Asia-based insurtechs raised $7.4B in funding between 2018 and 2022, fueling a group of startups across the insurance landscape — especially in personal lines coverage and distribution channels.

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AVP has $1.2B of assets under management and invests in data-driven startups that can impact healthcare, customer experience, and underwriting performance. These areas represent opportunities that are relevant to the entire insurance industry.

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Technology is becoming a bigger part of UHG’s value proposition and growth strategy. Its tech-forward health services subsidiary Optum accounts for over 56% of UHG’s total revenue.

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However, investment activity has continued to slow. Q4’22 funding only reached $1B​ — the lowest quarterly total since Q2’18 — and deals were down 28% QoQ at just 106.

Below, check out a handful of highlights from our 96-page, data-driven State of Insurtech 2022 Report. For deeper insights, all the trends to watch, and a ton of private market data, download the full report.

Other 2022 highlights across insurtech include:

• M&A activity surged to reach a new high amid falling insurtech valuations. European insurtechs led the way, representing 50% of all M&A exits.
• $100M+ mega-rounds — which were a significant driver of 2021 insurtech funding — fell sharply in 2022.
• Average and median deal sizes were down 42% and 31%, respectively, compared to 2021’s totals.
• Early-stage deals made up 65% of all insurtech deals, the highest share since 2018.
• In Q4’22, Europe (28%) reclaimed its second-place spot for regional insurtech deal share from Asia (18%). The US led with 46% of all deals.

Download the full State of Insurtech 2022 Report to dig into all these trends and more.

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Funding was primarily driven by P&C insurtech startups, which grabbed $1.8B across 89 deals — representing over 75% of all insurtech funding in Q3’22.

Below, check out a handful of highlights from our 82-page, data-driven State of Insurtech Q3’22 Report. For deeper insights, all the record figures, and a ton of private market data, download the full report.

Other Q3’22 highlights across insurtech include:

• Mega-round funding came in at $1.5B, representing over 60% of all insurtech funding.
• For the first time since Q2’18, there were no new insurtech unicorn births.
• In 2022 so far, average and median deal sizes are down 35% and 29%, respectively, compared to FY 2021’s totals​.
• Asia (25%) surpassed Europe (21%) in deal share for the first time since Q4’21.
• After 4 quarters of decline, P&C insurtech saw funding grow 20% QoQ.
• Anthemis was the most active insurtech investor, backing 4 companies in Q3’22. Eos Venture Partners, Greycroft, Lerer Hippeau, and SiriusPoint were tied for second, each with 3 companies backed.

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In addition to its flagship reinsurance unit, which comprises subsidiaries like specialty insurer Hartford Steam Boiler (HSB), the company has a primary insurance unit (ERGO), a standalone asset management arm, and a corporate venture capital arm (Munich Re Ventures).

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Six of the top 10 deals in the space in Q2’22 went to insurance providers, including commercial broker Newfront Insurance, health insurer Alan, and auto insurance marketplace Caribou. Despite their different business structures, these companies share a focus on creating better customer experiences for insurance buyers.

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In fact, 62% of all property and casualty insurance products in the US are still purchased through an independent broker or agent, according to Independent Insurance Agents & Brokers of America. However, insurtechs are still upping the standards for customer service, fast onboarding, and comparative shopping. Agents and brokers now even find themselves leaning on insurtech solutions to remain competitive in the market, particularly as agencies that use digital tools see higher customer satisfaction levels, according to a recent JD Power survey.

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Startups in the region are emerging to deliver significant tech-driven changes across the insurance industry, and they are catching the eyes of investors. As of Q2’22, Europe-based insurtechs had collectively raised $7.1B since 2018 — more than any other major region outside of the United States.

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To rein in spending, policymakers are realigning care provision around value-based care, which restructures payment incentives based on quality outcomes and total cost of care instead of volume. While policy is driving the transition, other healthcare stakeholders, such as healthcare payers and providers, are enacting sweeping changes to their operating models to put value-based care into practice. 

