1 December 2022FeaturesInsurance

Top 25 insurtechs in 2022

From pioneering flood modelling to unlocking the next generation of risk assessment in cyber and health, not to forget democratising access to financial protection, the innovation and ambition among insurtechs knows no bounds. We’ve carefully selected the top 25 insurtechs that are hot to trot, and growing at pace, to celebrate and showcase the latest developments as they scale up and continue to disrupt the status quo.


As the cyber insurance market continues to grow, At-Bay prides itself on being a cybersecurity insurance company that helps businesses meet digital risk head-on. Founded in 2016 in San Francisco Bay, the US insurtech offers comprehensive cyber and tech E&O policies that are tailored to the specific needs of every business. It helps brokers navigate complex cyber and specialty insurance products and conducts what it describes as a non-invasive security scan to assess a business’ cyber risk without needing special access. The company also uses its active risk monitoring services to continuously scan for cyber threats throughout the life of every policy because cyber risk is dynamic and constantly evolving.


Launched in 2016, this startup secured a $50 million investment in its 2020 Series B funding round and has used that to build its digital platforms offering a range of instant life insurance solutions. The insurtech has said it wants to transform the traditional life insurance landscape by “democratising” access to financial protection. To do this, the firm is using its tech to make insurance easier to access for millions of underserved families.  The Munich Re-backed digital life insurance carrier has also launched its Bestow Foundation, a non-profit organisation created to assist those in need of financial support during a crisis or disaster.


Bindable is an insurance technology firm for alternative distribution with a proprietary platform that brings together software, a digital wholesale marketplace, and a full suite of support services. This combination offers flexible, turnkey solutions that connect insurance providers, trusted brands, and consumers. This year Bindable announced that the company had joined Guidewire’s Insurtech Vanguards platform. Insurtech Vanguards is a community of select startups and technology providers focused on the success of mutual customers and prospects in the insurance industry. As part of the programme, Guidewire provides strategic guidance and advocates for the participating insurtechs.Bindable was founded in 2018 by John Fees and William Suneson in Boston, Massachusetts, in the US.

Bold Penguin

In March 2022 Bold Penguin, the integrated digital solution platform, teamed up with Hub International to buy Insureon Holdings, a small-business-focused digital broker.Under the deal, Bold Penguin will acquire Insureon’s technology platform, while Hub will gain its digital insurance agency and brand. The partners have also confirmed an enterprise agreement to licence the Insureon technology platform.More recently the insurtech, which is dedicated to simplifying small commercial insurance, partnered with Neptune, the largest private flood insurance company for US small businesses, to enable Bold Penguin to quote and bind flood insurance for small business owners.In 2021, Bold Penguin was acquired by American Family Insurance Mutual Holding Company.


Bolttech announced in October 2022 that it had completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia. The addition of Axle Asia is expected to accelerate the deployment of Bolttech’s insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia.Bolttech’s self-proclaimed mission is to build the world’s leading, technology-enabled ecosystem for protection and insurance. Its insurance exchange platform currently quotes more than $50 billion in premiums worldwide, while the company boasts a global footprint of 30 markets across three continents, North America, Asia, and Europe. The company has more than 800 distribution partners and 200 insurers in its network, and is licensed in 35 international jurisdictions.

Bright Health

Bright Health, a health insurance startup backed by Tiger Global and Blackstone Group, has unveiled plans for an even greater focus on delivering affordable healthcare to ageing and underserved populations in the US. The insurtech runs two businesses, NeueHealth and Bright HealthCare, offering virtual and in-person clinical care to patients through affiliated primary care clinics. It also sells Medicare and commercial health insurance across 14 states in the US.In June 2021, Bright Health raised $924 million in its initial public offering (IPO) in the US, with the IPO valuing the company at $11.23 billion. This valuation comes as more people are seeking remote healthcare, driving up demand in the telemedicine market.In October 2022, the company said it expects to deliver a $3 billion net revenue balanced business in 2023.

