Bernard Lunn

The Top InsurTech Ventures by VC Capital Raised

Venture-Capitalist.jpg

InsurTech is in it’s Cambrian explosion phase with lots of funding action. So we thought it was time for a snapshot.

The amount of capital raised is only one predictor of success. The startup world is full of klunkers that raised a huge amount and bootstrappers who created $ billions in value. In this list alone, Zenefits is clearly having a lot of trouble having raised half a big one.

Nevertheless, the amount of capital raised is a reasonable proxy of value based on the wisdom of a savvy crowd (VCs).

We will keep updating this sheet, so please tell us if you see anything missing.

Thanks to all who contributed to this research, here is an updated list (in $ millions):

Zhong An Asia 900 Full Stack
Oscar America 727.5 Health
Zenefits America 583 Lead Engine
Clover Health America 295 Health
Metromile America 205 Auto
Accolade America 163.34 Health
Collective Health America 125 Health
Bright Health America 80 Health
Lemonade America 60 P2P
Decisely America 60  Lead Engine
Trov America 46.27 Product Insurance
Cyence America 40 Cyber Risk Insurance
WeFox Europe 33.5 Misc
Justworks America 33 Lead Engine
Simplesurance Europe 33 Product Insurance
Huize Insurance Asia 31 Lead Engine
namely America 30 Lead Engine
CXA Asia 25 Health
PolicyGenius america 21 consumer
Knip Europe 18.3 Robo Agent
Finanzchef24 europe 17 SME
Friendsurance Europe 15.3 P2P
Clark Europe 14.75 lead Engine
Embroker America 14.4 SME
Alan europe 13 Health
Praedicat Europe 12 Catastrophe
QuanTemplate Europe 10.25 Tech
Bought By Many Europe 9.14 P2P

Takeways

  • America still leads by number of ventures and total $ raised.
  • Asia leads by the most raised by a single venture.
  • Health Insurance is the big driver in America
  • Berlin is emerging as an InsurTech Hub in Europe

If I have missed any that should be on that list ie have raised more than the $9.14m, please tell us in comments and we will correct.

Image Source

If anybody is inspired to write weekly on how technology is changing Insurance, please read this and get in touch.

Bernard Lunn is a Fintech thought-leader and deal-maker. 

Get fresh daily insights from an amazing team of Fintech thought leaders around the world. Ride the Fintech wave by reading us daily in your email.

14 comments

  3. I would no longer label Lemonade as “P2P.” In their Transparency Chronicles Part 2 blog post(https://www.lemonade.com/blog/lemonades-first-quarter-market/), they say:

    “If I had to choose one thing that didn’t work as we had hoped, it’s our use of P2P to describe what Lemonade is. We looked for a term that would encapsulate our ideas around affinity groups, Giveback and the fact that we don’t treat customers’ premiums as ‘our money.’ In retrospect, it created a lot of confusion. People seem to read so many different things into this term, so we now describe ourselves using phrases like AI and Behavioral Economics. Call it what you may (and we get it, P2P wasn’t a winner) but in a nutshell, Lemonade is a tech company doing insurance, and not an old insurance company with an app.”

    So I’d label them as P&C.

    Reply

  8. You’ve missed Wefox (used to be Finance Fox) which have raised $33m.

    Reply

  12. Hi there, I wanted to suggest to also include clark.de (~15 mln USD since Aug 2016).

    Reply

  13. I’ll add Alan in France, who raised 12m€ last October. They’re a full stack insurer for health insurance in B2B

    Reply

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.