Insurtech is a growing phenomenon that can potentially help the insurance industry reconnect with its customers following a period of increasing alienation and disengagement. It also allows insurers to reaffirm their purpose in society – to protect and support policyholders, according to PwC.
In the UK, insurtech is quickly emerging as a jewel of the fintech crown. The sector is rapidly growing, having received a near-record $2.6 billion funding in 2018. According to Sonovate, below are the top 20 insurtech companies that are making a name for themselves in the country. The rankings are based on the total funding they've raised since their inception:
1. Gryphon Group Holdings
Total Funding: £180 million*
Gryphon Group Holdings is creating a cloud-based protection business dedicated to generating greater consumer trust and effortless adviser experience. Selling through intermediaries, the company focuses initially on life and critical illness, and then income protection. The business has acquired the rights to use the Guardian brand name with immediate effect.
Total Funding: $51.7 million* (~£39.6 million)
Zego provides simple, flexible policies via app, web and phone, covering all kinds of enterprise at any size. The start-up continues to launch new products and expand into new countries. It offers a range of flexible motor, professional, and commercial insurance options.
3. Bought By Many
Total Funding: £22.5 million*
Bought By Many uses search and social media data to sell insurance and disrupt insurance distribution. It’s the first UK pet insurer to offer online form-free claims. The company ranked 13th on the 2018 Sunday Times Tech Track 100 list.
Total Funding: $25.6 million* (~£19.6 million)
Founded by insurance industry veterans and computer scientists, Quantemplate exists to help companies unlock their data to grow their business and enable digital transformation. The insurtech start-up has a data integration, automation and analytics platform used by reinsurance, P&C and life insurance companies.
Total Funding: $15.3 million* (~£11.7 million)
Trunomi offers customer consent and data rights management technology that enables businesses to request, receive and capture customer consent to the use of their personal data. It doesn’t see or store businesses’ customer data.
6. Anorak Technologies
Total Funding: £9 million*
Anorak offers a platform that uses data science and machine learning to find the life insurance policy suited to the user. Like Setoo, Anorak is backed by Kamet.
Total Funding: £8.7 million*
Wrisk is a trusted partner to insurers and brands, helping them launch and operate tailor-made, regulated insurance solutions. These are built for multi-product and designed to cross-sell and evolve in line with ever-changing consumer needs.
Total Funding: $9.3 million* (~£7.1 million)
Cazana offers automotive insights for vehicle ownership's future. With big data and predictive analytics, the insurtech company analyses millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road. Its systems are used by manufacturers, dealerships, finance companies, and insurers globally.
Total Funding: €8 million* (~£6.8 million)
Setoo is funded by Kamet, the insurtech start-up studio backed by AXA Group’s knowledge, capital and assets. Its SaaS platform automates the process of creating, integrating, and distributing protection products.
10. By Miles
Total Funding: £6.3 million*
By Miles offers pay-per-mile car insurance that is specifically designed for lower mileage drivers. The insurtech start-up charges car owners a fixed annual fee to cover their cars while parked and then bills them monthly, based on the number of miles that they drive.
11. Digital Fineprint
Total Funding: $7.1 million* (~£5.4 million)
Digital Fineprint builds AI and big data tech solutions that aim to help insurers and brokers protect businesses. The DFP Risk Atlas platform creates actionable SME insights that help insurers deepen existing relationships and build strong new ones at every stage of their customer engagement process.
12. Artificial Labs
Total Funding: £4.2 million*
Founded in 2013, Artificial Labs uses the latest technologies and techniques in machine learning to help insurers, brokers and underwriters of all sizes and sectors digitise the insurance value chain at all times.
Total Funding: £3.3 million*
Flock launched Europe’s first “pay-as-you-fly” drone insurance product in 2018. Its digital underwriting platform has unlocked a range of data-driven insurance and risk management products in the drone industry, from an insurance app for micro-SMEs to exposure-based enterprise product for the world’s largest drone fleets.
Total Funding: £2.7 million*
Konsileo is an independent commercial insurance broker founded by insurance industry veteran John Warburton and technologist Peter Henderson in 2015. Using the latest data analysis, management and risk assessment technology, the company enables brokers to focus on understanding client risks and designing solutions.
15. Digital Risks
Total Funding: £2.3 million*
Digital Risks offers a range of commercial insurance products designed to meet the evolving needs of media, management consulting, and technology businesses.
Total Funding: £2.1 million*
FloodFlash is a tech-enabled flood insurance provider that uses internet-connect sensors to detect floods and pay out predefined settlements.
Total Funding: $2.1 million** (~£1.6 million)
Canopy seeks to re-engineer the property rental market by allowing users to pay their rent via smartphone and helping them save by replacing their cash deposit with a DepositFree insurance policy.
Total Funding: £1.5 million*
Reposit is a paperless, affordable alternative to the tenancy deposit system. It helps tenants save on upfront costs, increases property cover to landlords and reduces admin burden for all parties. Tenants can pay the equivalent of one week’s rent as a non-refundable service charge, which Reposit will use to add the landlord to its insurance policy, underwritten by Canopius, a Lloyd’s of London syndicate insurer.
Total Funding: £1 million*
Brolly is the first artificially intelligent insurance advisory app in the UK. Using its web or mobile app, the start-up delivers contextually relevant insights that help customers make informed insurance decisions.
Total Funding: $1.2 million* (~£0.9 million)
Dinghy is an online, mobile-first insurance provider that uses cutting-edge technology to provide flexible business insurance for the self-employed and freelancers. Customers can turn their insurance on and off as they need it and only pay for the insurance that they have used.
*data from Crunchbase
**data from Sonovate