Cover Genius

Cover Genius, the global insurtech for embedded insurance, announced in November 2022 that it had raised $70 million in Series D funding in a round led by Dawn Capital. The raise will assist in rapid business growth and expansion of its global insurance distribution platform XCover. The insurtech has also deepened its global capabilities by investing in Indian-based insurtech, Ensuredit, and a specialist in ticket refund protection called Booking Protect.Co-founded in 2014 by Angus McDonald, the chief executive officer, Cover Genius offers embedded protection to multiple industries.

Covr Financial Technologies

Covr boasts an embedded insurance platform that has an advisor-facing and direct-to-consumer platform on the same technology stack. It partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. In spring this year, Covr completed a $15 million Series B fundraising round, bagging a new investor in Stone Point Ventures. It maintains strong support from existing investors Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures and Tribeca Early Stage Partners. The insurtech also has partners among some of the largest financial institutions, banks, and wealth management firms in the United States.


The back-end of the year has been a busy time for CyberCube. In September alone it announced a partnership with data analytics and digital operations firm EXL and launched the beta testing of its cyber risk focused Exposure Databases.The insurtech said its Exposure Databases is designed to give the re/insurance industry a unique overview of its exposure to cyber risk. The database has initially focused on the North American market with the next iteration expected to look at Europe. Chris Methvan, chief growth officer at CyberCube, said: “It allows re/insurers to compare their exposure to different types of catastrophic loss to the wider market so they can calibrate their portfolio.”The firm’s partnership with EXL will see the two companies jointly develop new cyber insurance solutions for the property and casualty (P&C) market. Together, they aim to develop “industry-first” solutions that will help insurers rapidly scale their cyber insurance offerings to meet the growing demand.


Swiss health insurtech Dacadoo was founded in 2010 by Swiss entrepreneur Peter Ohnemus in Zurich. In March this year the company partnered with global reinsurer Swiss Re to “unlock the next generation of risk assessment” through its MyWellLife offering.The MyWellLife platform is a mobile-first, digital engagement platform described as a smart health coach that motivates users to achieve and maintain healthy lifestyle habits.Swiss Re said that the collaboration is timely as digital adoption has been accelerated by COVID-19 at the same time as lifestyle data is increasing in volume, accuracy and reliability.“Lifestyle factors are gaining in importance because they help to give a more holistic view for risk assessment purposes,” said Jolee Crosby, global head of L&H underwriting at Swiss Re.


For an insurtech that only launched last year, Swiss-headquartered DGTAL has hit the ground running, announcing its European rollout and a new corporate structure in October 2022. DGTAL describes its work as pioneering the full automatisation of claims handling in Europe using AI and the power of data. To kickstart the company, its founders pre-invested around €10 million for the development of its landmark products DRILLER and HUSTON. And DGTAL is in advanced discussions with institutional investors for an additional €6 million Series A equity injection.The insurtech’s expansion is based on the proof-of-concept of DRILLER, an analytics and audit tool which allows insights into claims portfolios and enables insurers to tap into both their structured and unstructured data. From this they can gain clarity on their claims portfolio, forecast adverse developments, and flag critical claims and their cost.DGTAL was set up by industry veteran and insurance expert Arndt Gossmann, the CEO, along with software company Deon Digital.


Dynamo has gone from strength to strength with a £100 million expansion plan backed by new investment and a fresh product range, ahead of its move to Cardiff City Centre from Barry in Wales.The tech-enabled insurance broker, which was founded by former Apprentice candidate Alex Mills in 2017, provides products for motor, home, life, GAP, and student insurance. It works with a range of insurers to get the best deals for clients.The company has positioned itself as an insurtech platform that allows users to purchase a range of products without paying commission.


In June 2022, cyber insurance data and analytics firm DynaRisk closed a seed funding round bringing its first-year funding to over $7 million as it works towards scale in operations across Europe and North America.  The insurtech provides cyber security tools to home users and businesses. It was founded in 2016 by chief executive officer Andrew Martin. He spotted a market opportunity to mitigate risk for personal and commercial cyber insurers, reinsurers and MGAs when he recognised that companies were spending large sums of money protecting their assets but leaving individuals to fend for themselves.Martin said: “Being able to offer our clients new ways to protect their policyholders in this increasingly fraught cyber landscape is central to our mission.”DynaRisk partners with clients such as Chubb, Canopius, Hiscox, Ascot and BOXX Insurance to improve loss ratios, engage insureds and streamline renewals.

