Top 10 Global InsurTech Companies You Should Know

FinTechs are creating a huge revolution in the world of finance by leveraging the latest technological innovations such as artificial intelligence, blockchain, biometric applications, robotics, and more. These fintech innovations and disruptions have paved the way for the emergence of many innovative technology-fueled insurance startups.

Let us explore how fintech innovations are transforming the insurance industry by discussing the key players reshaping the insurance industry, emerging new business models, product innovations, focus areas of disruption, regulatory challenges, and the opportunities ahead for better growth of the industry. 

Real-time monitoring and tracking of the information, streamlined operations, innovative product lines across the subsects, etc. are some of the key driving forces for the Insurtech market growth. As per the market research report of Grand View Research, the size of the Global InsurTech Market is valued at USD 5.45 billion as of 2022. And, it is expected to grow at a compounded annual growth rate of 52.70% from 2023 to 2030. 

There are many impressive InsurTech startups that are reshaping the insurance industry. Let us look at the top 10 InsurTech Companies across the globe. 

Company Name	Founded	Estimated Revenue	Business Location	Specialization
	2017	$126 Million	US, UK, Canada, Portugal, Switzerland	Cyber insuranceExecutive risk coverTech errors & omissions cover
	2015	$280.4 Million	US	Tailored business insurance for small businesses:General liabilityWorkers’ compensationProfessional liability, etc.
	2017	$663 Million	US	Business InsuranceEmployee benefits insuranceRisk cover for private clients, etc.
	1829	€650 Million	Global presence with footprints in 32 European countries	Tailor-made insuranceParametric productsPlay&plug servicesSelf-service
	2016	$21 Million	US, Germany, Israel, Japan, and Australia	Digitizing forms and transforming manual processes
	1993	€27.5 Million	Global presence	RiskTech solution for insurance companies
	2021	<$5 Million	UK	Insurance for micro businessesCyber & data risk insuranceEmployer’s liabilityBusiness equipmentPublic liabilityStock insurance, etc.
	2018	<$5 Million	Sweden	Open insurance solutions provider that gives real-time access to insurance policy data
	2021	<$5 Million	Ireland	Insurance solutions provided are:Usage-based insuranceRisk managementTemporary insuranceDynamic underwritingEmbedded solutionsMobile telematics
	2016	$5.3 Million	UK, South Africa, India, Turkey, Germany, and Kenya	Innovative digital insurance and distribution solutionAutomates the entire insurance value chain

1. Coalition Cybersecurity Insurance

Coalition Insurance Solutions Inc is the first active insurance provider in the world that helps businesses to mitigate digital risk even before it affects them. Considering the quickly evolving digital risk, this San Francisco-based cyber insurance company was started with a mission to protect the unprotected by providing its customer with the perfect blend of comprehensive insurance and a no-cost cybersecurity tool. Here are some important points about Coalition Cybersecurity Insurance:

• The company has over  1,60,000 customer base. 
• Cyber insurance products of the company are made available for enterprises with revenue of up to USD 5 billion. 
• In 2022, the company raised $250 million at a $5 billion valuation.
• This insurance unicorn is awarded as the ‘2023 5-star underwriter’ by the Insurance Business Magazine. 
• It has also received ‘Goldman Sachs’s Most Exceptional Entrepreneurs’ during its 2022 Innovators Summit. 
• The company is listed as ‘Forbes FinTech 50, 2022’ and ‘Top InsurTech Unicorns of 2022’ by the InsurTech Business magazine. 

2. NEXT Insurance

NEXT Insurance is a California-based InsurTech company that provides tailored insurance solutions for small businesses across the US. NEXT Insurance offers affordable business insurance solutions customized as per the needs of customers. Here are a few important points about Next Insurance:

• The company has a customer base of over 4,20,000 business owners.
• Backed by AI-based technology, NEXT Insurance is known to provide instant quotes, life insurance certificates, and exceptional services with a 100% digital-only presence. 
• In 2021, the company raised $250 million at a $4 billion valuation.
• AM Best, a global credit rating agency specializing in the insurance sector has given an ‘A-excellent’ rating to NEXT Insurance. 
• Recently, the company announced its fully embedded insurance solutions to customers, NEXT Connect in partnership with LegalZoom.com Inc, a leading platform for tax solutions, legal, and compliance. 

