6 insurtechs on Forbes' Fintech 50, 2023

June 20, 2023 6:22 AM

di-tech-office-stock — Employees of REA Group Ltd. talk to colleagues in located in Xi'an, China, using an always-on video conferencing screen at the company's headquarters in Melbourne, Australia, on Tuesday, Feb. 21, 2017. The always-on video conference, also known as a wormhole or portal, is part of an evolution in office design with efficiency in mind. Photographer: Carla Gottgens/Bloomberg

Forbes assessed hundreds of fintech companies, evaluating criteria that included product originality, revenue growth and leadership team diversity, to determine its Forbes' Fintech 50 of 2023. Six insurtech companies made the list this year; At-Bay, Coalition, Insurify, Kin Insurance, Next Insurance and Sure.

Eric Weisburg, a senior principal at Aite-Novarica with over 20 years of insurance industry experience and whose expertise lies in insurance and technology, says that the insurtech companies recognized by Forbes this year "all demonstrate the ability to grow rapidly and attract a lot of capital."

He describes At-Bay and Coalition, two insurtechs with cybersecurity offerings, as having high growth and valuation at a time where cybersecurity is an in-demand product. "The cyber insurance marketplace has grown very rapidly, as have the losses in that space," explains Weisburg.

The other insurtechs highlighted by Forbes also utilize new technology solutions, like Insurify, which leverages AI and machine-learning solutions, and offer hot-topic products, such as the embedded insurance offerings from Sure.

"The industry has become excited about embedded insurance recently," Weisburg says. "And Sure is a technology provider and enabler that facilitates the distribution of [embedded insurance.]"

Digital Insurance reached out to the insurance companies named on the list for comment via email.

At-Bay

"At-Bay's mission is to help businesses thrive in the digital age. Accelerating the growth and innovation needed to build the next generation of insurance is core to this mission, and over the past few years we have had huge success doing this for cyber risk," says Rotem Iram, CEO and co-founder of At-Bay. "We are thankful to Forbes for this recognition and look forward to continuing to disrupt the status quo in insurance so that both our broker partners and business customers can get access to better products and services that help them to address today's complex risks head-on."

Coalition

Xiaolin Gong, head of operations at Coalition.

Coalition

"Being selected for the Forbes FinTech 50 list for the third year in a row is a testament to our enduring mission-driven culture that prioritizes safeguarding our customers. Every single member of our team is deeply committed to revolutionizing the future of financial technology and transforming digital risk management. Our results in the last year are evidence of exactly that," says Xiaolin Gong, head of operations at Coalition.

Insurify

"I am thrilled that Forbes chose Insurify for the 2023 Fintech 50 again. We know the list is extremely competitive so it's an honor to be included amongst the most innovative private fintech companies in the country," says Snejina Zacharia, Insurify CEO and founder. "The macro-economic environment has been difficult for all companies this year and the insurance industry is no different. Despite that, we acquired and integrated Compare.com to strengthen Insurify's market position as we continue to build the preeminent and most trusted digital insurance agent in America."

Kin Insurance

Sean Harper, CEO of Kin Insurance.

Kin Insurance

"We had a clear vision when we started Kin. We didn't want to be a technology provider to large insurance companies or serve as any kind of intermediary. Insurance is inherently a technology business; if we're the best at technology, we should aim to win the whole game," says Sean Harper, CEO of Kin. "We're proud to be on the Forbes Fintech 50 list, as it's further evidence that we're well on our way to building an iconic insurance company for the next 100 years."

Next Insurance

Guy Goldstein, CEO and co-founder of Next Insurance.

Next Insurance

Guy Goldstein, CEO and co-founder of NEXT Insurance, says, "We are honored to be included on this year's Forbes Fintech 50 list alongside the most innovative private fintech companies across the U.S. Our focus at NEXT has always been to help entrepreneurs thrive by delivering technology-driven solutions that match the pace and innovation of our small business customers. Through our AI-driven approach, we have been able to offer faster, tailored, and superior digital underwriting in real-time. Insurance is a social good and should be approached as such. Since we launched in 2016, our mission has been to simplify the insurance process from top to bottom. This year's list validates the important role that insurtechs continue to play in the fintech space, and we believe our early and differentiated technology approach in addressing the small business commercial market has and will continue to set us up for success."

Sure

Wayne Slavin, CEO and co-founder of Sure, says, "This is the perfect exclamation point on a period of remarkable growth for Sure, and a testament to all the incredible work of our team to get us here. We started Sure with the belief that buying insurance should be a much more frictionless experience for consumers, and so we set out to deliver truly world-class digital insurance experiences consumers love and are unrivaled in the industry. From our technology, to our strategic growth solutions, to our integration and migration capabilities, no other company can be a complete partner to meet the digital insurance needs of global carriers and brands."