Ethos Specialty

This insurtech may operate as an independent managing general underwriter but as a member of specialty risk assumption organisation Ascot Group it has access to advantages other insurtechs don’t. As part of the Ascot Group family, Ethos Specialty can tap into the additional resources of an AM Best “A” rated carrier and third party capital as it looks to expand its product range and enhance its technology offering.By combining the independence of the Ethos Specialty platform with the resources of a dynamic global re/insurer, this MGU works to create value for its brokers and capital partners.


Following Instanda’s latest $45 million fundraising led by Toscafund, the insurtech has secured former Hiscox chief financial officer Liz Prior to grow its geographical presence in Europe, the US, Japan, and the United Arab Emirates.Instanda describes itself as “the first solution of its kind” to offer a fully customisable SaaS-based policy administration platform that enables insurers to get ahead of the competition with lightning-quick agility.Founded in 2012 by Derek Hill and Tim Hardcastle, the insurtech has been on a mission to digitise the insurance industry by solving challenges for all insurance providers and enabling them to offer unrivalled customer experience at low cost.


Founded in 2018 in London by Andy Thomas, KYND is a London-based provider of “transformative” cyber risk management solutions. Its technology is designed to make assessing, understanding, and managing cyber risks easier and quicker. KYND’s platform gathers and processes data to assess cyber risk for businesses and presents instant insights in “plain English”.In September 2022, the insurtech partnered with Hylant, a US privately owned insurance broker, to tackle challenges and opportunities born out of the hardening cyber market.Prior to this, in January 2022, Kynd secured £3.25 million from UK and Ireland-based growth capital investor BGF to accelerate its global expansion plans and launch new products.


Just over a year ago, Ladder raised $100 million in Series D financing to continue building what it describes as “the digital life insurance company of tomorrow”. At the time it also stated that it had “become the first fully digital life insurance company in operation” after issuing its first policies through Ladder Life Insurance Company. In October 2021, the insurtech stated: “The addition of our fully operational carrier makes Ladder the first 100% vertically integrated life insurtech, built on a proprietary technology platform and powered by ever-compounding machine learning models.”Prior to this, the insurtech had already reported strong growth in its flexible life insurance offering, a product that is available digitally in minutes.Since 2017, Ladder has worked to rebuild every step of the life insurance stack from product design to user experience, underwriting, instant issue, and policy administration. The company was founded in 2015 and is headquartered in Palo Alto, California.

Ledger Investing

Financed by venture capitalists and strategic insurance industry investors, startup Ledger Investing is a marketplace connecting insurance risk with capital. In June 2022, it raised $75 million in Series B funding as part of plans to “democratise insurance risk capital”. The company plans to use the funds to accelerate revenue growth across its insurance-linked security (ILS) brokerage and asset management businesses, launch data infrastructure service products, and recruit more than 200 employees. Prior to this, it had also placed more than $400 million in premium into the capital markets, and said it is on track to exceed $1 billion by the end of the year.


Flood forecasting insurtech Previsico is a global provider of real-time, street level flood prediction and analytical solutions, which work to build round-the-clock resilience.It was set up in 2001, by co-founder professor Dapeng Yu at Loughborough University, to pioneer 2D flood modelling software. Its big breakthrough came in 2014 following devastating floods in Somerset, in the UK, when the UK government’s Cabinet Office approached Loughborough University to help develop the next generation of flood forecasting technology.More recently, in July 2022, it has partnered with Generali to further enhance flood resilience for the insurer’s clients and build greater resilience to climate change. In September, it hired Johnny Stubbs, previously UK head of insurance at Getsafe, to the role of partnerships manager to drive business development across the UK and US insurance markets.

