10 Top Insurtech Startups Innovating the Insurance Industry 2023
Last Updated: By TRUiC Team
Here at Startup Savant, we love startup culture. That’s why we identified the most exciting, innovative, and creative insurtech startups to watch in 2023 and beyond. From insurance for pets to safeguarding NFTs — these are the top insurtech startups to follow.
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List of Insurtech Startups to Watch
Every year, new startups pull to the forefront of their industry through exciting innovation and industry-disrupting business models. We’ve rounded up the top insurtech startups of 2023 that startup-lovers, investors, and aspiring entrepreneurs should follow.
Disclaimer: With so many exciting startups launching and growing worldwide, we aren’t able to cover them all. Furthermore, the list of insurtech startups below are not officially ranked and are listed in no particular order.
- Location: Zurich, Switzerland
- Funding: Convertible Note, $1.2 Million
Swiss startup Riskwolf, founded in 2020, partners with leading insurers to protect small and mid-sized enterprises and individuals against network connectivity issues. Connectivity is more important than ever with the rise of digital commerce and work-from-home arrangements. Riskwolf prevents loss of income due to internet outages, usually caused by accidental cable cuts, bad weather, and natural disasters. The platform can detect internet outages, model insurance risks, and make payouts in real-time.
2. Pawlicy Advisor
- Location: New York, New York
- Funding: Series B, $19.6 Million
Pawlicy Advisor is a New York-based company intended to help users find the best possible insurance coverage for pets. The intuitive pet insurance coverage platform enables pet owners to avoid hassles and save money while offering helpful pet insurance advice. Users can get more than 100 quotes by filling out a single form, and quotes can be compared side-by-side.
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- Location: Cincinnati, Ohio
- Funding: Series C, $75 Million
Coterie Insurance is an insurtech startup solving a widespread pain point for small and mid-sized businesses. With Coterie, businesses are equipt with the insurance they need for compliance and the overall success of their business.
- Location: Madrid, Spain
- Funding: Series A, €6.3 Million
Headquartered in Madrid, Bdeo is an artificial intelligence company that is changing how customers connect with insurance companies — specifically, auto and home insurance. Proprietary visual intelligence solutions allow clients to collect claim evidence on their own, speeding up this tedious process. The platform recognizes risks and damage to provide assessments instantaneously. In addition, it can pay customers once the claim is approved.
- Location: Stockholm, Sweden
- Funding: Seed, $5.1 Million
Stockholm-based Omocom is a micro-insurance firm that provides insurance for the circular economy — renting, sharing, and reusing. The platform partners with online businesses to provide a customized insurance solution suited for their products. Insurance is then integrated into the client platform's checkout process, and insurance is only active during the time of rental — whether that's five minutes or five hours.
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- Location: Ariana, Tunisia
- Funding: Pre-Seed, $53,000
Unfrauded is a Tunisian startup aimed at stopping false claims. Founded in 2019, the AI-powered platform aims to save insurance companies millions of dollars in lost funds by identifying fraud patterns undetectable by humans. In addition to assessing images of damage to a vehicle, Unfrauded also checks links between the involved parties to expose scam networks. For legitimate claims, the platform estimates repair costs along with the hours required.
- Location: Milan, Italy
- Funding: Series Unknown, €2.1 Million
Founded in 2016 in Italy, Neosurance is an AI and machine learning-powered platform that helps insurers profile their customers and provide engagement. By gathering contextual data at a given time, the platform can estimate the potential insurance needs of a customer. Then, it can push notifications on their smartphone to enable rapid sign-ups for new policies. The process takes just seven seconds.
- Location: London, United Kingdom
- Funding: Series B, $25.7 Million
Insurtech startup Quantemplate is a platform designed to solve various insurance data problems. Their aim is to help reinsurance, P&C, and life insurance companies grow and transform through numbers. Founded by insurance industry veterans and computer scientists, Quantemplate makes data mapping suggestions based on machine learning algorithms. Analysis of this proprietary information allows companies to build a competitive advantage.
- Location: Riga, Latvia
- Funding: Undisclosed
Typbot is a Latvian startup created by digital marketing professionals with over 14 years in the fintech industry. A conversational marketing platform for insurance companies, Typbot streamlines insurance processes, from application to invoicing. Customers can purchase products or start a claim at any time through online chat. The app also gathers customer information from previous interactions to prefill fields automatically, saving time for all parties involved.
- Location: Frankfurt, Germany
- Funding: Series Unknown €2.1 Million
German startup Covomo offers on-demand insurance for niche products such as travel, pets, electronics, and bikes. Their team, made up of insurance and technology experts, partners with insurance brokers to add user-friendliness, intelligence, and easy connectivity to existing systems and processes. Their three main areas of business are:
- Their business-to-business-to-consumer (B2B2C) comparison platform.
- Digital Safe (a B2B2C app where end users can digitize their valuables).
- Embedded Insurance Solution (to help insurance companies integrate their products into apps via modern APIs).
Recommended: Check out our full list of the top startups to watch in 2023!