3. Newfront Insurance

New Front Insurance is a San Francisco-based modern insurance platform or a 21st-century brokerage firm that offers tech-driven insurance solutions to businesses, individuals, and employees. The product portfolio ranges from business insurance solutions to more than 15 industries, employee benefits solutions with robust financial modeling tools, cost projection, and cost containment strategies for the long term along with comprehensive solutions to individuals and their families across all subsects of insurance. Here are a few important points about Newfront Insurance:

• The company has over 10,000 customer bases
• The company offers services across the US and globally with its 800-plus workforce, over 120 brokers along with its association with 20 plus industry and service groups. 
• The customers are given digital access to their insurance portfolio and can also self-serve a few requests. 
• With a team of top-tier technology and insurance professionals, this technology-driven insurance brokerage firm is named as the ‘Forbes best startup employer-2023’. 

4. Wakam

Wakam is a Fintech insurance startup that offers embedded insurance solutions shared under white-label by distribution partners, insurance professionals, and non-professionals. This B2B2C digital insurance platform makes insurance buying a seamless experience with process automation. 

Important points:

• The company has its footprints in more than 32 countries.
• Wakam has exceeded €650 million in revenue with 44% growth in the year 2022. 
• This European fintech insurance solutions company is listed in the ‘Top 100 InsurTechs of 2022’. 

5. Easysend

Easysend is a no-code platform that helps insurance companies to build and manage digital processes with no code. Be it getting an instant quote or enrollment process or claim, it helps to transform the PDFs and manual process into a digital experience. An electronic signature tool that is compliant with the highest international standards, it assures data security. Easysend is a digital partner for many industries (including insurance industry) worldwide that has made customer data intake effortless. Easysend is listed as ‘’ITC DIA Europe Top 10 InsurTechs to watch in 2023”. 

6. Addactis

Addactis provides innovative technology solutions to insurance companies using its industry knowledge. It is the RiskTech for insurance companies that transforms the risk in the sector into opportunities for revamping the insurance business. 

With expertise in the insurance industry and in data analytics, Addactis provides innovative tech solutions to insurance companies in the areas of calculation automation, regulatory compliance, portfolio management, and financial modeling. 

Their range of solutions varies from advisory to pricing to reserving and monitoring the profitability of their clients (insurance companies). 

7. Lukango

Lukango provides fintech insurance solutions to small businesses. With a vision to make insurance inclusive and fair for small business owners, this UK-based leading InsurTech company offers tailored business insurance solutions for small businesses to protect their incredible future. Lukango specialized in insurance claims, underwriting, and digital product development. Lukango is one of the leading insurance fintech startups transforming the insurance industry every year. 

8. Insurely

Insurely is an open insurance solutions provider that is simplifying the complexities of the insurance industry. Insured, partnered with many leading insurance companies, is known for its product offerings related to insurance such as insurance data aggregation, sales support tool (provides real-time data), and digital insurance sales. 

Insurely is listed as ‘’ITC DIA Europe Top 10 InsurTechs to watch in 2023”.

9. Inaza

Inaza is an emerging platform-as-a-service for insurance companies. The company is on its way to building the most advanced data platform for composable underwriting. Here are a few important points about Inaza:

• This innovative startup in the motor insurance industry is worth over €1.4 million with a 15 members team. 
• Every team of an insurance company such as the claims team, underwriting team, etc. can benefit from their innovative tech solutions that offer real-time analytics, integration, data enrichment, etc. 
• Inaza is one among the 13 startups joining the ‘3-month innovation program’ by Plug and Play InsurTech Europe.

10. Briisk

Briisk ITP is an insurance fintech startup that is focusing on emerging markets. This InsurTech is a team of 23 insurance and tech experts operating in Bangalore, Cape Town, London, Istanbul, Nairobi, and Munich. The company provides digital insurance and distribution solutions. 

• They help insurers, reinsurers, MGAs, UMAs, and brokers to develop innovative digital products, process automation, and distribution network integration for enhanced customer experience. 
• The team has created more than 87 insurance products, sold over one million insurance policies along with digitizing 34 plus distribution channels. 
• They have designed and digitized South Africa’s first fully digital drone insurance.
• The platform has enabled Kotak Life Insurance in India to tap the underserved Indian rural market. 

There are many such Insure Tech companies that are evolving by using cutting-edge technologies. Mainly, these companies are equipped with top-notch technological infrastructure and deep insurance knowledge. The innovative, flexible, and agile solutions offered by these companies can be a real threat to traditional insurance providers.