TOP 25 INSURTECHS
Founded in 2015, New York-based insurance startup Sure powers digital insurance programmes for global brands and carriers. Its enterprise SaaS platform and APIs are designed to accelerate digital transformation and embed insurance distribution without the need for additional IT resources. Sure works to streamline all aspects of digital insurance sales and service with features designed for each phase of the insurance lifecycle.
In October 2021, Sure raised $100 million at a $550 million valuation to support the development of its flexible APIs, which help companies launch insurance products.
In November 2022, the insurtech started working with PorchPals to launch a “first of its kind” subscription package for theft insurance.
“Sure works to streamline all aspects of digital insurance sales.”
The Zebra started in 2012 as a site for people looking for auto insurance via its real-time quote comparison tool and as a result it was dubbed “the Kayak of auto-insurance”.
But in April 2021, the Austin-based company propelled itself into unicorn territory when it raised $150 million in a Series D round.
The insurtech partners with the top 10 auto insurance carriers in the US and over time it has evolved to offer homeowners insurance, with the goal of eventually branching out into renters and life insurance.
It has also launched a dedicated home and auto bundled product, although much of its recent growth still revolves around its core auto offering.
“The insurtech partners with the top 10 auto insurance carriers in the US.”
TypTap, a subsidiary of HCI Group that provides tech driven homeowners and flood insurance, has attracted the attention of investors in recent years with its dramatic growth. Founded in 2016, at the start of 2021 the business was in a single US state but just a year later it was doing business in 12 states.
With more than $100 million raised in capital in 2021, and $90 million in surplus, in early 2022 TypTap began planning an initial public stock offering, with HCI CEO Paresh Patel saying it could reach $1 billion in premiums by 2025.
In November 2022, HCI Group’s Q3 report showed that TypTap’s gross written premiums had increased to $71.8 million from $56 million in Q3 the year before, and its gross premiums earned grew to $82.7 million from $51.5 million.
“A year later it was doing business in 12 states.”
Vesttoo, an insurtech that matches capital with risks using ILS structures, has seen a sharp rise in demand for its wares as re/insurers tackle a capacity crunch and hardening rates.
Founded in 2018 in Tel Aviv, Israel, Vesttoo was valued at $1 billion in October 2022 when it closed an $80 million Series C financing round.
The company connects the insurance industry and the capital markets by combining AI-powered technology with expertise in data science, insurance, and finance. This provides insurers with the capital they need and offers investors opportunities to diversify with uncorrelated, low-volatility insurance-linked assets.
Over the past year, the business has pursued rapid global expansion, hiring professionals in London, Hong Kong, Seoul, Dubai and Tokyo. In November this year, Anthony Southern joined its senior ranks from another insurtech, Instanda, where he was managing director, EMEA P&C.
Vesttoo has established a Bermuda-based collateralised insurer, and said it intends to use the capital raised in 2022 to further expand its global presence, enhance its marketplace platform and widen its offering further.
“The business has pursued rapid global expansion.”
In 2022, Xceedance, a global provider of strategic operations support, technology, and data services to insurers, unveiled two new office locations in Massachusetts, in the US, and Bengaluru, in India.
The Massachusetts office, in downtown Worcester, reflects the company’s significant footprint in the North American insurance market, it said, and will be the company’s global headquarters.
Manish Khetan, EVP and chief operating officer for North America at Xceedance, said the new global headquarters “reflects the significant growth of Xceedance over the past several years and positions the company for continued expansion in the months to come”.
The office in Bengaluru, located in the state of Karnataka, India, will be a technology hub to position the company well to attract and employ the region’s rich tech talent, according to Amit Tiwari, EVP and chief operating officer for India and Poland at Xceedance.
The grand openings come just a year after the company expanded its presence in the London insurance market with strategic partners ChainThat and NuVenture.