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Electronic health record (EHR) platforms enable life insurers to access applicant health data instantly via application programming interface (API) connections from healthcare providers. Insurers can use EHR data to augment their own internal datasets and enhance the speed and quality of the underwriting process.

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Below, check out a handful of highlights from our 118-page, data-driven State of Insurtech Q2’22 Report. Clients can dig into deeper insights, all the record figures, and a ton of private market data by downloading the full report using the sidebar.

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While technology has permanently changed entire industries over the past decade, in many ways, the multi-trillion-dollar global insurance industry is still stuck in the past with little innovation made in the customer experience.

Despite the rise of online brokers, many consumers still call insurance brokers by phone to purchase new policies. Policies are often processed on paper contracts, which means claims and payments are error-prone and require human supervision. Compounding this is the inherent complexity of insurance, which involves consumers, brokers, insurers, and reinsurers, as well as insurance’s main product — risk.

Each step in this collaborative process represents a potential point of failure in the overall system, where information can be lost, policies misinterpreted, and settlement times lengthened.

Enter blockchain technology, a cryptographically secured form of shared record-keeping.

While blockchain technology has been subject to waves of extreme hype often centered around cryptocurrencies like Bitcoin, its true killer applications are likely to be in some of the most antiquated fields out there. It could be a transformative force for industries like insurance, which require the coordination and cooperation of many different intermediaries with different incentives.

Of course, getting there will be no mean feat. Insurance companies and startups working with blockchain technology will have to overcome significant regulatory and legal hurdles before we see anything resembling industry-wide disruption. Skeptics point out that there are serious obstacles for blockchain technology in an industry that has been slow to embrace even cloud computing.

But the possibilities are abundant, and insurance companies and startups alike are experimenting with insurance applications for the technology at full throttle.

These applications include:

• Fraud detection & risk prevention: By moving insurance claims onto an immutable ledger, blockchain technology can help eliminate common sources of fraud in the insurance industry.
• Property & casualty (P&C) insurance: A shared ledger and insurance policies executed through smart contracts can bring an order of magnitude improvement in efficiency to property and casualty insurance.
• Health insurance: With blockchain technology, medical records can be cryptographically secured and shared between health providers, increasing interoperability in the health insurance ecosystem.
• Reinsurance: By securing reinsurance contracts on the blockchain through smart contracts, blockchain technology can simplify the flow of information and payments between insurers and reinsurers.
• Life insurance: Blockchain technology can take the burden of filing a death claim away from family members by replacing the manual process of filing claims with an automated system built on a blockchain ledger.
• Travel insurance: By automating claims processes and efficiently sharing information between stakeholders, blockchain travel insurance can save insurers time while reducing the burden on travelers.

Download the full report for a deep dive into how blockchain technology is disrupting the insurance industry.

See how blockchain is transforming other industries in our report on the 65 big industries blockchain could disrupt.

Table of contents

• Fraud detection & risk prevention
• P&C insurance
• Health insurance
• Reinsurance
• Life insurance
• Travel insurance
• Moving towards a blockchain-powered insurance industry

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Some of this year’s winners are aiming to provide a better digital insurance experience for customers looking to buy life, health, and P&C insurance products. Others are developing technology to help insurers improve their underwriting, claims, distribution, and other internal operations — empowering them to provide a better insurance experience. 

Using the CB Insights platform, our research team picked these 50 private market vendors from a pool of over 2K companies, including applicants and nominees. They were chosen based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed hundreds of Analyst Briefings submitted by applicants.

Clients can access the entire Insurtech 50 list and interactive Expert Collection here. (If you don’t have a CB Insights login, create one here.)

Companies are categorized by their primary focus area and client base. Categories in the market map are not mutually exclusive. Please click to enlarge.

Want to be considered for future rankings? Fill out this initial application form (it’ll take no more than a few minutes). If selected, you’ll be asked to complete our Analyst Briefing Survey so that our analysts can better understand your products, customers, and market traction.

