12 Top Insurtech Startups to Watch 2024

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Insurtech startups are revolutionizing the insurance industry, challenging traditional models and collaborating with established insurance providers. These innovative ventures harness cutting-edge technologies to transform how insurance is sold, underwritten, and managed. By streamlining communication between insurance companies and customers, enabling personalized coverage, and leveraging data-driven solutions, insurance startups are driving efficiency and customer-centricity throughout the insurance value chain. In this article, we’ll showcase the top insurtech companies reshaping the future of insurance.

Best 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 2024 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 insurtech startups listed below are not officially ranked and are listed in no particular order.

1. Next Insurance

  • Location: Silicon Valley (Palo Alto, California)
  • Founder(s): Alon Huri, Guy Goldstein, Nissim Tapiro
  • Founded In: 2016
  • Funding: Series F, $1.1 Billion
  • Investors Include: Allstate, CapitalG, FinTLV Ventures

Next Insurance is a transformative insurtech startup leading the shift in how small businesses secure insurance. Using an intuitive digital platform, it provides tailored, affordable policies that bypass traditional brokers. The company’s artificial intelligence (AI)-driven system simplifies the process, offering swift policy quotes and claims handling.

2. Embroker

Embroker is a digital insurance provider offering tailored solutions for startups, small to medium-sized businesses, and high-growth companies. Using data analytics and AI, Embroker simplifies the insurance process with a range of options, including business owners policies (BOP) and directors and officers (D&O) insurance, all accessible through its online platform.

3. Riskwolf

  • Location: Zurich, Switzerland
  • Founder(s): René Papesch, Thomas Krapf
  • Founded In: 2019
  • Funding: Convertible Note, $1.67 Million
  • Investors Include: SICTIC, Serpentine Ventures, Tenity

Swiss startup Riskwolf, founded in 2019, 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.

4. Pawlicy Advisor

  • Location: New York, New York
  • Founder(s): Christopher Mawhinney, Travis Bloom
  • Founded In: 2018
  • Funding: Series B, $19.6 Million
  • Investors Include: Rho Capital Partners, Defy.vc, Slow Ventures

Pawlicy Advisor is a New York-based insurance 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.

5. Coterie Insurance

  • Location: Cincinnati, Ohio
  • Founder(s): David McFarland, Kevin Mackey, Tim Metzner
  • Founded In: 2018
  • Funding: Series Unknown, $97 Million
  • Investors Include: Weatherford Capital, Hiscox, Intact Ventures

Coterie Insurance is a pioneering insurtech startup that is revolutionizing the way small businesses access and manage insurance. Founded in 2018, Coterie leverages cutting-edge technology and data analytics to streamline the insurance process. This approach makes it faster, simpler, and more affordable for entrepreneurs and small business owners. By partnering with leading insurance providers and integrating with popular small business software platforms, Coterie enables customers to obtain tailored coverage — from workers’ compensation insurance to general liability insurance — quickly and easily (often in just minutes).

6. Bdeo

  • Location: Madrid, Spain
  • Founder(s): Julio Pernía Aznar, Manuel Moreno
  • Founded In: 2017
  • Funding: Series B, €13.8M
  • Investors Include: BlackFin Capital Partners, K Fund, Big Sur Ventures

Headquartered in Madrid, Bdeo is an AI company that’s changing how customers connect with insurance companies — specifically, auto and home insurance providers. 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.

7. Omocom

  • Location: Stockholm, Sweden
  • Founder(s): Emanuel Badehi Kullander, Ola Lowden Landstrom, Tobias Mård
  • Founded In: 2017
  • Funding: Series A, $9.25 Million
  • Investors Include: Inventure, Luminar Ventures, Alma Mundi Ventures

Stockholm-based Omocom is a micro-insurance firm that provides insurance for the circular economy — specifically, companies focused on 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.

8. Hi Marley

  • Location: Boston, Massachusetts
  • Founder(s): John Miller, Mike Greene, Mitesh Suchak
  • Founded In: 2017
  • Funding: Series B, $41.7 Million
  • Investors Include: Bain Capital Ventures, Emergence Capital, True Ventures

Hi Marley is an innovative insurtech startup that’s transforming communication between insurance companies, agents, and policyholders. Hi Marley’s AI-powered platform enables real-time, personalized interactions across multiple channels, allowing insurance agents to provide fast, efficient service to customers. By streamlining communication and enhancing the customer experience, Hi Marley helps insurers build stronger relationships with policyholders while driving operational efficiency.

9. Sure

  • Location: New York, New York
  • Founder(s): Jarod Kolman, Wayne Slavin
  • Founded In: 2015
  • Funding: Series C, $123.1 Million
  • Investors Include: Menlo Ventures, BluePointe Ventures, Declaration Partners

Sure is a leading insurtech startup that empowers insurance companies, managing general agents (MGAs), and brands to launch and scale sophisticated digital insurance programs. Founded in 2015, Sure combines deep insurance expertise with cutting-edge technology to simplify the complex process of bringing new insurance products to market.

10. Quantemplate

  • Location: London, United Kingdom
  • Founder(s): Adrian Rands, Marek Nelken
  • Founded In: 2013
  • Funding: Series B, $25.7 Million
  • Investors Include: Route 66 Ventures, Transamerica Ventures, Columbia Lake Partners

Insurtech startup Quantemplate is a platform designed to solve various insurance data problems. Its aims to help reinsurance, property and casualty (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. 

11. Vouch

  • Location: San Francisco, California
  • Founder(s): Sam Hodges, Travis Hedge
  • Founded In: 2018
  • Funding: Series C, $184.7 Million
  • Investors Include: Ribbit Capital, Two Culture Capital, Alumni Ventures

Vouch recognizes the unique risks and challenges faced by early stage startup companies and offers a range of business insurance coverage options, including general liability, errors and omissions, and cyber insurance. By leveraging advanced data analytics and a deep understanding of the startup ecosystem, Vouch streamlines the insurance buying process to  make it fast, easy, and affordable for entrepreneurs to protect their growing businesses.

12. Covomo

  • Location: Frankfurt, Germany
  • Founder(s): Eberhard Riesenkampff, Karl Dieterich, Simon Nortersheuser
  • Founded In: 2015
  • Funding: Series Unknown €2.1 Million
  • Investors Include: Michael Föcking, EU Executive Agency for SMEs

German startup Covomo offers on-demand insurance for niche products, such as travel, pets, electronics, and bikes. Its team of insurance and technology experts partners with insurance brokers to add user-friendliness, intelligence, and easy connectivity to existing systems and processes. The company’s three main areas of business include its business-to-business-to-consumer (B2B2C) comparison platform, a digital safe, and an embedded insurance solution.

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