TOP 25 INSURTECHS
Bright Health
Bright Health, a health insurance startup backed by Tiger Global and Blackstone Group, has unveiled plans for an even greater focus on delivering affordable healthcare to ageing and underserved populations in the US.
The insurtech runs two businesses, NeueHealth and Bright HealthCare, offering virtual and in-person clinical care to patients through affiliated primary care clinics. It also sells Medicare and commercial health insurance across 14 states in the US.
In June 2021, Bright Health raised $924 million in its initial public offering (IPO) in the US, with the IPO valuing the company at $11.23 billion. This valuation comes as more people are seeking remote healthcare, driving up demand in the telemedicine market.
In October 2022, the company said it expects to deliver a $3 billion net revenue balanced business in 2023.
“The insurtech runs two businesses, NeueHealth and Bright HealthCare.”
Cover Genius
Cover Genius, the global insurtech for embedded insurance, announced in November 2022 that it had raised $70 million in Series D funding in a round led by Dawn Capital. The raise will assist in rapid business growth and expansion of its global insurance distribution platform XCover.
The insurtech has deepened its global capabilities by investing in Indian-based insurtech, Ensuredit, and a specialist in ticket refund protection called Booking Protect.
Co-founded in 2014 by CEO Angus McDonald, Cover Genius offers embedded protection to multiple industries.
“The insurtech has deepened its global capabilities.”
Covr Financial Technologies
Covr boasts an embedded insurance platform that has an advisor-facing and direct-to-consumer platform on the same technology stack. It partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies.
In spring 2022, Covr completed a $15 million Series B fundraising round, bagging a new investor in Stone Point Ventures. It maintains strong support from existing investors Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures and Tribeca Early Stage Partners.
The insurtech also has partners among some of the largest financial institutions, banks, and wealth management firms in the US.
“It partners with financial brands to provide life insurance solutions.”
CyberCube
The back end of 2022 has been a busy time for CyberCube. In September alone it announced a partnership with data analytics and digital operations firm EXL and launched the beta testing of its cyber risk-focused Exposure Databases.
The insurtech said its Exposure Databases is designed to give the re/insurance industry a unique overview of its exposure to cyber risk. The database has initially focused on the North American market with the next iteration expected to look at Europe.
Chris Methvan, chief growth officer at CyberCube, said: “It allows re/insurers to compare their exposure to different types of catastrophic loss to the wider market so they can calibrate their portfolio.”
In the firm’s partnership with EXL the two companies will jointly develop new cyber insurance solutions for the property and casualty market. Together, they aim to develop “industry-first” solutions that will help insurers rapidly scale their cyber insurance offerings to meet the growing demand.
“They aim to develop ‘industry-first’ solutions.”
Dacadoo
Swiss health insurtech Dacadoo was founded in 2010 by Swiss entrepreneur Peter Ohnemus in Zurich. In March this year the company partnered with global reinsurer Swiss Re to “unlock the next generation of risk assessment” through its MyWellLife offering.
The MyWellLife platform is a mobile-first, digital engagement platform described as a smart health coach that motivates users to achieve and maintain healthy lifestyle habits.
Swiss Re said that the collaboration is timely as digital adoption has been accelerated by COVID-19 at the same time as lifestyle data is increasing in volume, accuracy and reliability.
“Lifestyle factors are gaining in importance because they help to give a more holistic view for risk assessment purposes,” said Jolee Crosby, global head of L&H underwriting at Swiss Re.
“Digital adoption has been accelerated by COVID-19.”