TOP INSURTECH COMPANIES 2022: INSURTECH 50 COHORT HIGHLIGHTS

We split this year’s cohort into 2 broad categories:

• B2B: Twenty-three winners operate in the B2B space, meaning they sell technology to (re)insurers and insurance brokers. Companies in this section are using new data, advanced analytics, and other emerging technologies to drive efficiencies and better customer experiences in insurance and risk management operations.
  
• B2C: Just over half of the Insurtech 50 cohort are considered B2C companies, meaning they sell insurance products and services directly to customers (i.e., individuals or businesses buying an insurance policy). While business models may differ — as some companies in this group underwrite policies themselves while others act more as agents or lead gen intermediaries on behalf of other insurers — all companies in this section have a customer-facing value proposition. 

Below are a few highlights from the Insurtech 50 Class of 2022.

Overall funding & valuation trends: The Insurtech 50 includes a mix of companies at different stages of maturity, product development, and funding.

Overall, the cohort has raised $11B+ from over 400 disclosed investors, across 215 equity deals, since 2017 (as of 6/10/22). In 2021 alone, companies from this cohort raised $5.5B across 55 deals. This year’s list includes 20 unicorns with a $1B+ valuation. 

Global reach: This year’s winners represent 10 different countries across the globe. Thirty-one of the selected companies are headquartered in the US. The United Kingdom came in second with 5 winners, followed closely by France with 4 winners and India with 3.

Other countries home to a winner/winners on this year’s list include Germany, the Netherlands, Switzerland, Singapore, Chile, and Australia. (Note: This geographical breakdown does not account for companies with multiple global headquarters.)

Innovation at the earlier stages: Fourteen of our winners are Series A or Series B companies with promising product ideas.

To highlight a couple, EvolutionIQ brings together structured and unstructured internal claims data with external third-party data to enable insurers to handle claims more quickly and accurately. Paris-based Descartes Underwriting collects a variety of data — including satellite images, IoT sensor data, and sonar data — to build parametric insurance products for climate change-related perils.  

Most-represented categories: Among the categories highlighted on this map, home & auto holds the largest share of our winning cohort. The 9 companies featured in this category are focused on selling home and/or auto insurance directly to customers. While some offer their own insurance products (e.g., Branch, whose policies are reinsured by SCOR), others like The Zebra enable customers to shop and compare products from a variety of different insurers. 

On the B2B side, data & analytics holds the largest share of our winning cohort. The 7 companies featured in this category are focused on obtaining new data and building advanced analytical models to help insurers better understand their customers and the risks they face. Companies in this space like dacadoo are building out health scores enabling life insurers to better underwrite, and some like CLARA Analytics even recommend the right lawyer to minimize workers’ compensation litigation costs.

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HOW’S THE COMPANY PERFORMING?

• India-based Acko General Insurance provides bespoke online insurance for vehicles, products, and healthcare.
• The startup operates in India as a regulated insurance business.
• Acko General Insurance is registering an annual run rate of $175M in premiums.
• The insurance company currently has over 70M customers. Acko General Insurance has also partnered with companies like OLA, Amazon, Zomato, Swiggy, and Rapido.
• Acko General Insurance has a headcount of more than 400.

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Q3’21 represents another strong quarter for insurtech. Mega-round count remained elevated at 11, while early-stage deal sizes saw a 90% quarter-over-quarter (QoQ) increase. And as cybersecurity continues to be a major challenge for businesses of all sizes, 2 of the top 3 largest deals this quarter went to startups building cyber insurance and risk management solutions.

