves leveraging technological advancements to the existing insurance sector paradigm to gain cost advantages and efficient results. Earlier in 2021, the global Insurtech market was valued at USD 3,774 million. However, it is anticipated to grow at a CAGR of 46.10% by 2030. Considering this, we present to you the Top 10 Insurtech Startups worldwide.
1. Pie Insurance
- Founded Date -May 1, 2017
- Founders- Dax Craig, John Swigart
- Based in – The United States of America
- Total Funding – USD 621 million
Pie Insurance is a workers’ compensation insurance company specialising in small businesses. It provides workers’ compensation coverage to small businesses through a simple online experience. It uses extensive, high-quality data sets to segment and prices small business policies, accurately assessing risks and passing savings on to small business owners.
2. Bolttech
- Founded Date- April 2020
- Founders- Richard Li
- Based in – Singapore
- Total Funding – USD 247 million
Bolttech is an international insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. It boasts a large customer base in 30 markets across regions such as North America, Asia and Europe. The company recently acquired Axle Asia.
3. Clark
- Founded Date- Jun 2015
- Founders- Chris Lodde, Christopher Oster, Dr. Marco Adelt, Garrett Whitmore, Steffen Glomb
- Based in – Frankfurt, Germany
- Total Funding- USD 133. 7 million
Clark is an insurance platform providing transparent, cheap and comprehensive insurance coverage. It leverages technology and insurance expertise to offer its users simple, fair and customer-centric insurance advice.
4. Xempus AG
- Founded Date- 2007
- Founders- Martin Bockelmann
- Based in – Bayern, Germany
- Total Funding- USD 124. 4 million
Xempus is a leading European pension & life insurance distribution platform. Its SaaS platform allows life insurers, insurance agents, corporates, and employees to buy and manage pension & life insurance online.
More than 60,000 corporates, over 18,000 insurance agents, furthermore over 40 sales organisations and 30 life insurers use the Xempus platform.
5. Qoala
- Founded Date- 2018
- Founders – Harshet Lunani, Tommy Martin
- Based in – Jakarta, Indonesia
- Total Funding- USD 81. 5 million
The insurtech company leverages big data, machine learning, IoT, and blockchain to revolutionise Indonesia’s insurance landscape. Qoala partners with big companies, including e-commerce and travel platforms. It seeks to enhance its customer experience through unique and innovative insurance products.
6. Zopper
- Founded- Date 2011
- Founders- Mayank Gupta, Neeraj Jain, Surjendu Kuila
- Based in – Noida, India
- Total Funding – USD 100 million
Zopper works with insurance providers to create smaller and more personalised insurance products. Further, it helps in the distribution of the products to the partners. The company operates as an Insurance infrastructure API platform that democratises access to insurance distribution. The company was acquired by PhonePe.
7. Vesttoo
- Founded Date- 2018
- Founders – Alon Lifshitz, Ben Zickel, Yaniv Bertele
- Based in – Tel Aviv, Israel
- Total Funding- USD 23 million
Vesttoo allows non-CAT insurance-based risk transfer and investments. The company’s proprietary AI-based technology facilitates risk transfer between insurance companies and institutional investors. Furthermore, it provides insurance-linked investments to asset managers of all types while enhancing risk transfer and liquidity in theLife and P&C insurance markets.
8. ProNavigator
- Founded Date- 2016
- Founders- Joseph D’Souza
- Based in – Canada
- Total Funding – CAD 17.8 million
ProNavigator is the all-in-one knowledge management system for insurance providers. Based in Canada, the largest insurance organisations use the company’s platform to save time, provide superior service, and seize revenue opportunities.
9. YAS Digital Limited
- Founded Date- 2019
- Founders- Andy Ann, Kelvin Cheung, William Lee
- Based in – Hong Kong
- Total Funding- USD 10.1 million
YAS MicroInsurance is a Hong Kong-based next-generation InsurTech company. It offers simple, affordable, flexible MicroInsurance products tailored to customers’ needs.
- Founded Date- 2020
- Founders – Oleksiy Lysogub, Pauline Laurore
- Based in – Canada
- Total funding- USD 4.2 million
The company provides personal insurance services. It offers greater transparency and empowers its customers to make the right decisions. The company recently raised funds in its seed funding round.
The startups have been ranked in accordance with the funds raised so far. They have come into existence after 2007. Startups from different countries are included in the article in order to provide diversified information.
To explore such startups, visit Zefyron Startup Database.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
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