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.
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.
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Hi. Whats about FinanceFox (now WeFox)? https://techcrunch.com/2016/09/20/european-insurance-tech-startup-financefox-closes-28m-series-a/
They had in 2016 two rounds.
Regards Daniel
lemonade walked away from being a p2p player quietly earlier this year
https://www.lemonade.com/blog/lemonades-first-quarter-market/#more-794
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.
Hey, take a look at Finanzchef24. Till now we received nearly 17 Mio. Dollars in total, last round in 2016 https://www.crunchbase.com/organization/finanzchef24#/entity. Greetings from Germany.
PolicyGenius in NYC has raised $21m according to Crunchbase (I thought the number was actually higher)
https://www.crunchbase.com/organization/policy-genius#/entity
Great roundup. I’d also suggest adding PolicyGenius, consumer insurance, that’s raised $21 M since they launched in 2014 – http://www.bizjournals.com/newyork/news/2016/01/14/policygenius-picks-up-a-series-c-led-by-steve-case.html
Clover Health – $160M in May 2016 ($295M total): http://fortune.com/2016/05/20/clover-health-funding/
As well as several others. See: https://www.cbinsights.com/blog/insurance-tech-recap-q1-2016/
You’ve missed Wefox (used to be Finance Fox) which have raised $33m.
Thanks to all who contributed to this research, I have updated the list
Plenty of venture backed Insurtech companies left off of this list that pass the $9.14m threshold. Check out Embroker (14.4m in 2 rounds): https://www.crunchbase.com/organization/embroker#/entity
Can you please add simplesurance to the overview.
Just today we announced our total capital raised by today to €30 million.
More info here: http://www.businessinsider.de/allianz-and-rakuten-raise-berlin-insurtech-simplesurances-funding-to-30-million-2017-3?r=US&IR=T
we also did a profile of Simplesurance
Hi there, I wanted to suggest to also include clark.de (~15 mln USD since Aug 2016).
I’ll add Alan in France, who raised 12m€ last October. They’re a full stack insurer for health insurance in B2B