Top Insurtech startups to watch in 2024

Tech spending in the global insurance industry is estimated to be at $189 billion, with an estimated 800 InsurTech firms addressing the requirements of the $4.5 trillion insurance industry. And, while insurtech has played a huge role in helping modernise the industry, transforming everything from the customer experience to product offerings and existing underwriting and actuarial processes - insurance technology remains in its infancy. From health insurance to landlord insurance and climate risk insurance, we’ve rounded up the top ten insurtech startups we believe are spearheading this evolution.

The Top Three

TrustLayer

TrustLayer is a SaaS company that provides insurance brokers with risk management services. The platform allows users to automate the verification of insurance, licences, and compliance docs of their business partners (i.e. vendors, subcontractors, suppliers, borrowers, tenants etc.).
1
.

Sprout.ai

Sprout.ai is an advanced claims automation solution. Using groundbreaking AI Sprout.ai delivers instant and accurate insurance claims, helping insurance companies settle claims within 24 hours.
2
.

Better Agency

​​Better Agency is an all-in-one platform that gives insurance agents a high-tech, yet easy-to-use solution for marketing, prospecting, sales and retention – without the stress of learning how to build and use different systems.
3
.
1
.

TrustLayer

TrustLayer is a SaaS company that provides insurance brokers with risk management services. The platform allows users to automate the verification of insurance, licences, and compliance docs of their business partners (i.e. vendors, subcontractors, suppliers, borrowers, tenants etc.).
Why we’re excited:
For businesses to work together they have to verify that they have the correct insurance. A process that is often long and complicated. We’re excited about TrustLayer because it has the ability to expedite this process, removing the hidden and often extremely costly risk associated with existing antiquated and manual processes. As a startup ourselves we love anything that can help us save time.
Founded by:
Founded date:
2018
Funding:
Series A US$ 21.7M
# Employees:
11-50
Location:
San Francisco, California, U.S.A
2
.

Sprout.ai

Sprout.ai is an advanced claims automation solution. Using groundbreaking AI Sprout.ai delivers instant and accurate insurance claims, helping insurance companies settle claims within 24 hours.
Why we’re excited:
It can take anywhere between a month and a year to finalise an insurance claim. We love Sprout.ai because it aims to put an end to this by creating much faster outcomes for customers when they need it most. Plus the use of clever AI helps insurers to save up to 20% on operating costs and reduce processing times by 50%. What’s more we love to see companies using learned intelligence to make optimal decisions and drive greater innovation.
Founded by:
Founded date:
2018
Funding:
Series A US$ 14.8M
# Employees:
11-50
Location:
London, U.K

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3
.

Better Agency

​​Better Agency is an all-in-one platform that gives insurance agents a high-tech, yet easy-to-use solution for marketing, prospecting, sales and retention – without the stress of learning how to build and use different systems.
Why we’re excited:
We’re excited about Better Agency’s dream of a single, unified platform because it will allow insurance agencies to better communicate with their clients, and spend more time building relationships, not managing administrative tasks. We really believe Better Agency is going to shake up the world of insurance as we know it.
Founded by:
Founded date:
2019
Funding:
Series A US$ 10.1M
# Employees:
11-50
Location:
Phoenix, Arizona, U.S.A
4
.

FutureProof Technologies

FutureProof is a venture-backed insurtech startup on a mission to create the climate-smart insurer of the future. The platform translates climate and weather risk into financial risk with unprecedented accuracy. Through its underwriting platform it aligns incentives for climate adaptation and puts the focus on forward-looking projections, not historical data.
Why we’re excited:
As climate risk continues it will cause unprecedented levels of financial losses, widening the coverage gap as well as propagate underinsurance. As a result we believe insurers need new technology to better manage the associated financial risk. That’s why we’re excited about FutureProof as it will help to close the coverage gap and increase financial resilience.
Founded by:
Founded date:
2019
Funding:
Series A US$9.5M
# Employees:
11-50
Location:
San Diego, California, U.S.A

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5
.

