Top Insurtech Companies

The expanding global insurtech market is primarily fueled by the increasing inclination toward digital transformation initiatives within the insurance industry. Insurers would like to be more efficient, enhance the customer experience, and decrease costs, leading to greater market growth. The increasing use of new technologies, such as artificial intelligence (AI), machine learning (ML), big data analytics, blockchain, and the Internet of Things (IoT), allows insurers to automate claims processing, simplify underwriting, and offer customized insurance products. 

Industry Overview

According to SkyQuest Technology “Insurtech Market By Component (Software, Service), By Insurance Type (Automotive, Business), By Technology (Blockchain, Cloud Computing), By Deployment Mode (Cloud-based, On-premises), By Enterprise Size (Large Enterprises, Small & Medium Enterprises (SMEs)), By End-User (Automotive, BFSI), By Region - Industry Forecast 2025-2032,” Global Insurtech Market is projected to grow at a CAGR of over 52.7% by 2032, on account of urgent need for automating quantified data. The increased penetration of smartphones and widespread use of digital distribution channels are driving further online insurance adoption. In addition, the rising popularity of usage-based and on-demand insurance products, driven by consumer demand for flexibility and transparency, is driving market growth. Government interventions supporting digital innovation in financial services, as well as traditional insurers increasingly collaborating with technology start-ups, are also contributing to the growth of insurtech globally.

Top 10 Global Insurtech Companies

1.    Lemonade, Inc.

Lemonade, Inc. is a U.S. insurtech company that was founded in 2015 and is based in New York. Lemonade is known for its innovation in utilizing artificial intelligence (AI) and behavioral economics to disrupt the traditional insurance industry. The company provides renters, homeowners, pet, life, and car insurance products through its digital platform. Lemonade utilizes an AI-powered chat system on its digital platform to issue insurance policies and process claims quickly, within minutes, lowering administrative costs.

2. Oscar Health, Inc.

Oscar Health, Inc. is a U.S. insurtech company focused on developing health insurance solutions. The company, which was established in 2012 in New York, is known for its focus on making accessing healthcare easier through digital channels, including telemedicine, personalized and tailored care guidance, and mobile-based health management. Oscar significantly combines technology with human support to provide improved member experiences, claims processing efficiency, and reduced costs in the healthcare system.

3. Wefox Group

Wefox Group is a digital insurance platform that provides brokerage and carrier services. The company was founded in 2015 and is based in Berlin, Germany. The company connects insurers, brokers, and customers on its digital ecosystem to simplify policy management and increase transparency. Wefox provides property, casualty, and life insurance products through its partners. Its business-to-business-to-consumer (B2B2C) model facilitates distribution and customer acquisition.

4. Root, Inc.

Root, Inc. was founded in 2015 and is based in Columbus, Ohio, and is an American insurtech company that provides auto insurance via telematics and mobile technology. The insurtech uses the sensors in smartphones and analytics to evaluate each customer's driving habits and then offers individual motor vehicle insurance premiums based on where each driver is driving a vehicle (the real world) versus other products that charge based on customer demographics and history.

5. Hippo Holdings, Inc.

Hippo Holdings, Inc. was incorporated in 2015 and is based in Palo Alto, California, Hippo Holdings, Inc. is a digital, home insurance provider with a digital primary strategy that uses smart-home devices, features, and technology expertise to enhance the proper home insurance for its customer. Hippo Holdings provides homeowners insurance packages with monitoring devices to monitor water leaks, fire risks, home security, and other possible home insurance risk.

6. Alan SAS

Alan SAS was incorporated in 2016 and is based in Paris, France, Alan SAS is one of the fastest growing, digital health insurance companies in Europe. Alan SAS designs health insurance for individuals working for companies including freelancers and sole proprietors and manages the insurance on a fully digital platform. The platform provides business and customer (claim and cashless) benefits while managing the platform using only an app.

7. Acko General Insurance Ltd.

Acko General Insurance is a wholly digital general insurance company established in 2016 and located in Mumbai, India. Acko functions as a direct-to-consumer brand that sells insurance products in various spaces, specifically motor, travel, device protection, and health insurance, and operates an entirely digital platform for instant policy issuance and claim settlements.

8. Collective Health, Inc.

Collective Health, Inc. is an American insurtech company established in 2013 and located in San Francisco, USA, that modernizes employer-sponsored health benefits. Collective Health, Inc. integrates the administration of health plans, analytics, and a member engagement platform into one system to serve large employers.

9. Next Insurance, Inc.

Next Insurance, Inc. is an insurtech company headquartered in Palo Alto, California that was established in 2016 and is based in the United States. Next Insurance, Inc. is focused on providing affordable, customized insurance coverage for small businesses and entrepreneurs. Coverage options include general liability, workers' compensation, and professional liability to name a few, and are policyos are managed through a digital platform.

10. ZhongAn Online P&C Insurance Co., Ltd.

ZhongAn Online P&C Insurance Co., Ltd. is a property and casualty insurer that is based in Shanghai, China and was established in 2013. ZhongAn Online P&C Insurance Co., Ltd. is the first online-only insurer in China and provides property and casualty insurance products only using digital channels, including advanced analytics, artificial intelligence, and blockchain.

Other Leading Global Insurtech Companies

•    Metromile, Inc.
•    Trōv (Trov, Inc.)
•    Bright Health Group, Inc.
•    Clover Health Investments, Corp.
•    Brolly Ltd.
•    Bought By Many (now ManyPets)
•    GoHealth, Inc.
•    Cover Genius
•    Singlife with Aviva
•    PolicyBazaar (PB Fintech Ltd.)
•    Friday Insurance (FRIDAY by Baloise Group)
•    Flock Ltd.

Conclusion

The global insurtech market is poised for substantial expansion as digital innovation continues to evolve the insurance landscape. The adoption of AI, IoT, blockchain, and data analytics is not only driving efficiencies but also elevating customer engagement, enabling personalized and seamless experiences. The increasing adoption of technology-led start-up collaboration among insurers is also driving the industry towards agility, transparency, and a customer-centric approach. Additionally, regulatory support for digital financial ecosystems as well as growing consumer preference for online, flexible insurance products are expected to support the continuous growth of the insurtech market. Overall, insurtech is simply in the sweet spot to evolve the historically traditional insurance operations into a more agile, efficient, intelligent and customer-centric ecosystem.