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20 Growing Insurtech Startups in 2021

Funding in insurtech startups reached $2.55 billion across 146 deals in Q1 2021, setting a record for quarterly funding volume.

Overall, the insurtech market is forecasted to grow at a CAGR of 10.8% from 2019 to 2025, reaching $10.14 billion in revenue by 2025.

With that, here’s our list of fast-growing startups in the insurance technology space.

1. Bought By Many

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5-year search growth: 2175%

Search growth status: Regular

Year founded: 2012

Location: London, United Kingdom

Funding: $127.27M (Series C)

What they do: Bought By Many is a pet insurance provider with plans for cats and dogs. The service provides customizable, monthly billable policies with no cancelation fees. Customers also have access to complimentary video consultations with vets. And can file claims online.

2. Next Insurance

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5-year search growth: 1540%

Search growth status: Regular

Year founded: 2016

Location: Palo Alto, CA

Funding: $881M (Series E)

What they do: Next Insurance is a digital insurance provider for self-employed and small businesses. The company offers general and professional liability insurance, as well as commercial property and auto coverage. The platform currently has coverage options for more than 1300 professions, including third-party Amazon sellers, contractors, and fitness instructors. Next Insurance reports that they have over 100,000 clients.

3. Pawlicy Advisor

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5-year search growth: 5400%

Search growth status: Regular

Year founded: 2018

Location: New York, NY

Funding: $7.6M (Series A)

What they do: Pawlicy Advisor is a pet insurance comparison platform. Users can get more than 100 quotes based on input from a single form. Quotes can be compared side-by-side. And the site includes robust filtering options.

4. Getsafe

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5-year search growth: 100%

Search growth status: Regular

Year founded: 2014

Location: Heidelberg, Germany

Funding: $52.9M (Series A)

What they do: Getsafe is a digital-first insurance company offering liability, property, and car insurance. Insurance products can be purchased and managed via their mobile app. The startup has more than 175,000 customers across 2 markets (Germany and the UK).

5. Marshmallow

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5-year search growth: 1328%

Search growth status: Regular

Year founded: 2017

Location: London, United Kingdom

Funding: $31.2M (Series A)

What they do: Marshmallow is a car insurance provider. The company’s algorithm considers international driving records in order to offer competitive prices to drivers with limited driving records in their current country of residence. The startup has sold 50,000 policies in its first 2 years.

6. Cuvva

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5-year search growth: 276%

Search growth status: Regular

Year founded: 2015

Location: London, United Kingdom

Funding: $25.36M

What they do: Cuvva is a car insurance app that offers temporary cover (from 1 hour to 28 days) along with more traditional monthly plans. The startup also provides in-app customer support with 1 minute average response time. To date, Cuvva has served over 450,000 customers.

7. Zego

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5-year search growth: 483%

Search growth status: Exploding

Year founded: 2016

Location: London, United Kingdom

Funding: $201.7M (Series C)

What they do: Zego offers commercial car insurance. The platform includes a range of options, including private car, scooter, and courier van insurance. They also offer fleet coverage for corporate clients. The pricing model is based on usage.

8. Insurify

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5-year search growth: 900%

Search growth status: Regular

Year founded: 2013

Location: Cambridge, MA

Funding: $29.6M (Series A)

What they do: Insurify is an insurance quote comparison website. The resource helps compare car, home, and life insurance quotes in the US. For each company, Insurify delivers a composite score based on the insurance company’s quality and reliability.

9. Kin Insurance

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5-year search growth: 2900%

Search growth status: Regular

Year founded: 2016

Location: Chicago, IL

Funding: $87M (Series B)

What they do: Kin Insurance provides home insurance in 4 states across the US. The company provides coverage for natural disasters, including hurricanes, earthquakes. Kin’s platform takes into account thousands of property data points to offer customizable options for coverage.

10. Ethos Life

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5-year search growth: 875%

Search growth status: Regular

Year founded: 2016

Location: San Francisco, CA

Funding: $106.5M (Series C)

What they do: Ethos offers term and whole life insurance policies. Applications can be completed online, without agent assistance.