Stere

Stere is a digital platform for insurance management programs. It is a one-stop-shop for businesses to find capacity and access powerful data analytics and digital tools to launch, improve, and grow insurance programs.
Why we’re excited:
Matching insurance capacity seekers with capacity providers is a process that currently relies on outdated technologies. Thankfully, Stere simplifies the entire process from end to end, helping to improve the chances of successful long-term partnerships. We’re excited about Stere’s ambition to modernise and transform this process within the insurance supply chain.
Founded by:
Founded date:
2011
Funding:
Seed US$ 7M
# Employees:
11-50
Location:
Dover, Delaware. U.S.A
6
.

Steadily

Steadily offers landlord insurance for rental property owners. The platform aims to deliver faster, more affordable insurance and pay claims quickly and fairly. Steadily is fast becoming one of the best and largest insurers of rental properties.

Why we’re excited:
We love Steadily for its ability to modernise and simplify the typically complex world of landlord insurance. We all know rental property owners can face a number of unique challenges so we’re delighted to see Steadily build a platform that provides insurance quotes 24/7.
Founded by:
Founded date:
2020
Funding:
Series B US$ 54.9M
# Employees:
51-100
Location:
Austin, Texas, U.S.A
7
.

EvolutionIQ

EvolutionIQ is an AI startup that offers claims guidance solutions for insurance companies and carriers. The platform helps to ensure lower expense ratios and lower claim costs, making it fairer and affordable for everyone.
Why we’re excited:
We love EvolutionIQ because it is modernising claims organisations by helping individuals to better understand claims and identify the best opportunities. It also requires minimal IT resources making it quick and easy to implement. What’s not to love?
Founded by:
Founded date:
2019
Funding:
Series A US$ 43.4M
# Employees:
101-250
Location:
New York, New York, U.S.A
8
.

Sensible Weather

Sensible Weather is a climate risk technology company that offers a Weather Guarantee service. In the same way extended warranties give consumers protection on goods they've purchased, Sensible's Weather Guarantee service covers experiential purchases like travel reservations and event tickets with a new form of warranty protection.
Why we’re excited:
Saving for things like concerts and holidays can take time. That's why we love Sensible Weather’s novel approach to insurance - and its slogan ‘Sunshine, Guaranteed”. We think giving consumers peace of mind when it comes to making big purchases is a great idea as it finally allows people to recoup the experiential losses caused by bad weather.
Founded by:
Founded date:
2019
Funding:
Series A US$ 16.3M
# Employees:
11-50
Location:
Santa Monica, California, U.S.A
9
.

Collective Benefits

Collective Benefits aims to solve the protection gap for independent workers by building fully flexible insurance and benefits covering everything from sick pay to compassionate leave. Think of Collective Benefits as modern insurance from the modern workplace.
Why we’re excited:
As a platform that supports freelance marketers, we're excited about Collective Benefits' ambition to provide a safety net for independent workers. We believe the platform creates a win-win outcome for independent workers and the companies they work with. We’re really excited to watch Collective Benefits as it turns its attention to even more products to help protect independent workers.
Founded by:
Founded date:
2019
Funding:
Series A US$ 16M
# Employees:
51-100
Location:
London. U.K
10
.

BlueZone Insurance

Bluezone Insurance offers personalised, same-day life cover for people with chronic health conditions, like type 2 diabetes and heart diseases. The platform aims to offer life insurance that empowers customers to live healthier lives.
Why we’re excited:
BlueZone is exciting as it is the first platform to truly understand the importance of personalisation when it comes to providing health insurance for individuals with chronic health conditions. We strongly believe that BlueZone is transforming the sector creating further opportunities for innovation, improving accessibility and affordability for all.
Founded by:
Founded date:
2019
Funding:
Seed US$ 1.5M
# Employees:
1-10
Location:
London, U.K
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