Q3’21 Insurtech Highlights:

• Insurtech funding falls from its previous record high but remains elevated, raising $3.1B across 113 deals: Global insurtechs continued to see a strong trajectory in Q3. This quarter, global insurtech funding reached $3.1B. While this figure represents a 35% decrease from the prior quarter, it still represents a 23% increase from the same period last year and is notably the second-largest quarterly funding figure on record. After 2 consecutive quarters of deal growth, insurtech deal activity fell nearly 30% from Q2 to 113 deals. However, year-over-year (YoY), overall deal activity was up 9%, reflecting continued growth. This quarter, mega-round count remained elevated at 11 — furthermore, outsized deals accounted for roughly 51% of total funding, compared with nearly 70% in Q2. After reaching its lowest level since Q2’18 last quarter, the share of U.S.-domiciled companies rebounded to nearly 46%, an increase of roughly 7 points from Q2’21. Indonesia, Sweden, South Africa, Singapore, the U.A.E., and others all saw QoQ increases in deal activity as insurtech continues to scale across the globe.
• Early-stage average deal size grows to nearly $12M, up 90% compared to Q2’21: Early-stage startups raised a record-breaking $630M in Q3, even though deal count fell 39% QoQ to 57. Given this dynamic, average early-stage deal size grew to nearly $12M, up 90% QoQ and nearly 80% YoY. The mix of early-stage deals also saw a notable shift in Q3. Seed/angel round deal share fell dramatically, reaching its lowest point since Q2’20 at just 19% of overall deals, marking a 23-point decrease QoQ and a 12-point decrease YoY. Conversely, Series A rounds saw notable growth and accounted for 31% of all deal activity —reflecting a 15-point increase QoQ and a 6-point increase YoY.
• Cyber insurance-focused startups see 2 of the top 3 largest deals, as cybersecurity continues to be a major business challenge: Cybersecurity continues to be a major challenge for corporate executives and small businesses alike as the severity and frequency of cyberattacks both continue to grow. Of the 3 largest rounds this quarter, 2 went to startups focused on offering cyber insurance, including Coalition, which raised a $205M Series E, and At-Bay, which raised a $185M Series D. Companies deploy a variety of models to approach cyber insurance, including tech-enabled managing general agents (MGAs) for underwriting and risk analytics providers. Outside of the top 3 deals, Envelop Risk, which focuses on cyber underwriting services for (re)insurers, inked a sizeable $130M Series B, while even earlier in the funnel, BOXX Insurance and Y-Combinator-incubated Telivy raised funding to grow their solutions further.

Willis Towers Watson’s Insurance Consulting and Technology provides a powerful combination of advisory services for insurance companies, integrated with leading-edge technology solutions and software that is underpinned by unparalleled analytical capabilities. We combine our deep insurance domain expertise with our technology capabilities to support clients with risk and capital management, strategy and growth, technology, and operational effectiveness and profitability.

Willis Re is one of the world’s leading reinsurance advisors. Over our 180-year history, we have developed a deep insight into all aspects of the global insurance industry. In particular, we understand how individual insurance companies develop and drive their own unique strategies to achieve their goals. We offer you comprehensive service backed by stable, well-trained staff to help you reach and exceed your specific targets in the most cost-effective fashion. We have a deep understanding of risk – and all the ways it affects capital and your organization’s financial performance. Our core focus is to provide you with a superior understanding of the risks you face, and then advise you on the best ways to manage extreme outcomes.

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Global insurtech funding is shattering previous records. In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised for all of 2020 by more than $300M.

In Q2’21, we witnessed the largest quarter-on-quarter funding increase since Q3’18. Specifically, global insurtech funding ballooned to over $4.8B, representing a 89% increase from Q1’21 and a 210% increase compared to the same period last year.

Though there was an 11% uptick in deal activity, the funding surge was largely driven by mega-rounds ($100M+ fundings). Collectively, the 15 mega-rounds garnered nearly $3.3B — 67% of total funding — as late-stage players like Wefox and Bought By Many sought expansion.

