INN recently published a list of “The Next 9 Startups Taking on Insurance.” There’s either more good news or bad news, depending on how you look at it – that is, there are more than nine disruptors receiving substantial amounts of funding. In some cases, startups may pose competitive threats to insurance business lines or pose ways to undercut insurers’ revenues – but in others, solutions coming on the market promise to add new features or capabilities.
Venture Scanner recently published a list of more than 30 insurance industry technology disruptors who are receiving funding from leading venture capital firms. While there’s much more to starting up new insurance ventures than venture capitalist firms – for example, a startup may be bootstrapped, funded through regular bank financing, or even as an extension of an existing insurer. However, more than $4.6 billion of funding has recently flowed to insurance technology startups. Venture Scanner reports there are currently 535 such ventures across the globe.
According to Venture Scanner, these are the leading venture-capital backed insurance technology startups:
- Allay (funded by 500 Startups): Manages human resources, including employee benefits. http://www.allay.io/
- Embroker (funded by 500 Startups): Insurance tracking software for businesses. https://www.embroker.com/
- WorldCover (funded by 500 Startups): A risk-relief network that helps customers reduce risk, unlocking development opportunities. http://worldcovr.com/
- Benefitter (funded by Rock Health): Helps employers transition from group to individual health insurance. http://www.benefitter.com/
- Apixio (funded by Bain Capital Ventures): Built upon the analysis of millions of patient charts, the company’s HCC Profiler uses cognitive computing to increase Medicare Advantage (MA) risk adjustment accuracy, proficiency, and productivity. http://www.apixio.com/
- Sherpaa (funded by First Round): A nationwide online physician practice for large employers powered by a full-time group of healthcare providers. https://sherpaa.com/
- Censio (funded by Bain Capital Development): Smartphone-only usage-based insurance platform to help increase adoption, reduce costs and collect better data to drive risk algorithms http://www.cens.io/
- Understory (funded by RRE Ventures): Leverages unique sensor networks delivering ground truth data and property-level damage analytics. http://understoryweather.com/
- CoverHound (funded by RRE Ventures): An auto insurance aggregator.. https://coverhound.com/
- QuanTemplate (funded by Anthemis Group): Analytics platform for wholesale re/insurance. https://www.quantemplate.com/
- Metromile (funded by First Round, SV Angel, New Enterprise Associates): Offers pay-per-mile insurance and an accompanying smart driving app.
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