A report providing an overview of the Insurance Technology startup landscape, graphical trends and insights, and recent funding and exit events. Contact info@venturescanner.com to learn more!
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Venture Scanner Insurtech Report Q1 2017
1. Venture Scanner is your analyst and technology-powered startup research firm
Insurance Technology
Startup Landscape Trends and Insights
January, 2017
2. Insurance technology report outline
2
This report provides an overview of the insurance technology sector and is
broken down into three sections
Sector Description
High-level sector metrics
with sub-category
definitions
Trends & Insights
Infographics and data
points for the insurance
technology sector
Quarterly Activity
Major funding and exit
events from the previous
90 days
Venture Scanner reports are built by analysts utilizing our startup
database and landscaping platform
4. Insurtech startups are creating new businesses in 14 different categories
The graphic above shows a sampling of companies in each category, stats as of January 2017 4
Insurance
Technology
Learn about our full 1,050 company
report with $17B in funding
Automotive Employee Benefits Enterprise/Commercial Health/Travel Data/Intelligence
Consumer Management
Education/Resources
Comparison/Marketplace
Infrastructure/Backend
User Acquisition Life, Home, P&C P2P Insurance Product Reinsurance
5. Innovation quadrant for insurance technology
AVERAGE FUNDING ($M)
AVERAGEAGE(YEARS)
ESTABLISHED HEAVYWEIGHTS
PIONEERS DISRUPTORS
This quadrant shows a relative segmentation of the categories with respect to one another 5
Reinsurance
Life, Home, P&C
Enterprise
Auto
InsuranceEmployee Benefits
Insurance Comparison
Health/Travel
Insurance Data
Product
P2P Insurance
Management Platforms
User
Acquisition
Infrastructure/Backend
Insurance Education
6. Insurtech startups play in many different categories (1 of 3)
6
Auto Insurance
114 Startups, $6.5B Total Funding
Companies that offer car insurance, including
telematics products which detect your mileage
and behavior to customize your insurance.
Category stats as of January 2017
Employee Benefits Platforms
49 Startups, $1.1B Total Funding
Companies that help businesses offer
healthcare and other insurance products to
their employees.
Health/Travel Insurance
108 Startups, $9B Total Funding
Companies that offer health and/or travel
insurance products to individuals and
businesses.
Consumer Insurance Management Platforms
57 Startups, $370M Total Funding
Companies that enable consumers to manage
their insurance and claims, including mobile
apps to file on the spot.
Enterprise/Commercial Insurance
92 Startups, $840M Total Funding
Companies that offer insurance plans to
businesses, including corporations, startups,
and freelancers.
Insurance Comparison/Marketplace
280 Startups, $1.1B Total Funding
Companies that allow consumers to compare
different insurance providers and for those
providers to offer their products.
7. Insurtech startups play in many different categories (2 of 3)
7
Insurance Data/Intelligence
100 Startups, $2.6B Total Funding
Companies that collect, process, and analyze
data analytics and business intelligence for the
insurance industry.
Category stats as of January 2017
Insurance Infrastructure/Backend
222 Startups, $1B Total Funding
Companies that help insurance companies
with their day-to-day operations, including
tools for communications and claim filing.
Life, Home, Property & Casualty Insurance
89 Startups, $6.8B Total Funding
Companies that offer life, home, and property
insurance, including products that help in the
case of disability or marital problems.
Insurance Education/Resources
31 Startups, $53M Total Funding
Companies that provide educational material
and resources for consumers to understand
how insurance works.
Insurance User Acquisition
75 Startups, $325M Total Funding
Companies that help insurance providers
identify new client leads and then manage the
acquisition of those targets.
P2P Insurance
30 Startups, $85M Total Funding
Companies that allow for policy holders to
jointly pay for the insurance on an item they
mutually own, such as a house or car.
8. Insurtech startups play in many different categories (3 of 3)
8
Product Insurance
27 Startups, $418M Total Funding
Companies that offer insurance and warranties
on items a consumer purchases, including tech
gadgets and diamonds.
Category stats as of January 2017
Reinsurance
28 Startups, $759M Total Funding
Companies that provide insurance to other
insurance companies, helping them hedge
their bets and streamline their costs.
10. 10
Venture investing into the space is dominated by health insurance startups
The health and travel insurance category accounts for 29% of all venture
funding and 8% of total companies in the insurtech startup sector
Venture Investing in Insurance Technology
Companies are categorized by function, and therefore can exist in multiple categories
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50
100
150
200
250
300
0
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2
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10
CompanyCount
TotalFunding($B)
VC Funding Count
11. 11
VC funding into insurtech has grown substantially in recent years
Overall insurtech VC funding grew at a CAGR of 31% from 2011-2016
Insurance Technology Funding Over Time
0
1
2
3
4
5
6
7
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
TotalFunding($B)
12. 12
Insurtech startups are demonstrating more traction in recent years
Insurance Technology Funding Amount by Type
Recent years have seen an expansion of Series B and Series D funding, implying
both newer and established startups are demonstrating success
Graph shows only the funding types listed therein
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
FundingAmount($B)
Late Stage Series D Series C Series B Series A Seed
13. 13
Insurtech startups founded in 2013 lead in VC funding
Startups founded in 2013 account for 46% of the sector funding over the last
decade, and include companies like ZhongAn, Oscar, and Zenefits
Insurance Technology Funding By Vintage Year
0
0.5
1
1.5
2
2.5
3
3.5
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
TotalFunding($B)
Year Founded
14. 14
Insurtech startups are a global phenomenon
Insurance Technology Startup Count by Country
0 580
Companies
15. 15
Top VC investors are making bets into insurtech
Selected Investor Activity in Insurance Technology
The above count represents a subset of overall investor activity
0
2
4
6
8
10
12
14
16
18
NumberofInvestments
Number of Investments Number of Companies Backed
16. 16
Insurtech exit activity is healthy and growing
Exit events within the insurtech sector grew by 340% between 2011 and 2016
Insurance Technology M&A and IPO Events
0
5
10
15
20
25
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofExits
Public Acquired
18. 18
Recent insurtech funding statistics
There have been 29 insurtech funding events in the past 90 days
Insurance Technology Funding Type Counts from Previous 90 Days
Graph shows only the funding types listed therein
0
2
4
6
8
10
12
Seed Series A Series B Series C Series D Late Stage
FundingEventCount
19. 19
Recent insurtech funding events
Notable Recent Insurance Technology Funding Events
Company Funding Type Amount Date
Series E $160,140,000 Nov 18, 2016
Series B $34,000,000 Dec 5, 2016
Series B $23,000,000 Oct 21, 2016
Series B $20,000,000 Dec 14, 2016
Series C $20,000,000 Oct 14, 2016
Insurtech startups raised $406 million in the past 90 days
20. 20
Notable recent insurtech exit events
Notable Recent Insurance Technology Acquisitions
Company Acquirer Amount Date
$6,300,000,000 Oct 4, 2016
$2,700,000,000 Oct 23, 2016
$1,400,000,000 Nov 28, 2016
Unknown Nov 30, 2016
Unknown Dec 19, 2016
There have been 5 exit events in the past 90 days,
all of which have been acquisitions
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