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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The company has taken a two-pronged approach: partnering with established tech companies to improve current operations and products while investing in startups to prepare for autonomous vehicles and other longer-term innovations.

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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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Genomic screening tools are designed to capture, sequence, and/or analyze genetic data.

For life insurers, obtaining genomic data from policyholders could provide a new level of insight into their health and long-term mortality probability. While other underwriting data are used to measure current health attributes, genetic data can be used to make forward-looking mortality predictions surrounding disease susceptibility and other genetic predispositions.

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Underwriting data platforms collect and organize applicant and third-party data required by life insurance underwriters. They often bring together third-party alternative datasets like pharmaceutical records, credit scores, and motor vehicle records.

Insurers can tap into these data sources to extend their internal datasets and enhance the speed and quality of the underwriting process.

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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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Wearables are smart devices that collect biometric data from the individual wearing them. Although smartwatches and fitness bands are the most popular forms of wearables today, startups are also experimenting with a broad range of new wearable devices, such as headbands, patches, and rings, to collect data about individual lifestyles and health.

Life insurers can tap into this data to underwrite and price policies. Players in this market include wearable hardware manufacturers with software platforms and pure-play wearable software platforms.

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Predictive analytics uses statistical modeling and artificial intelligence methods to complement the actuarial approach, offering a more forward-looking view to underwriting. This technology analyzes internal and external data sources to identify patterns and connections that are not discoverable by human cognition alone. These insights are used to establish the likelihood of different outcomes.

These solutions are built specifically for insurance underwriting functions like pricing and producing risk scores.

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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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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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Life insurance leaders are shifting more of their R&D budgets toward transformational innovation, focusing on novel technologies that can improve the efficiency and efficacy of underwriting processes.

Using CB Insights data, we examined tech markets across underwriting data solutions for life insurers and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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Life insurance leaders are shifting more of their R&D budgets toward transformational innovation, focusing on novel technologies that can improve the efficiency and efficacy of underwriting processes.

Using CB Insights data, we examined tech markets across underwriting data solutions for life insurers and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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Life insurance leaders are shifting more of their R&D budgets toward transformational innovation, focusing on novel technologies that can improve the efficiency and efficacy of underwriting processes.

Using CB Insights data, we examined tech markets across underwriting data solutions for life insurers and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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Life insurance leaders are shifting more of their R&D budgets toward improving their risk assessment and rating models, focusing on novel technologies that can improve the efficiency and efficacy of this key underwriting process.

Using CB Insights data, we examined tech markets across pricing & risk assessment for life insurance underwriters and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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Life insurance leaders are shifting more of their R&D budgets toward improving their risk assessment and rating models, focusing on novel technologies that can improve the efficiency and efficacy of this key underwriting process.

Using CB Insights data, we examined tech markets across pricing & risk assessment for life insurance underwriters and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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Life insurance leaders are shifting more of their R&D budgets toward improving their risk assessment and rating models, focusing on novel technologies that can improve the efficiency and efficacy of this key underwriting process.

Using CB Insights data, we examined tech markets across pricing & risk assessment for life insurance underwriters and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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