Q2’21 Insurtech Highlights:

• Global insurtech funding smashed past previous records, thanks to mega-rounds: Insurtechs raked in $4.8B in Q2’21, a record 89% increase from Q1’21 and a 210% increase compared to the same period last year. In the first half of 2021, investors poured $7.4B into insurtechs — surpassing the $7.1B raised for all of 2020 by more than $300M. While overall deal activity grew by 11% quarter-over-quarter to 162 deals, mega-rounds drove the funding surge: collectively, the 15 mega-rounds collected nearly $3.3B, accounting for 67% of total funding. Notable deals went to Germany-based digital insurer Wefox, which raised $650M, one of the largest Series Cs on record, and UK-based pet insurance MGA Bought By Many, which raised a hefty $350M Series D. Other major funding rounds went to companies like Collective Health ($280M Series F), Extend ($260M Series C), Alan ($223M Series D), Shift Technologies ($220 Series D), and others.
• Mid-stage insurtech deals grew, while other stages contracted modestly; early-stage pipeline remains healthy: Deal activity was driven by mid-stage (Series B and C) deals, which increased by 6% to 23%. The pipeline for early-stage insurtech continued to remain healthy, with early-stage deals growing by over 9% from the prior quarter and rebounding by 200% from the peak of the pandemic in Q2’20. As a percentage of overall deals, early-stage activity fell slightly to 57% of deals vs. 58% in Q1’21.
• Insurtech geographic diversity continues to grow as opportunities to leverage technology in insurance transcend borders: Overall, insurtech value propositions are resonating with more countries as entrepreneurs chase opportunities to innovate insurance in new regions. Geographic diversity among global insurtechs continued to grow, with funding spanning 35 distinct countries compared to 26 countries in Q1’21. For the first time, there was activity from insurtechs based in countries like Botswana, Mali, Romania, Saudi Arabia, and Turkey. Additionally, there was recent activity from less active regions like Vietnam, the Philippines, Romania, and Greece.
• Insurtechs focused on distribution accounted for nearly 55% of all deal activity, a 7% increase from the prior quarter: Driving efficiency in insurance distribution continues to be a major priority for investors. This quarter, 55% of deals involved startups focused on distribution (i.e., digital brokers, MGAs, and lead generation). In addition, 10 of the 15 insurtechs that raised mega-rounds this quarter focus on improving insurance distribution with varying approaches. The majority of companies focus on tech-enabled distribution in an attempt to minimize dependence on agent channels, including embedded product warranty platform Extend, price comparison site The Zebra, and commission-less life insurer Ethos Life. Wefox, however, takes a different approach: though it relies heavily on local agents for policy distribution, it drives efficiency by automating nearly 80% of administrative processes, according to the company. Though approaches may vary, technology will continue to play an essential role in driving better, cheaper, and more transparent insurance experiences.

Willis Towers Watson’s Insurance Consulting and Technology provides a powerful combination of advisory services for insurance companies, integrated with leading-edge technology solutions and software that is underpinned by unparalleled analytical capabilities. We combine our deep insurance domain expertise with our technology capabilities to support clients with risk and capital management, strategy and growth, technology, and operational effectiveness and profitability.

Willis Re is one of the world’s leading reinsurance advisors. Over our 180-year history, we have developed a deep insight into all aspects of the global insurance industry. In particular, we understand how individual insurance companies develop and drive their own unique strategies to achieve their goals. We offer you comprehensive service backed by stable, well-trained staff to help you reach and exceed your specific targets in the most cost-effective fashion. We have a deep understanding of risk – and all the ways it affects capital and your organization’s financial performance. Our core focus is to provide you with a superior understanding of the risks you face, and then advise you on the best ways to manage extreme outcomes.

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How’s the company performing?

• San Francisco-based Ethos Technologies is an insurance technology platform that offers predictive analysis to help users select the right life insurance. The company offers policies without any medical examinations.
• Ethos currently has around 150 employees and plans to double its headcount this year. The company began its operations in Austin in 2019 and has been prioritizing its growth in this region.
• The company has seen revenue and user base skyrocket 500% year-on-year. It is on track to generate $100M in annual revenue and issue $20B worth of life insurance policies this year.

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How’s the company performing?

