Startup insurtech: the Top 25 in Europe and USA

From distribution to claims, from data analysis to ‘operations’: according to Oxbow Partners, these are the sectors in which the emerging stars of insurtech, companies with high potential, are bringing disruption. For this year no Italian insurtech is on the list

Published on 04 Apr 2019

Insurtech is in excellent health: according to data processed by, the global market value of this sector was $532.7 million in 2018 and is expected to exceed $1 billion by 2023. 

The digital transformation in the insurance industry, as in other industries, is driven by the innovation brought by startups, which increasingly in collaboration with large companies, but often also with their own strengths and venture capital money, is succeeding in revolutionizing a sector that has been at a standstill for decades. Insurtech startups are flourishing around the world and competition has also begun between them: UK-based consultancy Oxbow Partners has selected the 25 emerging insurtech startups with the greatest potential in relation to the impact on the insurance market and the scalability of the project. (Here you can read the full report). In the ranking there is no Italian startup for this year. 

The top 25 insurtech startups are divided by area: 

  • Distribution: Finabro, FloodFlash, Inshur, Yulife and Zeguro 
  • Distribution Support: Broker Insights, Element, Hokodo, Laka, Ottonova and Tremor 
  • Data analysis: Concirrus, DQPro, Inforcehub, Metabiota, Pharm3r and Shepherd 
  • Operazioni: Artificial Labs, Digital Insurance Group, Insly, McKenzie Intelligence, OnSiteIQ e Whitespace 
  • Claims: Bdeo and Snapsheet 

Startup Insurtech Distribution Area 

Finabro. A digital platform aimed at German-speaking Europeans, it is based in Vienna and aims to make it easier to set aside savings for retirement. In 2019 the project is to multiply the customer base in Austria and Germany and double the team. 

FloodFlash. Founded in London, its aim is to “rethink flood risk coverage” through a parametric insurance product. In 2019 the company will start with a pilot project in the USA. 

Inshur. Present in the U.S. and Great Britain, it provides a tailored insurance product for drivers of gig economy services such as Uber, Lyft and Gett. In 2019 the objective is to increase the presence in the areas already covered and to evaluate the expansion into new areas. 

Yulife. Founded in London in 2016, it provides life insurance as a corporate benefit to SME employees, rewarding them with points (called yucoin, which can be spent on various products) for healthy behaviour. In 2019 the objective is to increase sales by 30% per month, also launching a direct offer to consumers and new insurance products. 

Zeguro. Virtual cybersecurity” service, helps SMEs to reduce the risk of being affected by information attacks and, at the same time, provides insurance that covers possible leaks. Present in the USA and Great Britain, in 2019 it plans to expand into new areas. 

Startup Insurtech Distribution Support Area 

Laka. London company, provides a “retroactive” insurance service for cyclists. The goal for 2019 is to expand into Malaysia, but also to launch other non-bike related products. 

He got it. Founded in Germany, it is a private health insurance company that offers a digital assistance service to insured persons (e.g. to make appointments for medical examinations). In 2019, the company plans to increase its customer base. 

Broker Insights. Founded in the UK, its objective is to increase transparency between brokers and insurers by providing the latter with information on the agents’ portfolios. In 2019 the company aims to increase the number of brokers using its service. 

Element. Founded in Germany, the company develops tailor-made digital insurance products sold not directly but only through insurance companies and other brands. In 2019 the project is to further develop the platform and expand the international presence. 

Hokodo. It provides niche insurance and financial products to SMEs which, without the British company’s platform, would not have access to them. In 2019 the goal is to integrate with at least 8 partner platforms by expanding into Germany and France. 

Tremor. U.S. auction platform for reinsurance products, aims to optimize the market. In 2019 plans to hold many more auctions on its platform than last year. 

Startup Insurtech Data Analysis Area 

Concirrus. British company, has created the Quest platform that provides big data analysis to assess risks in the marine and vehicle insurance market. In 2019 it plans to diversify its offer. 

DQPro. Established in the UK, it provides insurers with a tool to monitor the quality of their data. In 2019, it aims to double its customer base. 

InforceHub. Founded in the UK, the company helps life and pension insurers reconnect with their clients through direct interactions without intermediaries. 

Metabiota. The US company provides insurers with tools to analyze and quantify the risk and financial impact of epidemics. 

pharm3r. New York platform of aggregation and analysis from different data sources, through IA and machine learning generates reports on the criticality of pharmaceutical companies, thus giving insurers the possibility to assess risks. 

Shepherd. A UK company, it provides risk analysis for insurers and proprietary managers through a network of IoT sensors. In 2019 it assesses the expansion in the USA. 

Startup Insurtech Operations Area 

Artificial Labs. London’s digital insurance platform, covers all the needs of insurance companies, from policy creation to distribution. In 2019, he is aiming for a partnership with Ping An for expansion in China. 

Digital Insurance Group. Born from the merger of two insurtech companies (Knip and the Dutch SaaS), it offers integrated digital solutions in the 6 countries where it is present. In 2019, it aims to expand into other countries. 

Insly. London-based company, provides cloud-based software for insurance companies, agents and brokers. In 2019 it aims to make its software more configurable. 

McKenzie Intelligence Services. Founded in London, it provides geospatial smart data to validate claims due to natural disasters such as earthquakes, fires and floods. In 2019, the aim is to increase the customer base. 

OnSiteIQ. A New York-based company, it provides 360° photographic documentation that allows owners, realtors and insurers to “virtually walk” through the properties. In 2019, the goal is to expand within the United States. 

Whitespace. A London-based company, its aim is to foster the digital transformation of the London market: its software transforms Word and pdf documentation into universally readable contracts. 

Startup Insurtech Claims Area 

Bdeo. Insurtech company based in Madrid, provides augmented reality, artificial intelligence and geolocalized video services to simplify claims reporting procedures. For 2019, the goal is to expand into Europe and Latin America. 

Snapsheet. A Chicago-based company, it provides insurers with a service that allows clients to digitally report claims: so far it has processed claims worth over $2.5 billion. For 2019 the project is to internationalize the platform. 


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