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The most promising InsurTech startups of 2024

  • kasin34
  • Sep 10, 2024
  • 2 min read

CB Insights has unveiled the third annual Insurtech 50 — a list of the 50 most promising private insurtech companies in the world.

Highlights from the 2024 cohort include:

  • The 50 winners include 23 tech vendors and 27 insurers and intermediaries.

  • $5.6B in equity funding raised over time, including $1B in 2024 so far (as of 8/19/24).

  • Forty percent of winners are early-stage insurtechs addressing everything from wildfire risk to genAI-powered workflow automation.

  • More than a dozen countries represented, spanning Asia, Australia, Europe, and North America.

  • 500+ business relationships since 2020, including with industry leaders like Swiss Re and Tokio Marine.

CB's research team picked winning companies based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, patent activity, employee headcount, and proprietary Commercial Maturity and Mosaic scores, as well as directly submitted Analyst Briefings.

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Most of the winning tech vendors offer AI products, which aligns with the broader momentum toward AI (and generative AI) adoption across the insurance industry.

Applications often center on prioritization use cases, like risk ranking for underwriters and claims triage for adjusters.

The winners’ business relationships often incorporate the use of AI. Recent examples with industry figures include:


This said, MGA-tech is gaining ground. MGAs — intermediaries with delegated underwriting authority from one or more insurance carriers as well as related entities like managing general underwriters — represent a sizable portion of the 2024 Insurtech 50 list. Their presence reflects broader industry momentum toward the business model.

Notably, most insurtechs within the commercial category are MGAs that offer property & casualty insurance to businesses. Established insurers have made strategic investments in several of these companies, including:

 
 
 

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