On 7 April 2016, Amy Radin profiled 8 Insurtech Startups disrupting Life Insurance. As 14 months is an eon in startup time, we revisited them to answer the “whatever happened to?” question. We also look at any new entrants since then.
First we look at funding as proxy for traction:
Funding for the Life Insurance startups profiled in April 2016
I am only looking at pure play Life Insurance startups. Lots of ventures have Life Insurance as one part of their offering. They are not our focus today.
Data is from Crunchbase and Google search. If you have any updates, please go to this thread on Fintech Genome.
- Sureify Labs $3.1m Dec 2016
- Ladder $14m October 2016
- Human Condition Safety. None since April 2016
- Force Diagnostics. None since April 2016
- Insurance Social Media. None since April 2016
- Insquik. None since April 2016
- Fitsense. $25k July 2016
- Sure. $2.6m May 2016
Of course if you do an ICO and raise $150m in hours like Bancor, funding is no proxy for traction. People now talk of Minimum Viable White Paper (MVWP) in ICO land. But back in the traditional world of VC, funding is a reasonable proxy for traction – it is the wisdom of a small elite crowd.
So the only two from the batch of 8 that have raised a substantial sum fairly recently are Sureify and Ladder. It is a Darwinian world.
New Life Insurance startups since April 2016
Fabric is interesting. They have a clear value proposition on their home page – “plans start at $6 pm and covered in 2 minutes.”
Their fund raise is small – $2.5m – but it is recent (March 2017) and the investors are top tier.
Who have we missed? What do you know about this space? Are there any great ventures still below the radar funding wise? What are the best examples of incumbents innovating in Life Insurance? Please go to Fintech Genome to share your knowledge.
Bernard Lunn is a Fintech deal-maker, investor and thought-leader.
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