Insurance Technology Q2 Update in 15 Visuals
We at Venture Scanner are tracking 876 Insurance Technology companies across 14 categories, with a combined funding amount of $10.32 Billion. The 15 visuals below summarize the current state of Insurance Technology.
1. Insurance Technology Market Overview
We organize Insurance Technology into the 14 categories listed below:
Auto Insurance: Companies that offer insurance for automobiles and motorcycles, as well as those that facilitate the process of auto insurance. Examples include car telematics products which detect your mileage and driving behavior to customize your insurance plan.
Consumer Insurance Management Platforms: Companies that enable consumers to manage their insurance and claims, usually through a mobile application. Examples include mobile apps that allow consumers to file claims right at the spot of the car accident, and to buy travel insurance on the go.
Employee Benefits Platforms: Companies that help enterprises build or utilize platforms that deliver healthcare and other insurance products to their employees. Examples include web portals through which enterprises can sign in and give their employees the option of buying several healthcare packages.
Enterprise/Commercial Insurance: Companies that offer insurance plans for large/medium/small-sized businesses and enterprises. Examples include insurance plans for startup founders and freelancers, insurance for large enterprises such as liability insurance, and workers compensation insurance.
Health/Travel Insurance: Companies that offer health and/or travel insurance, either for individuals or for businesses. Examples include health insurance plans that are customizable to your exact needs, and travel insurance that can be adjusted based on where you are.
Insurance Comparison/Marketplace: Companies that serve as a marketplace for consumers to buy insurance of any kind (car to home to health), or compare different insurance quotes. Examples include 3rd party companies that don’t offer insurance plans themselves, but act as a brokerage agent between insurance providers and consumers.
Insurance Data/Intelligence: Companies that collect, process, and analyze data analytics and business intelligence for the insurance industry. Examples include background checks on an individual’s history to determine insurance eligibility, or inspections on a real estate property for potential risks.
Insurance Education/Resources: Companies that offer educational material and resources that give information about how insurance works. Examples include news outlets focused on the insurance industry, and community forums that exchange knowledge of insurance between individuals.
Insurance Infrastructure/Backend: Companies that either underwrite insurance policies or help insurance companies with their day-to-day operations. Examples include insurance underwriters, CRM for agents and lawyers, communication tools, and claim filing tools.
Insurance User Acquisition: Companies that help insurance companies acquire and manage new leads and clients. Examples include platforms that are specifically designed for marketing insurance policies to potential customers, and those that record and manage insurance companies’ customers.
Life, Home, Property & Casualty Insurance: Companies that offer life, home, and property & casualty insurance, as well as other kinds of insurance such as renters, disability, and marriage insurance. Examples include websites that offer life, home, and P&C insurance in packages.
P2P Insurance: Companies that offer peer-to-peer insurance, in which a group of policyholders jointly pay for the insurance of an item that they mutually own, share, or rent (such as a car, house, or media equipment). Examples include P2P insurance platforms in which a group of bicyclists jointly buy insurance for all of their bikes.
Product Insurance: Companies that offer insurance and warranties for products that consumers purchase, from tech gadgets to diamonds. Examples include insurance plans for your smartphone in case it is stolen or is broken.
Reinsurance: Companies that provide insurance for other insurance companies. Examples include companies that offer insurers coverage to mitigate and manage their risks.
2. Company Count by Insurance Technology Category
The above graph summarizes the number of companies in each InsurTech category to show which categories are dominating the current market. The Comparison/Marketplace category is leading the way with 233 companies, followed by the Infrastructure/Backend category with 168 companies.
3. Funding by Insurance Technology Category
The above graph summarizes the total amount of funding in each InsurTech category. The Health/Travel Insurance category is leading the market with over $3.3B in total funding, followed by the Insurance Data category with $2.6B in total funding.
4. Venture Investing In Insurance Technology
The above graph compares the total venture funding in each InsurTech category to the number of companies in the category. The Health/Travel Insurance category is leading in the Total Funding stat with over $3.3B, whereas the Comparison/Marketplace category is leading in the Company Count stat with 233 companies.
5. Insurance Technology Total Funding by Year
The above graph summarizes the total funding raised by InsurTech companies each year. 2015 was the best year in InsurTech funding thus far with over $2.5B raised, which is almost 2X the amount of funding raised in 2013 ($1.4B). In 2015 a few key InsurTech players such as ZhongAn, Zenefits, Oscar, SIGFOX, and Clover Health all received major rounds of funding upwards of $100M.
6. Average Funding by Insurance Technology Category
The above graph summarizes the average company funding in each InsurTech category. The Reinsurance category leads the market with over $264M in funding per company, followed by the Life, Home, P&C category with about $212M in funding per company.
7. Average Age by Insurance Technology Category
The above graph summarizes the average age of companies in each InsurTech category. Reinsurance ranks as the most mature InsurTech category with an average age of 39.5 years per company, followed by the Life, Home, P&C category at a close second with an average age of 39 years per company. We included a few more established companies that are innovating in these categories, which explains the relative maturity of the average ages.
8. Median Age by Insurance Technology Category
The above graph summarizes the median age of companies in each InsurTech category. Life, Home, P&C ranks as the most mature InsurTech category with a median age of 19 years per company, followed by the Reinsurance category with a median age of 17 years per company. We included a few more established companies that are innovating in these categories, which explains the relative maturity of the median ages.
9. Insurance Technology Company Count by Country
The above map shows the number of InsurTech companies located in different countries. The United States ranks as the top country with 504 InsurTech companies, with the United Kingdom at a distant second with 64 companies.
10. Insurance Technology VC Funding by Country
The above map shows the amount of InsurTech venture capital funding in different countries. The United States has the most InsurTech VC funding at $10B, with Bermuda coming in at a distant second with $527M.
11. Insurance Technology Companies Founded by Year
The above graph summarizes the number of InsurTech companies founded in a certain year. 2013 ranks as the top year with 70 InsurTech companies founded, with 2014 at a close second with 67 InsurTech companies founded.
12. Insurance Technology Funding by Vintage Year
The above graph summarizes the total amount of funding raised by the InsurTech companies founded in a certain year. InsurTech companies founded in 2013 have raised the most funding at $2.5B. A few key InsurTech players founded in 2013 such as ZhongAn, Oscar, Zenefits, and Collective Health have raised major amounts of funding upwards of $100M up to date.
13. Insurance Technology Headcount Distribution
The above graph summarizes the percentage of InsurTech companies with a certain employee headcount range. Companies with 1–50 employees make up over 73% of the market.
14. Number of Insurance Technology Investments by Selected Investors
The above graph summarizes the total number of investment rounds InsurTech investors participated in. Founders Fund, Index Ventures, and Accel outperformed all of their peers, each having made 10 investments into InsurTech companies. First Round and New Enterprise Associates were the runners-up with 9 investments.
15. Number of Insurance Technology Companies Backed by Selected Investors
The above graph summarizes the number of unique InsurTech companies funded by selected investors. Accel takes the top spot by having invested in a total of 10 unique InsurTech companies, followed by Startupbootcamp which has invested in 8 unique InsurTech companies.
Note: If you missed it, you can also read our FinTech Q1 Update in 15 Visuals, Artificial Intelligence Q1 Update in 15 Visuals, Health Technology Q1 Update in 15 Visuals, and Bitcoin Q2 Update in 15 Visuals.
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