11. Bestow

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5-year search growth: 63%

Search growth status: Regular

Year founded: 2016

Location: Dallas, TX

Funding: $138.1M (Series C)

What they do: Bestow operates a platform for purchasing term life insurance products. Plans have customizable coverage from $50 thousand to $1.5 million.

12. The Zebra

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5-year search growth: 1150%

Search growth status: Exploding

Year founded: 2012

Location: Austin, TX

Funding: $256.5M (Series D)

What they do: The Zebra is an insurance comparison platform. The website helps compare car and home insurance quotes from more than 100 companies. The startup reached a valuation of $1 billion following its Series D funding round in April 2021.

13. Sidecar Health

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5-year search growth: 3400%

Search growth status: Regular

Year founded: 2018

Location: El Segundo, CA

Funding: $163M (Series C)

What they do: Sidecar Health offers personalized health insurance plans. Members can have appointments with any licensed healthcare provider without network restrictions. The company provides coverage within 16 states and plans, with plans to expand into more states in the near future.

14. PasarPolis

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5-year search growth: 3400%

Search growth status: Regular

Year founded: 2018

Location: El Segundo, CA

Funding: $163M (Series C)

What they do: PasarPolis is an insurance startup operating in Southeast Asia. The company’s partner network includes over 30 companies. PasarPolis currently offers insurance policies for health, real estate property, life, accident, and travel.

15. Ladder

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5-year search growth: 2400%

Search growth status: Regular

Year founded: 2015

Location: Menlo Park, CA

Funding: $163M (Series C)

What they do: Ladder is an online platform for term life insurance policies. The application process happens online with instant approvals. Plans can also be modified (or “Laddered”) based on needs over time.

16. Ottonova

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5-year search growth: 2900%

Search growth status: Regular

Year founded: 2015

Location: Munich, Germany

Funding: $93.33M (Series B)

What they do: Ottonova offers health insurance policies in Germany. The company’s product portfolio includes various plans for German residents and expats. Besides their core insurance product, Ottonova includes a complimentary concierge service to help book appointments from the mobile app.

17. Gabi

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5-year search growth: 2900%

Search growth status: Regular

Year founded: 2016

Location: San Francisco, CA

Funding: $39.1M (Series B)

What they do: Gabi is an online insurance comparison tool. Users share existing details of their policy, and the company's product helps find relevant insurance deals from over 40 providers. Gabi is currently available to residents in all 50 states.

18. Policygenius

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5-year search growth: 204%

Search growth status: Regular

Year founded: 2014

Location: New York, NY

Funding: $161M (Series D)

What they do: Policygenius is an online insurance marketplace. The broker helps compare quotes and shop for life, home, vehicle, and disability insurance. The startup claims to have sold over $80 billion in life insurance policies to date.

19. RenewBuy

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5-year search growth: 850%

Search growth status: Regular

Year founded: 2015

Location: Gurgaon, India

Funding: $29.6M (Series B)

What they do: RenewBuy is an online insurance platform that offers vehicle, health, and life insurance policies in India. The company’s product helps find and compare insurance quotes from 20 different partners.

20. Pie Insurance

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5-year search growth: 5500%

Search growth status: Regular

Year founded: 2017

Location: Washington, DC

Funding: $306M (Series C)

What they do: Pie Insurance offers workers’ compensation policies for small businesses using a cloud-based platform. Pie Insurance recently crossed a milestone of $100 million in premiums since its launch in 2017.

Conclusion

That completes our list of 20 high-growth insurtech startups.

From car to workers compensation insurance, a growing number of insurance startups serve customers worldwide, including a sizable share of first-time policyholders.

Another thing that ties these insurance startups together is a strong focus on technology and data analytics to bring competitive offerings to the market.

With the rise in Insurtech funding, we can expect more innovation and new players in this multi-billion dollar industry.

Last Updated: 
May 10, 2021
Josh Howarth
Co-founder of Exploding Topics.

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