TOP 25
Top 25 insurtechs in 2022
Insurtechs are at the forefront of the movers and shakers and mould breakers of the re/insurance world. Intelligent Insurer selects the top people to watch.
TOP 25 INSURTECHS
At-Bay
As the cyber insurance market continues to grow, At-Bay prides itself on being a cybersecurity insurance company that helps businesses meet digital risk head-on. Founded in 2016 in San Francisco Bay, the US insurtech offers comprehensive cyber and tech E&O policies that are tailored to the specific needs of every business. It helps brokers navigate complex cyber and specialty insurance products and conducts what it describes as a non-invasive security scan to assess a business’ cyber risk without needing special access.
The company also uses its active risk monitoring services to continuously scan for cyber threats throughout the life of every policy because cyber risk is dynamic and constantly evolving.
“It helps brokers navigate complex cyber and specialty insurance products.”
Bestow
Launched in 2016, this startup secured a $50 million investment in its 2020 Series B funding round and has used that to build its digital platforms offering a range of instant life insurance solutions. The insurtech has said it wants to transform the traditional life insurance landscape by “democratising” access to financial protection. To do this, the firm is using its tech to make insurance easier to access for millions of underserved families.
The Munich Re-backed digital life insurance carrier has also launched the Bestow Foundation, a non-profit organisation created to assist those in need of financial support during a crisis or disaster.
“The firm is using its tech to make insurance easier to access.”
Bindable
Bindable is an insurance technology firm for alternative distribution with a proprietary platform that brings together software, a digital wholesale marketplace, and a full suite of support services. This combination offers flexible, turnkey solutions that connect insurance providers, trusted brands, and consumers.
This year Bindable announced that the company had joined Guidewire’s Insurtech Vanguards platform. Insurtech Vanguards is a community of select startups and technology providers focused on the success of mutual customers and prospects in the insurance industry. As part of the programme, Guidewire provides strategic guidance and advocates for the participating insurtechs.
Bindable was founded in 2018 by John Fees and William Suneson in Boston, Massachusetts, in the US.
“This combination offers flexible, turnkey solutions.”
Bold Penguin
In March 2022 Bold Penguin, the integrated digital solution platform, teamed up with Hub International to buy Insureon Holdings, a small-business-focused digital broker.
Under the deal, Bold Penguin will acquire Insureon’s technology platform, while Hub will gain its digital insurance agency and brand. The partners have also confirmed an enterprise agreement to license the Insureon technology platform.
More recently the insurtech, which is dedicated to simplifying small commercial insurance, partnered with Neptune, the largest private flood insurance company for US small businesses, to enable Bold Penguin to quote and bind flood insurance for small business owners.
In 2021, Bold Penguin was acquired by American Family Insurance Mutual Holding Company.
“Bold Penguin will acquire Insureon’s technology platform.”
Bolttech
Bolttech announced in October 2022 that it had completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia.
The addition of Axle Asia is expected to accelerate the deployment of Bolttech’s insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia.
Bolttech’s self-proclaimed mission is to build the world’s leading, technology-enabled ecosystem for protection and insurance. Its insurance exchange platform currently quotes more than $50 billion in premiums worldwide, while the company boasts a global footprint of 30 markets across three continents, North America, Asia, and Europe.
The company has more than 800 distribution partners and 200 insurers in its network, and is licensed in 35 international jurisdictions.
“The company boasts a global footprint of 30 markets.”
Main image: Shutterstock.com / Sunny studio