• California-based Collective Health helps employers to manage their workers’ healthcare benefits over a single comprehensive platform.
• The company’s clients include Pinterest, CrossFit, Drive Nation, Activision Blizzard, RH, Jazz Pharmaceuticals, Palantir, Red Bull, and Zendesk, among others.
• Collective Health has over 500 employees and serves around 300,000 employees from over 55 companies around the US.
• The company’s membership has grown 10x over the last few years.
• Collective Health announced a strategic partnership with HCSC to provide its healthcare platform to self-funded Blue Cross and Blue Shield insurance members from January 2022.

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Q1’21 was a record quarter for insurtech investment activity. Startups raised over $2.5B across 146 deals.

This record level of funding reflects a 180% increase compared to the same period last year, when fears of Covid-19 swelled, and a 22% increase compared to Q4’20, as investment activity steadily bounced back. In addition to funding growth, the number of deals this quarter also grew significantly, including a 52% year-over-year increase and a 42% quarter-over-quarter increase.

Q1’21 Insurtech Highlights:

• Global insurtech activity reached an all-time high, with Q1’21 being the strongest on record: In Q1’21, insurtech funding hit an all-time high of $2.5B across 146 deals — increases of 22% and 42%, respectively, from the prior quarter.
• Insurtech’s reach becomes increasingly international: Q1’21 marked the most geographically diverse set of early-stage startups in a single quarter, representing 24 countries, including Bangladesh, Estonia, Brazil, Nigeria, and the UAE. For reference, in 2020, insurtechs from 38 different countries raised investment, compared to 29 in 2016.
• There were a record number of mega-rounds, earlier on in the funding cycle: Notably, this quarter saw a record number of mega-rounds with 8 companies driving over $1.1B in funding, roughly 44% of total funding raised. While historically late-stage companies (Series D and later) typically land mega-round deals, this quarter, the majority of companies were raising Series C growth rounds, potentially an indication of expanding funding requirements earlier on in the cycle, froth in the markets, or both.

Willis Towers Watson’s Insurance Consulting and Technology provides a powerful combination of advisory services for insurance companies, integrated with leading-edge technology solutions and software that is underpinned by unparalleled analytical capabilities. We combine our deep insurance domain expertise with our technology capabilities to support clients with risk and capital management, strategy and growth, technology, and operational effectiveness and profitability.

Willis Re is one of the world’s leading reinsurance advisors. Over our 180-year history, we have developed a deep insight into all aspects of the global insurance industry. In particular, we understand how individual insurance companies develop and drive their own unique strategies to achieve their goals. We offer you comprehensive service backed by stable, well-trained staff to help you reach and exceed your specific targets in the most cost-effective fashion. We have a deep understanding of risk – and all the ways it affects capital and your organization’s financial performance. Our core focus is to provide you with a superior understanding of the risks you face, and then advise you on the best ways to manage extreme outcomes.

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In Q4’20, insurtechs raised $2.1B across 103 deals — falling short of the prior quarter’s record levels of activity.

Despite the drop, the quarter’s strong showing helped push annual insurtech funding in 2020 to an all-time high of $7.1B.

Willis Towers Watson’s Insurance Consulting and Technology provides a powerful combination of advisory services for insurance companies, integrated with leading-edge technology solutions and software that is underpinned by unparalleled analytical capabilities. We combine our deep insurance domain expertise with our technology capabilities to support clients with risk and capital management, strategy and growth, technology, and operational effectiveness and profitability.

Willis Re is one of the world’s leading reinsurance advisors. Over our 180-year history, we have developed a deep insight into all aspects of the global insurance industry. In particular, we understand how individual insurance companies develop and drive their own unique strategies to achieve their goals. We offer you comprehensive service backed by stable, well-trained staff to help you reach and exceed your specific targets in the most cost-effective fashion. We have a deep understanding of risk – and all the ways it affects capital and your organization’s financial performance. Our core focus is to provide you with a superior understanding of the risks you face, and then advise you on the best ways to manage extreme outcomes.

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