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Insurance TechnologyStartup Landscape Trends and Insights
January, 2017
Insurance technology report outline
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This report provides an overview of the insurance technology sector and is broken down into three sections
Sector Description
High-level sector metrics with sub-category
definitions
Trends & Insights
Infographics and data points for the insurance
technology sector
Quarterly Activity
Major funding and exit events from the previous
90 days
Venture Scanner reports are built by analysts utilizing our startup database and landscaping platform
Insurance Technology Sector Description
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Insurtech startups are creating new businesses in 14 different categories
The graphic above shows a sampling of companies in each category, stats as of January 2017 4
Insurance Technology
Learn about our full 1,050 company report with $17B in funding
Automotive Employee Benefits Enterprise/Commercial Health/Travel Data/Intelligence
Consumer Management
Education/Resources
Comparison/Marketplace
Infrastructure/Backend
User Acquisition Life, Home, P&C P2P Insurance Product Reinsurance
Innovation quadrant for insurance technology
AVERAGE FUNDING ($M)
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ESTABLISHED HEAVYWEIGHTS
PIONEERS DISRUPTORS
This quadrant shows a relative segmentation of the categories with respect to one another 5
Reinsurance
Life, Home, P&C
EnterpriseAuto
InsuranceEmployee Benefits
Insurance Comparison
Health/TravelInsurance Data
Product
P2P Insurance
Management Platforms
UserAcquisition
Infrastructure/Backend
Insurance Education
Insurtech startups play in many different categories (1 of 3)
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Auto Insurance114 Startups, $6.5B Total FundingCompanies that offer car insurance, including telematics products which detect your mileage and behavior to customize your insurance.
Category stats as of January 2017
Employee Benefits Platforms49 Startups, $1.1B Total FundingCompanies that help businesses offer healthcare and other insurance products to their employees.
Health/Travel Insurance 108 Startups, $9B Total FundingCompanies that offer health and/or travel insurance products to individuals and businesses.
Consumer Insurance Management Platforms57 Startups, $370M Total FundingCompanies that enable consumers to manage their insurance and claims, including mobile apps to file on the spot.
Enterprise/Commercial Insurance92 Startups, $840M Total FundingCompanies that offer insurance plans to businesses, including corporations, startups, and freelancers.
Insurance Comparison/Marketplace280 Startups, $1.1B Total FundingCompanies that allow consumers to compare different insurance providers and for those providers to offer their products.
Insurtech startups play in many different categories (2 of 3)
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Insurance Data/Intelligence100 Startups, $2.6B Total FundingCompanies that collect, process, and analyze data analytics and business intelligence for the insurance industry.
Category stats as of January 2017
Insurance Infrastructure/Backend 222 Startups, $1B Total FundingCompanies that help insurance companies with their day-to-day operations, including tools for communications and claim filing.
Life, Home, Property & Casualty Insurance 89 Startups, $6.8B Total FundingCompanies that offer life, home, and property insurance, including products that help in the case of disability or marital problems.
Insurance Education/Resources31 Startups, $53M Total FundingCompanies that provide educational material and resources for consumers to understand how insurance works.
Insurance User Acquisition 75 Startups, $325M Total FundingCompanies that help insurance providers identify new client leads and then manage the acquisition of those targets.
P2P Insurance30 Startups, $85M Total FundingCompanies that allow for policy holders to jointly pay for the insurance on an item they mutually own, such as a house or car.
Insurtech startups play in many different categories (3 of 3)
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Product Insurance 27 Startups, $418M Total FundingCompanies that offer insurance and warranties on items a consumer purchases, including tech gadgets and diamonds.
Category stats as of January 2017
Reinsurance 28 Startups, $759M Total FundingCompanies that provide insurance to other insurance companies, helping them hedge their bets and streamline their costs.
Insurance Technology Funding Information & Trends
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Venture investing into the space is dominated by health insurance startups
The health and travel insurance category accounts for 29% of all venture funding and 8% of total companies in the insurtech startup sector
Venture Investing in Insurance Technology
Companies are categorized by function, and therefore can exist in multiple categories
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VC Funding Count
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VC funding into insurtech has grown substantially in recent years
Overall insurtech VC funding grew at a CAGR of 31% from 2011-2016
Insurance Technology Funding Over Time
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Insurtech startups are demonstrating more traction in recent years
Insurance Technology Funding Amount by Type
Recent years have seen an expansion of Series B and Series D funding, implying both newer and established startups are demonstrating success
Graph shows only the funding types listed therein
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Late Stage Series D Series C Series B Series A Seed
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Insurtech startups founded in 2013 lead in VC funding
Startups founded in 2013 account for 46% of the sector funding over the last decade, and include companies like ZhongAn, Oscar, and Zenefits
Insurance Technology Funding By Vintage Year
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Insurtech startups are a global phenomenon
Insurance Technology Startup Count by Country
0 580Companies
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Top VC investors are making bets into insurtech
Selected Investor Activity in Insurance Technology
The above count represents a subset of overall investor activity
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Number of Investments Number of Companies Backed
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Insurtech exit activity is healthy and growing
Exit events within the insurtech sector grew by 340% between 2011 and 2016
Insurance Technology M&A and IPO Events
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Public Acquired
Insurance Technology Quarterly Notable Events
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Recent insurtech funding statistics
There have been 29 insurtech funding events in the past 90 days
Insurance Technology Funding Type Counts from Previous 90 Days
Graph shows only the funding types listed therein
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Seed Series A Series B Series C Series D Late Stage
Fun
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Recent insurtech funding events
Notable Recent Insurance Technology Funding Events
Company Funding Type Amount Date
Series E $160,140,000 Nov 18, 2016
Series B $34,000,000 Dec 5, 2016
Series B $23,000,000 Oct 21, 2016
Series B $20,000,000 Dec 14, 2016
Series C $20,000,000 Oct 14, 2016
Insurtech startups raised $406 million in the past 90 days
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Notable recent insurtech exit events
Notable Recent Insurance Technology Acquisitions
Company Acquirer Amount Date
$6,300,000,000 Oct 4, 2016
$2,700,000,000 Oct 23, 2016
$1,400,000,000 Nov 28, 2016
Unknown Nov 30, 2016
Unknown Dec 19, 2016
There have been 5 exit events in the past 90 days, all of which have been acquisitions
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