Skyline Partners

Skyline creates and delivers specialised parametric products which pay policyholders based on the occurrence of specific events such as temperature or rainfall, rather than on measured property damage. This approach simplifies the claims process, removes the need for claims adjusting, and enables insurance to cover intangible losses.In April 2022, Skyline partnered with Munich Re and Howden to develop a product that protects farmers in Jamaica, which has low insurance penetration rates, and is experiencing increasingly frequent and severe weather events, like much of the Caribbean. The product focuses on the Jamaican Co-operative Credit Union League (JCCUL) and protecting it against non-repayment of micro-loans from farmers in the event of extreme weather. JCCUL is estimated to provide loans to 100,000 smallholder farmers in the country. Loans are used to pay for essentials such as seeds, day-old chicks, and farming equipment. However, adverse weather events could jeopardise farmers’ loan repayments, which in turn could risk the JCCUL’s ability to offer financial support.In response to this issue, the parametric insurance solution will replace lost funds as a result of farmers defaulting on their loans in the event of an extreme hurricane.


Founded in 2015, New York-based insurance startup Sure powers digital insurance programmes for global brands and carriers. Its enterprise SaaS Platform and APIs are designed to accelerate digital transformation and embed insurance distribution without the need for additional IT resources. Sure works to streamline all aspects of digital insurance sales and service with features designed for each phase of the insurance lifecycle.In October 2021, Sure raised $100 million at a $550 million valuation to support the development of its flexible APIs, which help companies launch insurance products.In November 2022, the insurtech started working with PorchPals to launch a “first of its kind” subscription package for theft insurance.

The Zebra

The Zebra started out in 2012 as a site for people looking for auto insurance via its real-time quote comparison tool and as a result it was dubbed “the Kayak of auto-insurance”.But in April 2021, the Austin-based company propelled itself into unicorn territory when it raised $150 million in a Series D round. The insurtech partners with the top 10 auto insurance carriers in the US and over time it has evolved to offer homeowners insurance with the goal of eventually branching out into renters and life insurance. It has also launched a dedicated home and auto bundled product, although much of its recent growth still revolves around its core auto offering.


TypTap, a subsidiary of HCI Group that provides tech driven homeowners and flood insurance, has attracted the attention of investors in recent years with its dramatic growth. Founded in 2016, at the start of 2021 the business was in a single US state but just a year later it was doing business in 12 states.With more than $100 million raised in capital in 2021, and $90 million in surplus, in early 2022 TypTap began planning an initial public stock offering, with HCI CEO Paresh Patel saying it could reach $1 billion in premiums by 2025.In November 2022, HCI Group’s Q3 report showed that TypTap’s gross written premiums had increased to $71.8 million from $56 million in Q3 the year before, and its gross premiums earned grew to $82.7 million from $51.5 million.


Vesttoo, an insurtech that matches capital with risks using ILS structures, has seen a sharp rise in demand for its wares as re/insurers tackle a capacity crunch and hardening rates.Founded in 2018 in Tel Aviv, Israel, Vesttoo was valued at $1 billion in October 2022 when it closed an $80 million Series C financing round.The company connects the insurance industry and the capital markets by combining AI-powered technology with expertise in data science, insurance, and finance. This provides insurers with the capital they need and offers investors opportunities to diversify with uncorrelated, low-volatility insurance-linked assets.Over the past year, the business has pursued rapid global expansion, hiring professionals in London, Hong Kong, Seoul, Dubai and Tokyo. In November this year, Anthony Southern joined its senior ranks from another insurtech, Instanda, where he was managing director, EMEA P&C. Vesttoo has established a Bermuda-based collateralised insurer, and said it intends to use the capital raised in 2022 to further expand its global presence, enhance its marketplace platform and widen its offering further.


In 2022, Xceedance, a global provider of strategic operations support, technology, and data services to insurers, unveiled two new office locations in Massachusetts, in the US, and Bengaluru, in India.The Massachusetts office, in downtown Worcester, reflects the company’s significant footprint in the North American insurance market, it said, and will be the company’s global headquarters.Manish Khetan, EVP and chief operating officer for North America at Xceedance, said the new global headquarters “reflects the significant growth of Xceedance over the past several years and positions the company for continued expansion in the months to come”. The office in Bengaluru, located in the state of Karnataka, India, will be a technology hub to position the company well to attract and employ the region’s rich tech talent, according to Amit Tiwari, EVP and chief operating officer for India and Poland at Xceedance. The grand openings come just a year after the company expanded its presence in the London insurance market with strategic partners ChainThat and NuVenture.

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